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SHENZHEN, China (Reuters) – Chinese smartphone maker Honor on Thursday announced a joint venture with China Telecom (NYSE:) and CICC Capital, nearly a year after announcing it was planning an initial public offering (IPO). Announced new investors including the division.
Honor, a former unit of Huawei Technologies, did not disclose the investment amount.
Honor said other backers include China’s Cornerstone, the Shenzhen municipal government’s SDG Group, and Jinshi Xingyao, Honor’s investment platform for channel partners.
The smartphone maker said in November last year that it was aiming for an IPO, without disclosing where or when it would go public.
According to data from research firm Canalys, Honor became the third best-selling smartphone maker in mainland China in the third quarter, with shipments of 10.3 million units and a market share of 15%, behind Vivo and Huawei.
Honor acquired an undisclosed amount of investment from China Mobile (NYSE:) in August.
In the same month, Reuters reported that the company had received an unusually high level of support from the Shenzhen government, including research and development funds and tax breaks.
