Former Huawei subsidiary Honor reportedly secured fresh funding from investors including China Telecom, as the smartphone vendor continues to make moves towards an IPO.

Reuters stated Honor also secured backing from a unit of financial services company CICC, Chinese company Cornerstone, Shenzhen city government-backed SDG Group and investment platform Jinshi Xingyao.

Honor did not disclose the amount raised, Reuters reported.

China Telecom joins China Mobile in backing Honor.

Honor indicated in November 2023 it was making initial preparations for a public listing, a move expected to aid its next stage of development.

As part of the push, the company has apparently gained strong backing from the Shenzhen government to broaden its appeal to investors, with moves including R&D funding, tax breaks and support to expand overseas.

Magic 7
The company this week also debuted its latest smartphone line, Honor Magic 7, pushing numerous AI features.

At a launch event in China, Honor said the Magic 7 and Magic 7 Pro use its latest MagicOS 9.0 platform, which includes a revamped AI assistant and a deepfake detection feature. The devices run Qualcomm’s Snapdragon 8 Elite mobile chipset.

The higher-end Magic Pro has a triple main camera set-up, a 6.8-inch FHD+ display and a 5850mAH battery.

Magic 7 offers a 6.78-inch display, a lower-spec triple camera system and a 5650mAH battery.