Connect with us

Finance

Chinese smartphone company Honor gets new investors as it readies IPO

Published

on

Chinese smartphone company Honor has released devices that fold up to be nearly as thin as an iPhone.

Nurphoto | Nurphoto | Getty Images

BEIJING — Chinese smartphone company Honor on Thursday announced backing from new investors as the Huawei spinoff prepares for an initial public offering.

The new backers are: China Telecom — one of the major telecommunications operators in the country — CICC Capital, Chinese venture capital firm Cornerstone and SDG, a fund linked to a Shenzhen economic zone. Honor said its existing partners also made a new investment round through an entity called Jinshi Xingyao.

Honor said earlier this year it planned to start changing its shareholder structure in the fourth quarter, after which it would start the IPO process “at a suitable time.”

The company has not said where it would list. Honor announced its IPO plans in November 2023.

Honor spun off from Chinese telecommunications giant Huawei in November 2020 after the parent company was hit by U.S. sanctions. Huawei said it does not hold any shares in Honor or have involvement in business decisions.

Last week, Honor revealed the next version of its operating system can use AI to mimic actions on a touchscreen, such as opening an app to order coffee delivery. The company on Wednesday released its new Magic7 series of phones that can use the AI features in China.

Just under one-third of Honor’s sales came from outside China in the first half of this year, according to Counterpoint.

— CNBC’s Arjun Kharpal contributed to this report.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Finance

How fund managers at Fidelity International see China’s stimulus plans

Published

on

Continue Reading

Finance

State Street worries about crypto rally

Published

on

GLD's competition: more than bitcoin?

The bitcoin rally is generating a false sense of security among investors, according to the strategist behind the so-called granddaddy of gold exchange-traded funds.

State Street Global Advisors’ George Milling-Stanley warns cryptocurrency plays don’t offer the stability of gold.

“Bitcoin, pure and simple, it’s a return play, and I think that people have been jumping onto the return plays,” the firm’s chief gold strategist said on CNBC’s “ETF Edge” this week.

Milling-Stanley’s comments came as his firm’s SPDR Gold Shares ETF (GLD) celebrated its 20-year anniversary this week. It is the world’s largest physically backed gold ETF, and it’s up more than 30% in 2024.

“Gold was $450 an ounce [20 years ago],” said Milling-Stanley. “It’s now five times what that price was then. If you look at a five-times price, then gold should be somewhere over $100,000 in twenty years’ time.”

Gold just had its best weekly performance since March 2023. Gold futures settled at $2,712.20 on Friday, the highest settle since Nov. 5. Gold prices are now just 3% below the record high hit on Oct. 30.

Bitcoin, which has surged since the Nov. 5 election, is having a banner year, too. It hit an all-time high on Friday.

Milling-Stanley thinks investors who treasure gold’s safety qualities should reconsider piling into bitcoin. He suggests the crypto world is trying to manipulate them.

“This is why they [bitcoin promoters] called it mining. There’s no mining involved. This is a computer operation, pure and simple,” he said. “But they called it mining because they wanted to seem like gold — maybe take some of the aura away from the gold.”

Yet, he acknowledges it is unclear how high the yellow metal can actually go.

“I have no idea what’s going to happen over the next 20 years except it’s going to be a fun ride,” Milling-Stanley said. “I think that gold is going to do well.”

Continue Reading

Finance

RDDT, SMCI, INTU and more

Published

on

Continue Reading

Trending