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On August 5, in response to Reuters' report, Honor responded to Guancha.com: Honor has always adhered to the principle of open and transparent development and will continue to diversify its equity structure. Honor plans to launch the corresponding shareholding reform in the fourth quarter of this year and start the IPO process in due course.

"Honor will disclose relevant financial data in the corresponding process. From January 1, 2021 to the present, Honor has not received any support from the Shenzhen Municipal Government beyond that of ordinary enterprises. At the same time, Honor has never received the special support items listed in the above email (Reuters)." The mobile phone manufacturer said.

Earlier, Reuters reported that Honor was preparing for an initial public offering (IPO) and had received high levels of support from the Shenzhen municipal government. Two people familiar with the matter said the company was seeking to list on China's A-share market, with an expected higher valuation, and the company could go public this year or early next year.

The Chinese manufacturer aims to ship 100 million phones a year by 2026, up 75 percent from 2023, and become one of the world's top three mobile phone suppliers by 2028, a policy document showed.

Reuters reported that a person familiar with Shenzhen's policies said that Shenzhen usually supports large local companies, but its support for Honor is beyond the ordinary. The person familiar with the matter cited government documents as saying that the municipal government will provide Honor with retroactive funding for research projects, an innovation that will better allow market mechanisms to determine research priorities. In addition, the documents show that local departments will also set up a special trade project for Honor to help it expand in small cities and overseas.

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