China’s Honor gets strong state backing as it readies IPO

SHENZHEN, China: Chinese smartphone maker Honor is receiving an unusually high level of support from local government backers, as the former Huawei unit prepares an initial public offering (IPO), according to policy documents and a person close to the matter.

Honor is receiving research-and-development funding, tax breaks and support to expand overseas, three Shenzhen government documents showed. It is also benefiting from a dedicated team at its local city hall with a “no matter left overnight” policy.