Honor, Huawei’s smartphone spinoff, has announced its recent round of fundraising. The financing amount is undisclosed, and is said to be around billions of RMB. According to Tianyancha, a service providing company information, new shareholders of Honor include China’s display maker BOE, Zhongjin Qizhi Equity Investment Management Shanghai, Rosy Fable Asia, Comprehensive Reform Win Win Hangzhou Equity Investment Fund Partnership, Guosen Securities, and Shenzhen Baoan District Investment Management Group.

This round of financing is the first major strategic financing for Honor since its separation from Huawei in November 2020, following the equity financing in December 2021, according to public information.

It has been two years since Honor separated from Huawei, and its business largely shifted. Honor was established as a sub-brand of Huawei in 2013, targeting young consumers with low-end products. In the past years, it has regrouped and now caters to the middle to high end markets. The brand released its Honor 50 series in June 2021, as its first independently developed high-end smartphone.

Notably, Honor’s new shareholders include BOE, the Chinese display giant and a supplier of Honor. BOE currently has 16 semiconductor display production lines across country, and has once topped the global panel shipments. In addition to Honor, BOE is also the core suppliers of Huawei, Xiaomi, OV, etc.

BOE became Honor’s supplier prior to its investment in the company, and has provided flexible OLED screen for many Honor products such as Magic3, Honor 60, Magic4 and Magic V.