According to the IPO counseling disclosure system on the official website of the China Securities Regulatory Commission (CSRC), CITIC Securities Co., Ltd. (hereinafter referred to as "CITIC Securities") has published the "Report on the Progress of Counseling Work for the Initial Public Offering and Listing of Honor (Phase IV)". Honor successfully filed for listing counseling with the Shenzhen Securities Regulatory Bureau in June 2025 and has already issued three previous phases of counseling filing reports.

The latest report reveals that the counseling period for this phase spanned from April 1, 2026, to June 30, 2026.

During this counseling period, Honor's shareholders' meeting appointed one new director. Additionally, there were alterations in the equity structure, leading to corresponding adjustments in the personnel undergoing counseling. As a mobile phone manufacturer that sells tens of millions of units annually and ranks among the top five globally, Honor is still primarily focused on "enhancing corporate governance systems" and "showcasing fundraising and investment projects" in Phase IV. The fundraising and investment projects are likely to continue centering around the strategy of investing USD 10 billion over five years in the AI terminal ecosystem.

This situation can be likened to a scenario where siblings have just finished dividing up the family assets, yet they still require an accountant's assistance to tidy up the financial records.

In November 2020, Huawei sold Honor in its entirety to Shenzhen Zhixin New Information Technology Co., Ltd., a "rescue consortium" led by Shenzhen state-owned assets and consisting of over 30 Honor agents and distributors. From that moment onward, Honor emerged as an independent entity. Although it continued to sell mobile phones, it had to rebuild its property rights, supply chain, and capital status from the ground up.

Earlier in May, the company refuted rumors regarding the termination of the IPO. However, at the same time, it opened up channels for employees to reduce their shareholdings or withdraw from the company (withdrawals at the original price, to be implemented within three months). This move indicates that internally, there is also a sense of pessimism regarding the IPO timeline, highlighting the necessity to first address the liquidity of employee shareholdings.

From a market perspective, the current mobile phone stock market, coupled with the escalating storage prices, raises fundamental concerns about the sustainability of profitability. This, in turn, will directly impact the issuing price-earnings ratio and the amount of funds raised.

According to the Hurun 2026 Global Unicorn List, Honor is currently valued at RMB 180 billion (up from the previous RMB 170 billion), marking a significant decline from the rumored valuation of RMB 260 billion in 2023 and the pre-IPO rumored valuation of RMB 200 billion.