荣耀IPO，来了！

Core Viewpoint - Honor has officially initiated its A-share IPO process, with the guidance of CITIC Securities, marking a significant step for the company in entering the capital market [2][3]. Group 1: IPO Process and Timeline - The IPO guidance work for Honor is divided into three phases, scheduled from June 2025 to March 2026 [6]. - From June to September 2025, CITIC Securities will conduct a comprehensive investigation and develop a rectification plan, as well as provide financial training and assist in establishing internal control systems [7]. - From October to December 2025, discussions will focus on business development goals, fundraising plans, and future development strategies [8]. - The final phase from January to March 2026 will involve completing the guidance plan and applying for acceptance from the Shenzhen Securities Regulatory Bureau [8]. Group 2: Company Background and Shareholding Structure - Honor was established on April 1, 2020, with a registered capital of 32.239 billion yuan, operating in the computer, communication, and other electronic equipment manufacturing industry [11]. - The controlling shareholder is Shenzhen Zhixin New Information Technology Co., Ltd., holding a direct stake of 49.55% [12]. - The shareholders of Shenzhen Zhixin include local state-owned assets and telecommunications operators, with the actual controller being the Shenzhen State-owned Assets Supervision and Administration Commission [13]. Group 3: Recent Developments and Market Position - Prior to the IPO guidance, Honor completed a series of actions including share reform, financing, and changes in senior management [15]. - In 2024, Honor engaged in frequent financing activities, with participants including major telecommunications companies and investment funds [16]. - Honor's shareholder base exceeds 20 entities, including local state-owned enterprises, operators, distributors, suppliers, and third-party capital [17]. - A pre-IPO financing plan suggested Honor's valuation reached 200 billion yuan, although this has not been confirmed [19].