Media reports emerged Wednesday suggesting that George Zhao, the CEO of major Chinese smartphone company Honor, was stepping down as General Manager and a member of the board. In addition, Zhang Jing, Peng Qiu’en and many other executives were rumored to be withdrawing from the company, with only Chairman Wan Biao remaining as a top employee. Regarding the news, Honor has declared that this is false information.
George Zhao also posted on Chinese social media platform Weibo, saying that he is still a member of the company’s board and the CEO of Honor Device Co., Ltd.
Zhao added that Honor’s business grew at a high speed in Q1 compared to the previous year and quarter. He emphasized that the company will continue to make great strides in 2022. Zhao also expressed thanks to Honor’s consumers for their love and support.
Recently, Honor Device Co., Ltd. has undergone changes to its official industrial and commercial registration, adding new shareholders Shenzhen Yaoxingchen No.2 Technology (Limited Partnership) and Shenzhen Yaoxingchen No.3 Technology (Limited Partnership), both of which are jointly held by Kunpeng Capital Affiliated Shenzhen Pengcheng New Information Technology (Limited Partnership) and Shenzhen Smart City Technology Holding Co., Ltd.
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It was previously reported that Honor is considering a public listing in China this year, with a desired valuation of $45 billion. Honor has officially denied such reports, labelling them “false news.”
George Zhao said in an interview on April 25 that after the company was detached from Huawei, Honor’s revenue and profits continued to grow healthily. In the first quarter of this year, the company’s profit redemption rate and cash flow redemption rate both exceeded 100%. Banks granted abundant credit to Honor, and its operating cash flow was good. Zhao added that the diversification of shareholders and capital is essential, providing the firm with the resources it needs to develop.