(Yicai) Jan. 15 -- George Zhao has not reigned as chief executive officer of Chinese budget smartphone maker Honor Terminal, according to a company insider.

Zhao is still with Shenzhen-based Honor and no internal announcements have been made regarding any changes in senior management, the person told Yicai.

Some technology bloggers have claimed online that Zhao will be leaving Honor along with the entire team behind the Magic 7 phone series, which launched late last year. There have been persistent rumors about changes in Honor’s senior management team over the past few years.

But Zhao remained active on social media last night, sharing Honor-related news.

The latest speculation comes at a critical juncture for Honor, which has just completed a major shareholder restructuring. On Dec. 28, the company announced that it had finalized the strategic change to its shareholding structure, and indicated that it would consider an initial public offering when appropriate.

Honor completed at least four rounds of financing last year, attracting several prominent investors, including China Mobile, China Telecom, CICC Capital, China Reform Holdings, and an SDG Group fund. According to corporate information platform Tianyancha, Honor has 23 shareholders, including state-owned capital and supply chain providers.

In late 2020, Huawei Technologies spun off Honor to avoid US sanctions targeting the telecoms equipment giant. A consortium of more than 30 companies, including a Shenzhen state-owned enterprise, acquired the company and appointed Zhao as its CEO.

In November 2023, Wu Hui, former chairman of Shenzhen Water and Environment Group, joined Honor as chairman, while former chairman Wan Biao became its vice chairman. Last September, Wan resigned for "personal reasons," stating he would dedicate more time to his family. Zhao confirmed at that time that he would not be following suit.

Editor: Emmi Laine