(Yicai Global) April 12 -- Shares of Visionox Technology jumped after the major Chinese supplier of flexible display panels said it has received a CNY406.8 million (USD62 million) order from Honor, which could mark the ex-Huawei phone brand's push toward high-end handsets.

Visionox’s stock price [SHE:002387] surged over 6 percent to CNY10.18 (USD1.60) intraday after which it was 2.8 percent up in the afternoon.

With the new order, Honor's total tally rises to CNY891 million since last December, the Kunshan-based firm said yesterday in its first detailed statement about the pair's cooperation that was agreed on late last year.

The latest order involves flexible displays and touchscreen components which will be produced by Visionox’s sixth-generation active-matrix organic light-emitting diode panel plant in Hebei province. 

Honor is moving on and moving up after its former parent Huawei Technologies sold the budget brand to a joint venture between a company under the Shenzhen government and over 30 dealers and agents for a reported CNY100 billion (USD15.4 billion) in November 2020 due to its difficulties in securing components after being placed on the US Entity List in May 2019.

From mid-2021, Honor will release hit products, Chairman Wan Biao said in a media interview last week. The firm is completely independent now and has resumed cooperation with its global partners, he added.

Visionox ranked fourth globally in flexible OLED smartphone panel shipments in 2019 and was China's No. 2, according to Sigmaintell. An investment firm under the government of eastern China’s Hefei city became the controlling shareholder of Visionox early last month.

Editor: Emmi Laine, Xiao Yi