The name is a reference to ancient classics [1]. I've also seen some excited posts (e.g. [2]) mentioning that Huawei also trademarked a bunch of mythological beasts from the Classic of Mountains and Seas [3].

Based on the reactions I've seen, that was a good move to capture patriotic sentiments. On the other hand, I'm not sure how many patriotic Chinese were buying foreign phones, so they may end up only gaining market share from other Chinese competitors.

[1] https://en.wikipedia.org/wiki/Hong_Meng

[2] https://m.sohu.com/a/316263123_526461/

[3] https://en.wikipedia.org/wiki/Classic_of_Mountains_and_Seas