One of China’s largest mobile phone maker, Transsion, has listed in an IPO on Shanghai’s STAR Market. Transsion issued 80 million A-shares at an opening price of $5 as it seeks to raise $394 million.
The Tecno smartphone maker plans to spend $227 million on building more phone assembly hubs, $62 million on research and development.
In 2018, Transsion revenues stood at $3.29Bn having sold 124 million phones globally.
Africa is Transsion’s largest market with brands such as Tecno, Infinix, and Itel dominating 54 per cent of the feature phone market. In terms of smartphone sales, Transsion is second to Samsung.
Transsion has R&D centres in Nigeria and Kenya with retail shops across Nigeria, Tanzania, Kenya, Ethiopia, and Egypt.