Transsion joins IPO rush on STAR market
Jul 24, 2019 (China Knowledge) - Transsion Holdings, the Chinese budget smartphone maker that leads sales in Africa, has received approval to go public on the Science and Technology Innovation Board. It aims to raise up to RMB 3.01 billion (USD437 million) on STAR market.
The company was the first mobile phone company to establish a manufacturing base in Africa. Its low-cost handsets have enticed millions of new consumers in the developing world, enabling it to become the biggest mobile phone supplier in Africa. Transsion handset brands had a combined 58.7% share of multi-feature phone market in Africa last year, according to research firm IDC.
Transsion had to meet regulators’ scrutiny about its sustainability and profitability since most of its business occurs outside China. It received about 62 official queries from the Shanghai Stock Exchange in May, which resulted in it missing the first batch of firms to debut on the STAR board on Tuesday.
Responding to queries, Transsion said it has gained deep insight and understanding of the African market and has “high-level research and development” programs dedicated to deciphering local market requirements in mobile photography and big data. It aims to push forward China’s agenda, as the country expects to strengthen Sino-Africa relations.
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