Chinese phone maker’s $1B IPO points to Africa ambitions

Transsion, the biggest seller of phones in Africa, could raise up to $1 billion via an initial public offering on the Hong Kong Stock Exchange after filing paperwork this month. The Shenzhen, China-based company, already valued at around $13 billion on the Shanghai Stock Exchange, is seeking the dual listing to gain access to Hong Kong’s capital markets and a wider pool of global-facing investors.

Transsion’s brands — Tecno, itel, and Infinix — have become ubiquitous across Africa over the last decade and the firm has been able to use its dominance on the continent to support its expansion into Asia and other markets to become the world’s fourth-largest phonemaker, according to the International Data Corporation: Last year, Transsion said it sold more than 200 million mobile phones in more than 100 countries. Longtime watchers of the company suggested it could use the new funds to expand into EV mobility products on the continent.

Cover photo:  CFOTO/Sipa USA