Chinese phone maker Transsion, whose Tecno and Infinix brands sell in Kenya, opens Hong Kong share sale

Shenzhen Transsion Holdings, the maker of Tecno, Infinix and itel phones, opened bookbuilding on 7 October for a Hong Kong listing of 86.65 million H shares at HK$35.30 to HK$38.80 each. Bookbuilding runs to 12 October, pricing is expected on 13 October and trading is expected to begin on 15 October, The Paper reported on 7 October.

At the top of the range, the sale would raise HK$3.36 billion (US$428 million), Bloomberg reported on 7 October. Transsion already trades in Shanghai, where its shares have fallen 19% this year, according to Bloomberg.

The Paper reported that about 10% of the shares, roughly 8.66 million, go to the Hong Kong public offering and about 90%, roughly 77.98 million, to international investors. The total is subject to an over-allotment option. A board lot is 100 shares, which makes the minimum investment HK$3,919.13 at the top price, according to The Standard of Hong Kong.

Eleven cornerstone investors have committed about HK$1.25 billion, according to The Paper and The Standard. The Standard named Singapore's GIC, E Fund, BYD's Golden Link, Shenzhen Longsys Electronics' Longsys Investment, and Bank of China's BOC Wealth. The Paper also listed a MediaTek subsidiary and Millennium among the eleven.

Bloomberg reported that the cornerstone investors have agreed to buy about 37% of the base offering at the maximum price, and that they get a guaranteed allocation in exchange for holding the stock for at least six months. That share may rise if the price is lower.

Transsion ranked first in Africa by handset sales in 2025 with a 53.1% share, according to market research firm Frost & Sullivan, as reported by The Paper. The Paper also gave the regional split of Transsion's 2025 revenue: Africa 37.7%, emerging Asia-Pacific 36.4%, the Middle East 9.4%, Latin America 8.0% and Central and Eastern Europe 5.4%. Handsets made up 89.1% of total revenue.

Kenya is one of Transsion's markets. Research firm Omdia estimated that Transsion's three brands shipped 47% of all smartphones that entered Africa in the first quarter of 2026, Tech-ish reported on 6 August. The same report cited Omdia data showing Kenyan smartphone shipments down 16% year on year in the first quarter, which Omdia attributed to rising retail prices pushing people to keep their phones for longer.

Tech-ish said Transsion filed a profit forecast with the Shanghai Stock Exchange on 19 July. According to Tech-ish, the company sold fewer smartphones in the first half of 2026 than a year earlier, but its revenue grew because its average selling price rose. The report also cited Omdia's estimate that memory made up nearly 60% of the bill of materials for a smartphone retailing under US$400 in the first quarter of 2026.

The Standard said the prospectus lists the uses of the proceeds as research and development of AI-related technology, marketing and brand building, mobile internet services and Internet of Things products. Bloomberg said the money will go to AI technology including AI assistants and agents.

If the offer price is set at the midpoint of HK$37.05 and the over-allotment option is not exercised, Transsion expects net proceeds of about HK$3,118.1 million, The Paper reported. CITIC Securities is the sole sponsor.