This archive report was first published on 26 July 2019.
On March 26, 2019, Transsion, a Chinese phone giant, filed an application for an Initial Public Offer (IPO) on the Shanghai Stock Exchange. The company has since received the green light, paving the way for its IPO.
Transsion is Africa's largest seller of phones, operating under several sub-brands, including TECNO, Infinix, itel, Oraimo, Carlcare, and Synix.
The company aims to raise 3.01 billion Yuan, approximately $437 million, by offering 80 million shares. The funds will be used to support six projects focused on mobile phone and internet system production and development.
Transsion's focus on affordable handsets has been a key factor in its success in Africa. According to a report by Counterpoint Research, over 70% of smartphones sold in Africa and the Middle East during the first quarter of 2019 were priced around the $150 segment, aligning with TECNO and Infinix's product focus.
Transsion dominated the African smartphone market in 2018, commanding a 34.3% market share, followed by Samsung Electronics with 22.6% and Huawei Technologies with 9.9%. In the feature phones category, the company held a 58.7% market share, as per data from IDC Report.
