Shenzhen Transsion Holdings Targets US$500 Million in Hong Kong Share Offering
Shenzhen Transsion Holdings, the manufacturer of Africa's top-selling phones, plans to begin its Hong Kong share offering on Wednesday to raise up to US$500 million, with a planned listing date of October 15.
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Based on reporting by South China Morning Post:
According to individuals familiar with the situation, Shenzhen Transsion Holdings, the company that produces Africa's best-selling phones, intends to commence its Hong Kong share offering on Wednesday with the objective of raising as much as US$500 million, preceding a targeted listing on October 15.
The public offering is scheduled to take place between October 7 and October 12, with trading anticipated to commence on October 15. Sources indicated that the fundraising goal represents half of the amount the company reportedly sought in the previous year.
Transsion, which was established in 2013, holds a leading position in the African mobile phone market. The company's regulatory filings show that its three brands—Tecno, Infinix, and iTel—sold over 91 million handsets last year and secured 53 per cent of the regional market share.
The Shanghai-listed smartphone maker behind Tecno and Infinix is aiming for a trading debut in Hong Kong on October 15. The company, which currently trades in Shanghai and possesses a market capitalization of 62 billion yuan (US$9.24 billion), may offer up to 132 million offshore ordinary shares, as detailed in approval documents from the China Securities Regulatory Commission for the planned listing.
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