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Smartphone maker Transsion goes public on China's sci-tech innovation board

(Xinhua)    14:34, October 01, 2019

SHANGHAI, Sept. 30 -- Shenzhen-based Transsion Holdings went public on China's sci-tech innovation board, known as STAR market, on Monday.

With three mobile phone brands -- TECNO, itel and Infinix, the company is a smart device and mobile internet service provider for consumers in emerging markets and has been among the most popular smartphone brands in Africa.

Transsion issued 80 million shares Monday at the price of 35.15 yuan (about 5 U.S. dollars). Its shares surged 64.44 percent on its first trading day.

According to its prospectus, Transsion has shipped 124 million phones globally. Its revenue and net profit stood at 10.5 billion yuan and 820 million yuan respectively in the first half of 2019.

The revenue from Africa accounted for 77.3 percent of its global revenue in 2018, said the prospectus.

According to a report from the International Data Corporation, Transsion is the leader of African smartphone market in shipment terms in Q2 with a market share of 37.4 percent.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Zhao Tong, Bianji)

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