- August 9, 2019
- Posted by: Myles Freedman
- Category: More Africa News
Chinese mobile-phone maker Transsion, which operates under the Tecno brand, said it has received approval to go public on Shanghai’s new STAR Market, TechCrunch reported. The company could raise up to CNY 3 billion. A spokesperson for Transsion’s Office of the Secretary to the Chairman told TechCrunch that its listing-related work is running smoothly. The registration application and issuance process is still underway, with the specific timetable yet to be confirmed by the CSRC and Shanghai Stock Exchange.
Transsion is a top-seller of smartphones in Africa under its Tecno brand. The company has a manufacturing facility in Ethiopia and recently expanded its presence in India. Transsion plans to spend the bulk of its IPO proceeds on building more phone assembly hubs and around CNY 430 million on research and development, including a mobile phone R&D center in Shanghai, a company spokesperson said.
Transsion recently announced a larger commitment to capturing market share in India, including building an industrial park in the country for manufacture of phones to Africa. Transsion handset brands Tecno, Infinix and Itel had a combined 58.7 percent share of the multi-feature phone market in Africa last year, according to research firm, IDC.