Transsion, maker of Tecno phones sold in Kenya, closes Hong Kong offer on 12 October

Transsion Holdings, the Shenzhen company behind the Tecno, Infinix and itel phones sold in Kenya, closes the public part of its Hong Kong share offer on 12 October, with its H shares expected to start trading on the Hong Kong stock exchange on 15 October, the Shanghai-based news outlet The Paper reported on 7 October.

The offer price is set between HK$35.30 and HK$38.80 a share. Transsion is selling 86.65 million H shares and aims to raise HK$3.36 billion at the maximum price. The news site Billionaires.Africa put that at about US$428 million and said the deal could reach about HK$3.8 billion if the over-allotment option is used.

The Hong Kong public offering covers 8.6649 million shares, about 10% of the global offer, with the rest sold to international investors. A board lot is 100 shares, so the minimum subscription at the top price is HK$3,919.13.

Eleven cornerstone investors, who commit to buy before the book opens, have agreed to take shares worth about HK$1.25 billion. They include Singapore's GIC, E Fund, BYD's Golden Link, Longsys Investment, a unit of Shenzhen Longsys Electronics, and BOC Wealth. CITIC Securities is the sole sponsor.

The prospectus earmarks the money for AI-related technology research, marketing and brand-building, mobile internet services and Internet of Things products. Estimated net proceeds are about HK$3.118 billion, assuming a price of HK$37.05, the midpoint, and no over-allotment.

Transsion's shares have traded in Shanghai since 2019, and the company passed its Hong Kong listing hearing in September. The Shanghai shares are down nearly 20% this year, at 53.8 yuan, giving a market value of about 61.9 billion yuan.

Transsion ranked first in Africa by 2025 handset sales, with a 53.1% share, according to Frost & Sullivan. Africa brought in revenue of 24.75 billion yuan in 2025, or 37.7% of the group total.

Transsion's revenue for the first half of 2026 was 35.431 billion yuan, up 21.85% year on year, and its net profit 1.773 billion yuan, up 46.22%. The Kenyan tech site tech-ish reported on 6 August that the company sold fewer phones than in the first half of 2025, and that management said at its 2025 results briefing on 27 March that it had been raising prices since the second half of 2025.

In Kenya, Omdia counted smartphone shipments down 16% year on year in the first quarter of 2026, which it linked to higher retail prices and owners keeping phones longer. Omdia had recorded 17% growth in the third quarter of 2025 and credited device financing and instalment plans; tech-ish named M-KOPA and Watu as Kenyan providers.

Statcounter's mobile vendor data for Kenya for September 2026 showed Samsung at 30.1%, Tecno at 16.25% and Infinix at 8.3%.