On December 2, 2025, Shenzhen Transsion Holdings Co., Ltd. (referred to as Transsion Holdings), a company listed on the A-share market from Nanshan District, Shenzhen, Guangdong Province, submitted its prospectus to the Hong Kong Stock Exchange, planning to list on the Main Board of the Hong Kong Stock Exchange.
Transsion Holdings (688036.SH), listed on the Shanghai Stock Exchange on September 30, 2019, had a total market capitalization of approximately RMB 87.6 billion at the close of trading on December 2.
Link to Transsion Holdings' prospectus:
https://www1.hkexnews.hk/app/sehk/2025/107922/documents/sehk25120202498_c.pdf
Core Business
Transsion Holdings, established in 2013, is a leading global provider of smart terminal products and mobile internet services. The company primarily engages in the design, research and development, production, sales, and brand operation of smart terminal products centered around mobile phones. Deeply rooted in emerging markets represented by Africa, Transsion Holdings has earned the reputation of being the 'King of Africa' in the mobile phone industry due to its leading market share and extensive brand influence. Based on insights gained from the African market, the company has achieved a leading market position in major emerging markets and even globally.
In 2024, Transsion Holdings sold over 200 million mobile phones, covering sales in 100 countries and regions. In the first half of 2025, Transsion OS had 270 million monthly active users.
According to Frost & Sullivan, global emerging markets mainly include Africa, emerging Asia-Pacific markets, Latin America, the Middle East, Central and Eastern Europe. The table below shows Transsion Holdings’ rankings and market shares in major global emerging markets.
Transsion Holdings offers smartphones under three primary brands:
TECNO: Focused on high-end designs targeting mid-to-high-end consumers;
Infinix: Fashionable designs targeting young consumers;
itel: Emphasizing cost-performance and reliability, targeting mass-market consumers.
Transsion Holdings also sells feature phones, which provide basic voice and messaging functions, long battery life, and an easy-to-use interface.
In addition to mobile phones, Transsion Holdings offers other products and services, including:
Mobile internet services: Primarily based on the company's self-developed mobile operating system, Transsion OS, providing services such as app downloads, gaming, and content browsing through an application portfolio.
Application portfolio: Including Palm Store, an app distribution platform pre-installed on the company’s mobile phones; AHA Games, a gaming platform pre-installed on the company’s mobile phone products; and several hit applications jointly developed with leading global internet companies. These include Boomplay, Africa’s leading music streaming platform co-incubated with NetEase, and Phoenix, a comprehensive content distribution platform co-developed with Tencent.
IoT products and others: IoT products (portable computers and tablets, smartwatches, smart audio devices, digital accessories, home appliances, etc.), energy storage products (hybrid inverters, lithium battery modules, integrated energy storage systems, photovoltaic modules, etc.), and light electric mobility devices (two-wheeled e-bikes, three-wheeled e-bikes).
Shareholder Structure
The prospectus shows that prior to Transsion Holdings’ listing in Hong Kong, the shareholder structure was as follows:
Transsion Investment, controlled by Mr. Zhuhao Jiang, holds 46.71% of shares.
CSAML, a subsidiary of MediaTek (2454.TPE), holds 6.22% of the shares;
Beijing Chuanjiali holds 5.39% of the shares;
Other A-share shareholders hold 41.68% of the shares.
Directors and Senior Management
The board of directors of Transsion Holdings consists of 10 members, including:
6 executive directors:
Mr. Zhuhao Jiang (Chairman and General Manager);
Mr. Zhangqi Zhang (Vice General Manager);
Mr. Yan Meng (responsible for overall operation and management of energy storage business);
Mr. Ye Weiqiang (responsible for planning, development, operation, and management of business premises);
Mr. Arif (in charge of overseas public relations);
Ms. Yang Hong (Vice General Manager);
Four independent non-executive directors:
Mr. Huang Yijian (Associate Professor at Central University of Finance and Economics);
Mr. Chen Linrong (Professor at Hangzhou Technology and Business University);
Mr. Zhang Huailei (Associate Professor at Wuhan College);
Ms. Huang Yiwen (Director of Shangbang Yongjin Consulting, former Manager of the Intermediary Supervision Department at the Hong Kong Securities and Futures Commission);
In addition to the executive directors, the senior management team also includes:
Mr. Lei Weiguo (Vice General Manager);
Mr. Wang Haibin (Vice General Manager);
Mr. Jiang Shuming (Vice General Manager);
Mr. Wu Wen (Vice General Manager);
Mr. Xiao Yonghui (Financial Controller);
Mr. Zeng Chun (Board Secretary, Joint Company Secretary).
Company performance
The prospectus shows that for the full years of 2022, 2023, 2024, and the first half of 2025, the revenue of Transsion Holdings was RMB 46.596 billion, RMB 62.295 billion, RMB 68.715 billion, and RMB 29.077 billion, respectively, with corresponding net profits of RMB 2.467 billion, RMB 5.587 billion, RMB 5.597 billion, and RMB 1.242 billion, respectively.
Intermediary team
The intermediary team for Transsion Holdings' IPO mainly includes:
CITIC Securities is its exclusive sponsor;
JPMorgan served as its financial advisor;
Tianjian as its auditor;
Jingtian & Gongcheng serves as its China legal counsel;
PwC hired lawyers from Hong Kong and the United States for its company.
Jingtian & Gongcheng is its PRC counsel for securities;
Clifford Chance served as its broker’s legal counsel in Hong Kong and the United States;
Red Sun Capital as its compliance advisor;
Frost & Sullivan serves as its industry consultant.
