Mar 19, 2019 (China Knowledge) - Chinese smartphone maker Shenzhen Transsion Holdings which makes smartphones for Africa is now looking to go public on the upcoming Shanghai tech board, becoming one of the first domestic tech companies to do so.
The company which reportedly makes 30% of smartphones sold in Africa has completed its 3-month pre-IPO tutorial with Citic Securities who will also be acting as sponsor for the IPO. Transsion did not disclose the amount it is targeting to raise.
Apart from Transsion, 11 other mainland Chinese companies have applied to list on the new board with the Shanghai Stock Exchange also launching an online platform for these companies to track their application review process yesterday. No application has been formally accepted yet.
Transsion which sells entry-level smartphones to developing economies such as Africa has said that it is in dire need of funds to finance its expansion and growth as it faces increasing competition in its markets. The company intends to use the funds raised to improve its infrastructure and services to attract more customers and also move up the value chain in smartphone production.
Prior to the announcement of the new Shanghai tech board, Transsion had planned to go public through a reverse takeover of Shenzhen-listed Shimge Pump Industry Group.
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