How thinking and acting local took Africa’s top-selling phone maker to a multibillion-dollar IPO
4 October 2019
Transsion, which has become Africa’s top-selling phone maker in the last year, launched its initial public offering on the Shanghai Stock Exchange’s Star market this week and its market value came close to doubling on its first day before setting down. Shares of the Shenzhen, China-based company closed up 64% raising about $400 million and valuing the business at around $6.5 billion riding on the waves of its dominance in Africa.
It’s a remarkable story for a Chinese company that has never sold one phone in its crowded, competitive home market.
Also notable is the fact that for consumers across Africa, the name Transsion means very little. Instead it is its brands that have become some of the fastest growing across the continent. The holding company has been very successful at positioning its three brands: Tecno, Infinix and itel for different segments of its markets across smartphones and feature phones. In June, all three brands featured high up the Top 100 Most Admired Brands in Africa list compiled by African Business magazine. Tecno, itel and Infinix ranked 5th, 17th and 26th respectively. Read the full article on Quartz here.