On October 15, Shenzhen Transsion Holdings (HKEX: 02636) officially listed today, opening below its issue price with a low open of about 0.96% at HK$34.96.
In fact, the market's cautious stance toward this "King of African Phones" had already surfaced in the grey market the previous day: according to Livermore Securities data, Shenzhen Transsion Holdings closed its grey market session at HK$34.78, down 1.47% from the offer price of HK$35.30, resulting in a loss of HK$52 per board lot of 100 shares excluding fees.
Looking at the offering results, Shenzhen Transsion Holdings finally priced its H-shares at HK$35.30, at the very bottom of the HK$35.30–38.80 offer range. The global offering comprised 86.6483 million base shares, raising a total of HK$3.059 billion, with net proceeds of approximately HK$2.968 billion after deducting listing expenses.
On the subscription side, the Hong Kong public offering was 4.46 times oversubscribed, receiving approximately 13,981 valid applications. As the clawback mechanism was not triggered, the public offering portion remained at approximately 8.6649 million shares (10% of the offering), and all applicants for one board lot were allotted 100%. The international placing was 2.55 times oversubscribed, with 77.9834 million shares offered (90%).
The cornerstone investor lineup was noteworthy but faced pressure from the outset. Eleven cornerstone investors including GIC, E Fund, Jiangbolong, and Millennium collectively subscribed approximately HK$1.246 billion, all of which were underwater based on the grey market closing price. Among them, GIC subscribed approximately HK$133 million, and Jiangbolong subscribed approximately HK$233 million.
At the company level, Shenzhen Transsion Holdings is a provider of smart terminal products and mobile internet services centered on mobile phones, with products and services covering mobile phones, mobile internet services, IoT products, and other products. According to Frost & Sullivan data, based on 2025 mobile phone sales volume, the company ranks third in the global mobile phone market with an 11.8% market share.
Financial data shows that in 2023, 2024, 2025, and the four months ended April 30, 2026, the company's revenue was RMB 62.2949 billion, RMB 68.7153 billion, RMB 65.5912 billion, and RMB 23.2902 billion, respectively; gross profit over the same periods was RMB 14.4399 billion, RMB 14.3408 billion, RMB 12.2783 billion, and RMB 5.0995 billion, with gross margins of 23.2%, 20.9%, 18.7%, and 21.9%, respectively—revenue and gross profit both declined in 2025, with the gross margin falling a cumulative 4.5 percentage points from 2023, recovering to 21.9% in the first four months of 2026, indicating that the earnings recovery remains only halfway through.
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