Hong Kong Stock Exchange information dated September 25 shows that Shenzhen Transsion Holdings Co.,Ltd. (688036) has passed the listing hearing of the Hong Kong Stock Exchange, with CITIC Securities acting as sole sponsor.
In its draft prospectus, the company disclosed that it centers on mobile phones, covering the design, research and development, production, sales and brand operation of smart terminal products, and has extended its business into areas including mobile internet services, the Internet of Things, energy storage and light electric mobility.
According to Frost & Sullivan data, in 2025 Transsion Holdings ranked third in the global mobile phone market by sales volume, with about 169 million units sold and an 11.8% market share; it ranked eighth by revenue, with revenue of about US$8 billion and a 1.7% share.
In emerging markets, the company ranked first by mobile phone sales volume with a 20.0% share; in the African market it ranked first by sales volume with a 53.1% share.
The company's main mobile phone brands include TECNO for the mid-to-high-end market, Infinix for young consumers, and itel, which focuses on value for money.
Post-hearing information shows that financially, Transsion Holdings' revenue in 2023, 2024 and 2025 was 62.295 billion yuan, 68.715 billion yuan and 65.591 billion yuan, respectively.
Revenue for the first four months of 2026 was 23.290 billion yuan, an increase of about 30.1% from 17.908 billion yuan in the same period last year.
In 2025, mobile phone business revenue was 58.448 billion yuan, accounting for 89.1% of total revenue, of which smartphone revenue was 54.821 billion yuan; IoT products and other revenue was 6.202 billion yuan, with its share rising to 9.5%, while mobile internet service revenue was 942 million yuan.
In the first four months of 2026, IoT products and other revenue increased to 2.721 billion yuan, accounting for 11.7%.
Within 2025 mobile phone revenue, TECNO, Infinix and itel accounted for 46.1%, 39.8% and 13.9%, respectively.
On the industry side, the listing materials cite Frost & Sullivan's forecast that revenue in the emerging market mobile phone market will grow from US$175.5 billion in 2025 to US$266.7 billion in 2030, a compound annual growth rate of 8.7%, higher than the expected 4.9% growth rate for the global mobile phone market over the same period.
During the same period, the emerging market mobile internet services market is expected to grow from US$1.046 trillion to US$3.521 trillion, a compound annual growth rate of 27.5%; the compound annual growth rates for the IoT, energy storage and light electric mobility markets are expected to be 20.3%, 16.7% and 14.5%, respectively.
Transsion Holdings' competitive advantages mainly come from localized products, channel networks and its research and development system.
The company has developed long battery life, fast charging, anti-sweat and deep skin tone imaging technologies for scenarios in Africa such as power outages, large temperature differences and sweaty hands, and has optimized cooling solutions for gaming users in Southeast Asia.
Its self-developed Transsion OS is compatible with Android, and average monthly active users exceeded 300 million in the four months ended April 30, 2026; Palm Store and AHA Games had more than 200 million and 140 million monthly active users, respectively; Boomplay, jointly incubated with NetEase, had about 50 million monthly active users, while Phoenix, jointly developed with Tencent, had more than 150 million monthly active users.
As of April 30, 2026, the company had more than 2,900 distributors and 2,500 service outlets worldwide, subsidiaries in 30 countries and regions, and production bases in Ethiopia and Bangladesh.
The company has research and development bases in Shanghai, Shenzhen and Chongqing, with more than 5,000 research and development personnel, accounting for 19.3% of total employees, while foreign employees account for more than half.
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