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Source: Leidi Leidi Network, Lei Jianping, October 15.
Shenzhen Transsion Holdings Co.,Ltd. (688036) (company code: 02636, company abbreviation: Transsion Holdings) listed on the Hong Kong Stock Exchange today. Transsion Holdings' issue price was HK$35.3, at the lowest end of the offering range. Transsion Holdings issued 86.6483 million shares, raising a total of HK$3.059 billion; after deducting listing expenses of HK$90.7 million, the net proceeds were HK$2.968 billion.
Transsion Holdings' cornerstone investors include GIC, E Fund, Jinxing Global, Millennium, Cailhua Capital, Singularity Asset, BOC Wealth Management, Longsys, Digimoc, Hongxin Yu Hong Kong, and Keyu Shengda, who together subscribed HK$1.246 billion. Among them, GIC subscribed US$17 million (approximately HK$133 million), E Fund subscribed US$16 million, Jinxing Global, Millennium, Cailhua Capital, and Singularity Asset each subscribed US$15 million (approximately HK$118 million), BOC Wealth Management subscribed US$10 million (approximately HK$78.43 million); Longsys subscribed US$30 million (approximately HK$233 million), Digimoc subscribed US$9 million (approximately HK$70.59 million), Hongxin Yu Hong Kong subscribed HK$40 million (approximately US$5.1 million), and Keyu Shengda subscribed US$5 million (approximately HK$39.22 million).
When Shenzhen Longsys Electronics Co.,Ltd. (301308) listed in Hong Kong, Transsion Holdings also subscribed. Starting from April 2026, Transsion Holdings spent 35 million yuan to acquire 3.26% equity of Future Intelligence; spent 158 million yuan to subscribe 0.03% equity of Changxin Technology; and spent US$25 million to subscribe 0.18% equity of Longsys.
Transsion Holdings broke its IPO price on the Hong Kong Stock Exchange. Transsion Holdings opened at HK$34.96, down 1% from the issue price; closed at HK$33.28, down 5.72% from the issue price; based on the closing price, the company's market value was HK$41.2 billion, meaning GIC, E Fund, Longsys, Jinxing Global, Millennium, Cailhua Capital, Singularity Asset, and others are all in a state of unrealized losses, with Longsys facing an unrealized loss of approximately US$172 (approximately 11.48 million yuan).
As of today's close, Transsion Holdings' A-share price was 48.2 yuan, with a market value of 59.7 billion yuan. With this listing, Transsion Holdings has formed an "A+H" share structure. The premium between Transsion Holdings' H shares and A shares is -41%.
First Half Revenue of 35.4 Billion Yuan, Net Profit of 1.77 Billion Yuan
Transsion Holdings was founded in 2013 and is a provider of smart terminal products and mobile internet services. Transsion Holdings is mainly engaged in the design, research and development, production, sales, and brand operation of smart terminal products centered on mobile phones. Transsion Holdings has deeply cultivated emerging markets represented by Africa. In the mobile phone industry, it has the reputation of "King of Africa."
The prospectus shows that Transsion Holdings' revenue in 2023, 2024, and 2025 was 62.295 billion yuan, 68.715 billion yuan, and 65.591 billion yuan respectively; gross profit was 14.44 billion yuan, 14.341 billion yuan, and 12.278 billion yuan respectively; gross profit margins were 23.2%, 20.9%, and 18.7% respectively.
Transsion Holdings' operating profit in 2023, 2024, and 2025 was 6.586 billion yuan, 6.382 billion yuan, and 2.816 billion yuan respectively; operating profit margins were 10.6%, 9.3%, and 4.4% respectively; profit for the period was 5.587 billion yuan, 5.597 billion yuan, and 2.6 billion yuan respectively; profit margins for the period were 9%, 8.1%, and 4% respectively.
Transsion Holdings' revenue in the first half of 2026 was 35.43 billion yuan, an increase of 21.85% compared with 29.077 billion yuan in the same period last year. Transsion Holdings' net profit in the first half of 2026 was 1.773 billion yuan, an increase of 46% compared with 1.212 billion yuan in the same period last year; net profit after deducting non-recurring items was 1.48 billion yuan, an increase of 65% compared with 897 million yuan in the same period last year.
In the first half of 2026, the company's net cash flow from operating activities was -5.86 billion yuan, compared with 10.35 million yuan in the same period last year.
Shenzhen Transsion Investment Co., Ltd. Holds 46.7%
As of June 30, 2026, Shenzhen Transsion Investment Co., Ltd. held 46.71%, CITIC Securities Asset Management (Hong Kong) Limited - Client Funds - RMB Funds Remitted held 6.22%, Xinyu Chuanjiali Enterprise Management Partnership (Limited Partnership) held 5.39%, Hong Kong Central Clearing Limited held 1.71%, Shanghai Gaoyi Asset Management Partnership (Limited Partnership) - Gaoyi Linshan No. 1 Yuanwang Fund held 1.52%. As of June 30, 2026, Transsion Holdings' equity structure shows that the National Social Security Fund Portfolio 113 held 1.07%, Industrial and Commercial Bank of China Limited - E Fund SSE STAR Market 50 Component Exchange-Traded Open-End Index Securities Investment Fund held 0.94%, China Merchants Bank Co., Ltd. - ChinaAMC SSE STAR Market 50 Component Exchange-Traded Open-End Index Securities Investment Fund held 0.91%, Xinyu Chuancheng Enterprise Management Partnership (Limited Partnership) held 0.9%, and the National Social Security Fund Portfolio 113 held 0.87%. Xinyu Chuanjiali Enterprise Management Partnership (Limited Partnership) and Xinyu Chuancheng Enterprise Management Partnership (Limited Partnership) are employee shareholding platforms.
Controlling Shareholder Cashed Out Nearly 1.9 Billion Yuan Last Year
In September 2025, Shenzhen Transsion Investment Co., Ltd. reduced its holdings. The transfer price was 81.81 yuan, the transfer quantity was 22,807,011 shares, and the transaction amount was 1.866 billion yuan. A total of 20 investment institutions took over. Among them, Xingzheng Global Fund Management Co., Ltd. subscribed 832 million yuan, Ruizhong Life Insurance Co., Ltd. subscribed 300 million yuan, Guotai Haitong Securities Co., Ltd. subscribed 154 million yuan, Fullgoal Fund Management Co., Ltd. subscribed 94.9 million yuan; GF Fund Management Co., Ltd. subscribed 84.84 million yuan, Yuanxin (Zhuhai) Private Fund Management Co., Ltd. subscribed 68.72 million yuan, Guangdong Zhengyuan Private Fund Management Co., Ltd. subscribed 49.09 million yuan, Shanghai Shenchuang Shenhui Private Fund Partnership (Limited Partnership) subscribed 45.49 million yuan; Nuode Fund Management Co., Ltd. subscribed 42.05 million yuan, Shanghai Yingshui Investment Management Co., Ltd. subscribed 41.07 million yuan, Guotai Fund Management Co., Ltd. subscribed 31.91 million yuan, Dajia Asset Management Co., Ltd. subscribed 28.72 million yuan, and GF Securities Co., Ltd. subscribed 28.14 million yuan.
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