I wrote about STAR, Chinese version of Nasdaq, the U.S.-focused technology exchange few days ago. Interestingly, Africa’s largest seller of smartphones, Transsion which owns Tecno, Infinix and Itel will be joining the STAR. The company plans to raise $437 million through this initial public offering. Together, Transsion brands control about 59% of the still vast feature phone market in Africa in 2018, notes IDC. Transsion which was established in 2006 employs 14,000 people worldwide with manufacturing plants in Ethiopia, China, India and Bangladesh.
Transsion Holdings, the Chinese budget smartphone maker that leads sales in Africa, has received approval to go public on Shanghai’s new Nasdaq-style stock market, as the company’s low-cost handsets entice millions of new consumers in the developing world.
The Shenzhen-based company, which filed its initial public offering (IPO) application in March, aims to raise up to 3.01 billion yuan (US$437 million) on the Science and Technology Innovation Board, also known as the Star board, according to an announcement on the Shanghai Stock Exchange website on Tuesday.