Transsion Holdings, maker of Tecno, Infinix and itel brands, is planning to list on a Chinese stock market, according to a Thursday filing on the bourse.
Instead of going through the expensive and thorough IPO process, the smartphone maker is carrying out the move through a back door listing by swiping majority shares with Shimge Pump Industry, a water pump producer listed on the Shenzhen stock market.
Li Huijun, a Transsion spokesperson, in a Bloomberg report confirmed the development, adding that the deal, currently is in negotiation between both companies. Should it succeed, it will make Transsion one of China’s largest publicly traded mobile device makers, alongside the likes of Huawei Technologies.
Transsion was a little known company too small to compete with mobile phone giants in China. Hence it focused on emerging markets and produced a dual-sim Tecno model which became a market bestseller in Nigeria and a few other African countries. Today, Transsion accounts for almost 30 percent of the African smartphone market and shipped nearly 12 million units to the continent in the first three quarters of 2017. This year, despite surpassing Samsung and Apple in volume on the continent, it still plans to double its last year figures.