Shenzhen Transsion Holdings Co., Ltd.

傳音控股

📊 Valuation Analysis

💰 Financial Summary (FY2025)

Financial figures are in RMB (some companies report in another currency per the prospectus; see the notes below).

📝 Key Notes

Open for subscription (7–12 October; listing 15 October). A+H dual-listed (A shares on the SSE STAR Market, code 688036, listed since September 2019). A provider of smart terminal products and mobile internet services built around smartphones: smartphones under three brands (TECNO for premium, Infinix for younger buyers, itel for the mass market), feature phones, mobile internet services and IoT products. Third-largest player in the global phone market by 2025 unit volume and eighth by 2025 revenue (1.7% share) per Frost & Sullivan. FY2025 revenue RMB65.591bn (-4.5%), gross margin 18.7%, profit for the year RMB2.605bn (-53.5%); the decline was driven mainly by higher memory-chip procurement costs compressing gross margin, a period when the company chose to slow shipments while awaiting industry-wide price adjustments. For the four months ended 30 April 2026, revenue was RMB23.290bn (+30.1%) and profit RMB1.361bn (+121.6%), with gross margin recovering to 21.9%. The global offering comprises 86.6483m H shares (10% Hong Kong offer); board lot 100 shares, entry cost HK$3,919.13; gross proceeds about HK$3.362bn at the top of the range and net proceeds about HK$3.118bn at the mid-point. 13 cornerstone investors (GIC, E Fund, Jinxing Global, Millennium, Talent Capital, Singularity Assets, BOC Wealth Management, Longsys, Digimoc, Hongxin Yu HK, Keyu Shengda and others) subscribed about HK$1.2455bn in total. Combined A+H market capitalisation is about HK$69.8bn based on the A-share price of RMB53.80 (30 September 2026 close; mainland markets closed for the National Day holiday).

🏢 Company Profile

Shenzhen Transsion Holdings Co., Ltd. (stock code 02636) is a provider of smart terminal products and mobile internet services, principally engaged in the design, R&D, manufacturing, sales and brand operation of smartphone-centred smart terminal products. It offers smartphones under three brands — TECNO for premium designs, Infinix for younger consumers and itel for the value-oriented mass market — together with feature phones. On the strength of its handset business it has extended into mobile internet services (online services and applications provided and accessed through its smart terminal products and the mobile internet) and IoT and other products, building an integrated ecosystem of products, services and brands. Its business is concentrated in emerging markets: according to Frost & Sullivan, it was the third-largest player in the global phone market by 2025 unit volume and the eighth-largest by 2025 revenue (1.7% market share). Revenue was RMB62.295bn, RMB68.715bn and RMB65.591bn in 2023, 2024 and 2025 respectively, with gross margins of 23.2%, 20.9% and 18.7% and profit for the year of RMB5.587bn, RMB5.597bn and RMB2.605bn; the 2025 declines were mainly due to lower smartphone and feature phone volumes, higher memory-chip procurement costs compressing gross margin, and intensifying competition in Central and Eastern Europe and Latin America. For the four months ended 30 April 2026, revenue was RMB23.290bn (+30.1%) and profit RMB1.361bn (+121.6%), with gross margin recovering to 21.9%. The controlling shareholders are Mr Zhu Zhaojiang and Transsion Investment (46.71% pre-listing). The company is A+H dual-listed, with A shares on the Shanghai Stock Exchange STAR Market (code 688036) since September 2019; this global offering comprises 86.6483m H shares of RMB1.00 nominal value each.