Transsion Holdings Passes HKEX Listing Hearing, Revenue Up Over 30% in First Four Months

Hong Kong, September 25 – Transsion Holdings has received approval from the Hong Kong Stock Exchange for its listing hearing, with CITIC Securities acting as the sole sponsor, according to an exchange filing.

In its draft prospectus, the company stated that it focuses on mobile phones as its core business, covering the design, R&D, production, sales, and brand operations of smart terminal products. It has also expanded into mobile internet services, the Internet of Things (IoT), energy storage, and light electric mobility.

Market Position

According to Frost & Sullivan data, in 2025, Transsion ranked:

• Third globally in mobile phone sales by volume, with approximately 169 million units sold and an 11.8% market share
• Eighth globally by revenue, generating approximately US$8 billion, representing a 1.7% share
• First in emerging markets by sales volume, with a 20.0% share
• First in Africa by sales volume, with a 53.1% share

The company's main mobile phone brands include:

• TECNO – targeting the mid-to-high-end market
• Infinix – aimed at young consumers
• itel – focused on cost-effectiveness

Financial Performance

According to the post-hearing information pack:

| Period | Revenue (RMB) | |--------|---------------| | 2023 | 62.295 billion | | 2024 | 68.715 billion | | 2025 | 65.591 billion | | First 4 months of 2026 | 23.290 billion | | First 4 months of 2025 (comparable) | 17.908 billion |

Revenue for the first four months of 2026 increased by approximately 30.1% year-on-year.

Revenue Breakdown (2025)

• Mobile phone business: RMB 58.448 billion (89.1% of total revenue)
• Smartphones: RMB 54.821 billion
• Brand share of phone revenue: TECNO 46.1%, Infinix 39.8%, itel 13.9%
• IoT products and others: RMB 6.202 billion (9.5% of total revenue)
• Mobile internet services: RMB 942 million

In the first four months of 2026, IoT products and other revenue increased to RMB 2.721 billion, accounting for 11.7% of total revenue.

Industry Outlook

Citing Frost & Sullivan, the listing documents project:

• Emerging market mobile phone revenue to grow from US$175.5 billion in 2025 to US$266.7 billion by 2030, at a CAGR of 8.7% — outpacing the global market's expected CAGR of 4.9%
• Emerging market mobile internet services to expand from US$1.046 trillion to US$3.521 trillion over the same period, at a CAGR of 27.5%
• Projected CAGRs for IoT, energy storage, and light electric mobility: 20.3%, 16.7%, and 14.5%, respectively

Competitive Advantages

Transsion's competitive strengths lie in localized products, distribution networks, and R&D capabilities. The company has developed:

• Long battery life, fast charging, anti-sweat, and dark skin tone imaging technologies tailored for African markets — addressing frequent power outages, large temperature variations, and high hand perspiration
• Optimized heat dissipation solutions for Southeast Asian gaming users

Software Ecosystem

The company's self-developed Transsion OS is compatible with Android. As of the four months ended April 30, 2026:

• Average monthly active users (MAU): over 300 million
• Palm Store MAU: over 200 million
• AHA Games MAU: over 140 million
• Boomplay (co-developed with NetEase): approximately 50 million MAU
• Phoenix (co-developed with Tencent): over 150 million MAU

Global Presence

As of April 30, 2026:

• Over 2,900 distributors and 2,500 service points worldwide
• Subsidiaries in 30 countries and regions
• Production bases in Ethiopia and Bangladesh
• R&D centers in Shanghai, Shenzhen, and Chongqing
• Over 5,000 R&D personnel, accounting for 19.3% of total employees
• More than half of employees are foreign nationals