Photo: IC Photo
Transsion Holdings, Africa’s top mobile handset vendor, has joined the wave of IPOs on China’s new Nasdaq-style high-tech board.
The Shenzhen-based mobile phone-maker, which filed the IPO application in March, finally got approval to list on the so-called STAR market, according to a filing released at the Shanghai Stock Exchange on Tuesday.
Transsion plans to raise as much as 3.01 billion yuan ($437 million) by offering no fewer than 80 million shares, according to the company’s prospectus. The firm also said it will use the proceeds to fund six projects for the production and development of mobile phone and internet systems.
Before applying to list on the new board, Transsion had planned to go public last March through a reverse takeover of Shimge Pump Industry Group on the Shenzhen Stock Exchange. The company abandoned the plan after Chinese President Xi Jinping proposed launching STAR last November.
Transsion, which is touted as a successful “Chinese tech brand going abroad,” soon joined the rush to seek fundraising on the STAR market — an alternative venue where Beijing hopes to entice tech giants such as Alibaba and Tencent to return from stock markets overseas.
Contact reporter Tang Ziyi (firstname.lastname@example.org)