The Chinese Mobile Phone Company That Dominates in Africa is Now Worth $4 billion

The Shenzhen-based parent company of the hugely popular Tecno brand of phones in Africa went public this week and raised $395 million dollars in an initial public offering on Shanghai’s brand new NASDAQ-like tech-focused stock exchange.

Transsion Holdings sold 80 million shares for 35.15 yuan ($4.93) each which now values the company at around $4 billion.

Transsion’s line of mobile phones is extremely popular in Africa where it controls more than 50% of the smartphone market and is also becoming a major player in emerging online services sector, most notably its successful Boomplay music service that is now more popular in Africa than both Spotify and Apple Music.

Read the full article on CNN Business.

by Eric Olander

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