Tecno, PalmPay seek Hong Kong listings
The two Chinese tech firms with major African businesses are turning to Hong Kong to raise hundreds of millions of dollars in fresh capital.
Transsion, a Shenzhen-based Chinese tech firm, has secured regulatory approval for a Hong Kong listing, marking a significant step in raising capital for its African business ventures. The company's portfolio includes Tecno, Infinix, and itel mobile phones, which are top sellers across the African continent. In a parallel move, PalmPay, a fintech startup launched in Nigeria with backing from Transsion and China’s NetEase, is aiming to raise approximately $200 million through a potential Hong Kong IPO.
This move could potentially value PalmPay at over $1 billion. The decision to list on the Hong Kong Stock Exchange provides both companies with access to international investors and deeper capital markets, while maintaining a strong link to their Chinese ownership base.
Brief written by urgent.news from Semafor's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
