Few Hong Kong investors take interest in listing by Africa’s top phone maker Transsion
Shenzhen Transsion Holdings drew a lukewarm response for its HK$3.36 billion (US$428 million) Hong Kong share offering, heightening worries over market sentiment for new listings in the fourth quarter. The maker of Africa’s bestselling phones closed its bookbuilding on Monday, with preliminary figures showing the offering attracted about 14,000 applications and was oversubscribed roughly 3.5…
Shenzhen Transsion Holdings' HK$3.36 billion (US$428 million) share offering in Hong Kong received a lukewarm response, raising concerns about investor sentiment for new listings in the fourth quarter. The homegrown technology firm, which dominates the African smartphone market with its Tecno, Infinix and iTel brands, oversubscribed the offering by about 3.5 times, with only 14,000 applications.
Retail participation in Hong Kong IPOs has sharply declined since September, with only two of 12 listings attracting more than 100,000 applications last month. Expert Jasper Chan cited Transsion's lacklustre fundamentals, fierce competition in Africa, and the absence of market-favored AI themes as reasons for the weak response. The company's Shanghai-listed shares fell over 8% during the Hong Kong subscription period, while its Hong Kong shares are set to debut on Thursday backed by 11 major investors.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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