Chinese smartphone manufacturer Shenzhen Transsion Holdings Co. has raised $390 million as part of an investment round in Hong Kong. This is reported in the Transsion press release.
Transsion sold 86.6 million shares at HK$35.30 per share before bidding on October 15. The proceeds will be used to develop AI technologies and enhance product differentiation.
The main investors, including GIC Pte, E Fund Management Co., Millennium Capital, Golden Link Worldwide Ltd. and the division of the manufacturer of Shenzhen Longsys Electronics Co., agreed to buy 37% of the offer at the maximum price.
Transsion controls 53% of the mobile phone sales market in Africa and is one of the key mobile phone manufacturers in emerging markets.
Transsion Holdings is a Chinese smartphone manufacturer under the brands iTel Mobile, Tecno Mobile and Infinix Mobile. The company sells products in Africa, India, Pakistan and Southeastern countries. Phones are manufactured in China, Ethiopia and India. The headquarters is located in Shenzhen (China) with enterprises in China, Ethiopia, Bangladesh and India.
