Transsion begins bookbuilding for $3.36b Hong Kong listing
Shenzhen Transsion, Africa's largest phone seller, has started bookbuilding for its Hong Kong share sale, aiming to raise HK$3.36 billion. The company plans to list on October 15, with proceeds earmarked for AI research and other areas.
Shenzhen Transsion, the biggest phone seller in Africa, has kicked off bookbuilding of its Hong Kong share sale on Wednesday, seeking to raise HK$3.36 billion. Hailed as "Africa Phone King", the company plans to issue 86.65 million H shares, with a maximum offer price of HK$38.8 apiece. Each board lot contains 100 shares, requiring a minimum investment of HK$3,919.13.
Its cornerstone investors include Singapore's GIC, E Fund, BYD's Golden Link, Shenzhen Longsys Electronics' Longsys Investment, Bank of China's BOC Wealth, and others, with a combined investment amount of HK$1.25 billion. The smart device and mobile Internet service provider is expected to debut on October 15.
Proceeds will be used for research and development of artificial intelligence-related technologies, marketing and brand-building, the enhancement of mobile Internet services, Internet of Things products, and others, according to the prospectus. Citic Securities is the sole sale sponsor.
Transsion's Shanghai-listed shares have dropped nearly 20 per cent to 53.8 yuan (HK$62.98) year-to-date, with a market value of about 61.9 billion yuan.