Chinese billionaire George Zhu's Africa phone giant Transsion launches Hong Kong IPO

Shenzhen Transsion Holdings, the Chinese company founded by George Zhu that sells more mobile phones in Africa than any other, has launched a Hong Kong share sale to raise up to HK$3.36 billion, about $428 million, to fund a push into artificial intelligence.

Transsion is offering 86.6 million shares at up to HK$38.80 each, according to its prospectus. The public offering runs until Oct. 12, with the final price due by Oct. 13 and trading set to begin on Oct. 15. If an over-allotment option is exercised, the deal could grow to about HK$3.8 billion.

Eleven cornerstone investors have agreed to buy HK$1.24 billion of shares, up to 40% of the total. The company said most of the proceeds will go to AI-related research and development and to marketing.

Africa's dominant phone seller

Transsion sells phones under the Tecno, Infinix and itel brands and held 53% of Africa's smartphone market by revenue in 2025, according to research firm Frost & Sullivan. Its phones are cheap, built for local conditions and widely sold in markets such as Nigeria, Kenya and Ethiopia.

Zhu founded the company in Hong Kong in 2006. Transsion set up a subsidiary in Nigeria in 2008 and a factory in Ethiopia in 2011, building its business in Africa while larger brands focused elsewhere. The company listed on Shanghai's STAR Market in 2019.

The Hong Kong listing is smaller than first planned. The amount being raised is about half of what Transsion reportedly sought last year, and its Shanghai shares have fallen nearly 20% this year, leaving the company with a market value of about $9.4 billion. Rising chip costs have also forced it to raise retail prices.