TRANSSION Passes HKEX Listing Hearing: Revenue in First Four Months of the Year Up Over 30% Year-on-Year

Zhitong Finance APP learned that on September 25, information from the Hong Kong Stock Exchange showed that TRANSSION had passed the listing hearing of the Hong Kong Stock Exchange, with CITIC SEC serving as the sole sponsor. In the draft prospectus, the company disclosed that it focuses on mobile phones, covering the design, R&D, production, sales, and brand operation of smart terminal products, and has extended its business to mobile internet services, Internet of Things (IoT), energy storage, and light electric mobility.

According to Frost & Sullivan data, in 2025, TRANSSION ranked third in the global mobile phone market by sales volume, with sales of approximately 169 million units and a market share of 11.8%; it ranked eighth by revenue, with revenue of approximately USD 8 billion and a share of 1.7%. In emerging markets, the company ranked first in mobile phone sales volume with a share of 20.0%; in the African market, it ranked first in sales volume with a share of 53.1%. The company's main mobile phone brands include TECNO, targeting the mid-to-high-end market; Infinix, targeting young consumers; and itel, focusing on cost-performance ratio.

The post-hearing information package shows that, financially, TRANSSION's revenues for 2023, 2024, and 2025 were RMB 62.295 billion, RMB 68.715 billion, and RMB 65.591 billion, respectively. Revenue for the first four months of 2026 was RMB 23.29 billion, an increase of approximately 30.1% from RMB 17.908 billion in the same period last year. In 2025, revenue from the mobile phone business was RMB 58.448 billion, accounting for 89.1% of total revenue, of which smartphone revenue was RMB 54.821 billion; revenue from IoT products and others was RMB 6.202 billion, with its share rising to 9.5%, and revenue from mobile internet services was RMB 942 million. In the first four months of 2026, revenue from IoT products and others increased to RMB 2.721 billion, accounting for 11.7%. In 2025 mobile phone revenue, TECNO, Infinix, and itel accounted for 46.1%, 39.8%, and 13.9%, respectively.

Regarding the industry, the prospectus materials cited Frost & Sullivan's forecast that revenue in the emerging markets mobile phone market will increase from USD 175.5 billion in 2025 to USD 266.7 billion in 2030, with a compound annual growth rate (CAGR) of 8.7%, higher than the expected global mobile phone market growth rate of 4.9% over the same period. During the same period, the market size of mobile internet services in emerging markets is expected to grow from USD 1.046 trillion to USD 3.521 trillion, with a CAGR of 27.5%; the CAGRs for the IoT, energy storage, and light electric mobility markets are expected to be 20.3%, 16.7%, and 14.5%, respectively.

TRANSSION's competitive advantages mainly stem from localized products, channel networks, and R&D systems. The company has developed long battery life, fast charging, sweat resistance, and dark skin tone imaging technologies for scenarios such as power outages, large temperature differences, and sweaty hands in Africa, and optimized heat dissipation solutions for gamers in Southeast Asia. Its self-developed TRANSSION OS is compatible with Android. For the four months ended April 30, 2026, the average monthly active users exceeded 300 million, with Palm Store and AHA Games having monthly active users exceeding 200 million and 140 million, respectively; Boomplay, jointly incubated with NetEase, has approximately 50 million monthly active users, and Phoenix, jointly developed with Tencent, has over 150 million monthly active users.

As of April 30, 2026, the company had more than 2,900 distributors and 2,500 service outlets globally, established subsidiaries in 30 countries and regions, and set up production bases in Ethiopia and Bangladesh. The company has R&D bases in Shanghai, Shenzhen, and Chongqing, with more than 5,000 R&D personnel, accounting for 19.3% of the total number of employees, and foreign employees accounting for more than half.