“Africa’s mobile king” Transsion Holdings submitted another H-share listing application to the main board of the Hong Kong Stock Exchange on June 18, with the first submission on December 2, 2025. After the six-month window period ended, the prospectus automatically lapsed. After completing the H-share listing, Transsion Holdings will form an A+H financing platform. According to the prospectus, the net proceeds from the H-share fundraising will be mainly used for R&D of AI and terminal technologies, expansion of global brands and channels, and the construction of a mobile internet and Internet of Things ecosystem.
Transsion’s prospectus financial figures: 2025 net profit RMB 2.605 billion, down 53.5% year over year
Based on the three-year financial data disclosed in Transsion Holdings’ prospectus:
2023: Revenue RMB 62.295 billion, net profit RMB 5.587 billion, gross margin 23.2%
2024: Revenue RMB 68.715 billion, net profit RMB 5.597 billion, gross margin 20.9%
2025: Revenue RMB 65.591 billion (YoY -4.5%), net profit RMB 2.605 billion (YoY -53.5%), gross margin 18.7%
The prospectus also noted that memory component prices have fluctuated in recent years, and the company cannot guarantee that raw material prices will not increase significantly in the future—this is one of the main background factors behind the decline in profitability.
Use of H-share fundraising: AI and terminal technology R&D, global brand expansion, mobile internet and IoT ecosystem
According to the prospectus, the main uses of the net proceeds from this H-share fundraising are: AI and terminal technology R&D (including frontier technologies such as smart terminals), global brand and channel expansion, and the construction of a mobile internet and IoT ecosystem. For businesses already rolled out, Transsion has entered consumer electronics such as smartwatches and TWS earbuds, as well as emerging businesses such as energy storage systems and lightweight electric mobility devices.
Transsion OS’s average monthly active users in 2025 exceeded 290 million. Although mobile internet services contribute only 1.4% of revenue, its gross margin is as high as 80%, and it is viewed as a potential second growth curve.
In 2025, Transsion’s share in Africa’s smartphone market is about 40%; Transsion OS MAUs exceed 290 million
Based on market share data disclosed in Transsion Holdings’ prospectus: in 2024, Transsion’s share of smartphone unit sales in Africa was 61.5%, and its share of smartphone unit sales in global emerging markets was 24.1% (No. 1). In 2025, Transsion’s share in Africa’s smart phone market is about 40% (No. 1); its share in Pakistan’s smartphone market exceeds 40% (No. 1); and its share in Bangladesh’s smartphone market is 35% (No. 1). The mobile phone business has long contributed nearly 90% of the company’s revenue and is Transsion’s core pillar business.
FAQ
Why did Transsion Holdings file again after its first submission in December 2025?
According to reports, Transsion Holdings filed its first H-share listing application with the Hong Kong Stock Exchange on December 2, 2025. After the six-month window period ended, the prospectus automatically lapsed, so it chose to submit again. This is its second push to the Hong Kong Stock Exchange, aiming to form an “A+H” financing platform. Its existing A-shares were listed on the STAR Market of the Shanghai Stock Exchange in September 2019.
What are the main reasons for Transsion Holdings’ net profit to drop 53.5% in 2025?
According to the prospectus, fluctuations in prices of raw materials such as memory components are one of the core factors affecting the profitability of Transsion’s main business. The prospectus explicitly states that the company cannot guarantee that raw material prices will not increase significantly in the future. In addition, the continued decline in gross margin (from 23.2% in 2023 to 18.7% in 2025) shows that cost pressure has persisted.
What directions does Transsion Holdings’ AI R&D investment target cover?
According to the prospectus, the AI-related uses of the H-share fundraising include AI and terminal technology R&D, covering technology upgrades for intelligent terminal products centered on smartphones, as well as supporting the construction of a mobile internet and IoT ecosystem for Transsion OS. In 2025, Transsion OS’s average monthly active users exceeded 290 million, and the gross margin of mobile internet services reached 80%, which is one of the directions Transsion is seeking for diversified growth.
