HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shenzhen Transsion Holdings / Equity Capital Markets

<ul>
<li>Although Transsion holds an absolute leading position in African market, its fundamentals are in early stage of profit recovery, and it‘s facing dual uncertainties of patent litigation and intensified competition.</li>
<li>When competitors use mid-to-high-end models to encroach from above and use operator subsidies to pounce from below,Transsion lacks core product line with high profit margins to provide a profit buffer.</li>
<li>Transsion’s "multi-brand, full coverage" strategy is difficult to completely avoid the impact of the industry's downward cycle. Compared with peers, the A/H discount may fall within the range of 15%-25%.   </li>
</ul>


Although Transsion holds an absolute leading position in African market, its fundamentals are in early stage of profit recovery, and it‘s facing dual uncertainties of patent litigation and intensified competition.
When competitors use mid-to-high-end models to encroach from above and use operator subsidies to pounce from below,Transsion lacks core product line with high profit margins to provide a profit buffer.
Transsion’s "multi-brand, full coverage" strategy is difficult to completely avoid the impact of the industry's downward cycle. Compared with peers, the A/H discount may fall within the range of 15%-25%.   


Pre-IPO Shenzhen Transsion Holdings (PHIP Updates) - Some Points Worth the Attention

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-transsion-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:58740:1" rel="noopener">Shenzhen Transsion Holdings (2636 HK)</a> aims to raise up to US$428m in its A/H share listing.</li>
<li>Shenzhen Transsion is a smart device and mobile Internet service provider primarily engaged in the R&amp;D, manufacturing, sales, and brand management of smart devices, with a focus on mobile phones.</li>
<li>We have looked at the PHIP updates in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Shenzhen Transsion Holdings (2636 HK) aims to raise up to US$428m in its A/H share listing.
Shenzhen Transsion is a smart device and mobile Internet service provider primarily engaged in the R&amp;D, manufacturing, sales, and brand management of smart devices, with a focus on mobile phones.
We have looked at the PHIP updates in our previous note. In this note, we talk about the IPO pricing.


Aequitas: Shenzhen Transsion A/H Listing - Reasonable Valuation For A Topline Reacceleration Story

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>Transsion, a mobile phone maker focused on Africa and other emerging markets, launched its IPO to raise USD 428m through an A+H listing. CITIC is the sole sponsor.</li>
<li>In this note, we look at the deal terms and provide our thoughts on valuation for the company.</li>
<li>We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


Transsion, a mobile phone maker focused on Africa and other emerging markets, launched its IPO to raise USD 428m through an A+H listing. CITIC is the sole sponsor.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.


Transsion (传音控股) A+H IPO: Analysis of Deal Terms

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-transsion-holdings" target="_blank" data-smartkarma-citation="entities:58740:1" rel="noopener">Shenzhen Transsion Holdings (TRAN HK)</a>, aims to raise up to US$500m in its A/H share listing.</li>
<li>A smart device and mobile Internet service provider primarily engaged in the design, R&amp;D, manufacturing, sales, and brand management of smart devices, with a core focus on mobile phones.</li>
<li>In this note, we look at its PHIP updates and valuation.</li>
</ul>



Shenzhen Transsion Holdings (TRAN HK), aims to raise up to US$500m in its A/H share listing.
A smart device and mobile Internet service provider primarily engaged in the design, R&amp;D, manufacturing, sales, and brand management of smart devices, with a core focus on mobile phones.
In this note, we look at its PHIP updates and valuation.


Aequitas: Shenzhen Transsion A/H Listing - PHIP Update: Continue to Be Pressured by High DRAM Prices

<ul>
<li>Transsion, a mobile phone maker focused on Africa and other emerging markets, is seeking an A+H listing. CITIC is the sole sponsor.</li>
<li>While our previous note covers the fundamentals of the company, in this note we look at its 1H26 results, changes and valuation versus our previous note.</li>
<li>The recovery held up in 1H while maket position weakened. </li>
</ul>


Transsion, a mobile phone maker focused on Africa and other emerging markets, is seeking an A+H listing. CITIC is the sole sponsor.
While our previous note covers the fundamentals of the company, in this note we look at its 1H26 results, changes and valuation versus our previous note.
The recovery held up in 1H while maket position weakened. 


Transsion (传音控股) A+H Pre-IPO: PHIP Updates

Hong Kong

Shenzhen Transsion Holdings Co., Ltd. manufactures and distributes communication devices. The Company produces mobile phones and phone accessories. Shenzhen Transsion Holdings markets products in China, Africa, and other countries and regions.

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Shenzhen Transsion Holdings (2636 HK)

Pre-IPO Shenzhen Transsion Holdings (PHIP Updates) - Some Points Worth the Attention

Transsion's IPO price is HK$35.3-38.8, 38%-44% lower than A-share (RMB53.8), which is wider than the typical 20%-30% AH discount, providing...

Xinyao (Criss) Wang

Aequitas: Shenzhen Transsion A/H Listing - Reasonable Valuation For A Topline Reacceleration Story

Shenzhen Transsion Holdings (2636 HK) aims to raise up to US$428m in its A/H share listing. We have looked at the PHIP updates in our previous...

Nicholas Tan

Transsion (传音控股) A+H IPO: Analysis of Deal Terms

We analyze Transsion's USD 428m Hong Kong IPO. We look at deal terms, track records of cornerstone investors and sponsors, as well as its...

Ke Yan, CFA, FRM

Aequitas: Shenzhen Transsion A/H Listing - PHIP Update: Continue to Be Pressured by High DRAM Prices

Shenzhen Transsion, aims to raise up to US$500m in its A/H share listing. In this note, we look at its PHIP updates and valuation.

Nicholas Tan

Transsion (传音控股) A+H Pre-IPO: PHIP Updates

Transsion is seeking an A+H listing. 1H26 net profit rose 46.2% YoY as smartphone price increases ran ahead of memory costs. The test for 2H26 is...

Ke Yan, CFA, FRM

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