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Articles from Caixin Global

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Cross Asset Strategy

<ul><li>TOP STORIES Analysis: Why China’s Carmakers Fear Falling Behind Without Huawei China’s carmakers once feared Huawei Technologies Co. Ltd. would become a rival.</li><li>Now many worry they can’t compete without it.</li><li>At an April 23 launch event, Huawei’s smart car unit rolled out a slate of new technologies, including the Qiankun ADS 5 autonomous driving system, the HarmonySpace 6 smart cockpit and Qiankun OS, which the company described as the industry’s first operating system designed for autonomous vehicles.</li></ul>

TOP STORIES Analysis: Why China’s Carmakers Fear Falling Behind Without Huawei China’s carmakers once feared Huawei Technologies Co. Ltd. would become a rival.Now many worry they can’t compete without it.At an April 23 launch event, Huawei’s smart car unit rolled out a slate of new technologies, including the Qiankun ADS 5 autonomous driving system, the HarmonySpace 6 smart cockpit and Qiankun OS, which the company described as the industry’s first operating system designed for autonomous vehicles.

CX Daily: Why China’s Carmakers Fear Falling Behind Without Huawei 

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Shenzhen Transsion Holdings / Equity Capital Markets

<ul>
<li>The H-share IPO of <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>, a smart device and mobile Internet service provider, appears to provide some upside at the maximum IPO price.</li>
<li>Its earnings have recovered sharply in 1H26, and for FY25-28F, it is expected to achieve an EPS CAGR of 30.2% as it expands its market and products.</li>
<li>We value it at 12.5x FY26 PER, 10% discount to <a href="https://www.smartkarma.com/entities/tcl-electronics-holdings-limited" target="_blank" data-smartkarma-citation="entities:15654:1" rel="noopener">TCL Electronics (1070 HK)</a>, implying a fair price of HK$43.73, or 12.7% upside.  </li>
</ul>


The H-share IPO of Shenzhen Transsion Holdings (2636 HK), a smart device and mobile Internet service provider, appears to provide some upside at the maximum IPO price.
Its earnings have recovered sharply in 1H26, and for FY25-28F, it is expected to achieve an EPS CAGR of 30.2% as it expands its market and products.
We value it at 12.5x FY26 PER, 10% discount to TCL Electronics (1070 HK), implying a fair price of HK$43.73, or 12.7% upside.  


Shenzhen Transsion (2636 HK) IPO: Still Some Upside

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Shenzhen Transsion launched Hongkong IPO to raise HK$ 3.4B. They are smart device and mobile Internet service provider, specializing in design, R&amp;D, manufacturing, sales and brand management of smart devices.</li>
<li>Shenzhen Transsion intends to use the proceeds for research and development, marketing, brand building, strengthen their mobile Internet services and &amp; IoT products and for general corporate purpose.</li>
<li>Shenzhen Transsion’s strong market presence (specially emerging markets), R&amp;D, product portfolio, brand recognition, coupled with a more stable demand outlook does make this issue fundamentally worth for investors.</li>
</ul>


Shenzhen Transsion launched Hongkong IPO to raise HK$ 3.4B. They are smart device and mobile Internet service provider, specializing in design, R&amp;D, manufacturing, sales and brand management of smart devices.
Shenzhen Transsion intends to use the proceeds for research and development, marketing, brand building, strengthen their mobile Internet services and &amp; IoT products and for general corporate purpose.
Shenzhen Transsion’s strong market presence (specially emerging markets), R&amp;D, product portfolio, brand recognition, coupled with a more stable demand outlook does make this issue fundamentally worth for investors.


Shenzhen Transsion Holdings IPO: Emerging Markets Hold The Key

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>Shenzhen Transsion Holdings (688036 CH) launched its Hong Kong H-share IPO today (Shenzhen Transsion Holdings (2636 HK)) to raise up to HK$3.36 billion.  Trading is to begin on October 15. </li>
<li>Shenzhen Transsion is the world's largest feature-phone maker, with a ~45% global market share in 2025, and ranks as the sixth-largest smartphone vendor with ~8%.</li>
<li>Transsion is aggressively hiking smartphone prices and shifting product mix toward higher-end models (&gt;$200).  Smartphone ASP rose over 30% YoY in Q1 2026, with further hikes planned through year-end 2026.</li>
</ul>


Shenzhen Transsion Holdings (688036 CH) launched its Hong Kong H-share IPO today (Shenzhen Transsion Holdings (2636 HK)) to raise up to HK$3.36 billion.  Trading is to begin on October 15. 
Shenzhen Transsion is the world's largest feature-phone maker, with a ~45% global market share in 2025, and ranks as the sixth-largest smartphone vendor with ~8%.
Transsion is aggressively hiking smartphone prices and shifting product mix toward higher-end models (&gt;$200).  Smartphone ASP rose over 30% YoY in Q1 2026, with further hikes planned through year-end 2026.


HK IPO WATCH: Shenzhen Transsion Holding - A Close Call !!

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

China

Xiaomi is a Chinese multinational corporation specializing in consumer electronics and technology, primarily known for its smartphones (Mi, Redmi, POCO series) and a wide range of AIoT (Artificial Intelligence of Things) devices, including smart home products, wearables, and laptops. The company also provides internet services, including its MIUI operating system. Xiaomi was founded in 2010 and is headquartered in Beijing, China.

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Xiaomi (1810 HK)

CX Daily: Why China’s Carmakers Fear Falling Behind Without Huawei

TOP STORIES Analysis: Why China’s Carmakers Fear Falling Behind Without Huawei China’s carmakers once feared Huawei Technologies Co. Ltd. would...

Caixin Global

Shenzhen Transsion (2636 HK) IPO: Still Some Upside

Shenzhen Transsion's IPO is priced for an 12.7% upside. 1H26 earnings have recovered, and the 3-year EPS CAGR will reach 30.2%. Conservative...

Osbert Tang, CFA

Shenzhen Transsion Holdings IPO: Emerging Markets Hold The Key

Shenzhen Transsion launched HK IPO to raise HK$ 3.4B for R&D, marketing etc. Strong market presence, R&D, brand recognition and the demand outlook...

Tina Banerjee

HK IPO WATCH: Shenzhen Transsion Holding - A Close Call !!

Shenzhen Transsion Holdings (688036 CH) launched its Hong Kong H-share IPO today (Shenzhen Transsion Holdings (2636 HK)) to raise up to HK$3.36...

David Mudd

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

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