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Top Smartphone Maker in Africa Plans a Backdoor Chinese Listing

  • Transsion plans a reverse takeover via Shenzhen shell company
  • Chinese owner of Tecno phones plans to list in China via shell
General Economy And Banking In The Rwandan Capital

Photographer: Will Boase/Bloomberg

A Chinese company that dominates the African smartphone market is preparing for a backdoor listing that will make it one of the Asian country’s biggest publicly traded mobile device makers.

Shenzhen Transsion Holdings Co., which accounts for nearly 30 percent of the African smartphone market, plans to transfer a controlling stake to Shenzhen-listed Shimge Pump Industry Group Co. via an asset and share-swap deal, according to a stock exchange filing on Thursday. The deal remains in negotiations but the closely held company -- which sells phones under the Tecno brand among others -- ultimately aims to gain Shimge’s stock listing, Transsion spokeswoman Li Huijun said.