Mobile phone manufacturer aims to raise 3,360,000,000 CNY in Hong Kong IPO

A mobile phone manufacturer that holds a dominant position in the African smartphone market is seeking to raise up to 3,360,000,000 CNY through the issuance of shares in Hong Kong. The company plans to issue 86,600,000 shares, with a maximum offer price of 38.80 HKD per share. Trading of the shares is expected to commence on October 15, 2026.

Foundational investors are set to receive allocation guarantees but will need to lock in their investments for at least six months. If shares are issued at the upper limit price, foundational investors have agreed to subscribe to approximately 37% of the initial offering size, with the potential for this percentage to increase if the final pricing is lower. The foundational investors include GIC, E Fund, Millennium Capital, Golden Link Worldwide, and an investment platform under Shenzhen Jiangbolong.

This initial public offering will also serve as a litmus test to gauge investor willingness to invest in companies outside the AI supply chain. Rising prices in the memory chip market are challenging the company's previously stable profit margins. Although the substantial capital needs of the AI industry have propelled new share issuance in the Hong Kong market to a quarterly record high, the performance of new shares in other sectors has been less favorable. For instance, fast fashion giant Shein Global Holdings raised 1,700,000,000 USD but saw its stock price drop by approximately 30% since its listing on September 1, 2026.

Headquartered in Shenzhen, the company owns brands like Tecno and Infinix, and commands a 53% market share in the African smartphone market, earning it the title of "King of Africa." The funds raised from the Hong Kong IPO will be allocated to accelerate research and development related to artificial intelligence technologies, including AI assistants and intelligent AI agents, while also enhancing product differentiation.

Reported by ITHome.