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.

Equity Capital Markets

Shenzhen Transsion Holdings / Equity Capital Markets

<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> raised US$390m in its Hong Kong IPO</li>
<li>It is a smart device and mobile Internet service provider engaged in the design, R&amp;D, manufacturing, sales, and brand management of smart devices, with a core focus on mobile phones.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Shenzhen Transsion Holdings (2636 HK) raised US$390m in its Hong Kong IPO
It is a smart device and mobile Internet service provider engaged in the design, R&amp;D, manufacturing, sales, and brand management of smart devices, with a core focus on mobile phones.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Aequitas: Shenzhen Transsion IPO Trading - Weak Demand Though Shares Cheap

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, raised HKD 2,968.0m (USD 378.2m) and will list on HKEX on Thursday, 15 Oct 2026.</li>
<li>In our previous notes, we looked at the company's fundamentals and the deal terms.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Transsion, a mobile phone maker focused on Africa and other emerging markets, raised HKD 2,968.0m (USD 378.2m) and will list on HKEX on Thursday, 15 Oct 2026.
In our previous notes, we looked at the company's fundamentals and the deal terms.
In this note, we provide an update for the IPO before its trading debut.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<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>, Africa’s largest smartphone seller, is seeking to raise up to US$429 million at an H Share offer price range of HK$35.30-HK$38.80.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/transsion-holdings-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:273601" rel="noopener">Transsion Holdings H Share Listing: The Investment Case</a>. </li>
<li>While I have concerns around the fundamentals, the proposed AH discount is attractive on several fronts. </li>
</ul>



Shenzhen Transsion Holdings (2636 HK), Africa’s largest smartphone seller, is seeking to raise up to US$429 million at an H Share offer price range of HK$35.30-HK$38.80.
I discussed the H Share listing in Transsion Holdings H Share Listing: The Investment Case. 
While I have concerns around the fundamentals, the proposed AH discount is attractive on several fronts. 


Transsion Holdings H Share Listing (2636 HK): Valuation Insights

<ul>
<li>Firmus pulled its USD 5.5bn ASX IPO. AS Watson's USD 30bn dual listing was reportedly delayed to 2027, and Moonshot reportedly eyes an HK IPO of up to USD 5bn.</li>
<li>ESWIN, the week's only HK listing, raised USD 319m and fell 1.0% on day one. Eight listings in the past month have a median return of -2.5% since IPO.</li>
<li>On HKEX, one company filed an AP and three posted PHIPs. Transsion's USD 428m A+H IPO lists on 15 Oct.</li>
</ul>


Firmus pulled its USD 5.5bn ASX IPO. AS Watson's USD 30bn dual listing was reportedly delayed to 2027, and Moonshot reportedly eyes an HK IPO of up to USD 5bn.
ESWIN, the week's only HK listing, raised USD 319m and fell 1.0% on day one. Eight listings in the past month have a median return of -2.5% since IPO.
On HKEX, one company filed an AP and three posted PHIPs. Transsion's USD 428m A+H IPO lists on 15 Oct.


This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

Smartkarma AI IPO Databooks, Smartkarma

αSK IPO Databooks

Smartkarma AI IPO Databooks

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
<li>
<a href="https://smartkarma.com/entities/shenzhen-transsion-holdings-co-ltd" target="_blank">Shenzhen Transsion Holdings</a> Co., Ltd. is a smart device and mobile Internet service provider focusing on mobile phones in emerging markets.</li>
<li>The company ranked eighth in the global mobile phone market with a 1.7% revenue share in 2025. Revenue increased 30.1% in the four months ended April 30, 2026.</li>
<li>Revenue was RMB65,591,236 thousand in FY2025, but net profit decreased 53.5% from FY2024 to FY2025. Gross profit margin also declined to 18.7% in FY2025.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.



Shenzhen Transsion Holdings Co., Ltd. is a smart device and mobile Internet service provider focusing on mobile phones in emerging markets.
The company ranked eighth in the global mobile phone market with a 1.7% revenue share in 2025. Revenue increased 30.1% in the four months ended April 30, 2026.
Revenue was RMB65,591,236 thousand in FY2025, but net profit decreased 53.5% from FY2024 to FY2025. Gross profit margin also declined to 18.7% in FY2025.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

IPO Databook: Shenzhen Transsion Holdings (2636 HK) - Oct 2026

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)

Aequitas: Shenzhen Transsion IPO Trading - Weak Demand Though Shares Cheap

Shenzhen Transsion raised US$390m in its Hong Kong IPO. We have covered various aspects of the deal in our previous note. In this note, we will...

Nicholas Tan

Transsion (传音控股) A+H IPO Trading

Transsion raised USD 378m in net proceeds to list on HKEX on Thursday, 15 Oct 2026. We are cautious on debut performance given weak subscription.

Ke Yan, CFA, FRM

This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

This week in APAC ECM: Firmus pulled its ASX IPO of up to USD 5.5bn, Moonshot reportedly targeted up to USD 5bn in Hong Kong, and Jio reportedly...

Ke Yan, CFA, FRM

IPO Databook: Shenzhen Transsion Holdings (2636 HK) - Oct 2026

Shenzhen Transsion Holdings Co., Ltd. is a smart device and mobile Internet service provider, specializing in smart devices, focusing on mobile...

αSK IPO Databooks

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52-week Range

Market Cap (USDm)

P/E

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Aequitas: Shenzhen Transsion IPO Trading - Weak Demand Though Shares Cheap

Shenzhen Transsion raised US$390m in its Hong Kong IPO. We have covered various aspects of the deal in our previous note. In this note, we will...

Nicholas Tan

Transsion (传音控股) A+H IPO Trading

Transsion raised USD 378m in net proceeds to list on HKEX on Thursday, 15 Oct 2026. We are cautious on debut performance given weak subscription.

Ke Yan, CFA, FRM

Transsion Holdings H Share Listing (2636 HK): Valuation Insights

Transsion, Africa’s largest smartphone seller, is seeking to raise up to US$429 million at an H Share offer price range of HK$35.30-HK$38.80. In...

Arun George

This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

This week in APAC ECM: Firmus pulled its ASX IPO of up to USD 5.5bn, Moonshot reportedly targeted up to USD 5bn in Hong Kong, and Jio reportedly...

Ke Yan, CFA, FRM

IPO Databook: Shenzhen Transsion Holdings (2636 HK) - Oct 2026

Shenzhen Transsion Holdings Co., Ltd. is a smart device and mobile Internet service provider, specializing in smart devices, focusing on mobile...

αSK IPO Databooks