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China-made smartphone now worth $4 Billion
Chinese smartphone maker Transsion has raised nearly $400 million in an IPO on China’s new, tech-focused stock market.
On Wednesday the Shenzhen-based company said in a stock market filing that it sold 80 million in shares for 35.15 Yuan ($4.93) each, raising 2.81 billion Yuan ($395 million)
The share sale pushed Transsion’s valuation to $3.95 billion, establishing the company as one of the major attractions on the Star Market.
The company said that its shares would begin trading “as soon as possible.”
Transsion, the makers of the Itel and Infinix phones, doesn’t do business in China, despite being based there. Instead, it controls a huge part of the smartphone market in Africa with its Tecno brand.
On Friday, the Chinese technology company ByteDance said that it would consider listing its domestic businesses in Hong Kong or Shanghai due to rising Sino-U.S. tensions. The company's standalone listing in Hong Kong or Shanghai might value ...
Indonesia on Wednesday rolled out a 100 trillion Rupiah ($6.92 billion) loan guarantee scheme for prioritized businesses to keep them afloat as the COVID-19 situation continued to worsen around the world, the country’s finance minister ...
China’s industrial firms had seen an increase in profits for two consecutive months. This came as the most rapid pace ever recorded in over a year, suggesting that the country’s recuperation from the novel coronavirus pandemic ...
Oil prices fell on Monday as a surge in coronavirus cases and the escalating U.S.-China tensions prompted a safe-haven bid. Brent crude slid 0.2%, or 8 cents, at $43.26 per barrel. U.S. West Texas Intermediate crude fell 0.2%, or 7 cents, ...
The dollar was under pressure on Monday as the escalating U.S.-China tensions weighed on the market, while investors worried that the U.S. coronavirus resurgence could stall economic recovery. The dollar fell to a four-month low on the yen ...
KYC Policy