Transsion Seeks to Raise Up to $428 Million in Hong Kong Share Sale

China-based Transsion Holdings, which holds more than half of Africa's mobile phone market, is seeking to raise up to $428 million in a Hong Kong share offering.

Shenzhen Transsion Holdings, the leading smartphone manufacturer in Africa, is seeking to raise as much as $428 million in a share sale on the Hong Kong stock exchange, news agency Bloomberg and China Daily HK reported.

According to regulatory filings, the company is aiming to raise up to HK$3.36 billion. The Chinese firm controls a 53% share of Africa's mobile phone market by unit sales, earning it the moniker "King of Africa" within the smartphone industry.

Further details regarding the timeline of the offering and its final terms have not yet been released.