IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Cross-Market Price Comparison
| Other Listed Market | Shanghai (SSE) |
|---|---|
| Other Market Stock Code | 688036 |
| H-Share Offer Price | HK$ 38.80 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | TRANSSION |
|---|---|
| Stock Code | 02636 |
| Company Full Name | Shenzhen Transsion Holdings Co., Ltd. |
| Industry | 消費電子 |
| Principal Activities | 我們是一家智能終端產品和移動互聯網服務提供商,主要從事以手機為核心的智能終端產品的設計、研發、生產、銷售和品牌運營,並延展至移動互聯網服務及物聯網產品及其他產品。 |
| Listing Date | 2026-10-15 |
| Listing Status | Pre-listing |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 廣東省深圳市南山區西麗街道西麗社區仙元路8號傳音大廈24樓一單元 |
| Business Address (Hong Kong) | 香港銅鑼灣希慎道33號利園一期19樓1919室 |
| Place of Incorporation | China |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | www.transsion.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | 卓佳证券登记有限公司,香港金钟道89号力宝中心1座31楼3101-3103室 |
| A-Share/US Dual Listing | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 38.80 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 3,880 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-10-07 to 2026-10-12 |
| Global Offering Shares | 86,648,300 shares |
| HK Public Offer Shares (Initial) | 8,664,900 shares (10.0%) |
| Public Offer Lots (Initial) | 86,649lots (Pool A43,324lots,Pool B43,325lots) |
| International Placing Shares (Initial) | 77,983,400 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 1,237,832,845 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | CLSA Limited CE AAB893 |
| Cornerstone Share | 42.7% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 3,361,954,040 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 3,880 |
| 2 lots | 200 | HK$ 7,760 |
| 3 lots | 300 | HK$ 11,640 |
| 4 lots | 400 | HK$ 15,520 |
| 5 lots | 500 | HK$ 19,400 |
| 6 lots | 600 | HK$ 23,280 |
| 7 lots | 700 | HK$ 27,160 |
| 8 lots | 800 | HK$ 31,040 |
| 9 lots | 900 | HK$ 34,920 |
| 10 lots | 1,000 | HK$ 38,800 |
| 15 lots | 1,500 | HK$ 58,200 |
| 20 lots | 2,000 | HK$ 77,600 |
| 25 lots | 2,500 | HK$ 97,000 |
| 30 lots | 3,000 | HK$ 116,400 |
| 35 lots | 3,500 | HK$ 135,800 |
| 40 lots | 4,000 | HK$ 155,200 |
| 45 lots | 4,500 | HK$ 174,600 |
| 50 lots | 5,000 | HK$ 194,000 |
| 60 lots | 6,000 | HK$ 232,800 |
| 70 lots | 7,000 | HK$ 271,600 |
| 80 lots | 8,000 | HK$ 310,400 |
| 90 lots | 9,000 | HK$ 349,200 |
| 100 lots | 10,000 | HK$ 388,000 |
| 150 lots | 15,000 | HK$ 582,000 |
| 200 lots | 20,000 | HK$ 776,000 |
| 250 lots | 25,000 | HK$ 970,000 |
| 300 lots | 30,000 | HK$ 1,164,000 |
| 350 lots | 35,000 | HK$ 1,358,000 |
| 400 lots | 40,000 | HK$ 1,552,000 |
| 450 lots | 45,000 | HK$ 1,746,000 |
| 500 lots | 50,000 | HK$ 1,940,000 |
| 600 lots | 60,000 | HK$ 2,328,000 |
| 700 lots | 70,000 | HK$ 2,716,000 |
| 800 lots | 80,000 | HK$ 3,104,000 |
| 900 lots | 90,000 | HK$ 3,492,000 |
| 1,000 lots | 100,000 | HK$ 3,880,000 |
| 1,250 lots | 125,000 | HK$ 4,850,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,500 lots | 150,000 | HK$ 5,820,000 |
| 1,750 lots | 175,000 | HK$ 6,790,000 |
| 2,000 lots | 200,000 | HK$ 7,760,000 |
| 2,500 lots | 250,000 | HK$ 9,700,000 |
| 3,000 lots | 300,000 | HK$ 11,640,000 |
| 3,500 lots | 350,000 | HK$ 13,580,000 |
| 4,000 lots | 400,000 | HK$ 15,520,000 |
| 4,500 lots | 450,000 | HK$ 17,460,000 |
| 5,000 lots | 500,000 | HK$ 19,400,000 |
| 6,000 lots | 600,000 | HK$ 23,280,000 |
| 7,000 lots | 700,000 | HK$ 27,160,000 |
| 8,000 lots | 800,000 | HK$ 31,040,000 |
| 9,000 lots | 900,000 | HK$ 34,920,000 |
| 10,000 lots | 1,000,000 | HK$ 38,800,000 |
| 12,500 lots | 1,250,000 | HK$ 48,500,000 |
| 15,000 lots | 1,500,000 | HK$ 58,200,000 |
| 17,500 lots | 1,750,000 | HK$ 67,900,000 |
| 20,000 lots | 2,000,000 | HK$ 77,600,000 |
| 43,324 lots | 4,332,400 | HK$ 168,097,120 |
Stock Connect Inclusion
| Inclusion Pathway | A+H 有绿鞋(30天入通) |
|---|---|
| Est. Threshold | --- Met |
| Analysis Result | 超额配股权失效后纳入(上市后约30日) |
* IPO in progress, estimated at upper bound offer price
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 48,027,914,386 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 3,361,954,039 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | 盈利約人民幣2,605.2百萬元 |
| Period-End Cash Balance | 人民幣11,122.6百萬元 |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
Financial Data
Unit:
'000
RMB
Income Statement
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 62,294,877 | 68,715,279 | 65,591,236 |
| Cost of sales | -47,854,979 | -54,374,440 | -53,312,965 |
| Gross profit | 14,439,898 | 14,340,839 | 12,278,271 |
| Other income and gains, net | 426,543 | 782,117 | 461,280 |
| Selling and distribution expenses | -4,328,548 | -4,835,865 | -5,204,017 |
| Administrative expenses | -1,808,227 | -1,995,428 | -1,922,156 |
| Operating profit | 6,585,664 | 6,382,143 | 2,816,013 |
| Net finance costs | -79,732 | -81,966 | -68,413 |
| Share of associates and JVs | -95,520 | 57,832 | 141,066 |
| Profit before tax | 6,714,396 | 6,677,647 | 3,182,828 |
| Income tax expense | -1,127,331 | -1,080,320 | -577,592 |
| Profit for the year | 5,587,065 | 5,597,327 | 2,605,236 |
| Profit attributable to owners | 5,537,045 | 5,548,950 | 2,580,637 |
Balance Sheet
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and cash equivalents | 11,029,112 | 11,310,093 | 11,122,560 |
| Trade and bills receivables | 1,965,061 | 3,376,537 | 3,726,267 |
| Inventories | 10,443,351 | 8,663,359 | 8,902,898 |
| Total current assets | 40,131,938 | 38,809,119 | 37,739,365 |
| Total assets | 46,121,001 | 45,062,400 | 44,382,261 |
| Total current liabilities | 27,055,710 | 23,985,382 | 23,060,701 |
| Total liabilities | 27,944,137 | 24,716,864 | 23,733,581 |
| Total equity | 18,176,864 | 20,345,536 | 20,648,680 |
| Equity attributable to owners | 18,055,206 | 20,230,358 | 20,524,879 |
Cash Flow Statement
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net cash from operating activities | 11,848,684 | 2,794,998 | 1,349,953 |
| Net cash from investing activities | -6,092,788 | 837,817 | 1,799,429 |
| Net cash from financing activities | -3,389,723 | -3,289,925 | -3,097,863 |
| Net increase in cash | 2,366,173 | 342,890 | 51,519 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | 約40.0%用於AI相關技術研發,約30.0%用於營銷及品牌建設,約20.0%用於加強移動互聯網服務及物聯網產品及其他,約10.0%用於營運資金及一般企業用途。 |
Underwriting Syndicate
Sole Sponsor (1)
CITIC Securities (Hong Kong) Limited CE AAK249(sole)
Sponsor cum Overall Coordinator (1)
CLSA Limited CE AAB893
Overall Coordinators (5)
Joint Global Coordinators (9)
Joint Bookrunners (11)
Joint Lead Managers (9)
Capital Market Intermediaries (5)
Stabilizing Manager (1)
CLSA Limited CE AAB893
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
普衡律师事务所(香港)有限法律责任合伙 上海市锦天城(深圳)律师事务所 Doulah & Doulah Bennani & Associés RDC SAS Haymanot & Advocates 鸿鹄律师事务所 Dentons Link Legal Nuri Yaba Law Office Anjarwalla and Khanna LLP Bird & Bird ATMD LLP Winson Partners and Legal Consultants FZ-LLC Thiam & Associés Winstlaw Attorneys ENS Advocates Corpus Legal Practitioners Pierre, Tweh & Associates, Inc. |
| Legal Advisor to Sponsors/Underwriters |
高伟绅律师事务所 竞天公诚律师事务所 |
| Auditor and Reporting Accountant | 天健国际会计师事务所有限公司 |
| Industry Advisor | 弗若斯特沙利文(北京)咨询有限公司上海分公司 |
| Compliance Advisor | 红日资本有限公司 CE BHX435 |
| Receiving Banks |
渣打银行(香港)有限公司 中国银行(香港)有限公司 |
| H Share Registrar | 卓佳证券登记有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | GIC | 17,000,000 USD | 3,598,600 | 4.15% | 0.29% | 6 months | 2027-04-15 |
| 2 | 易方達 | 16,000,000 USD | 3,386,900 | 3.91% | 0.27% | 6 months | 2027-04-15 |
| 3 | E Fund Management | 11,000,000 USD | 2,328,500 | 2.69% | 0.19% | 6 months | 2027-04-15 |
| 4 | 易方達香港 | 5,000,000 USD | 1,058,400 | 1.22% | 0.09% | 6 months | 2027-04-15 |
| 5 | Golden Link Worldwide | 150,000,000 CNY | 4,657,900 | 5.38% | 0.38% | 6 months | 2027-04-15 |
| 6 | Millennium | 15,000,000 USD | 3,175,300 | 3.66% | 0.26% | 6 months | 2027-04-15 |
| 7 | 才華資本 | 15,000,000 USD | 3,175,300 | 3.66% | 0.26% | 6 months | 2027-04-15 |
| 8 | 奇點資產 | 15,000,000 USD | 3,175,300 | 3.66% | 0.26% | 6 months | 2027-04-15 |
| 9 | 中銀理財 | 10,000,000 USD | 2,116,800 | 2.44% | 0.17% | 6 months | 2027-04-15 |
| 10 | 江波龍 | 30,000,000 USD | 6,287,200 | 7.26% | 0.51% | 6 months | 2027-04-15 |
| 11 | Digimoc | 9,000,000 USD | 1,905,100 | 2.20% | 0.15% | 6 months | 2027-04-15 |
| 12 | 宏芯宇香港 | 40,000,000 HKD | 1,079,600 | 1.25% | 0.09% | 6 months | 2027-04-15 |
| 13 | 科宇盛達 | 5,000,000 USD | 1,058,400 | 1.22% | 0.09% | 6 months | 2027-04-15 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman / Executive Director | 竺兆江 | — |
| Company Secretary | 曾春、陳佩貞 | — |
| Independent Non-Executive Director | 黄益建 | — |
| Executive Director | 严孟 | — |
| Independent Non-Executive Director | 张怀雷 | — |
| Executive Director | 阿里夫 | — |
Major Shareholders
| Major Shareholders & Holdings | 緊隨全球發售完成後,竺兆江先生及傳音投資(控股股東)持股約43.44%,聯發科技股份有限公司持股約5.78%,肖明先生及北京傳佳力持股約5.01%。 |
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