By Ann Brown
Chinese budget smartphone maker Transsion is already dominating Africa with its Tecno brand. Now it’s ready to raise its profile even more by joining China’s splashy new market for tech stocks. The Shenzhen-based company said this week that it got the preliminary green light to list shares on the Star Market, China’s answer to the Nasdaq. It will seek final approval from China’s Securities Regulatory Committee, the country’s top securities regulator, before launching an initial public offering. An IPO could push Transsion’s valuation above $4 billion.
It would also take the company public on a market that got off to a stunningly positive start this week. Analysts say it’s an early win for the Star Market, which wants local investors to support Chinese tech companies, rather than lose those businesses to markets in Hong Kong or the United States.”China wants a rejuvenation of the nation through technology and innovation,” said Mark Huang, an analyst at Bright Smart Securities.
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“That’s why they launched the board.”He added that Star Market “surely hopes there Click here to read entire article