Illustration: Sarah Grillo/Axios
Transsion, a Chinese mobile phone maker focused on African markets under the Tecno brand, plans to raise upwards of $426 million in a Shanghai IPO.
Why it matters: It's a reminder of how many Chinese companies have major trading partners besides the U.S., which also was reflected in last night's better-than-expected export data. Sounds obvious, but it can sometimes be lost to myopia.
The bottom line: "Transsion sold 124 million phones globally in 2018, per company data. In Africa, Transsion holds 54% of the feature phone market—through its brands Tecno, Infinix, and Itel—and in smartphone sales is second to Samsung and before Huawei, according to IDC," write TechCrunch's Jake Bright and Rita Liao.
Go deeper: The Chinese IPO boom