XIAOMI(HK:01810) 财富FORTUNE·2025-08-05 13:09Core Viewpoint - Transsion Holdings is considering a secondary listing in Hong Kong to raise approximately $1 billion amid declining revenues and profits, with discussions still in early stages and uncertainties surrounding the timeline and scale of the listing [2][3]. Group 1: Company Performance - In Q1 2025, Transsion reported total revenue of 13.004 billion yuan, a year-on-year decline of 25.45%, and a net profit attributable to shareholders of 490 million yuan, down 69.87%, marking the largest quarterly drop since its listing on the Sci-Tech Innovation Board [3]. - The company’s market share in the global smartphone market is projected to reach 14% in 2024, ranking third among global smartphone manufacturers, with over 40% market share in the African smartphone market [2]. Group 2: Market Competition - Transsion faces increasing competition in Africa, with rivals like Xiaomi and OPPO gaining market share. In Q1 2025, Transsion held a 47% market share in the African smartphone market, but was the only company among the top five to experience a decline [4][6]. - Xiaomi has intensified its focus on the African market, forming a strategic group to counter Transsion and adopting similar distribution models to enhance its presence [6]. Group 3: Strategic Initiatives - Transsion is exploring new business avenues beyond smartphones, having established a mobility division targeting electric two-wheeler markets in Africa and Latin America, launching the independent electric motorcycle brand "REVOO" [8]. - The company aims to break its "low-end" label by introducing innovative products, such as the PHANTOM Ultimate G Fold, a concept foldable phone [7].