One of the leading smartphone makers in Nigeria, Transsion Holdings, is planning to list its shares on China’s Stock Market. The Initial Public Offering (IPO) is expected to raise up to $426 million (3 billion Yuan).
Transsion Holdings will have its shares listed on Shanghai’s STAR Market in China, a special market set up for tech companies in July 2019. While the IPO date hasn’t been made public, the company first made its listing interest known in April by filing its first docs with the Shanghai Stock Exchange.
The Chinese company established its subsidiary in Nigeria over 10 years ago. Transsion is also in seven other countries in Africa. Its success in Nigeria has been largely attributed to its positioning in the market as an affordable smartphone for the lower class of society. The strategy has since been replicated by the likes of Samsung to compete for the lower-end of the mobile market.
In a recent report, the spokesperson for Transsion’s Office of the Secretary to the Chairman confirmed the plan, stating that, “The company’s listing-related work is running smoothly. The registration application and issuance process are still underway, with the specific timetable yet to be confirmed by the CSRC and Shanghai Stock Exchange.”
Transsion is the manufacturer of popular smartphone brands like Tecno, Itel, and Infinix all of which are household brands in Nigeria, where Transsion has one of its Research & Development Centres. Although Transsion is headquartered at China, its focus on Nigeria and Africa at large is strong when compared to its market rivals, as it holds 54% of the feature phone market on the continent.
About 124 million phones were sold by Transsion globally in 2018, according to the report, generating $3.29 billion in revenue. In smartphone sales, the company is second to Samsung and ahead of Huawei (another Chinese firm) according to International Data Corporation stats.
Why Transsion is going public: The tech company plans to do the following with capital raised.
- About $227 million will be used to build more phone assembly hubs.
- Transsion has budgeted $62 million on research and development, including a mobile phone Research & Development Centre in Shanghai.
- The company has a commitment to meet in India.
- It also wants to build an industrial park in India to manufacture phones.
Note: Smartphone adoption on the continent is estimated to grow to 67% by 2025, according to GSMA, but it’s currently low at 34%.
COVID-19 Update in Nigeria
On the 7th of March 2021, 269 new confirmed cases and 5 deaths were recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 158,506 confirmed cases.
On the 7th of March 2021, 269 new confirmed cases and 5 deaths were recorded in Nigeria.
To date, 158,506 cases have been confirmed, 137,875 cases have been discharged and 1,969 deaths have been recorded in 36 states and the Federal Capital Territory.
A total of 1.54 million tests have been carried out as of March 7th, 2021 compared to 1.49 million tests a day earlier.
COVID-19 Case Updates- 7th March 2021,
- Total Number of Cases – 158,506
- Total Number Discharged – 137,890
- Total Deaths – 1,969
- Total Tests Carried out – 1,544,008
According to the NCDC, the 269 new cases are reported from 19 states- Enugu (78), Bauchi (37), Rivers (22), Imo (18), Ogun (16), FCT (15), Akwa Ibom (13), Kaduna (13), Kebbi (11), Kwara (9), Edo(7), Ekiti (6), Borno (5), Yobe(5), Kano (4) Nasarawa (3), Osun (3), Anambra (2) and Plateau (2).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 56,444, followed by Abuja (19,350), Plateau (8,944), Kaduna (8,658), Oyo (6,766), Rivers (6,680), Edo (4,670), Ogun (4,437), Kano (3,844), Ondo (3,066), Kwara (2,962), Delta (2,582), Osun (2,457), Nasarawa (2,251), Enugu (2,156), Katsina (2,060), Gombe (2,010), Ebonyi (1,951), Anambra (1,813), Akwa Ibom (1,610), and Abia (1,588).
Imo State has recorded 1,569 cases, Borno (1,308), Bauchi (1,274), Benue (1,188), Adamawa (942), Niger (919), Taraba (863), Ekiti (834), Bayelsa (779), Sokoto (769), Jigawa (496), Kebbi (412), Cross River (334), Yobe (293), Zamfara (222), while Kogi state has recorded 5 cases only.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.
Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.
On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.
On 28th February 2021, the federal government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2nd, 2021.
On Tuesday, 2nd March 2021, the National Primary health Care Development Agency announced the arrival of the expected COVX Astrazeneca/Oxford covid-19 vaccines.
On Saturday, 6th March 2021, President Muhammadu Buhari and his vice, Yemi Osinbajo received vaccination against the covid-19 as the State House in Abuja.
Twitter CEO auctions his first-ever tweet on Twitter, bidding at $2.5 million
Jack Dorsey is auctioning his first-ever tweet on a website that sells tweets as non-fungible tokens.
Twitter CEO, Jack Dorsey is auctioning his first-ever tweet on Twitter “just setting up my twttr” on a website that sells tweets as non-fungible tokens (NFTs).
The tweet was listed for sale on ‘Valuables by Cent’ – a tweets marketplace that was launched three months ago. The tweet was first made in March 2006
The tweet received offers as high as $88,888.88 within minutes of Jack tweeting a link to the listing on” Valuables by Cent” on Friday.
Currently, bidding has reached $2.5 million (€2.1 million) indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
The highest bid for the tweet — $2.5 million — came from Bridge Oracle CEO Sina Estavi. It topped cryptocurrency pioneer, Justin Sun’s $2 million bid.
The final buyer of the tweet will receive a certificate, digitally signed and verified by Jack Dorsey, as well as the metadata of the original tweet. The data will include information such as the time the tweet was posted and its text contents. Most of this information, however, is already publicly available.
According to Valuables by Cent’s terms, 95% of a tweet’s sale will go to the original creator while the remainder will go to the website.
What you should know
- NFTs is a unique digital certificate that states who owns a photo, video, or other forms of online media.
- Dorsey’s 15-year-old tweet is one of the most famous tweets ever on the platform.
- Bidding had reached $2.5 million (€2.1 million) on Saturday, indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
- More people are currently bidding their tweets on the platform.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Seplat falls into a loss in FY 2020
- 2020 FY Results: Cornerstone Insurance Plc reports a 61.1% decline in profit
- Ellah Lakes increases operating expenses by 33.36% in HY 2020
- 2020 FY Results: Nigerian Breweries reports a 54.3% decline in profits in 2020
- Abbey Mortgage Bank projects N51.08 million profit in Q2 2020.