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The Chinese holding Transsion, which includes the popular Russian brands Infinix, Itel and Tecno, was drawn into the investigation. The financial director of the holding was arrested, all information about the reasons for his detention is classified. There is no exact data yet on the further fate of the brands from the holding. In Russia, both Infinix and Tecno are showing frantic sales growth.
Transsion is almost "beheaded"
Xiao Yonghui, the CFO of the Chinese holding Transsion, has been detained by law enforcement agencies in connection with the investigation, writes the South China Morning Post.
The reasons for the detention of the top manager of such a large holding, as well as the goals of the investigation, were not disclosed at the time of the release of the material.
According to the publication, Transsion is concentrating on the production of inexpensive smartphones for developing countries, including African states. CNews wrote that a few years ago, during the coronavirus pandemic, malware built into the firmware was found in its devices.
Transsion is very widely represented in the Russian market - it includes Infinix, Tecno, Itel and a number of other brands of equipment popular among Russians. In Russia, the first two are known primarily for their smartphones, as well as laptops. Behind Infinix is Sagem, a very popular company in Russia in the past - it founded Infinix in 2013 together with Transsion.
The popularity of Infinix and Tecno in Russia is off the charts. Both companies are very close to dethroned market leaders - Samsung, Apple, Xiaomi with its subsidiary Redmi and Realme from the VVK holding, which also includes Vivo, Oppo and OnePlus.
As CNews reported, in the second quarter of 2024. Infinix and Tecno became the leaders in sales growth. Infinix shipments doubled year-on-year, and Tecno - by 69%, according to Avito statistics. But they are not yet in the top 5 - Apple is in first place with 63% of the market in terms of sales on Avito, followed by Samsung with 12%, Xiaomi is in third place with 11%, and Honor and Realme close the top 5 with shares of 3% and 2%, respectively.
No one knows
anything The investigation, in which the financial director of Transsion was detained, was initiated by the district supervisory committee of Dandong, a city in the northeast of the Chinese province of Liaoning. This is stated in the official statement of the holding.
It also says that Transsion also knows nothing about the reasons for the arrest or the opening of the court case. "As of the date of publication (of the official statement - approx. CNews) the company is not aware of the progress or completion of the investigation," Transsion said in a statement on the Shanghai Stock Exchange.
Transsion's board of directors hastened to assure everyone, both buyers and shareholders, that the holding has a comprehensive management and internal control structure, and that the incident with the arrest of the CFO will not have a significant impact on its activities.
Nevertheless, the impact has already been exerted, although it is really insignificant so far. After the news of the arrest of Transsion's CFO, the holding's shares on the Shanghai Stock Exchange fell by 1.3%.
There is something to lose
Transsion's business is growing not only in Russia. According to South China Morning Post, the holding is one of China's largest smartphone suppliers focused on developing countries. The holding will soon celebrate its 20th anniversary - it was founded in 2006, when smartphones in their modern sense did not yet exist, and when there was about a year left before the announcement of the very first iPhone.
By 2024, the distribution geography of the products included in Transsion has reached 70 countries around the world. Some of its largest markets include Nigeria, Kenya, Tanzania, Ethiopia, India, Pakistan, Bangladesh, Colombia, and Brazil.
Transsion's focus on low-cost smartphones has allowed it to maintain steady growth despite the downturn in the global mobile market.
According to research firm IDC, Transsion mobile phone shipments in 2023 increased by 30.8% year-on-year to 94.9 million units. This made the holding the fifth largest smartphone vendor in the world with a market share of 8.3%.
According to the forecasts of the consulting company Omdia, in 2024 Transsion sales will reach 100 million devices. Its statistics show that in the second quarter of 2024 (April 1 - July 30), Transsion shipped 25.5 million devices, second only to Samsung, Apple, Xiaomi and Vivo.
Transsion is almost "beheaded"
Xiao Yonghui, the CFO of the Chinese holding Transsion, has been detained by law enforcement agencies in connection with the investigation, writes the South China Morning Post.
The reasons for the detention of the top manager of such a large holding, as well as the goals of the investigation, were not disclosed at the time of the release of the material.
According to the publication, Transsion is concentrating on the production of inexpensive smartphones for developing countries, including African states. CNews wrote that a few years ago, during the coronavirus pandemic, malware built into the firmware was found in its devices.
Transsion is very widely represented in the Russian market - it includes Infinix, Tecno, Itel and a number of other brands of equipment popular among Russians. In Russia, the first two are known primarily for their smartphones, as well as laptops. Behind Infinix is Sagem, a very popular company in Russia in the past - it founded Infinix in 2013 together with Transsion.
The popularity of Infinix and Tecno in Russia is off the charts. Both companies are very close to dethroned market leaders - Samsung, Apple, Xiaomi with its subsidiary Redmi and Realme from the VVK holding, which also includes Vivo, Oppo and OnePlus.
As CNews reported, in the second quarter of 2024. Infinix and Tecno became the leaders in sales growth. Infinix shipments doubled year-on-year, and Tecno - by 69%, according to Avito statistics. But they are not yet in the top 5 - Apple is in first place with 63% of the market in terms of sales on Avito, followed by Samsung with 12%, Xiaomi is in third place with 11%, and Honor and Realme close the top 5 with shares of 3% and 2%, respectively.
No one knows
anything The investigation, in which the financial director of Transsion was detained, was initiated by the district supervisory committee of Dandong, a city in the northeast of the Chinese province of Liaoning. This is stated in the official statement of the holding.
It also says that Transsion also knows nothing about the reasons for the arrest or the opening of the court case. "As of the date of publication (of the official statement - approx. CNews) the company is not aware of the progress or completion of the investigation," Transsion said in a statement on the Shanghai Stock Exchange.
Transsion's board of directors hastened to assure everyone, both buyers and shareholders, that the holding has a comprehensive management and internal control structure, and that the incident with the arrest of the CFO will not have a significant impact on its activities.
Nevertheless, the impact has already been exerted, although it is really insignificant so far. After the news of the arrest of Transsion's CFO, the holding's shares on the Shanghai Stock Exchange fell by 1.3%.
There is something to lose
Transsion's business is growing not only in Russia. According to South China Morning Post, the holding is one of China's largest smartphone suppliers focused on developing countries. The holding will soon celebrate its 20th anniversary - it was founded in 2006, when smartphones in their modern sense did not yet exist, and when there was about a year left before the announcement of the very first iPhone.
By 2024, the distribution geography of the products included in Transsion has reached 70 countries around the world. Some of its largest markets include Nigeria, Kenya, Tanzania, Ethiopia, India, Pakistan, Bangladesh, Colombia, and Brazil.
Transsion's focus on low-cost smartphones has allowed it to maintain steady growth despite the downturn in the global mobile market.
According to research firm IDC, Transsion mobile phone shipments in 2023 increased by 30.8% year-on-year to 94.9 million units. This made the holding the fifth largest smartphone vendor in the world with a market share of 8.3%.
According to the forecasts of the consulting company Omdia, in 2024 Transsion sales will reach 100 million devices. Its statistics show that in the second quarter of 2024 (April 1 - July 30), Transsion shipped 25.5 million devices, second only to Samsung, Apple, Xiaomi and Vivo.
