Chinese 'king' of African phone market Transsion sinks in Hong Kong listing

What happened: Transsion Holdings, the Chinese phone maker known as the "King of Africa," fell more than 7% in its Hong Kong trading debut on Thursday. It sells phones under the Tecno, Infinix and itel brands. Key numbers: Shares fell more than 7% in the Hong Kong debut. Transsion listed in Shanghai in 2019 and debuted on the Hong Kong Exchange on Oct. 15. Why it matters: The company is feeling the squeeze of rising chip costs and intensifying competition, according to the report.

Transsion Holdings, the Chinese phone maker known as the "King of Africa," fell more than 7% in its Hong Kong trading debut on Thursday. It sells phones under the Tecno, Infinix and itel brands.

The company is feeling the squeeze of rising chip costs and intensifying competition, according to the report.