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Ben Jiang

China’s Transsion, a leading smartphone vendor in Africa, said on Saturday that its finance head has been detained as part of an investigation, according to a corporate filing.
The Shenzhen-based budget handset maker said it received notice on Friday of a lien and a case filing issued by the district supervisory committee of Dandong, a city in northeastern Liaoning province, claiming its financial director Xiao Yonghui was detained as part of an investigation.
“As of the filing date, the company is not aware of the progress or conclusion of the investigation,” it said in its filing with the Shanghai Stock Exchange. It did not specify why Xiao is being investigated.
The company’s board said in the filing that the it has a comprehensive governance and internal control structure, and the incident will not have a significant impact on operations.
Transsion did not immediately respond to a request for comment on Saturday.


Its shares closed down 1.3 per cent to 81.1 yuan (US$11.44) in Shanghai on Friday, prior to the announcement.
Transsion is one of the largest Chinese smartphone vendors, with a focus on developing markets in fast-growing regions such as Africa and South Asia.
Founded in 2006, it markets brands such as Tecno, Itel and Infinix, as well as digital accessory brand Oraimo, in more than 70 countries and regions globally. Some of its biggest markets include Nigeria, Kenya, Tanzania and Ethiopia in Africa; India, Pakistan and Bangladesh in South Asia; and Colombia and Brazil in Latin America.
This positioning has enabled Transsion to maintain robust growth despite a softening smartphone market.
Transsion’s handset shipments grew 30.8 per cent last year to 94.9 million units, grabbing 8.3 per cent of the global market, making it the world’s fifth-largest smartphone vendor, according to data compiled by market consultancy IDC.
The company is expected to ship 100 million units annually for the first time this year, Zaker Li, principal analyst at consultancy Omdia, said in a research note last month.
“Much of Transsion’s success is due to a booming market for low-end devices and aggressive expansion into India, Pakistan and Russia,” Li said in the note.
Transsion shipped 25.5 million devices in the second quarter, according to Omdia, coming in behind Samsung Electronics and Apple in the top two spots, and domestic rivals Xiaomi and Vivo.


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The Shenzhen-based firm, which makes handsets targeting developing markets such as Africa, did not say why its financial director is being investigated


The Shenzhen-based firm, which makes handsets targeting developing markets such as Africa, did not say why its financial director is being investigated.


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