Transsion Holdings listed in Hong Kong on Oct 15, opening at HK$34.96 — below its HK$35.30 offer price — and dropped more than 7% intraday, after pricing at the bottom of its range and drawing only 4.46x subscription in the Hong Kong public tranche. The prospectus pins the cost pressure largely on memory-chip prices: average memory purchase prices reached nearly 200 yuan per unit in the first four months of 2026 versus about 70 yuan for all of 2025, according to a memory-module industry source cited in the report, with memory accounting for 48.4% of the cost of goods sold. Transsion plans to spend roughly 40% of net proceeds (about HK$1.2 billion) on AI R&D, raise DRAM purchases from ChangXin Memory to 60% and NAND from Yangtze Memory to 30%, and use localized AI features such as its Ella voice assistant and Hi Translate app to push into higher price tiers.

Transsion·TECNO·Infinix·+5