TapTechNews May 27 - Recently, overseas reports indicated that the Kenyan Revenue Authority has launched an in-depth investigation into Transsion Holdings, and the company is involved in tax evasion amounting to 400 billion Kenyan shillings (TapTechNews note: currently about 21.8 billion Chinese yuan).
In response, the Transsion Holdings side said that after verification, the content of this article is a false and inaccurate report, and currently the company has not received relevant accusations.
According to public information, Transsion Holdings was established in 2013 and is headquartered in Shenzhen. It mainly engages in the design, research and development, production, sales and brand operation of smart terminals with mobile phones as the core; the main products are three brand mobile phones of TECNO (mid-to-high-end brand), itel and Infinix (mass brand), including feature phones and smart phones. TapTechNews noted that the sales areas of Transsion Holdings are mainly concentrated in global emerging market countries such as Africa, South Asia, Southeast Asia, the Middle East and Latin America. Among them, Kenya is located in eastern Africa, and Transsion once occupied 57% of the total African market share, so it is known as the King of Africa. According to IDC data statistics, in 2023, Transsion Holdings' share in the African smart phone market exceeded 40% and ranked first in Africa.
In terms of performance, in 2023, Transsion Holdings achieved revenue of 62.295 billion yuan, an increase of 33.69% year-on-year; and the net profit attributable to the parent company was about 5.537 billion yuan, an increase of about 122.93% year-on-year.