On the afternoon of September 17, Transsion Holdings announced that the Dandong Zhen'an District Supervisory Committee had lifted the detention measures against the company's financial director Xiao Yonghui, and Xiao Yonghui was able to perform his duties as financial director normally. The cause of this matter was that on the evening of September 6, Transsion Holdings issued an announcement on major events, stating that it had received a relevant notice issued by the Dandong Zhen'an District Supervisory Committee on the same day, which decided to take detention measures against Xiao Yonghui and initiate an investigation.
"Xiao Yonghui is able to perform his duties normally, and the company's production, operation and management are currently normal." A relevant person in charge of Transsion Holdings responded to reporters today, but did not respond positively to the relevant situation of the investigation. Transsion Holdings mentioned in an announcement on the evening of September 6 that the company has not yet been informed of the progress and conclusion of the investigation, and will continue to pay attention to the follow-up of related matters and fulfill its information disclosure obligations. In the latest announcement, Transsion Holdings did not mention the relevant situation of the investigation.
Judging from the stock price, the company's stock price has fallen by 5.94% in the five trading days after Transsion Holdings announced that its chief financial officer was detained and an investigation was launched, namely from September 9 to September 13.
After being detained and investigated, Xiao Yonghui did not seem to fade out of the company's operations, and he also planned to increase his holdings in the company. According to an announcement released by Transsion Holdings on September 9, based on the confidence in the company's future sustainable and stable development and the recognition of the long-term investment value of the company's stocks, four directors and senior managers of the company, including Xiao Yonghui, also planned to increase their holdings of the company's shares within six months from July 16 this year, with a total increase of no less than 10.8 million yuan and no less than 14 million yuan. As of noon on September 9, three directors and senior managers other than Xiao Yonghui had begun to increase their holdings.
According to Transsion Holdings' 2023 annual report, Xiao Yonghui has served as the company's chief financial officer since 2014. In 2023, Xiao Yonghui received a pre-tax salary of 3.8556 million yuan from Transsion Holdings. The column of the annual report on directors, senior managers and core technical personnel granted equity incentives during the reporting period shows that Xiao Yonghui was granted 200,000 restricted shares at a price of 48.2 yuan per share.
From a business perspective, Transsion Holdings made its fortune in overseas markets such as Africa by selling feature phones and low-end phones in the early years, and was known as the "King of African Mobile Phones". In recent years, the company has increased the share of smartphones. According to data from market research firm Canalys, Transsion Holdings' market share in the global smartphone market increased significantly in 2023, and it entered the top four in global smartphone shipments for the first time in the fourth quarter of that year. In the first quarter of this year, Transsion's market share was 10%, and its market share ranking was still fourth. However, in the second quarter of this year, Transsion's smartphone shipment ranking dropped to fifth.
Transsion Holdings' revenue in the first half of this year was 34.558 billion yuan, a year-on-year increase of 38.07%, and its net profit was 2.852 billion yuan, a year-on-year increase of 35.7%. However, the net cash flow generated by Transsion's operating activities in the first half of the year was negative, and the inventory turnover days of Transsion Holdings in the first half of the year also increased year-on-year, reaching more than 70 days. Transsion Holdings' stock price has shown an upward trend since the end of last year. In April this year, the stock price exceeded 120 yuan per share, but then began to fluctuate downward. On September 13, Transsion Holdings' stock price was 76.28 yuan per share, which has fallen a lot compared to the high point of the year.
Transsion Holdings also attracted market attention this year due to the reduction of the company's shares by its controlling shareholder. On May 23, Transsion Holdings issued an announcement stating that the company's controlling shareholder Transsion Investment reduced its holdings of the company's shares by 8.0657 million shares through inquiry transfer, accounting for 1% of the company's total share capital. In July, Transsion Holdings also fell into a patent war dispute with Qualcomm. Qualcomm sued Transsion in India at that time, accusing Transsion of infringing its four non-standard essential patents. In the latest investor relations activities, Transsion said that "some patent holders do not own or only own a small number of patents, but demand excessive licensing fees at a global uniform rate without considering the differences in economic development levels in different regions", and stated that it will continue to conduct patent negotiations with third parties.
Author |
China Business News
Zheng Xutong
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