The Zhitong Finance App learned that on September 25, news from the Hong Kong Stock Exchange showed that Communication Holdings had passed the Hong Kong Stock Exchange listing hearing, and CITIC Securities acted as the sole sponsor. The company revealed in the draft prospectus that it uses mobile phones as the core, covering the design, R&D, production, sales and brand operation of smart terminal products, and extends its business to mobile Internet services, the Internet of Things, energy storage, and light electric mobility.
According to Frost & Sullivan data, in 2025, Communication Holdings ranked third in the global mobile phone market by sales volume, with sales volume of about 169 million units, with a market share of 11.8%; ranked eighth in terms of revenue, with revenue of about US$8 billion, with a share of 1.7%. In emerging markets, the company ranked first in terms of mobile phone sales, with a share of 20.0%; in the African market, it ranked first in terms of sales volume, with a share of 53.1%. The company's main mobile phone brands include TECNO for the middle and high-end market, Infinix for young consumers, and itel, which focuses on cost performance.
According to the data collection after the hearing, the revenue of Communication Holdings in 2023, 2024 and 2025 was 62.295 billion yuan, 68.715 billion yuan, and 65.591 billion yuan, respectively. Revenue for the first four months of 2026 was 23.290 billion yuan, an increase of about 30.1% over 17.908 billion yuan in the same period last year. In 2025, mobile phone business revenue was 58.448 billion yuan, accounting for 89.1% of total revenue, of which smartphone revenue was 54.821 billion yuan; IoT products and other revenue rose to 6.202 billion yuan, accounting for 9.5%, and mobile Internet service revenue of 942 million yuan. In the first four months of 2026, IoT products and other revenue increased to 2,721 billion yuan, accounting for 11.7%. TECNO, Infinix, and iTEL accounted for 46.1%, 39.8%, and 13.9% of mobile phone revenue in 2025, respectively.
On the industry side, the prospectus quoted Frost & Sullivan as forecasting that the revenue of the mobile phone market in emerging markets will increase from US$175.5 billion in 2025 to US$266.7 billion in 2030, with a compound annual growth rate of 8.7%, higher than the 4.9% expected growth rate of the global mobile phone market over the same period. The mobile Internet service market in emerging markets is expected to grow from US$1.046 trillion to US$3.521 trillion, with a compound annual growth rate of 27.5%; the Internet of Things, energy storage and light electric mobility markets are expected to grow at a compound annual growth rate of 20.3%, 16.7%, and 14.5%, respectively.
Communication Holdings' competitive advantage mainly comes from localized products, channel networks, and R&D systems. The company develops long battery life, fast charging, sweatproof, and dark skin imaging technology for scenarios such as power outages, large temperature differences, and heavy hand sweat in Africa, and optimizes cooling solutions for Southeast Asian game users. Its self-developed audio OS is compatible with Android. The average monthly active users for the four months ended April 30, 2026 exceeded 300 million, Palm Store and AHA Games had more than 200 million monthly active users and 140 million monthly active users respectively; Boomplay, which was jointly incubated with NetEase, had about 50 million monthly active users, and Phoenix, which was jointly developed with Tencent, had more than 150 million monthly active users.
As of April 30, 2026, the company has more than 2,900 dealers and 2,500 service outlets worldwide, subsidiaries in 30 countries and regions, and production sites in Ethiopia and Bangladesh. The company has R&D bases in Shanghai, Shenzhen and Chongqing, with more than 5,000 R&D personnel, accounting for 19.3% of the total number of employees, and foreign employees accounting for more than half.