Transsion Holdings the makers of the popular smartphone brands like Tecno and Infinix are being used by giant Huawei – the Chinese handset maker that recently got listed on China’s Nasdaq-style stock market has been slammed with a Lawsuit. The Lawsuit preferred against Transsion Holdings by Huawei is that of an alleged intellectual property infringement (IP). Huawei is reportedly claiming USD 2.8 million from Transsion Holdings and five of its subsidiaries for patent right infringement.
According to Gizmo China, details of the patent infringement aren’t yet in the open, but a local court in the southern Chinese city of Shenzhen accepted the case against Transsion Holdings and five of its subsidiaries over alleged intellectual property infringement so we should be haring more about the case a few weeks from now.
Zhu Zhaojiang, chairman of Transsion, in his initial response told Chinese media Yicai on Monday that he believes “the law will bring a fair response” (our translation).
This pending the lawsuit from Huawei hasn’t in any way affected the company’s performance as it made its stock market debut earlier today. The traded over 96% on its first day of trading on China’s Nasdaq-style stock market according to CNN, and this momentarily pushied its valuation to $7.7 billion. And while it couldn’t maintain the temple, it closed up 64%, valuing Transsion at $6.48 billion.
With affordable phones like Tecno, Infinix and Itel, African’s most popular smartphone brand is a little known in its home market of China. These brands according to data from research firm IDC havea combined 48.7% share of the mobile phone market in Africa last in 2018.
