Chinese Authorities have Detained the CFO of Africa’s Largest Smartphone Supplier

Transsion is in the throes of a major push into other emerging markets as it battles with growing competition from Chinese rivals and legal pressure over alleged intellectual property violations. Nicknamed the “King of Africa” for its dominance of the continent’s smartphone market, the company got its start in a Nigerian market where founder and chief executive George Zhu began selling basic phones out of a backpack in 2006. The company also incorporates features tailored to the African market. Its phones promise long battery life to compensate for an intermittent electricity supply, greaseproof screens for sweaty climates and cameras designed for darker skin tones. Shares in Transsion were down nearly 5 per cent earlier this week following the arrest of Xiao Yonghui, but officials say his detention would not have any major impact on its regular operations.

FT