深圳传音控股规模达33.6亿港元（约合4.28亿美元）的香港股票发售遭遇冷淡反响，加剧了市场对第四季度新股上市情绪的担忧。
Shenzhen Transsion Holdings drew a lukewarm response for its HK$3.36 billion (US$428 million) Hong Kong share offering, heightening worries over market sentiment for new listings in the fourth quarter.
据知情人士透露，这家非洲畅销手机制造商于周一结束了簿记建档，初步数据显示此次发售吸引了约1.4万份认购申请，超额认购约3.5倍。
The maker of Africa’s bestselling phones closed its bookbuilding on Monday, with preliminary figures showing the offering attracted about 14,000 applications and was oversubscribed roughly 3.5 times, according to people familiar with the matter.
根据各公司的配售结果，自9月以来，散户对香港首次公开募股（IPO）的参与度急剧下降。在上个月的12家上市企业中，仅有两家——感图科技和梅卡曼德机器人——吸引了超过10万名散户申请者，而东方雨虹新材料集团则录得最低需求，仅有12645名申请者。
Retail participation in Hong Kong initial public offerings (IPOs) has dropped sharply since September. Out of 12 listings last month, only two – Camsense Technologies and Mech-Mind Robotics Technologies – drew more than 100,000 retail applicants, while Red Avenue New Materials Group recorded the lowest demand with just 12,645, according to the companies’ allotment results.
相比之下，在7月和9月（编者注：原文为July and August，此处应为7月和8月）上市的19家企业中，有11家的申请人数超过10万，其中Momenta和基本半导体均突破20万。
In contrast, 11 out of 19 listings across July and August topped 100,000 applicants, with Momenta and Basic Semiconductor each surpassing 200,000.
辉立证券（香港）经理陈耀宗表示：“上个月是近两年内IPO市场表现最疲弱的时期之一，主要原因是超过60%的新股在月内跌破了发行价。”
“Last month was one of the weakest periods for the IPO market in nearly two years, primarily because over 60 per cent of new listings fell below their offer price within the month,” said Jasper Chan, manager at Phillip Securities (Hong Kong).
（注：原文中最后一段引语内的时间逻辑按原文翻译） 9月有三起IPO的超额认购倍数处于个位数低段，占总IPO数量的25%，而在4月至8月期间，获得如此惨淡反响的上市企业在65家中仅有两家。
Three IPOs in September ended up with oversubscription numbers in the low single digits, representing 25 per cent of the total IPOs, compared with just two out of 65 listings garnering such tepid response between April and August.
陈耀宗指出，深圳传音缺乏强劲的基本面和竞争优势，因为它在非洲面临来自小米和欧珀（Oppo）等中国竞争对手日益激烈的竞争。他补充说，该公司也不符合目前市场青睐的技术或人工智能主题，从而限制了其吸引力。
Shenzhen Transsion lacked strong fundamentals and competitive advantages, Chan said, as it faced intensifying competition in Africa from Chinese rivals like Xiaomi and Oppo. The company also did not fit into the technology or artificial intelligence themes currently favoured by the market, limiting its appeal, he added.
传音成立于2013年，通过其Tecno、Infinix和iTel品牌主导非洲智能手机销售，去年占据了53%的市场份额。
Founded in 2013, Transsion dominates African smartphone sales through its Tecno, Infinix and iTel brands, holding 53 per cent of the market last year.
招股书显示，该公司2025年的年度收入下降4%，至655亿元人民币（约合9.8亿美元），而利润暴跌53%，至26亿元人民币。
Its annual revenue fell 4 per cent to 65.5 billion yuan (US$9.8 billion) in 2025 while profit plunged 53 per cent to 2.6 billion yuan, the prospectus showed.
在该公司从周三至周一的香港认购期间，其在上海上市的股票下跌了逾8%，此次其在港发售了86.6万股（编者注：86.6 million应为8660万股，保持数字精确，按8660万），每股价格最高达38.80港元。其上海股票周一上涨0.84%，报收49.36元人民币。
The company’s Shanghai-listed shares slipped more than 8 per cent during its Hong Kong subscription period from Wednesday to Monday, where it marketed 86.6 million shares at up to HK$38.80 each. Its Shanghai shares gained 0.84 per cent to 49.36 yuan on Monday.
陈耀宗表示，投资者目前行动极为谨慎。他补充说，即使第四季度有热门行业的公司上市，投资者也将不再单纯追逐概念，而是会判断公司的估值是否合理。
Investors were acting with extreme caution now, Chan said. Even if a company in a hot sector listed in the fourth quarter, investors would no longer chase concepts alone but would judge whether the company’s valuation was reasonable, he added.
传音的香港股票预计将于周四挂牌上市。该发行得到了11名基石投资者的支持，其中包括新加坡政府投资公司（GIC）、深圳江波龙电子和中银理财。中信证券是此次香港上市的独家保荐人。
Transsion’s Hong Kong shares are expected to debut on Thursday. The offering was backed by 11 cornerstone investors including GIC, Shenzhen Longsys Electronics and Bank of China Wealth Management. Citic Securities is the sole sponsor of the Hong Kong listing.