Announcement of Listing | Frost & Sullivan Supports Shenzhen Tonego Holdings Co., Ltd. in Successfully Listing in Hong Kong (2636.HK)

Shenzhen Tyan Holdings Co., Ltd. (hereinafter referred to as 'Tyan Holdings') successfully went public on October 15, 2026, planning to issue 8,664.83 million H shares. The issue price per share was HK$35.3, and the total fundraising amount was approximately HK$3.059 billion.

During the process of going public in Hong Kong, Sullivan provided the following services: helping the issuer accurately and objectively understand its position in the target market, using objective market data to identify, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing relevant sections of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, etc.), helping the issuer communicate with the Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and supporting the issuer in responding to various questions regarding the industry from the Stock Exchange.

Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport Big Data (statistical data as of September 30, 2026), during the statistical period from January to September 2026, and over the past 12 and 36 months, Frost & Sullivan provided listing industry consulting services for 76 (market share: 66%), 111 (market share: 68%), 223 (market share: 69%) Hong Kong IPO companies, and 30 (market share: 79%) A+H share IPOs, ranking first in terms of number of services provided. Sullivan has rich industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and related organizations.

Source: Sullivan report

• Economic growth and consumption upgrade.Economic development and consumption upgrade in emerging markets have become important drivers of growth in the mobile phone market, especially smartphones. Macroeconomic development stimulates demand for products and services that improve quality of life. Consumers are more willing to pay for devices with advanced functions and optimized user experiences, making mobile phones not only daily necessities but also important tools for entertainment and leisure.

  
  

• AI drives replacement needs.With the increasing popularity of large model technologies such as on-device large models, mobile phones are evolving from traditional communication tools into devices with AI functions (such as intelligent personal assistants). Advances in AI chip performance, integration of large model technologies, and enhanced multi-modal perception capabilities have improved the functions of smartphones in voice understanding, image processing, and real-time content generation. These functional upgrades provide better user experiences, encourage users to upgrade old devices, and further inject new growth momentum into the global mobile phone market.

  
  

• Localization and innovation driven by leading manufacturers.Global leading mobile phone suppliers are actively implementing localization strategies in emerging markets based on their mature R&D, production, and sales capabilities. These suppliers do not simply introduce products already available in the global market; instead, they customize functions according to the specific needs and usage habits of local consumers. For example, in the African market, suppliers have developed portrait photography functions that better meet local preferences. By combining global technical expertise with local innovation, suppliers can provide products that are cost-effective and market-appropriate, thus promoting the development of the mobile phone market in emerging markets.

In emerging markets, Tyan Holdings is the largest manufacturer in the mobile phone market and the third-largest smartphone supplier.

Source: Sullivan report

• Brand barriers.In emerging markets, consumers generally prefer well-known mature brands, especially internationally recognized brands. Mature manufacturers that have taken the lead in the market can enjoy strong customer loyalty, making it difficult for new entrants to establish brand recognition and gain consumer trust in the short term. At the same time, manufacturers who can provide diverse smart terminal products and mobile internet services can further enhance their brand barriers and overall competitive advantages through a stronger synergy between brand and product.

  
  

• Distributor barriers.The channel structure in emerging markets often differs from that in developed markets. Many regions still rely on traditional offline channels. Mature manufacturers have established mature distribution networks, especially partnerships with local distributors. New entrants lacking such local mature distribution resources may face sales bottlenecks and market expansion challenges in the short term.

  
  

• Supply chain barriers.In emerging markets, a well-established supply chain management constitutes an important barrier for mobile phone suppliers. Reliable raw material procurement can affect production efficiency and cost control. Establishing factories locally helps reduce production and logistics costs, improve flexibility, shorten delivery times, and support product customization based on local market demands. New entrants are often limited by delivery efficiency and supply chain response capabilities, which become important barriers to entering the market.