Chinese authorities have detained the chief financial officer of Transsion, Africa’s largest smartphone supplier, adding to pressure on the Shanghai-listed manufacturer as it seeks to fend off intensifying competition and accusations of patent violations.
Shares in Transsion closed down nearly 5 per cent on Monday after it announced over the weekend that Xiao Yonghui was being investigated by authorities in Dandong in north-east China.
The Chinese company, nicknamed the “King of Africa” for its dominance of the continent’s smartphone market, gave no details of why Xiao was under investigation, but said his detention would not have any major impact on its regular operations.
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