Africa’s top mobile phone seller Transsion to list in Chinese IPO

Chinese mobile-phone and device maker Transsion will list in an IPO on Shanghai’s STAR Market, Transsion confirmed to TechCrunch. The company—which has a robust Africa sales network—could raise up to 3 billion yuan (or $426 million). “The company’s listing-related work is running smoothly. The registration application and issuance process is still underway, with the specific…

News discovery app SmartNews valued at $1.1B

A $28 million financing has made SmartNews, an AI-powered news aggregation app, a unicorn. Japan Post Capital has led the Series E round, which brings the company’s total investment to $116 million and pushes its valuation to $1.1 billion. Existing investors in SmartNews include Development Bank of Japan, SMBC Venture Capital and Japan Co-Invest L.P.…

Samsung posts 55.6% drop in second-quarter profit as it copes with weak demand and a trade dispute

As it forecast earlier this month, Samsung reported a steep drop in its second-quarter earnings due to lower market demand for chips and smartphones. The company said its second-quarter operating profit fell 55.6% year-over-year to 6.6 trillion won (about $5.6 billion), on consolidated revenue of 56.13 trillion won, slightly above the guidance it issued three…

Mobile messaging financial advisory service, Stackin, adds banking features and raises cash

When Stackin initially pitched itself as part of Techstars Los Angeles accelerator program two years ago, the company was a video platform for financial advice targeting a millennial audience too savvy for traditional advisory services. Now, nearly two years later, the company has pivoted from video to text-based financial advice for its millennial audience and…