Shenzhen Transsion Holdings Co, which dominates the market for smartphones in Africa, is seeking to raise as much as HK$3.36 billion ($428 million) in a Hong Kong share sale.

The Chinese mainland smartphone maker is offering 86.6 million shares at a maximum price of HK$38.80 each, according to a filing to the special administrative region’s stock exchange. Trading is expected to begin Oct 15. Transsion’s Shanghai-listed shares have declined 19 percent this year.

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Cornerstone investors — which get guaranteed allocation in the deal in exchange for holding the stock for at least six months — have agreed to buy about 37 percent of the base offering in the maximum-price scenario, which may rise if the price is lower. They include GIC Pte, E Fund Management Co, Millennium Capital, Golden Link Worldwide Ltd, and an investment arm of chipmaker Shenzhen Longsys Electronics Co.

Transsion, the Shenzhen-based company behind brands including Tecno and Infinix, commands 53 percent of Africa’s mobile phone market by unit sales — hence known as the “King of Africa” on the continent — while also ranking among the leading handset makers across emerging markets.

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Proceeds will be used to accelerate artificial intelligence-related technology development, including AI assistants and agents, and strengthen product differentiation.

Citic Securities Co is the sole sponsor of the offering.