Shenzhen Transsion Holdings Co, which dominates the market for smartphones in Africa, raised HK$3.1 billion ($390 million) from a Hong Kong share sale after pricing the deal near the top end.

The company sold 86.6 million shares at HK$35.30 each, compared with the maximum of HK$38.80 they were marketed for, according to a filing to the city’s stock exchange. Trading is expected to begin on Thursday.

The offering is a test of investor appetite for listings outside the artificial intelligence supply chain, especially as the increasing cost of memory threatens Transsion’s margins.

While the massive funding needs of the AI industry have driven Hong Kong share sales to a record quarter, some listings in other sectors have suffered. The shares of fast-fashion giant Shein Global Holdings Ltd, which raised $1.7 billion, are down about 30 percent since its Sept 1 debut.

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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.

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.

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

Citic Securities Co is the sole sponsor of the offering.