Foxconn approved for IPO

Source: Xinhua | 2018-03-09

CHINA has approved the Shanghai listing of an Internet and industrial-focused subsidiary of Taiwan’s Foxconn, the world’s largest contract electronics manufacturer.

China Securities Regulatory Commission confirmed the approval in statements issued yesterday.

Foxconn, formally known as Hon Hai Precision Industry Co, has been aiming to list the unit, Foxconn Industrial Internet Co Ltd (FII), on the Shanghai Stock Exchange to help fund projects in smart manufacturing, cloud computing and 5G solutions.

So far, it has not announced details of the IPO. Foxconn Industrial Internet made a net profit of 16.2 billion yuan in 2017.