Foxconn files prospectus for Shanghai listing

Updated 2018-02-12 13:48:01 Xinhua

Foxconn Industrial Internet has filed its prospectus with the China Securities Regulatory Commission for its Shanghai listing review.

Foxconn Industrial Internet, a subsidiary of Foxconn, the world's largest contract electronics manufacturer and a major Apple supplier, plans to use the proceeds of the flotation to fund eight new projects, according to the prospectus filed last Friday.

The projects include 5G, the Internet of Things and artificial intelligence, said the prospectus.

The total investment for the eight projects will reach 27.3 billion yuan (4.3 billion U.S. dollars).

The prospectus gave no details on share pricing and the number of shares to be listed.

The total revenue and net profit of Forxconn Industrial Internet in 2017 came in at 354 billion yuan and 15.9 billion yuan, respectively, rising from 273 billion yuan and 14.4 billion yuan in 2016.

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