Foxconn unit gets approval for IPO

Updated 2018-03-09 14:14:01

Foxconn Industrial Internet Co, a unit of Apple contractor Foxconn, received approval on Thursday from the China Securities Regulatory Commission (CSRC) for an IPO on the Shanghai Stock Exchange, according to a notice posted on the regulator's website.

Foxconn, the world's largest contract electronics manufacturer, formally known as Hon Hai Precision Industry Co, aimed to raise 27 billion yuan (.3 billion) in the unit's IPO.

The proceeds will finance eight projects including the building of an industrial internet platform, a cloud computing platform and a data center. The money will also be used for the upgrading of the intelligent manufacturing industry and 5G solutions, the company stated in its listing prospectus with the CSRC on February 9.

Concerning Foxconn's prospectus, the CSRC raised on that day an array of questions, focusing on whether Foxconn's business is operated legally in the Chinese mainland. The questions included whether the company had properly observed China's Labor Law and whether it had encountered any group or individual labor disputes.

It took only 36 days for the company to win the approval, a record in China's A-share market.

The Shenzhen-based Foxconn Industrial Internet Co made a net profit of 16.2 billion yuan last year, according to the filing, while revenue reached 354.5 billion yuan.

Main clients of the Foxconn unit include Amazon.com Inc, Apple Inc, Dell, Huawei and Lenovo.

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