Foxconn lists its subsidiary on Shanghai Stock Exchange in aim to upgrade manufacturing lines

Updated 2018-01-31 15:10:05

Shareholders of Hon Hai Precision Industry Co, better known as Foxconn, a major contractor of U.S. tech giant Apple Inc, approved to list the company's subsidiary Foxconn Industrial Internet Co Ltd (FII) on the Shanghai Stock Exchange on Wednesday.

Under this listing, about 10 percent of FII's shares will be converted to floating stock, while Foxconn will keep approximately 85 percent of FII's shares, according to a statement the company sent to the Global Times.

The move aims to support the company's investment in advanced sensors and programmable logic controllers, high-performance computing, 5G networks, data centers, artificial intelligence applications and robotics.

The company's aim also includes increasing the development and deployment of robots in the manufacturing process, from 60,000 robots currently to 200,000 robots in the next few years, Foxconn said.

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