Foxconn Unit Plans China’s Biggest IPO Since 2015
Update Date:2018-05-24

     BEIJING—A unit of Taiwan’s contract electronics manufacturer Foxconn Technology Group said it plans to raise 27.1 billion yuan, or $4.25 billion, through an initial public offering in Shanghai, potentially marking China’s biggest IPO since 2015.
     Shenzhen-based Foxconn Industrial Internet Co., assembles Apple Inc.’s iPhones according to people familiar with the matter, as well as cloud-computing and telecommunication-network equipment. It will offer 1.97 billion shares for 13.77 yuan each, the company said in a prospectus filed with the Shanghai Stock Exchange on Wednesday.
     It plans to raise funds to automate manufacturing, as well as for cloud computing and 5G related projects, the company said.
     The company posted 354.5 billion yuan in revenue ($55.66 billion) in fiscal year 2017, it said in the prospectus.
     Its listing comes as Terry Gou, the chairman of Foxconn Technology Group, has been working to expand the company’s business beyond contract manufacturing and increase its focus on automation and smart-manufacturing technology. Foxconn Technology Group is formally known as Hon Hai Precision Industry Co.
     The deal would likely be China’s largest primary stock sale since the $4.75 billion IPO in Shanghai of Guotai Junan Securities Co. in 2015.
     Chinese regulators fast-tracked approvals for Foxconn Industrial, enabling it to leap ahead of other companies, in a sign of how China is moving swiftly to allow certain technology giants to list in the country.

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