A unit of electronics manufacturing giant Hon Hai Precision Industry Co (鴻海精密) is today to launch an initial public offering (IPO) in China aimed at raising US$4.2 billion, in the biggest Chinese debut in nearly three years.
Foxconn Industrial Internet Co (FII, 富士康工業互聯網), which makes electronic devices, cloud service equipment and industrial robots, is to float 10 percent of its total shares, according to a prospectus filed late on Tuesday with the Shanghai Stock Exchange.
Parent Hon Hai is the world’s largest electronics contract manufacturer, a major supplier of components and assembler of products by international brands such as Apple and Sony.
Foxconn Industrial Internet is to issue 1.97 billion new shares at 13.77 yuan per share to raise 27.1 billion yuan (US$4.2 billion).
The IPO would be the biggest in China since a market crash in 2015 and one of the largest-ever for the nation’s stock exchanges.
Hon Hai said it would use the proceeds to upgrade its smart manufacturing, build Internet platforms to connect factories and invest in cloud computing and 5G technologies in its Chinese factories.
The IPO would be the largest in China since June 2015, when Guotai Junan Securities (國泰君安證券) raised more than US$4.8 billion.
The IPO comes as Beijing is pushing to attract more listings on mainland markets by domestic technology companies.
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