Jun 02, 2018 Entertainment Comments Off on Hon Hai FII unit to launch IPO in Shanghai on June 8
Taipei, Foxconn Industrial Internet Co. Ltd. (FII), an Internet-focused subsidiary of Taiwan-based manufacturing giant Hon Hai Precision Industry Co., is scheduled to launch an initial public offering (IPO) on the Shanghai Stock Exchange on June 8.
FII Chairman Chen Yung-cheng (???) was cited by Chinese tech website DeepTech as announcing the IPO date, adding it is an exciting moment for the company.
Chen made the remarks at a tech forum organized by DeepTech in Beijing on Saturday.
Chen said after years of development the Shenzhen-based FII boasts three advantages in industrial Internet development: know-how for innovations, research and development capability and precision production ability.
He said FII also takes advantage of its experience in processing big data for future growth.
FII's IPO is part of an effort by Hon Hai, also known as Foxconn on the global market, to integrate hardware production with software development capability, such as clouding computing, the internet, big data and artificial intelligence, with the world's largest contract electronics maker seeking to expand beyond manufacturing.
The FII application for the IPO was submitted Feb. 1 to the China Securities Regulatory Commission (CSRC), the listing review committee, which processed it March 8 and immediately gave approval, catching the market off-guard, as the processing of such applications in China usually takes about a year. However, for FII, the entire review process took just 36 days.
The quick review of FII's IPO application is an indication of China's plan to lure high-tech firms as it prepares to develop its technology and innovation sector.
Since the CSRC officially approved FII's IPO on May 11, the company has intensified efforts to prepare for the listing. The market had been anxiously waiting for an exact date for the IPO until Saturday.
Last week, FII announced it had completed the placement of part of its shares with a group of Chinese strategic partners.
Among those strategic partners are e-commerce operator Alibaba Group Holding Ltd., search engine Baidu Inc. and online services provider Tencent Holdings Ltd.
With an issue price of 13.77 Chinese yuan (US$2.14), FII is expected to raise about 27.11 billion yuan from the IPO by selling 1.969 billion shares or about a 10 percent stake in the company, which will be the largest IPO in almost three years in China.
After the IPO, Hon Hai will retain about an 85 percent stake in FII.
Chinese media reported recently that FII shares will move sharply higher right after its listing, making it the tech stock with the largest market capitalization in China.
The company's prospectus shows that its major clients include Amazon, Apple Inc., Dell Inc., U.K.-based telecom equipment provider Arris International Plc., Chinese smartphone brand Huawei Technologies Co. and PC vendor Lenovo Group Ltd.
FII's top five clients account for more than 70 percent of the company's revenue, according to the prospectus.
Source: Focus Taiwan News Channel
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