Foxconn Parent Plans Shanghai IPO for Mainland Internet Unit
Taiwan’s contract manufacturing giant Hon Hai Precision Industry Co. Ltd., one of Apple Inc.’s main manufacturing partners, said it is planning to separately list one of its mainland-based units in Shanghai, aiming to tap capital markets on the other side of the Taiwan Strait.
The plan would see Foxconn Industrial Internet Co. Ltd. apply for a listing on the Shanghai Stock Exchange, Hon Hai said in a statement on Wednesday, which announced its board’s approval of the plan. It did not provide any additional information on the size of the offering, the timing, or how many shares it plans to issue.
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