May 14, 2018 04:07 PM

Quick Take: Foxconn Unit to Beef Up Production With $4.3 Billion in IPO Cash

Photo: IC
Photo: IC

Foxconn Industrial Internet Co. Ltd., an internet-focused unit of Taiwan’s Foxconn, said (link in Chinese) Monday it will invest 27.3 billion yuan ($4.31 billion) in production upgrades after its upcoming Shanghai listing.

The funds will be used to improve the firm’s smartphone production and also be spent on the company’s 5G and cloud computing projects, the statement said. However, it did not reveal the total amount of money the company aims to raise through its initial public offering (IPO) of no more than 1.97 billion shares, or 10% of total shares.

You've accessed an article available only to subscribers
Get 30 days of access for $0.99.
Share this article
Open WeChat and scan the QR code
Copyright © 2017 Caixin Global Limited. All Rights Reserved.