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