Economic review

Foxconn files prospectus with CSRC for Shanghai listing

2018-02-11 11:00:00 (Beijing Time)         CGTN

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Foxconn Industrial Internet Co., Ltd. has filed its prospectus with China Securities Regulatory Commission (CSRC) for its Shanghai listing review, said the CSRC on its website Friday, while the prospectus disclosed no details on share pricing or sizing.

Foxconn Industrial Internet (FII), a subsidiary of Foxconn, the world's largest contract electronics manufacturer and a major Apple supplier, plans to use their flotation proceeds to fund eight new technology projects, including 5G, the Internet of Things, cloud computing, artificial intelligence manufacturing and data centers, according to the prospectus.

FII realized a sales revenue of 354.5 billion yuan in 2017, up from 272.7 billion yuan in 2016, while the net profit increased to 15.9 billion yuan from 14.4 billion.

The prospectus didn't detail an issue price or the number of shares to be listed.

Foxconn shareholders approved a plan to list FII on the Shanghai Stock Exchange in January. Under the plan, approximately 10 percent of FII's shares would be converted to floating stock, with Foxconn maintaining approximately 85 percent of FII shares.

Foxconn's move is in line with the investments it has made to realize its industrial Internet-driven strategy, and it will allow the company to capitalize on opportunities presented by related developments in China, Foxconn said in a statement.

Led by billionaire Terry Gou, Foxconn reported a 50.2-percent year-on-year rise in revenues for December.

In July, Foxconn announced plans to build a 10-billion-dollar LCD display panel screen plant in Wisconsin, a deal which was announced at the US White House and won endorsement from President Donald Trump.