Employees of Foxconn are seen gathering outside the Longhua plant of the electronics maker in Shenzhen. (picture alliance/ROPI)
The largest initial public offering (IPO) in China in three years is currently getting underway. Apple supplier Foxconn wants to go public with its automation subsidiary Foxconn Industrial Internet and raise 27.1 billion Yuan (approx. 3.6 billion Euro) in the process.
For the IPO, 1.97 million shares should be offered at the price of 13.77 Yuan per share, according to one prospectus submitted at the exchange in Shanghai. That would give the company a valuation of roughly $43 billion USD - making it worth more than the online auction site Ebay, for example.
Foxconn Industrial Internet offers companies solutions for automation and data processing, a booming business that’s also known under the catchword “Industry 4.0”.
The Chinese government is currently trying to entice tech companies to hold more IPOs on domestic stock markets on the Chinese mainland. That Foxconn Industrial Internet will soon be listed on the Shanghai stock market is considered to be proof of the success of these efforts to bring more money from investors abroad into the country.
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