A unit of Foxconn Technology, the world’s largest contract electronics manufacturer, plans to raise Rmb27bn ($4.2bn) in what would be mainland China’s largest initial public offering in almost three years.
Also known as Hon Hai Precision Industry, Shenzhen-based Foxconn is a major contractor for Apple but has sought to move up the value chain in recent years by designing and producing its own advanced equipment, rather than assembling imported high-tech components into iPhones and PCs.
Foxconn Industrial Internet makes electronic equipment, industrial robots and cloud computing components. It will sell 10 per cent of the group after enlargement at a target price of Rmb13.77 per share, valuing the company at $43bn, according to a prospectus published by the Shanghai Stock Exchange.