{"id":58641,"date":"2018-02-12T09:27:46","date_gmt":"2018-02-12T09:27:46","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=58641"},"modified":"2018-02-12T09:27:46","modified_gmt":"2018-02-12T09:27:46","slug":"foxconn-to-use-proceeds-from-units-shanghai-ipo-to-fund-4-billion-projects","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/technology\/foxconn-to-use-proceeds-from-units-shanghai-ipo-to-fund-4-billion-projects.html","title":{"rendered":"Foxconn to use proceeds from unit&#8217;s Shanghai IPO to fund $4 billion projects"},"content":{"rendered":"<h2 style=\"text-align: justify\"><span style=\"font-size: 18pt\"><strong><span style=\"font-family: Arial, Helvetica, sans-serif;color: #000000\">Foxconn to use proceeds from unit&#8217;s Shanghai IPO to fund $4 billion projects<\/span><\/strong><\/span><\/h2>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Taiwan\u2019s Foxconn, the world\u2019s largest contract electronics manufacturer, said it plans to use proceeds from a Shanghai listing of one if its subsidiaries to fund eight projects totaling 27.3 billion yuan ($4 billion).<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">In January, Foxconn, formally known as Hon Hai Precision Industry Co, said its shareholders had approved a plan to list its subsidiary, Foxconn Industrial Internet Co Ltd (FII), on the Shanghai Stock Exchange.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">FII said in a listing prospectus to the China Securities Regulatory Commission late on Friday that the eight projects were focused on building smart manufacturing platforms, cloud computing services and 5G solutions.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">FII, which makes electronic devices, cloud service equipment and industrial robots, did not provide details on the size or timing of the initial public offering.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">A Hon Hai unit, China Galaxy Enterprises Limited, directly and indirectly owns 69 percent of FII that was founded in March 2015, according to the prospectus.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">China International Capital Corporation is the sponsor and lead underwriter for the IPO.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">FII made a net profit of 16.2 billion yuan in 2017, according to the filing, representing a compounded annual growth rate of 6.32 percent from 14.4 billion yuan in 2015.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Revenue reached 354.5 billion yuan last year, representing an annual growth of 14 percent from 2015.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">FII said its main clients include Amazon, Apple, ARRIS, Cisco, Dell, HPE, Huawei, Lenovo, NetApp, Nokia and nVidia.<\/span><\/p>\n<p><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 8pt\">Source:-\u00a0https:\/\/www.reuters.com\/article\/us-foxconn-subsidiary-ipo\/foxconn-to-use-proceeds-from-units-shanghai-ipo-to-fund-4-billion-projects-idUSKBN1FW0F3<\/span><\/p>\n<div class=\"fb-background-color\">\n\t\t\t  <div \n\t\t\t  \tclass = \"fb-comments\" \n\t\t\t  \tdata-href = \"https:\/\/www.biphoo.com\/bipnews\/technology\/foxconn-to-use-proceeds-from-units-shanghai-ipo-to-fund-4-billion-projects.html\"\n\t\t\t  \tdata-numposts = \"10\"\n\t\t\t  \tdata-lazy = \"true\"\n\t\t\t\tdata-colorscheme = \"light\"\n\t\t\t\tdata-order-by = \"social\"\n\t\t\t\tdata-mobile=true>\n\t\t\t  <\/div><\/div>\n\t\t  <style>\n\t\t    .fb-background-color {\n\t\t\t\tbackground: #ffffff !important;\n\t\t\t}\n\t\t\t.fb_iframe_widget_fluid_desktop iframe {\n\t\t\t    width: 630px !important;\n\t\t\t}\n\t\t  <\/style>\n\t\t  ","protected":false},"excerpt":{"rendered":"<p>Foxconn to use proceeds from unit&#8217;s Shanghai IPO to fund $4 billion projects Taiwan\u2019s Foxconn, the world\u2019s largest contract electronics manufacturer, said it plans to use proceeds from a Shanghai listing of one if its subsidiaries to fund eight projects totaling 27.3 billion yuan ($4 billion). In January, Foxconn, formally [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":58643,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[119648,692,117647,10438],"class_list":["post-58641","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-foxconn-to-use-proceeds-from-units-shanghai-ipo-to-fund-4-billion-projects","tag-latest-technology-news","tag-latest-technology-news-daily","tag-usa-technology-news"],"_links":{"self":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/58641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/comments?post=58641"}],"version-history":[{"count":0,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/58641\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media\/58643"}],"wp:attachment":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media?parent=58641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/categories?post=58641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/tags?post=58641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}