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After IPO, Foxconn to invest $4 bn in China for next-gen projects

Foxconn Industrial is looking to fund eight new technology projects


The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's headquarters in New Taipei City, Taiwan

Industrial Internet Company, is seeking to use proceeds from an in China to bankroll 27.3 billion yuan ($4.3 billion) investment in next generation projects. A unit of Co., the Taiwanese manufacturing giant responsible for making Apple iPhones and Amazon fire tablets, Industrial is looking to fund eight new technology projects, the firm said in an application prospectus on the China Securities Regulatory Commission website. Led by billionaire Terry Gou, Hon Hai is moving into sectors beyond pure electronics assembly as growth in the global smartphone industry sputters. Floating Industrial is one part of this strategy with proceeds to be used to support research into next-generation telecommunications and the Internet of Things. The firm is also building a $10 billion display factory in the U.

S. that’s won endorsement from President Donald Trump. Industrial had sales of 354.5 billion yuan in 2017, up from 272.7 billion yuan a year earlier, according to the prospectus. Net income climbed to 15.9 billion yuan from 14.4 billion. Industrial internet platforms, data centers, cloud computing, communications Internet and cloud service equipment, 5G and IoT solutions, artificial intelligence manufacturing and intelligent manufacturing capacity expansion are among projects Industrial intends to fund, the prospectus said. said it will support the projects with bank loans if share proceeds aren’t sufficient. The prospectus didn’t disclose an issue price or the number of shares to be listed.

First Published: Sat, February 10 2018. 22:20 IST