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Foxconn unit luring cornerstone investors for Shanghai IPO

Reuters  |  HONG KONG 

By Julie Zhu and Twinnie SiuHONG KONG (Reuters) - An internet and industrial-focused unit of Taiwanese electronics manufacturer Foxconn plans to sell 30 percent of its public share offering in Shanghai to a group of cornerstone-type investors, its prospectus showed, a rare move in China listings.Foxconn Industrial Internet is yet to finalise the size of the initial public offering (IPO), but it plans to use the proceeds to finance investments totalling 27.3 billion yuan ($4.3 billion) on areas including cloud computing, data centre and 5G related projects, according to the prospectus filed ...

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First Published: Mon, May 14 2018. 16:19 IST