iPhone assembler Foxconn gears up for China's biggest IPO since 2015
It wants the cash to fund projects including artificial intelligence and 5G wireless technologies
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Beijing
HON Hai Precision Industry Co is racing ahead with an initial public offering (IPO) of its automated factory division that may become China's biggest debut since the 2015 stock market crash.
Foxconn Industrial Internet Co, a unit of Apple Inc's most important assembly partner, won approval on Thursday to list in Shanghai about a month after publishing a prospectus that outlined plans to spend 27.3 billion yuan (S$5.3 billion) on expansions into cutting-edge technology. That speed underscores the anticipation around the Taiwanese company that embodies billionaire Terry Gou's ambition of moving beyond assembling PCs and phones for the world's top electronic brands.
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