[Foxconn plans to raise RMB 27.1 billion through A-share market IPO, setting the highest IPO record in mainland China since 2015] Morning news on May 23, Beijing time, Foxconn plans to raise RMB 27.1 billion (4.3 billion) through A-share market IPO USD) This will set the highest IPO record in Mainland China since 2015.
The company stated in the IPO documents that the IPO issue price was 13.77 yuan per share, and the company's corresponding valuation was about 43 billion US dollars. As Foxconn’s smart factory business and Apple’s most important assembly partner, Foxconn’s outstanding shares in the Shanghai market were approximately 1.97 billion shares.
Hon Hai hopes to spend 27 billion yuan to support various Foxconn projects, ranging from smart manufacturing to 5G technologies. This move will allow Foxconn Chairman Terry Gou to play a more central role in the global technology supply chain. He is currently working hard to break through the PC and mobile phone assembly field and reduce dependence on Apple.
Foxconn's valuation will be flat with Sony. The company's revenue in 2017 reached 355 billion yuan, with revenue approximately equal to Disney or Hewlett-Packard. The financing has become one of the highest-profile technology IPO transactions in China's A-share market in recent years, and the Chinese government is also actively cultivating technology.
This is a time when mainland China is trying to attract capital from Taiwan. Beijing has launched various plans to welcome Taiwanese businessmen to invest in the most restrictive areas.
Foxconn’s IPO is also in line with the plan to promote the listing of technology companies in the A-share market. Top domestic technology companies including Alibaba and Tencent have surpassed old economic companies in recent years, but none of them have been listed on the local capital market.
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