China has approved the Shanghai listing of an internet and industrial-focused subsidiary of Taiwan's Foxconn, which the world's largest contract electronics manufacturer hopes will help fund new projects. Foxconnn, whose clients include Amazon, Apple, Cisco, Dell, Huawei and Lenovo, and the China Securities Regulatory Commission confirmed the approval in statements issued on Thursday.
This followed an earlier Reuters report that the Foxconn unit had obtained the regulatory go-ahead for the planned IPO. Foxconn, formally known as Hon Hai Precision Industry Co, has been aiming to list the unit, Foxconn Industrial Internet Co Ltd (FII), on the Shanghai Stock Exchange to help fund projects in smart manufacturing, cloud computing and 5G solutions.
The firm said previously that around 10 percent of the unit's shares would be converted to floating stock, with parent Foxconn holding onto around 85 percent of the shares. Foxconn shareholders approved the plan in January.
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