(Yicai Global) March 5 -- The China Securities Regulatory Commission will review the application from Foxconn Industrial Internet Co., a unit of Taiwanese electronics manufacturing megalith Hon Hai Precision Industry Co. [TPE:2317], trading as Foxconn Technology Group, to list on the Shanghai Stock Exchange, making Foxconn the one company to have its IPO application reviewed with the greatest celerity in the history of the A-share market.
The CSRC will convene a meeting to review Foxconn's initial public offering application on March 8, the commission said online yesterday. Foxconn initially submitted its listing application on Feb. 1, just 23 working days before the scheduled review of its application. It typically takes a company about 15 months to go through the A-share IPO process.
The commission will support the development of the new economy in accordance with relevant policies, Shanghai Securities News quoted its Vice Chairman Jiang Yang as saying in an interview yesterday. He expressed his approval of the commission's planned speedy review of Foxconn's application. An SSE representative also said that supporting the new economy is a priority for the bourse this year.
China will introduce a fast-track IPO scheme for unicorn firms in the biotechnology, cloud computing, artificial intelligence and high-end manufacturing sectors in a bid to keep quality domestic firms in the A-share market, a CSRC source said Feb. 28. Several Chinese blue-chip firms including Alibaba Group Holding Ltd. [NYSE:BABA], Tencent Holdings Ltd. [HKG:0700] and Baidu Inc. [NASDAQ:BIDU] opted for an overseas listing after failing to meet A-share listing standards during their start-up phase. Foxconn seems set to exemplify China's efforts to reform its A-share market to welcome tech giants.