(Yicai Global) Dec. 14 -- The board of directors of Hon Hai Precision Industry Co. [TW:2317], trading as Foxconn Technology Group, has publicly issued yuan-denominated common stocks for the first time and applied for an initial public offering on the Shanghai Stock Exchange through the medium of the company's subsidiary Foxconn Industrial Internet Co. (FII), per an announcement by Taiwan Stock Exchange Corp., as 21st Century Business Herald reported.
Foxconn is a global corporation, and FII's application for listing on the Shanghai Stock Exchange is a planned strategic policy of the group, and aligns with Foxconn's global position of investing in China, the US, Japan and Europe in coming years, the group said.
In an age in which Industrial 4.0, Internet Plus and 8K+5G are looming around the world, the Industrial Internet is thriving in mainland China, where it enjoys expansive market prospects.
FII's listing application will bring huge opportunities for Foxconn to achieve further development. It not only helps the group retain key talents to share development dividends, but also helps it fully leverage these talents, capital and its market in the mainland to build an Industrial Internet ecosystem, thereby effectuating the group's operating goals of sustainability, stability, development, technology and internationalization.
Foxconn is expected to hold 85 percent of the issued shares at the time of FII's listing and it plans to convene a shareholder meeting next January to vote on the listing.