(Yicai Global) June 8 -- The shares of Foxconn Industrial Internet, which went public on the Shanghai Stock Exchange today, rose 44 percent by its daily upper limit, becoming the most valuable tech company on China's A-Share Market.

The stock price of Foxconn Industrial [SHA: 601138] hit CNY19.83 (USD3.10), up 44 percent over the offering price of CNY13.77. The market value of the company, which is a unit of the world's largest contract manufacturer Hon Hai Precision Industry, the main iPhone contractor better known as Foxconn, has reached over CNY390 billion.

The Foxconn Industrial Internet prospectus shows that a total of 1.97 billion shares were issued at the initial offering price, accounting for about 10 percent of the company's total equity after the issuance. All shares offered are new without transfer of old stock. The total amount raised reached about CNY27.2 billion, or CNY26.7 billion after the issuance fee.

Analysts point out that as the market is enthusiastic for unicorn companies, Foxconn's market value may exceed CNY1 trillion if its shares rise by its daily limit for 11 successive trading day, beating the record of Chinese premium liquor producer Kweichow Moutai.

Foxconn Industrial's first quarter revenue jumped nearly 20 percent year-on-year to CNY77.7 billion, while net profits attributable to the parent company's shareholders soared 4.5 percent to CNY2.7 billion, its financial report shows.

Editor: Mevlut Katik