(Yicai Global) June 11 -- State-run media mammoth Shanghai Oriental Pearl Group has teamed with Taiwan-based electronics leviathan Foxconn Technology in internet television, Internet-of-Things-based smart city management and other areas.
Shanghai Oriental Pearl Group and Foxconn will form a joint venture to work together in content portfolio and innovative content distribution of internet TV products and 5G telecom and 8K ultra-high-definition technologies and in TV shopping by producing 8K TV shows and films, said the former, which also struck a cooperative deal with Foxconn Technology unit Foxconn Industrial Internet, with which it will work in capital, infrastructure and IOT smart city applications.
Shanghai Oriental Pearl Group will also develop overseas projects with Foxconn Industrial Internet, including new-media platforms and payment channels. The former will operate these platforms, while the latter will provide intelligent software and hardware terminals and cloud computing platforms.
Foxconn Industrial Internet [SHA:601138] started trading on the Shanghai Stock Exchange on June 8. Offered at CNY13.77 (USD2.15), the company's share price rose 44 percent to CNY19.83 on the first day to reach the first-day limit up for new stocks. It thus became the most valuable high-tech enterprise in China's mainland based on its fulsome market value of CNY391 billion.