Foxconn Unit Planning $4 Billion Investment After IPO

Thanks for watching❤!
SUBSCRIBE to receive more videos for free.
Foxconn Unit Planning $4 Billion Investment After IPO
Foxconn Industrial Internet Co., is seeking to use proceeds from an initial public offering in China to bankroll 27.3 billion yuan ($4.3 billion) investment in next generation projects. A unit of Hon Hai Precision Industry Co., the Taiwanese manufacturing giant responsible for making Apple iPhones and Amazon fire tablets, Foxconn Industrial is looking to fund eight new technology projects, the firm said in an application prospectus on the China Securities Regulatory Commission website. Led by billionaire Terry Gou, Hon Hai is moving into sectors beyond pure electronics assembly as growth in the global smartphone industry sputters. Floating Foxconn Industrial is one part of this strategy with proceeds to be used to support research into next-generation telecommunications and the Internet of Things. The firm is also building a $10 billion display factory in the U.S. that’s won endorsement from President Donald Trump. Foxconn Industrial had sales of 354.5 billion yuan in 2017, up from 272...