Apple's IPhone Maker Readies China's Biggest IPO Since 2015
- Foxconn Industrial is angling for $4 billion in Shanghai debut
- The Taiwanese company will help address a paucity of tech IPOs
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Hon Hai Precision Industry Co. is racing ahead with an initial public offering of its automated factory division that may become China’s biggest debut since the 2015 stock market crash.
Foxconn Industrial Internet Co., a unit of Apple Inc.’s most important assembly partner, won approval on Thursday to list in Shanghai about a month after publishing a prospectus that outlined plans to spend 27.3 billion yuan ($4 billion) on expansions into cutting-edge technology. That speed underscores the anticipation around the Taiwanese company that embodies billionaire Terry Gou’s ambition of moving beyond assembling PCs and phones for the world’s top electronic brands.