Foxconn Industrial Internet Co. soared in its Shanghai debut, a thumbs-up for billionaire Terry Gou’s ambitions of nurturing a smart-factory division to help his company emerge from under Apple Inc.’s wing.
The stock rose by the maximum 44 percent to 19.83 yuan, conferring a market value of more than 390 billion yuan ($61 billion) on FII. The company, which raised 27.1 billion yuan in mainland China’s largest initial public offering since 2015, is now the most valuable tech company listed in Shanghai or Shenzhen, pipping previous title-holder Hangzhou Hikvision Digital Technology Co.
