Foxconn Industrial Internet surges 44 pct in Shanghai trading debut

Source: Xinhua| 2018-06-08 11:59:58|Editor: mmm
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BEIJING, June 8 (Xinhua) -- Tech giant Foxconn Industrial Internet went public on the Shanghai Stock Exchange on Friday, with its shares surging by the upper limit of 44 percent shortly after the debut.

The company saw its share price hit 19.83 yuan (about 3.1 U.S. dollars), making it the most valued tech firm listed on the A-share market with a capitalization of 390.6 billion yuan.

A total of 1.97 billion shares were issued at an initial offering price of 13.77 yuan per share.

According to China's A-shares market rules, prices of stocks on their first day of trading on the Shanghai or Shenzhen stock exchanges should not exceed 144 percent of the initial offering price.

Foxconn Industrial Internet is a subsidiary of Hon Hai Precision Industry Co. Ltd., which is the world's largest contract electronics manufacturer and a major supplier for Apple Inc.

It gained final approval for a Shanghai listing in May after a fast-track process, as securities regulators in the Chinese mainland took steps to reform the stock listing mechanism to invigorate the country's capital market and support the new economy.

In the first quarter of this year, Foxconn Industrial Internet's revenue jumped 19.8 percent year on year to 77.7 billion yuan, while net profits attributable to the parent company's shareholders rose 4.5 percent to 2.7 billion yuan, according to a statement by the company.