Foxconn shareholders clear plan to list unit on Shanghai Stock Exchange

Shareholders of Hon Hai Precision Industry Co Ltd, better known as Foxconn, the world's largest contract electronics manufacturer, on Wednesday approved the company's plan to list its Foxconn Industrial Internet Co Ltd unit on the Shanghai Stock Exchange.

Under the plan, approximately 10 percent of Foxconn unit's shares will be converted to floating stocks, with Hon Hai maintaining approximately 85 percent and others the rest. The pricing and timeline for the unit's initial public offering is yet to be determined, it said in a statement.

Hon Hai said it would set up artificial intelligence laboratories in Beijing, Shanghai, Nanjing and Shenzhen, with an aim to make the Foxconn unit one of the world's largest internet of things companies in the industry, according to Terry Gou, the company chairman.