Foxconn unit's planned public float progressing at fast pace

Foxconn Industrial Internet Co, a unit of Hon Hai Precision Industry Co, the manufacturing giant responsible for making Apple iPhones and Amazon Fire tablets, is inching closer to listing its shares in the A-share market, thanks to the fast-track approval process for innovative industries.

In its draft prospectus, Foxconn said it plans to issue 177 million shares on the Shanghai Stock Exchange and use the proceeds to expand its eight major business sectors, including industrial internet platforms, cloud computing and high efficiency operation platforms. The total investment for building these business units is estimated at around 29.1 billion yuan ($4.6 billion).

According to information on the official website of the China Securities Regulatory Commission, the stock market regulator, Foxconn's IPO application will undergo further examination on Thursday.