Foxconn unit plans Shanghai IPO

Funds to help firm build 5G solutions, set up industrial internet platform

Foxconn Industrial Internet Co Ltd, a subsidiary of Foxconn Technology Group, filed an application on Monday to list on the Shanghai Stock Exchange to raise capital to build an industrial internet platform, and to upgrade its intelligent manufacturing and 5G solutions.

The company plans to issue up to 1.97 billion A-shares, which will account for 10 percent of its total shares after the issue, at a price yet to be determined, the preliminary prospectus showed. There will be no transfer of old shares at the IPO.