Alibaba, Baidu, Tencent to hold stakes in Foxconn unit
China Daily | Updated: 2018-05-29 07:52
BEIJING - Affiliates of Baidu Inc, Alibaba Group Holding Ltd and Tencent Holdings Ltd, known collectively as BAT, are becoming strategic investors in Foxconn Industrial Internet Co Ltd.
The companies are buying 21.8 million shares each in FII's listing at 13.77 yuan ($2.2) apiece, the firm said in a statement to the Shanghai Stock Exchange on Sunday.
China's largest tech corporations join a plethora of major names that are buying into the smart factory unit of Foxconn Technology Group, Apple Inc's most important assembler.
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