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Alibaba, Tencent and Baidu to Invest In Foxconn Unit US$4.3B IPO

FII (Foxconn Industrial Internet) will use the funds to develop smart manufacturing, cloud computing and 5G technology

Alibaba, Tencent and Baidu, mainland China’s three biggest internet conglomerates, will become major shareholders in Foxconn Industrial Internet after the technology firm’s upcoming US$4.3 billion initial public offering, China’s biggest domestic listing in three years.

The total investment from the three companies is 300 million yuan or US$47 million, based on the IPO price of 13.77 yuan. They will also have a lock-in period of three years.

The domestic IPO of FII is a success to Beijing's move to encourage local companies in the technology sector to list at home after several other Chinese companies picked up New York and other exchanges.

Foxconn Industrial Internet is a subsidiary of the world’s largest contract electronics manufacturer Foxconn Technology Group. It plans to use the proceeds to finance 20 investment projects in eight areas, including the industrial internet, cloud computing, data centres, 5G wireless and smart manufacturing technologies, according to its prospectus.

#IPO #Tencent #Alibaba #Baidu

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