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Companies

Foxconn leverages Xi's hopes to raise $4.2bn

iPhone assembler's IPO coincided with US-China tech competition

Foxconn Chairman Terry Gou seeks to raise funds in China for investment in businesses other than contract manufacturing.
Foxconn Chairman Terry Gou seeks to raise funds in China for investment in businesses other than contract manufacturing.   © Reuters

TAIPEI/SHANGHAI/OSAKA -- Taiwan's Hon Hai Precision Industry, or Foxconn, is cashing in on Sino-American tech competition, as it skillfully rides on President Xi Jinping's ambitions to turn China into a tech powerhouse.

Friday's initial public offering of Foxconn Industrial Internet, a core business that assembles iPhones for Apple in China, netted 27.1 billion yuan ($4.22 billion), with shares closing limit-up at 44% above the opening price. The unit's chairman, Chen Yongzheng, paid lip service to Xi's "Made in China 2025" industrial strategy and said the company would be devoted to actively pursuing great achievements.

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