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Foxconn unit's mainland China IPO highlights trade war strategy

Apple supplier Avary raises $540m as group woos both sides

Foxconn Technology Group has pursued $10 billion worth of investment in the U.S. while taking affiliates public in mainland China. (Photo by Ken Kobayashi)

TAIPEI -- Foxconn Technology Group listed printed circuit board unit Avary Holding on the Shenzhen stock market on Sept. 18, raising 3.7 billion yuan ($539 million) despite concerns over the deepening U.S.-China trade conflict.

Foxconn, the Taiwanese contract manufacturer also known as Hon Hai Precision Industry, has taken the strategy of courting both sides of the trade war as it tries to avoid getting caught in the crossfire. It has pursued $10 billion worth of investment in the U.S. while listing affiliates on Chinese stock markets.

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