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Shareholders of Apple supplier Foxconn OK subsidiary's IPO

Gou says US giant 'did poorly' in Dec and wants to counter slow smartphone demand

Foxconn Chairman Terry Gou at a shareholders meeting on Wednesday. Gou wants to take a subsidiary public to bolster the group's financials. (Photo by Debby Wu)

New Taipei City, Taiwan -- Shareholders of key Apple supplier Hon Hai Precision Industry, also known as Foxconn Technology Group, agreed on Wednesday to list on the Shanghai Stock Exchange a subsidiary that may incorporate its iPhone assembly business.

The move aligns with one of Foxconn's key strategies to spin off units through initial public offerings, particularly in Hong Kong and China where the price-to-earnings ratio is higher than in Taiwan.

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