ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailMenu BurgerPositive ArrowIcon PrintIcon SearchSite TitleTitle ChevronIcon Twitter
Business

Key iPhone assembler Foxconn invests $120 million in Didi Chuxing

 (placeholder image)
  © Reuters

TAIPEI -- Key iPhone assembler Hon Hai Precision Industry, also known as Foxconn Technology Group, is making an investment in China's online car-hailing service Didi Chuxing, four months after its client Apple Inc. made a $1 billion bet on the Chinese startup.

Hon Hai said in a local stock exchange filing late Thursday that it is paying $120 million to acquire a 0.36% stake in Xiaoju Kuaizhi Inc., the formal name of Didi, via a subsidiary. The deal gives Didi a value of about $33 billion.

The investment in Didi by the world's largest contract electronics manufacturer came a month after the ride-hailing company announced plans to acquire U.S. rival Uber's Chinese operations, a deal which is currently being investigated by China's Ministry of Commerce over anti-trust concerns.

Foxconn, like Apple, is trying to tap into China's expanding auto and car-related service market.

With the aim of building connected electric cars in China in the future, the Taiwanese manufacturer has a minority stake in China's Harmony Auto, and the two companies have set up car maker Future Mobility, together with China's internet conglomerate Tencent Holdings.

In Taipei on Friday, Hon Hai shares closed at 77.70 New Taiwan dollars, or 1.01% lower, extending their losing streak to three trading days. The benchmark Taiwan Weighted Stock Index also finished 1.06% lower at 9164.88.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Get Unlimited access

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends October 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media