BUSINESS Foxconn unit's shares hit maximum 44% in Shanghai debut

BUSINESS

Foxconn unit's shares hit maximum 44% in Shanghai debut

CGTN

05:43, June 10, 2018

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(Photo: CGTN)

Foxconn Industrial Internet Co Ltd, a unit of the world's largest contract manufacturer, began trading on the Shanghai Stock Exchange on Friday, becoming China's biggest domestically listed tech company by market cap.

The company’s shares reached the daily limit of 44 percent seconds after trade debut, benefitting from increasing enthusiasm for tech stocks.

The listing raised more than four billion US dollars in China’s biggest IPO since 2015, as the government strives to promote industrial upgrading and high technology by luring the repatriation of tech giants.

Government caps on IPO valuations make limit-up gains on the first day of trading a common occurrence in equity markets on Chinese mainland.


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