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FII approved for Shanghai IPO

Hon Hai Precision Industry Co confirmed that its Internet-focused subsidiary, Foxconn Industrial Internet Co Ltd (FII, ????????), has received official authorization for an initial public offering (IPO) in Shanghai. After the China Securities Regulatory Commission granted its official approval, FII was expected to consult with its financial advisers and underwriters to set an exact date and publish a prospectus for the listing. FII is expected to launch an IPO on the Shanghai Stock Exchange at the end of this month or early next month to take advantage of an inclusion of yuan-denominated A-shares into global index provider MSCI Inc’s Emerging Markets Index later next month, analysts said. The index is being closely watched by foreign institutional investors who are planning investments in emerging markets such as Shanghai. FII is likely to set the listing price at 13.8 yuan, market sources said. The company’s IPO application was submitted on Feb. 1 to the commission, which processed it on March 8 and granted its approval after only 36 days, catching the market off-guard, as the process usually takes about a year.

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