作者:金杜律师事务所

On 8th June 2018, King & Wood Mallesons (“KWM”) advised Foxconn Industrial Internet Co., Ltd. (“FII”) on its successful listing on the Shanghai Stock Exchange. As one of the top manufacturing unicorn enterprises, FII issued 1.96 billion shares with an offering price of RMB 13.77 per share, raising more than RMB 27.1 billion. The successful completion marks one of the largest A-share IPOs in the past three years to the date, and ranks as the 11th largest listing of A-share capital markets in China.

FII is a holding subsidiary of Hon Hai Precision Industry (one of the largest listed companies in the Taiwan region by market value) founded by Mr. Terry Gou. It is a global leading service provider that principally engages in the professional design and manufacturing of communications network equipment, cloud service equipment, precision tools and industrial robots. With the successful completion of the listing, FII will play a leading role in promoting the transition from traditional manufacturing to industrial internet platform-focused smart manufacturing. 2018 marks the 30th anniversary of the Foxconn Group’s investment in the Mainland, and this project has received strong traction from the media, as well as various market players in China and abroad. FII was able to attract a strong pool of strategic investors by way of share placement. The strong lineup of strategic investors comprised major and influential market players including the National Council for Social Security Funds, Central Huijin Investment, China Life Insurance and China Merchants Group, “BAT” internet giants, large-scale listed companies and notable investment institutions. Application documents submitted on February 1, 2018 were approved by the public offering review committee on March 8th. This meant it only took 36 days for FII to pass the listing approval, setting a new record in the A-share capital markets.

In this project, KWM acted for FII as the PRC and Hong Kong SAR counsel, and advised on the restructuring, implementing, reforming and various aspects of the issuance and listing. The KWM team was led by partners Su Zheng, Zhou Rui, Jiao Fugang, Hu Guangjian and Tian Weina in the PRC offices, with the Hong Kong SAR team led by partner Simon Yung.

  

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