Alibaba, Tencent, Baidu to become major shareholders in Foxconn's unit Shanghai IPO
May 28, 2018 (China Knowledge) - Alibaba, Tencent and Baidu (BAT) is set to become the major shareholders in Foxconn Industrial Internet (FII) USD 4.3 bln Shanghai IPO.
BAT received 21.78 mln shares respectively in the maker of cloud computing technologies and industrial robots. The allotments to the three tech giants are worth RMB 300 mln each based on the IPO price of RMB13.77, requiring a lock-in period of three years.
A total of 20 strategic investors were allotted a total of 590.8 mln shares, which makes up 30% of the total offering size. The rest is available for sale to the public and other institutional investors through both online and offline channels. In total, FII aims to issue 1.97 bln A shares, or 10% of its enlarged capital.
The proceeds raised will be used to finance 20 investment projects in several areas, including the industrial internet, cloud computing and 5G wireless.
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