Hon Hai's PCB Affiliate reportedly to List In Hong Kong
Dec 05, 2005
Foxconn Advanced Technology Inc., a flexible printed-circuit board (PCB) affiliate of the Hon Hai Group, reportedly decided to make initial public offering (IPO) in Hong Kong and list on Hong Kong's stock market in the first half of 2006 at the earliest.
In response to the reports, the business group's spokesman, C.A. Ding, said he had no idea about the IPO plan and had no further information to elaborate.
People familiar with the IPO plan pointed out that Hon Hai Group will send personnel to Hong Kong by the end of this month to discuss underwriting details. Goldman Sachs & Co. is reported to be the underwriter.
Foxconn Advanced's primary customers include Nokia and Motorola. In the first half of this year, the company reported revenue of NT2.8 billion (US$84 million at US$1:NT$33), gross earnings of over NT$600 million (US$18 million) and earnings per share of NT$3.18.
Foxconn Advanced will likely become Hon Hai's second member to go public in Hong Kong after Foxconn International Holding (FIH) once final decision comes in favor of the plan. More of the group's affiliates including Innolux Display Corp. and Foxsemicon Integrated Technology Inc. are expected to go public on overseas stock markets.
source & copyright: CENS