Tag Archives: 2015
TAIPEI/SHANGHAI (Reuters) – Foxconn Industrial Internet (601138.SS), a subsidiary of the world’s largest contract manufacturer Foxconn (2317.TW), announced plans to raise up to 27.1 billion yuan ($ 4.26 billion) in what will be mainland China’s biggest IPO in almost three years.
The Foxconn unit, which is known as FII and makes electronic devices, cloud service equipment and industrial robots, is offering up to 1.97 billion shares at 13.77 yuan per share in Shanghai, according to a statement it filed to the stock exchange late on Tuesday.
With 10 percent of its enlarged capital offered in the initial public offering (IPO), Shenzhen-based FII would have a valuation of about $ 43 billion at listing. Bookbuilding for the IPO is on May 24.
The listing is widely seen as a step for Terry Gou’s Foxconn, a major Apple Inc (AAPL.O) supplier formally known as Hon Hai Precision Industry Co (2317.TW), to wean itself off heavy reliance on manufacturing smartphones for the California-based iPhone maker and to diversify into new areas.
Foxconn has signaled previously that FII will launch projects in areas including smart manufacturing, industrial internet, cloud computing, and fifth-generation wireless technologies.
The IPO is also a reflection of Beijing’s seriousness in luring tech giants onto mainland exchanges.
At about $ 43 billion, the unit’s valuation would not be far behind parent company Foxconn’s market capitalization of about $ 49 billion.
The IPO’s pricing represents 17 times FII’s historical earnings, well below the valuation cap of 23 times favored by Chinese regulators.
FII plans to sell 30 percent of its public share offering to a group of strategic investors in a rare move for mainland deals.
The strategic investors are not being called cornerstones – investors who accept a lock-up period in return for large allocation, which is a practice common in other Asian markets such as Hong Kong to bolster demand for large deals.
However, the group will function as such, with its investments tied up for between one and three years. In an additional unusual move, 70 percent of institutional investors’ allocated shares will also be locked up for 12 months.
FII’s IPO ranks as the fourth largest in the mainland over the past 10 years, outpaced only by China State Construction Engineering (601668.SS), which raised $ 7.3 billion in 2009; China Railway Construction (601186.SS), which sold shares worth $ 5.7 billion in 2008; and Guotai Junan Securities (601211.SS), which raised $ 4.8 billion in 2015.
Reporting by Jess Macy Yu in Taipei and Julie Zhu and Jennifer Hughes in Hong Kong; Additional reporting by Engen Tham and Yiming Shen in Shanghai; Editing by Muralikumar Anantharaman
Affinity Photo is easily the closest thing to Photoshop that’s not made by Adobe. Until recently, it was also only available to Apple users. But, that all changed with a short teaser and a quick press release. Serif Ltd., announced that it was bringing the much-loved photo editing application to an entirely new operating system — Windows. If you haven’t been fortunate enough to use Affinity Photo, let me sing its praises for you: it’s lightweight, feature-packed, and offers nearly everything Adobe’s Photoshop does (and a few things it doesn’t) for all of $ 50. It’s also the proud recipient of an Apple…
This story continues at The Next Web
Australians want data. Lots of it.
The country consumed about 50 percent more data in the last three months of 2015 than in the same period in 2014, according to the Australian Bureau of Statistics’ (ABS) twice-yearly Internet activity report, which was released Wednesday.
That’s 1.71 million terabytes, up from 1.15 million terabytes in 2014. It’s also a 23.5 percent increase on the three months preceding June 30, 2015, and it doesn’t look like it’s going to stop there.
In the year Netflix launched in Australia, along with homegrown streaming options like Presto and Stan, that increase is not too surprising. Not a month after Netflix launched in March 2015, Internet service providers like iiNet were already feeling the strain from the spectacular spike in demand. Read more…
Although the iPhone’s ‘s’ models aren’t normally as hype-worthy as the full version upgrades, one thing you can always expect out of them is top notch performance. This year’s iPhone 6s, however, has the special honor of being as powerful as one of Apple’s newest laptops, the 2015 MacBook. John Gruber from Daring Fireball benchmarked the iPhone 6S using Geerkbench 3, a multi-platform testing tool designed to measure overall computer performance. Needless to say, the results are impressive. The phone’s A9 chip can outperform or beat the $ 1300 1.1 Ghz MacBook, and nearly go head to head with the 1.3Ghz model: Test iPhone 6s…
This story continues at The Next Web
OVH Group is one of the largest cloud computing and hosting providers in the world and the largest hosting provider in Europe. In its booth, Cavium …