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REFILE-UPDATE 1-Foxconn unit FIT Hon Teng jumps in Hong Kong debut
July 13, 2017 / 2:45 AM / a month ago

REFILE-UPDATE 1-Foxconn unit FIT Hon Teng jumps in Hong Kong debut

(Corrects spelling of company name in the last paragraph)

* Stock climbs as much as 9 pct

* Company looking to expand in North America

* Wants to deepen presence in new fields such as driverless cars

By Elzio Barreto and Jess Macy Yu

HONG KONG, July 13 (Reuters) - Shares in FIT Hon Teng Ltd , a Foxconn cable and connector division, climbed as much as 9 percent in their Hong Kong debut on Thursday after its IPO priced below the middle of its marketing range.

FIT Hon Teng raised $342 million in its initial public offering and has said it is looking to expand in North America after building a presence in Asia and South America.

The company is also seeking a greater presence in new applications like car camera modules that are used in driverless cars, and hopes to tap into new markets including medical, Internet-connected devices and green technology.

The stock jumped as high as HK$2.94 in early morning trade and last traded at HK$2.92.

That compares with its HK$2.70 IPO price and its marketed range of HK$2.38 to HK$3.08 per share.

FIT Hon Teng said it chose to list in Hong Kong as it was a vibrant international market. It is a unit of Taiwan's Foxconn, the world's largest contract manufacturer and major Apple supplier, which is formally known as Hon Hai Precision Industry Co Ltd. (Reporting by Elzio Barreto in Hong Kong and Jess Macy Yu in Taipei; Editing by Stephen Coates and Edwina Gibbs)

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