June 8, 2018 / 1:48 AM / in 4 months

Foxconn unit hits limit-up 44 percent in Shanghai trading debut

SHANGHAI (Reuters) - Shares in Foxconn Industrial Internet Co Ltd (FII) (601138.SS), a unit of the world’s largest contract manufacturer, surged by the maximum daily limit of 44 percent on their debut on the Shanghai stock market on Friday.

The company, which makes electronic devices, cloud service equipment and industrial robots, raised more than $4 billion in China’s biggest IPO since 2015, with the listing seen as part of Beijing’s resolve to lure tech giants onto mainland exchanges.

Government caps on IPO valuations and mainland China investor enthusiasm for new issues will usually mean that companies hit the daily limit of 44 percent on their first day of trading.

Reporting by John Ruwitch, Samuel Shen and Liu Luoyan; Editing by Miral Fahmy

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