Foxconn Announces Share Buyback and Acquisition

Hon Hai Precision Industry (HNHPF) has released an update.

Hon Hai Precision Industry’s subsidiary, Foxconn Industrial Internet Co., Ltd., is set to boost shareholder confidence with a share buyback program, investing between RMB 200 million to RMB 300 million to repurchase shares at a maximum price of RMB 40.33/share within 12 months. Concurrently, Foxconn has acquired 100% of Shenzhen Fulian Fugui Precision Industry Co., Ltd. for RMB 213,540,000 as a long-term investment, which represents 8.28% of their total assets and 19.03% of the owner’s equity. Additionally, details of the subsidiary’s forthcoming Special Shareholders’ Meeting will be announced at a later date.

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