Foxconn spinoff becomes largest tech company in China as it looks beyond Apple

Foxconn recently spoke about some of its plans to become less dependent on iPhone assembly orders, and one of the company’s biggest initiatives is off to a good start …

The company has gone public with its smart factory and cloud computing division, Foxconn Industrial Internet (FII).

The company listed on the Shanghai stock exchange, and Bloomberg reports that its share price immediately soared to make it the most valuable tech company in China.

The stock rose by the maximum 44 percent to 19.83 yuan, conferring a market value of more than 390 billion yuan ($61 billion) on FII. The company, which raised 27.1 billion yuan in mainland China’s largest initial public offering since 2015, is now the most valuable tech company listed in Shanghai or Shenzhen, pipping previous title-holder Hangzhou Hikvision Digital Technology Co.

The 44% limit is set by the stock exchange to reduce market turbulence, suggesting that the stock may yet climb higher. Shared were 290 times over-subscribed.

FII offers a range of manufacturing robots, including the Foxbot arms it uses on Apple production lines, all the way through to fully automated factories.

Analysts said that belief in the company was strong as a result of confidence in Foxconn chairman Terry Gou and the establishment of strategic partnerships with ecommerce company Alibaba, search engine Baidu and online services provider Tencent.

You can follow on Twitter, add us to your circle on Google+ or like our Facebook page to keep yourself updated on all the latest from Apple and the Web.