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Hon Hai expands with new energy sector investments By Investing.com

By: globalinvestmentstrategy.com

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TAIPEI – Hon Hai (TW:) Precision Industry Co., Ltd., also known as Foxconn (SS:), has announced through its subsidiaries the acquisition of 100% of shares in two new energy companies, deepening its foray into the renewable energy and electric vehicle sectors. The transactions, both dated Monday, involve the purchase of shares in Foxconn New Energy Battery (Zhengzhou) Co., Ltd. and Foxconn New Energy Automobile Industry Development (Henan) Co., LTD., with each deal valued at RMB 600,000,000.

The shares were acquired by the subsidiaries HONGFUJIN PRECISION ELECTRONICS (ZHENGZHOU) CO., LTD. and Foxconn Innovation Industry Development Group Co., LTD., respectively. The investments are part of a strategic move to diversify Foxconn’s business portfolio and establish a foothold in the growing new energy market.

The board of directors approved the transactions on Monday, and both deals are financed through private capital, indicating a significant commitment to long-term investment in these sectors. The acquisitions did not involve any brokers or fees and are not expected to change the business model of Hon Hai.

According to the press release, the shareholding percentage for both subsidiaries in the acquired companies is 100%, with no restrictions on rights. The investments represent a small fraction of Hon Hai’s total assets and owners’ equity, with a ratio of 0.210% to total assets and 0.472% to owners’ equity for the battery company, and 0.062% to total assets and 0.17% to owners’ equity for the automobile company.

These acquisitions underscore Hon Hai’s strategic focus on expanding its presence in the renewable energy and electric vehicle industries. The company’s approach to these investments reflects a broader trend among global technology firms seeking to diversify and innovate within the realm of sustainable energy solutions.

The information is based on a press release statement, and the financial details of the transactions have been made public as per regulatory requirements. No dissenting opinions were reported among the directors regarding the deals, and the transactions did not involve any related parties. This move by Hon Hai could signal a growing interest in the new energy sector among major tech manufacturers.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.



https://www.highcpmgate.com/f0c2i8ki?key=d7778888e3d5721fde608bfdb62fd997
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