Chinese electrical equipment manufacturer Foxconn has hopes to expand into the digital film sector, Nikkei Asian Review reports, revealing plans for a Shanghai-based IPO.
Foxconn, a major assembler of Apple products, will work together with RED Digital Cinema to produce high-market film equipment, giving the company an additional revenue stream alongside its core-business of manufacturing iPhones and Macbooks.
“We will make cameras that will shoot professional-quality films in 8K resolution but at only a third of current prices and a third of current camera sizes,” Foxconn Chairman Terry Gou said in a speech on Sunday.
Apple products currently make up 50% of Foxconn’s sales, and the company has been concerned by a recent slowdown in smartphone demand. It has recently expanded operations in India and Southeast Asia to buffer its domestic business.