Foxconn, the Taiwan-based contract electronics manufacturer that produces Apple’s iPhones and many other high-profile products, has received approval for its initial public offering in China just 36 days after submitting its application, Caixin Global reports.
The whirlwind approval process—the fastest in Chinese history—underlines China’s determination to attract big technology companies to list on the mainland, according to Caixin.
Foxconn plans to use the capital raised through its Shanghai IPO to fund eight projects worth a total of $4.3 billion, the company’s Taiwan unit announced last month.
Several people close to the China Securities Regulatory Commission told Caixin that Foxconn went through a special expedited path. It filed on Feb. 1.
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