TAIPEI – Foxconn is planning to use proceeds from a subsidiary's IPO to fund 7.3 billion yuan ($4 billion) in projects.

Foxconn's shareholders approved in a plan in January to list the subsidiary, Foxconn Industrial Internet, on the Shanghai Stock Exchange, and the proceeds from the IPO will go toward building smart manufacturing platforms, cloud computing services and 5G solutions, FII said in a prospectus to the China Securities Regulatory Commission last week.

The company did not provide additional details about the size or timing of the IPO. FII's revenue totaled 354.5 billion yuan last year, representing an annual growth of 14%.

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