Shares of Foxconn's Smart Manufacturing Arm Fii Inch 8% Higher on 1H 2020 Results
The performance was better than market expectations, which pushed up the share price.
Fii (601138:SH) released its financial result for the first half of 2020. During the six-month period, the revenue increased by 3.6% to CNY 176.65 billion, while net income decreased by 7.98% to CNY 5.04 billion. The revenue comes from three main business sectors, cloud computing, communication, and technology service, posted 4.24%, 3.01% jump-up, and 23.03% drop, respectively. In general, the performances went beyond the market's expectation, which had lowered because of the pandemic.
Fii, known as Foxconn Industrial Internet, backed by Foxconn Technology, has been regarded as the foremost proponent of smart transformation in industry. The company provides solutions to businesses with digital upgrades based on 5G, cloud computing, Internet of Things (IoT) and big data.
Fii went public in 2018 on the Shanghai Stock Exchange (SSE) with an offering of CNY 27.1 billion. The stock climbed up 6.92% higher at the closing bell on August 12 after the performance was released.