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Foxconn unit's shares soar by maximum 44% in debut trading

Foxconn Industrial Internet Co. Ltd.'s shares climbed by 44% to 19.83 yuan in its first day of trading.

The stock takeoff grants the company a market value of about 390 billion yuan, Bloomberg News reported.

The 44% share upswing is the maximum limit on a debut trading in Shanghai, according to the Financial Times.

The Taiwanese smart factory unit of Hon Hai Precision Industry Co. Ltd., or Foxconn, was looking to raise up to 27.1 billion yuan in its IPO in China.

The listing was considered the largest mainland Chinese market debut since the stock market crash in 2015.

As of June 7, US$1 was equivalent to 6.39 Chinese yuan.