China approves IPO of Foxconn

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China's securities regulator on Friday approved the initial public offering (IPO) application from iPhone maker Foxconn Industrial Internet Co, a unit of Taiwan’s Hon Hai Precision Industry Co.

The China Securities Regulatory Commission (CSRC) said in a statement that Foxconn and its underwriters will confirm dates and publish prospectus following discussion with the Shanghai Stock Exchange.

The approval was reported by media in March as CSRC gives “green channel” for the so-called unicorn companies and Foxconn’s fast track on IPO is believed to be a result of such new move.

(With inputs from Xinhua)