Photo: Reuters/Tyrone Siu

Foxconn Industrial Internet Co. Ltd., a Shenzhen-based three-year-old technology start-up, has passed its IPO review in only 36 days, setting a new record, The Paper reported.

The actual controller of the company is Hon Hai Precision Industry, trading as Foxconn Technology Group and founded by Taiwanese tycoon Terry Gou. It is the world’s largest contract electronics manufacturer.

As the new technology arm of the electronics giant, Foxconn Industrial Internet mainly engaged in various types of electronic products design, research, manufacturing and sales, as well as intelligent manufacturing solutions.

Its business is mainly divided into three blocks: communication network equipment, cloud service equipment, precision tools and industrial robots.

The market generally believes that one of the reasons why the company was given the green light in such a short period of time is that the securities regulator is actively promoting the listing of new economy firms and unicorns.

Asia Times Financial is now live. Linking accurate news, insightful analysis and local knowledge with the ATF China Bond 50 Index, the world's first benchmark cross sector Chinese Bond Indices. Read ATF now.