Foxconn Industrial Internet Co., Ltd. Class A shares (Shanghai: 601138, “FII”) traded higher on Thursday, 27 November 2025, as investors reacted to a sharply increased share buyback price ceiling and fresh signals that the company is doubling down on AI server growth in Vietnam.
As of mid‑afternoon in Shanghai, FII was changing hands at CNY 61.24, up 3.92% on the day, with intraday trading between CNY 59.91 and 63.45. Turnover was heavy, with volume around 221.7 million shares, well above its recent average of about 175 million. Over the past 12 months, the stock has delivered a gain of roughly 177%, giving the Foxconn subsidiary a market capitalization of about CNY 1.17 trillion. [1]
Today’s Key Takeaways for Foxconn Industrial Internet (27 November 2025)
- Share buyback price ceiling raised from CNY 19.36 to CNY 75 per share for the ongoing repurchase plan, after the stock price outgrew the previous cap. [2]
- FII has already repurchased about 7.7 million shares under the program, spending roughly CNY 147 million, with an overall allocation of CNY 500 million–1 billion for buybacks. [3]
- New Vietnam growth push: Foxconn Industrial Internet plans to double its Vietnam revenue to around US$20 billion in 2026, powered by demand for AI servers from cloud giants such as Amazon, Google and Oracle. [4]
- The company’s parent Hon Hai (Foxconn) is simultaneously ramping up global AI infrastructure investment, including a newly approved US$569 million expansion in Wisconsin focused on AI servers, underscoring the group‑wide pivot toward data‑center hardware.
Together, these headlines framed trading in Foxconn Industrial Internet Class A shares today, with the buyback move giving near‑term support and the Vietnam AI strategy reinforcing the stock’s longer‑term growth narrative.
Foxconn Industrial Internet’s Stock Performance Today
FII’s rebound comes after a volatile month in which the share price has swung sharply following a record run‑up:
- Price today (intraday): CNY 61.24
- Change: +CNY 2.31 (+3.92%) vs. previous close of CNY 58.93
- Day’s range: CNY 59.91 – 63.45
- 52‑week range: CNY 14.58 – 83.88
- Market cap: ~CNY 1.17 trillion
- Trailing P/E:38.2x, Forward P/E: ~22.2x
- Dividend (ttm): CNY 0.64 per share (yield about 1.1%) [5]
Earlier in November, the shares had already corrected from their late‑October peak above CNY 80. Market data providers note that FII still ranks among the top A‑share performers over the past six months, with earlier reports highlighting a six‑month return of more than 300% at the October high before the recent pullback. [6]
Short term, today’s bounce suggests investors are welcoming the more aggressive buyback price and renewed clarity on FII’s capital‑allocation policy, while the stock remains well below its 52‑week high—illustrating just how volatile China’s AI hardware winners have become.
Buyback Price Ceiling Raised to CNY 75: What Changed?
The biggest company‑specific news for 27 November 2025 is Foxconn Industrial Internet’s decision to dramatically lift the maximum price it is willing to pay for its ongoing share repurchase.
From CNY 19.36 to CNY 75
According to a pre‑market bulletin on the A‑share market and company disclosures summarized by Futu and Reuters‑linked outlets: [7]
- The upper limit for the repurchase price has been raised from CNY 19.36 to CNY 75 per share.
- The new cap is set so that it does not exceed 150% of the average trading price over the 30 sessions prior to the board resolution, aligning with local regulatory rules. [8]
- The change is within the mandate already granted by shareholders, so no new shareholder meeting is required; the board can implement it directly. [9]
Previously, FII had disclosed a buyback plan with total funding of no less than CNY 500 million and no more than CNY 1 billion, for repurchases running from 30 April 2025 to 29 April 2026, with an earlier cap of CNY 19.36 per share.
By late August and again in early November, the company reported that it had repurchased about 7.6974 million shares, equal to around 0.04% of total share capital, at prices between roughly CNY 18.4 and 19.84, using CNY 147 million of the authorized funds.
However, the stock’s explosive rally through October pushed the market price far above the CNY 19.36 limit, effectively freezing the buyback despite the unspent budget. [10]
Why lift the cap now?
In its statement via the London Stock Exchange’s Regulatory News Service and in local press summaries, Foxconn Industrial Internet cited: [11]
- Rising share prices that made the previous ceiling impractical
- A desire to ensure the “smooth implementation” of the repurchase plan
- A view that the adjustment reflects management’s confidence in the company’s long‑term development and intrinsic value
In practical terms:
- The new CNY 75 limit allows FII to resume buybacks even at today’s trading levels, which are well above the old cap but still below the new maximum. [12]
- Because the aggregate budget is unchanged, the company’s total cash outlay does not automatically increase; instead, it gains flexibility on when and at what price it can repurchase shares.
For investors, this is generally interpreted as a supportive signal: management is willing to buy back stock even after a big rally, and is not treating the recent surge as purely speculative.
Doubling Vietnam Revenue on AI Server Demand
The second major story tied to Foxconn Industrial Internet today comes from Vietnam, which is emerging as one of the company’s key growth engines.
A Digitimes Asia report on Thursday says FII aims to double its Vietnam revenue to around US$20 billion in 2026, driven mainly by booming demand for AI servers and related components supplied to cloud hyperscalers such as Amazon, Google and Oracle. [13]
While the full article is behind a paywall, the available summary highlights several important themes:
- Vietnam as a strategic AI hub: FII is positioning its Vietnam operations as a central node in Foxconn’s global AI server supply chain, complementing existing facilities in mainland China, Mexico and the United States. [14]
- Customer mix skewed to cloud giants: The focus on hyperscale customers mirrors Foxconn Industrial Internet’s broader strategy of providing high‑performance servers and networking gear for leading U.S. and global cloud providers. [15]
- Capacity and diversification: Building out Vietnam fits the wider China‑plus‑one manufacturing strategy seen across the Foxconn group, as Apple and other partners diversify production geographically. [16]
For the stock, this Vietnam plan reinforces the idea that FII’s AI‑server boom is not limited to China and that its manufacturing expertise can be redeployed across multiple jurisdictions, potentially mitigating some geopolitical and trade risks.
Recent Background: Q3 Earnings, Guidance and Analyst Upgrades
Today’s move also needs to be read in the context of a series of positive catalysts for FII over the past month:
Strong Q3 2025 results
At the end of October, Foxconn Industrial Internet reported Q3 2025 net profit of about CNY 10.4 billion, up roughly 62% year‑on‑year, even as revenue growth lagged somewhat behind earnings momentum. [17]
The market’s reaction was initially euphoric: local reports show the stock hitting a new all‑time high intraday around CNY 80–84 before a sharp reversal in subsequent sessions. [18]
Clarification of Q4 rumors
On 24 November 2025, Foxconn Industrial Internet issued a clarification via its parent Hon Hai and Chinese financial media, denying online rumors that it had lowered fourth‑quarter performance targets or changed its business model with major customers. [19]
The company reiterated that it remains confident in its Q4 outlook, which had previously included guidance for a doubling of server revenue year‑on‑year, driven by AI infrastructure orders. [20]
Analyst sentiment turning more bullish
On the sell‑side, several developments underline how FII has moved to the center of China’s listed AI hardware universe:
- HSBC recently upgraded Foxconn Industrial Internet from Hold to Buy, more than doubling its target price to CNY 92, citing strong AI‑server growth, robust Q3 results and improving visibility on cloud‑customer demand. [21]
- A separate note from Fintel/Nasdaq data shows the average one‑year price target for 601138 raised to about CNY 88.12, up more than 46% from earlier consensus estimates. [22]
- The stock is also a top holding in AI‑themed China ETFs, including a generative‑AI fund where FII Class A shares recently accounted for around 7.8% of the portfolio, highlighting its benchmark status within the theme.
Institutional commentary from China‑focused equity funds further characterizes FII as a key beneficiary of AI‑driven capital expenditure, often in the same breath as Nvidia and other global semiconductor leaders—albeit from the manufacturing and systems‑integration side rather than chip design itself. [23]
Where Foxconn Industrial Internet Sits in the AI Hardware Stack
Foxconn Industrial Internet is not just an ordinary electronics contract manufacturer:
- It provides smart manufacturing and industrial‑internet services and produces communication equipment, 5G/4G modules, private 5G networks, high‑performance servers, edge‑computing systems, advanced cooling and storage hardware used in modern data centers. [24]
- Operations span Mainland China, Vietnam, Mexico, Singapore and other regions, supporting global tech clients as they roll out AI infrastructure. [25]
- As of 2024, FII generated revenue of about CNY 609 billion, up nearly 28% year‑on‑year, with earnings of around CNY 23.2 billion, up just over 10%. [26]
These fundamentals help explain why:
- The stock can justify a high‑30s trailing P/E, as investors price in sustained AI‑related growth. [27]
- Foxconn’s group‑level announcements—such as plans to invest US$2–3 billion annually in AI, or the newly approved Wisconsin expansion—are increasingly read through the lens of what they mean for FII’s order book and capacity utilization. [28]
Risks, Valuation and What to Watch Next
Despite today’s bounce, Foxconn Industrial Internet remains a high‑beta AI infrastructure play with meaningful risks:
- Valuation and volatility
- Even after its recent correction, FII trades on a lofty earnings multiple versus many traditional hardware peers, leaving it sensitive to any disappointment in AI server demand or margins. [29]
- The stock has already shown that it can drop sharply in a single session (for example, the near‑8% fall recorded on 21 November), reminding investors that sentiment can flip quickly in momentum names. [30]
- Execution on Vietnam and global expansion
- Doubling Vietnam revenue to US$20 billion by 2026 is an ambitious target that will require flawless execution on staffing, supply‑chain management and regulatory compliance in a rapidly evolving geopolitical environment. [31]
- AI cycle and customer concentration
- FII is deeply tied to hyperscale cloud spending, which can be cyclical and concentrated in a small number of very large customers. Any pause in AI data‑center build‑outs, or vendor re‑shuffling, could impact growth. [32]
- Regulatory and macro headwinds
- While the U.S. has just extended certain Section 301 tariff exemptions for Chinese goods to November 2026, reducing some near‑term export risk, trade policy remains a moving target and could still affect Foxconn’s China‑based production over the medium term. [33]
Key things for investors to monitor
Going forward, market participants tracking Foxconn Industrial Internet Class A stock are likely to focus on:
- Pace and price of further buybacks under the new CNY 75 cap
- Monthly or quarterly commentary on AI server orders and capacity utilization in China, Vietnam, Mexico and the U.S.
- Any follow‑up disclosures from the 2025 second extraordinary shareholders’ meeting regarding profit distribution and corporate‑governance changes. [34]
- Additional analyst revisions to price targets and earnings forecasts as the AI cycle evolves. [35]
Bottom Line
On 27 November 2025, Foxconn Industrial Internet’s Class A shares are trading higher as:
- The buyback price ceiling jumps from CNY 19.36 to CNY 75, restoring the company’s ability to repurchase shares after a powerful rally, and signalling continued confidence from management. [36]
- A new Vietnam revenue target of US$20 billion for 2026 underscores FII’s growing role as a global AI server manufacturer serving top cloud clients. [37]
Combined with strong Q3 results and a string of bullish analyst moves, these developments keep Foxconn Industrial Internet at the center of the China A‑share AI story—albeit one with elevated valuation, sharp volatility and plenty of execution risk attached.
For now, the message from today’s news flow is clear: Foxconn Industrial Internet is leaning into the AI infrastructure boom, and is prepared to back that conviction with the company’s own balance sheet.
References
1. stockanalysis.com, 2. news.futunn.com, 3. news.futunn.com, 4. www.digitimes.com, 5. stockanalysis.com, 6. www.marketsmojo.com, 7. news.futunn.com, 8. news.futunn.com, 9. news.futunn.com, 10. news.futunn.com, 11. au.investing.com, 12. stockanalysis.com, 13. www.digitimes.com, 14. stockanalysis.com, 15. www.investing.com, 16. www.india-briefing.com, 17. www.investing.com, 18. news.futunn.com, 19. in.investing.com, 20. www.investing.com, 21. www.investing.com, 22. fintel.io, 23. stockanalysis.com, 24. stockanalysis.com, 25. stockanalysis.com, 26. stockanalysis.com, 27. stockanalysis.com, 28. www.reuters.com, 29. stockanalysis.com, 30. tradingeconomics.com, 31. www.digitimes.com, 32. www.investing.com, 33. news.futunn.com, 34. m.fastbull.com, 35. fintel.io, 36. news.futunn.com, 37. www.digitimes.com
