(Yicai Global) July 10 -- Foxconn Industrial Internet, the Shanghai-listed unit of Apple supplier Hon Han Precision Industry, better known as Foxconn, has promoted its general manager to chairman.

Zheng Hongmeng replaces Li Junqi as Foxconn Industrial’s new chairman, the supplier of communication network equipment said late on July 7, adding that Li remains a board director.

Zheng, 57, has been working at Foxconn for almost 20 years. He became Foxconn Industrial’s GM in 2017 and oversaw its Shanghai listing the following year. He also served as its director, vice chairman, and chief executive.

He said the new board will guide the firm in seizing opportunities in artificial intelligence, advancing tech innovation and scenario applications of AI servers, data centers, and high-speed network communication gear, enhancing the core competitiveness of its high-end smart manufacturing and industrial internet, and extending its business scope to big data and robots.

Moreover, Foxconn Industrial will invest more in China, especially in high-end intelligent manufacturing, Zheng noted.

Shares of Foxconn Industrial [SHA: 601138] closed 0.6 percent higher at CNY23.80 (USD3.29) today. The wider Shanghai market edged up 0.2 percent.

Foxconn Industrial’s net profit fell 3.4 percent to CNY3.2 billion (USD443.2 million) in the first quarter from a year earlier, while operating revenue rose 0.8 percent to CNY105.9 billion (USD14.7 billion).

Editor: Futura Costaglione