(Yicai Global) Feb. 12 -- Hon Hai Precision Industry Co., the world's largest contract electronics maker and better known as Foxconn, plans to list one of its units on the Shanghai Stock Exchange to become the first in the group to list on the mainland.

Foxconn Industrial Internet Co. is planning to raise over CNY27 billion (USD4.3 billion) through its initial public offering, according to its prospectus, which the China Securities Regulatory Commission posted online. It will use the funds to build an online industrial platform and provide 5G and Internet of Things solutions.

The move comes as China works to fully roll out 5G technology. Key segments in the sector will enter a phase of pre-commercialization by the end of this year, the Ministry of Industry and Information Technology said last month. The nation hopes to roll out large-scale testing and full commercialization by 2020.

Hon Hai is listed itself and already has a Hong Kong-listed entity, FIH Mobile Ltd., which was registered in the Cayman Islands in 2005.

Foxconn Industrial Internet earned more than CNY16 billion on revenue of nearly CNY355 billion last year, the prospectus shows. The company has 269,000 employees but its executive team does not include Hon Hai Chairman Terry Gou. It does have several figureheads from China's computing industry, including Tim Chen, ex-chairman of Motorola China and ex-general manager of Microsoft China, and Robert Mao, a former chairman of China Hewlett-Packard Co.

The unit is mainly engaged in the design, development and manufacture of a range of electronic devices for well-known customers. Its business is split into three core sections: communications network equipment, cloud service equipment and precision tools.