Foxconn Int'l resumes trading in HK, opens down 2.83%
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Trading in shares of Foxconn International, the listed arm of the suicide-plagued Foxconn, resumed on Tuesday in Hong Kong and opened at 5.5 HK dollars (70.5 U.S. cents), down 2.83 percent from the previous closing.
"Trading in the shares of Foxconn International Holdings Limited (the Company) will be resumed at 9:30 a.m. Tuesday. Accordingly, all structured products relating to the Company will also be resumed for trading at the same time," Foxconn International said in a statement filed to the Hong Kong stock exchange.
On Monday morning, trading in the shares of Foxconn International was halted just two minutes after the opening in Hong Kong for the release of further increases in the level of salaries and wages for the company's employees in its Shenzhen plant.
Before trading suspension on Monday morning, Foxconn, the only constituent stock of the benchmark Hang Seng Index from China's Taiwan, ended at 5.66 HK dollars, down 5.5 percent from the previous closing.
"On 7 June 2010, the management of the Company, ... approved a proposal to further increase the level of salaries and wages payable by the Company to its staff engaged on its production lines in the Shenzhen area," said Foxconn International in another statement filed to the HK stock exchange on late Monday.
The base salaries and wages of workers, leaders and supervisors in Foxconn's Shenzhen factory would be further adjusted from 1,200 yuan (176 U.S. dollars) to 2,000 yuan per month subject to completion of a three-month work performance assessment, said the statement.
For employees in other parts of China's mainland, Foxconn will review whether any further adjustment is to be made to the wages and salaries of those employees based on local living standards and relevant regulatory requirements, it added.
Foxconn last Wednesday announced a 30-percent pay increase for workers at its Shenzhen plants starting June for what it claimed were "rising consumer prices and living costs and its corporate performance."
Foxconn makes computers, game consoles and mobile phones for companies including Apple, Hewlett-Packard, Sony and Nokia. (one U. S. dollar equals to 7.8 HK dollars)
