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Hon Hai Buys Nearly $12 Million Worth of Stake in Wcube

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Hon Hai Precision Industry (TPE:2317), also known as Foxconn, acquired 9.8 million shares in Wcube valued at $11.6 million, according to a Thursday Taiwan Exchange filing.

Shares gained 1% in Friday's midday trade.

The company said the transaction involved shares priced at $1 each and was carried out via its subsidiary Foxconn (Far East) as part of an internal restructuring exercise.

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