Foxcoon unit invests $119m in Didi Chuxing

The logo of Didi Chuxing is seen at its headquarters in Beijing, May 18, 2016.[Photo/Agencies]

Foxconn Technology Group, the world's largest contract electronics manufacturer, revealed on Thursday its subsidiary had invested $119.9 million in Chinese ride-hailing company Didi Chuxing.

Foxconn unit Forteq Holdings Inc has acquired a 0.355 percent stake in Didi, the company said in a filing to the Taiwan Stock Exchange.

The deal marks the latest investment landed by Didi, one of China's most valuable startups. Apple Inc invested $1 billion in Didi earlier this year.

Foxcoon, a major assembler of Apple devices, said the transaction was part of a broader effort to build products and services for the Internet of Things, a growing array of small, connected objects and devices.

Foxcoon has shown great interest in transportation industries. In 2015, it inked a framework agreement on strategic cooperation with leading Internet firm Tencent and China Harmony Auto Holding in developing electric cars.

According to a statement, the three will combine Tencent's Internet platform, Foxconn's mobile technology and Harmony Auto's experience in high-end car sales and services to provide customers cars with better driving experiences.