Foxconn and Taiwan-based IC packaging and testing company SPIL (Siliconware Precision Industries) have formed a strategic partnership via exchange of shares through which Foxconn will hold a 21.24% stake in SPIL while the latter will obtain a 2.2% stake in Foxconn, according to SPIL's press release on August 28. The parties will jointly develop advanced packaging technologies for smartphones, wearables, and IoT (Internet of Things), including SiP (System in Package) and integrated fan-out (InFO) wafer-level packaging (WLP) technology, as well as advanced packaging materials such as embedded substrates. In addition, Foxconn and SPIL will cooperate to design ASIC chips, assembly, and modules, to shorten product's time to market.