Shares of SoftBank pared gains to jump 11.43% Thursday, a day after the Japanese giant announced a deal to buy the robotics division of Swiss engineering firm ABB for $5.4 billion, further advancing SoftBank’s AI footprint.
The deal, which is subject to regulatory approval globally, means ABB will no longer look to spin off its robotics business as a separately listed company.
In Japan, the Nikkei 225 index recovered with a vengeance, taking 845.45 points, or 1.8%, to 48.580.44, after hitting a fresh record high earlier in the session.
Artificial Super Intelligence, or ASI, is Son’s idea of AI that is 10,000 times smarter than humans.
Son has looked to position SoftBank at the center of the potential AI boom through investments and acquisitions in different areas of technology. SoftBank owns chip designer Arm, for example, and has a major stake in OpenAI.
In Hong Kong, the Hang Seng index gave back 76.87 points, or 0.3%. to 26,752.59.
In Hong Kong, shares of Hang Seng Bank skyrocketed above 26% after HSBC proposed Thursday to take it private, valuing the bank at more than 290 billion Hong Kong dollars ($37 billion U.S.).
HSBC has asked Hang Seng Bank’s board to put forward a privatization proposal to shareholders via a scheme of arrangement under Hong Kong’s Companies Ordinance.
Shares in Hang Seng Bank would be canceled in exchange for 155 Hong Kong dollars apiece. HSBC owns around 63% of Hang Seng Bank, pegging the deal value at HK$106 billion.
Meanwhile, Hong Kong-listed shares of HSBC retreated more than 6%.
CHINA
The CSI 300 in Shanghai came back from what experts call a “bumper” holiday period to gain 68.79 points, or 1.5%, to 4,709.48.
The raw materials sector led gains on the index, with shares of Tongling Nonferrous Metals up 10.08% and Dongfang Electric advancing 10.01%.
This comes after China’s Ministry of Commerce announced Thursday that it was tightening export controls on rare earths and related technologies.
Foreign entities must now obtain a license from Beijing to export any products containing over 0.1% of domestically-sourced rare earths, or manufactured using China’s extraction, refining, magnet-making or recycling technology.
The ministry also barred its citizens from participating in unauthorized mining overseas.
In other markets
Markets in Korea remain shuttered for holiday.
In Taiwan, the Taiex index rebounded 238.24 points, or 0.9%, to 27,301.92.
In Singapore, the Straits Times Index lost 15.8 points, or 0.4%, to 4,440.50
In New Zealand, the NZX 50 nicked up 2.38 points to 13,570.86.
In Australia, the ASX 200 restored 22.16 points, or 0.3%, to 8,969.78
