Shares in Sony Financial Group rose closed 15.86% higher during its market debut Monday after parent company Sony Group spun off the unit, while Asia markets traded mostly higher as investors looked past the latest tariff developments.
In Japan, the Nikkei 225 plunged another 311.24 points, or 0.7%, to 45,043.75.
In Hong Kong, the Hang Seng recovered 494.68 points, or 1.9%, to 26,722.88.
Sony Financial Group stock was assigned a reference price of 150 Japanese yen per share, valuing the company at around 1 trillion yen (over $6.7 billion U.S.).
Sony said the separation allows the financial arm, which includes Sony Life Insurance, Sony Assurance and Sony Bank, to raise its own growth capital while maintaining brand ties with the wider Sony ecosystem, according to a filing translated by Google.
The parent company cited competing demands for investment in entertainment and semiconductors as a key reason for the financial unit to operate independently.
Australian markets picked up steam as the Reserve Bank of Australia’s two-day policy meeting was underway, where it is expected to hold its cash rate steady at 3.6%, according to a Reuters poll.
In other markets
Markets in Taiwan were closed for holiday.
In Shanghai, the CSI 300 restocked 70 points, or 1.5%, to 4,620.05
In Korea, the Kospi hiked 45.16 points, or 1.3%, to 3,431.21
In Singapore, the Straits Times Index regained four points, or 0.1%, to 4,269.98.
In New Zealand, the NZX 50 picked up 20.83 points, or 0.2%, to 13,132.56
In Australia, the ASX 200 climbed 75.07 points, or 0.9%, to 8,862.79
