Foxconn hooks up with Nokia and surges in Hong Kong, China real estate up


Shares in Asia were mixed Monday as the Hong Kong Hang Seng Index dropped 0.8% to close at 22,325. The Shanghai Composite Index rose 0.5% to 3,332 and in Japan the Nikkei Index added 1.5% to end the day at 10,168.

In Hong Kong, Foxconn International (FXCNY) surged 16.9% as investors poured money into the mobile phone and electronics maker. According to reports, Foxconn will begin selling phones to phone-making giant Nokia (NOK). The company is also planning to set up as many as 10,000 chain stores in China, which the company hopes will make Foxconn into a retail distribution goliath. According to China Daily, Foxconn has earmarked 10 billion Taiwanese dollars for setting up shop, looking towards capitalizing on local sales rather than depending on exports.

Originally published