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.