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Chinese Stocks Open Higher on Easing Oil Prices, US-China AI Plan

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Chinese shares opened higher on Tuesday as oil prices eased and as Washington and Beijing agreed to establish a formalized dialogue on artificial intelligence safety.

The Shanghai Composite Index, the main gauge of Chinese stocks, opened 0.4% higher at 3,963.81. The Shenzhen Component Index climbed 0.9% to 13,858.62.

Oil prices fell to their lowest level in 12 days, as investors hoped for diplomatic progress on the Iran war amid this week's United Nations meeting and eyed a partial recovery in shipments from Saudi Arabia.

During talks on Sunday between U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, the two sides agreed to set up a formalized dialogue on AI, including an "incident line" for communications about AI safety incidents.

Senior U.S. and Chinese officials are set to reconvene in roughly two months in Shenzhen to address AI risks and establish communication protocols for AI safety incidents.

What else is happening in Asia?

Asia

Market Chatter: SoftBank Launches $11 Billion Bond Sale to Fund OpenAI Investment

SoftBank Group (TYO:9984) has launched $10 billion and 1 billion euros in senior unsecured notes to fund its investment in OpenAI, Reuters reported Monday, citing a term sheet.The dollar-denominated tranches mature in 3.5, 5.5, and 7.5 years, while the euro portions mature in four and six years, the newswire said.The proceeds will finance SoftBank's $10 billion payment for the third tranche of its OpenAI follow-on investment, expected to close on Oct. 1, while the remaining funds will be used for general corporate purposes, the report said.SoftBank Group did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

TYO:9984
Asia

Shenzhen Transsion's Hong Kong Listing Application Under Review; Shares Up 4%

Shenzhen Transsion (SHA:688036) said the Hong Kong Exchange is reviewing its application for listing on the Main Board.The listing is pending final approval from the Hong Kong bourse, the city's Securities and Futures Commission, and other regulators, according to a weekend filing with the Shanghai bourse.Shares of the mobile phone maker rose 4% in recent trade.

SHA:688036
Asia

China Approves Shanghai Rural Commercial Bank's Absorption of Peer

Shanghai Rural Commercial Bank (SHA:601825) received approval from China's National Financial Regulatory Administration to absorb Shanghai Chongming Rural Commercial Bank, according to a Saturday filing with the Shanghai bourse.The listed commercial bank will absorb Chongming RCB's assets, liabilities, institutions, businesses, employees, and other rights and obligations and will dissolve Chongming, according to the filing.

SHA:601825