Shares of Ubtech Robotics Corp Ltd (HK:9880) rose sharply on Wednesday after the firm and electronics giant Hon Hai Precision Industry (TW:2317), also known as Foxconn (SS:601138), said they will collaborate on the development of humanoid robots.

Ubtech surged 10.5% to HK$52.60 in Hong Kong trade, vastly outpacing a 0.1% rise in the benchmark Hang Seng index.

The company and Foxconn said they will form a long-term partnership with the goal of developing humanoid robots for the manufacturing sector, Chinese media reported.

Source: INVESTING