Good morning from the Financial Times.
Today is Wednesday, February 12, and this is your FT news briefing.
Hong Kong's tech stocks are soaring right now.
And Elon Musk is throwing a wrench in OpenAI's plans to restructure.
Plus, Sudan's two year civil war has entered a new phase.
I'm Mark Filippino and here's the news you need to start your day.
Tech companies are having a stellar week on the Hong Kong Stock Exchange.
Chinese tech stocks listed there have entered bull market territory.
The index that tracks the 30 largest companies is up 27% since about a month ago.
Investors are excited because of a Chinese AI startup that we've been talking about a lot lately,
Deepseek.
Its model uses way less computing power than its US Counterparts.
And on top of that, the world's largest electric vehicle battery maker,
catl, applied for a secondary listing there this week.
It could be the city's largest stock offering in years.
Elon Musk wants to take control of the nonprofit that governs OpenAI.
He led a consortium of investors this week to make a nearly $100 billion offer for it.
That could complicate an already complicated restructuring at OpenAI.
So why would Musk offer an absurd amount of money for a nonprofit?
Well, there's some history there.