Sept. 4 (Bloomberg) -- Asian stocks trading in the U.S. advanced for a second day after Sony Corp. announced an initial share offer of its finance unit, Japan's biggest this year. China Eastern Airlines Corp. soared after trading in its shares resumed following a stake sale.

The Bank of New York Co.'s Asia ADR Index, tracking the region's American depositary receipts, climbed 0.8 percent to 163.55, the highest since July 31. U.S. markets were closed yesterday for the Labor Day holiday.

Sony gained $1.29 to $49.07. The world's largest game- console maker will raise roughly 332 billion yen ($2.85 billion) by selling 34.5 percent of Sony Financial Holdings Inc., its banking and insurance unit. The sale will raise funds to improve profitability at its consumer electronics and games divisions, Sony said.

China Eastern jumped the most since its February 1997 initial public offering, rallying $31.56, or 66 percent, to $79.61 after a three-month suspension. The nation's third-largest carrier agreed to sell a stake to Singapore Airlines Ltd. and Temasek Holdings Pte.

Advanced Semiconductor Engineering Inc., the world's biggest chip packager and tester, added 11 cents to $5.11. The Taiwanese company said it will acquire all shares it doesn't already own in ASE Test Ltd. for $784 million and delist the Nasdaq-traded unit to cut costs. ASE Test surged $2.59 to $14.35.

Japanese automakers gained after announcing their U.S. sales in August. Toyota Motor Corp. overtook Ford Motor Co. as the second-biggest U.S. automaker even as sales fell 2.8 percent. Shares of Japan's largest automaker rose $1.27 to $116.95.

Honda Motor Co., the second biggest, reported a 4.7 percent gain while sales at Nissan Motor Co., the No. 3, increased 6.3 percent. Shares of Honda added 57 cents to $33.49. Nissan advanced 12 cents to $19.22.

Nikkei 225 Stock Average futures expiring in September were at 16,570 in Chicago, 16,335 in Singapore and 16,400 in Osaka.

To contact the reporter on this story: Lu Wang in New York at lwang8@bloomberg.net.

Last Updated: September 4, 2007 17:16 EDT