Futu Holdings Ltd FUTU and NetEase Inc NTES shares are trading higher Wednesday morning. Shares of Chinese companies at large are trading higher after Chinese regulators reportedly approved a capital raise for Ant Group.
What’s Happening?
The China Banking and Insurance Regulatory Commission division approved the company’s plan to raise its capital to 18.5 billion yuan, reported Bloomberg, citing a notice dated Dec. 30.
Following the deal, Ant, which contributed 5.25 billion yuan, will control half of its shares while a unit owned by the city of Hangzhou will hold 10%, the report said…Read More
See Also: What’s Going On With General Electric Stock Today?
According to data from Benzinga Pro:
- FUTU is trading higher by 6.37% to $40.25
- NTES is higher by 5.30% to $80.50