Why Futu Holdings And NetEase Shares Are Trading Higher

Futu Holdings Ltd (NASDAQ:FUTU) and NetEase Inc (NASDAQ: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

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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