Why Futu Holdings And NetEase Shares Are Trading Higher

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

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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