Li Auto Inc (NASDAQ:LI), Nio Inc - ADR (NYSE:NIO) and XPeng Inc - ADR (NYSE:XPEV) are all trading higher Wednesday. 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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Kingsoft Cloud Holdings Ltd is an independent cloud service provider in China.
According to data from Benzinga Pro:
- LI is trading higher by 8.37% to $22.74
- NIO is higher by 12.67% to $10.85
- XPEV is higher by 16.16% to $11.82
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