Kingsoft Cloud Holdings Ltd KC shares are trading higher by 17.00% to $4.61 during Wednesday's session. 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?
Kingsoft Cloud Holdings Ltd is an independent cloud service provider in China.
According to data from Benzinga Pro, KC has a 52-week high of $15.08 and a 52-week low of $1.77.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
