Here's Why Gaotu Techedu And TAL Education Shares Are Moving

Gaotu Techedu Inc GOTU and TAL Education Group TAL shares are trading higher Wednesday afternoon. 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:

• GOTU is trading higher by 10.15% to $3.20
• TAL is higher by 7.35% to $8.11