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
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