Why Li Auto, Nio And XPeng Stock Are Rising After Ant Group News

Li Auto Inc LI, Nio Inc - ADR NIO and XPeng Inc - ADR 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

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:

• 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