iQIYI Inc – ADR (NASDAQ:IQ) shares are trading higher by 11.51% to $6.92 Thursday. Shares of Chinese companies at large are trading higher Thursday after Chinese regulators reportedly approved a capital raise for Ant Group. Chinese stocks have also been volatility following the recent easing of COVID restrictions.
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, IQ has a 52-week high of $7.10 and a 52-week low of $1.65.
