Kingsoft Cloud Holdings Ltd (NASDAQ: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
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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.
