Gaotu Techedu Inc. (NYSE: GOTU) saw its stock surge 5.30% in pre-market trading on Friday, riding the wave of a broader rally in Chinese ADRs. The education technology company's shares climbed as investors responded positively to signs of potential easing in US-China trade tensions.
The upward movement comes as U.S. President Donald Trump expressed a desire to reach a trade deal with China, signaling a potential de-escalation of the ongoing trade war. During a Cabinet meeting, Trump stated, "I would love to get a deal with China to end an escalating trade war." This softened tone from the U.S. administration sparked optimism among investors, leading to significant gains across Chinese stocks listed in the United States.
Gaotu Techedu's rally aligns with the performance of other Chinese ADRs in overnight trading. Notable gainers included XPeng and Bilibili, both up 8%, while tech giants like Baidu, Alibaba, and JD.com also saw substantial increases. The positive sentiment surrounding Chinese stocks suggests that investors are becoming more confident in the prospects of companies operating in the world's second-largest economy, despite ongoing geopolitical uncertainties.
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