Gaotu Techedu Inc. (NYSE: GOTU) saw its stock soar 7.69% in pre-market trading on Wednesday, as Chinese ADRs (American Depositary Receipts) experienced a significant uptick despite new U.S. tariffs on Chinese goods taking effect.
The surge in GOTU's stock price aligns with a broader rally among Chinese companies listed in the U.S. Several prominent Chinese ADRs, including Bilibili, XPeng, Trip.com, and Alibaba, posted gains ranging from 6% to 8% in overnight trading. This widespread positive movement suggests that investors are showing renewed confidence in Chinese stocks, potentially benefiting smaller players like Gaotu Techedu as well.
The rally comes in the face of U.S. President Donald Trump's implementation of substantial tariffs on Chinese imports, including a hefty 104% duty on certain goods. However, reports indicate that China's top leaders are planning to convene a meeting to discuss measures to boost the economy and stabilize capital markets. This proactive approach by Chinese authorities may be contributing to the positive sentiment surrounding Chinese ADRs, including education technology companies like Gaotu Techedu.
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