Gaotu Techedu Inc. (GOTU) shares surged 7.41% in pre-market trading on Monday, leading a broader rally in Chinese stocks after China announced a shift towards a more accommodative monetary policy to spur economic growth.
On Monday, the Chinese government revealed it will implement an "appropriately loose" monetary policy next year, marking the first such easing stance since 2010. The announcement came from a meeting of top Communist Party officials, who also pledged to adopt a more proactive fiscal policy and take "unconventional" counter-cyclical measures to boost consumption and domestic demand.
The news of a looser monetary policy sparked optimism among investors, as it is expected to provide a tailwind for Chinese companies and the broader economy. GOTU, a leading online education platform in China, could benefit from increased consumer spending and a potential recovery in economic growth.
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