Gaotu Techedu Inc. (GOTU) surged 5.17% in pre-market trading on Tuesday, riding a wave of optimism surrounding Chinese tech stocks. The rally comes as the Chinese government signals a shift towards embracing the tech sector as a crucial driver of employment and economic growth, easing years of regulatory crackdowns.
The recent emergence of cost-effective AI models like DeepSeek, coupled with positive economic indicators, has fueled investor optimism about the growth potential of Chinese tech companies. This enthusiasm has translated into significant gains for key indices like the Hang Seng Tech Index, which has soared 27% over the past month.
Adding to the bullish sentiment, President Xi Jinping hosted a high-profile meeting with prominent entrepreneurs, including Alibaba co-founder Jack Ma, on Monday. Xi promised to abolish unreasonable fines against private firms and urged entrepreneurs to maintain their competitive spirit, a symbolic gesture of support for the once-marginalized private sector.
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