Shares of Gaotu Techedu Inc. (GOTU), a leading Chinese online education platform, plummeted 14.19% in premarket trading on Monday, October 8, 2024, as optimism over China's economic stimulus measures faded among investors.
The decline in Gaotu Techedu's stock price was part of a broader selloff in U.S.-listed Chinese stocks, which came after Zheng Shanjie, chairman of China's National Development and Reform Commission, failed to provide detailed plans to bolster market confidence during a conference.
Chinese stocks initially opened higher after a week-long break, but quickly lost steam as investors grew concerned about the lack of concrete measures from the government to support the economy. Alongside Gaotu Techedu, other Chinese companies, including e-commerce giants like Alibaba and JD.com, electric vehicle makers like NIO and Xpeng, and technology firms like Baidu and Bilibili, witnessed significant premarket declines.
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