Shares of Chinese companies, including Gaotu Techedu Inc (NYSE:GOTU), are trading higher on hopes Chinese regulators will ease their crackdown on tech and internet companies. Strength comes ahead of an expected joint regulatory meeting, which reportedly could occur this weekend.
A South China Morning Post report detailed that the Chinese government is set to hold a meeting with a number of the country's tech giants, potentially alleviating concerns of a further crackdown on the region’s top tech- and tech-related companies.
Shares of several Chinese companies at large have otherwise been trading lower in recent weeks amid ongoing COVID-19 concerns, which have driven lockdowns in Shanghai. The COVID-19 lockdown in Shanghai and other parts of China has continued to weigh on the broader Chinese economy and Chinese stocks in April. The IMF also recently downgraded China’s growth forecast to 4.4% from 4.8%, citing pain from its coronavirus restrictions.
See Also: Why Amazon Shares Are Falling Today
Gaotu Techedu Inc is a technology-driven education company.
According to data from Benzinga Pro, Gaotu Techedu has a 52-week high of $36.61 and a 52-week low of $1.26.
