Shares of several Chinese stocks, including TAL Education Group (NYSE:TAL), New Oriental Education & Tech Grp (NYSE:EDU) and Gaotu Techedu Inc (NYSE:GOTU), are all trading higher after the Chinese government vowed to focus on consumption recovery and reduce some income tax rates.
Shares of several Chinese stocks have otherwise been under pressure amid continued COVID-19 omicron variant concerns, which have prompted travel restrictions in some nations and added to lockdown fears. Omicron concerns have also caused uncertainty amid the holiday shopping season. Shares of Chinese companies have also been under pressure in 2021 amid further regulatory concerns in China.
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TAL Education is one of the leading K-12 after-school tutoring providers in China. EDU is the largest well-established one-stop shopping private educational services provider in China. Gaotu Techedu is a technology-driven education company with core expertise in online K-12 courses.
