Why Chinese Education Stocks Soared on Friday
News that the Chinese government is getting ready to wrap up its years-long crackdown on the country's tech stocks, and shift toward supporting the sector instead, sparked a rally in Chinese equities Friday morning. It didn't take long for this rally to extend to the nation's beleaguered for-profit education sector, either.
As of 10:50 a.m. ET, shares of Gaotu Techedu (NYSE: GOTU) are up 9.9%, New Oriental Education & Technology Group (NYSE: EDU) is gaining 10.9%, and TAL Education Group (NYSE: TAL) is leading the sector higher with an 11.2% gain.
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Source Fool.com
