Why Gaotu Techedu Shares Are Popping Off

Gaotu Techedu Inc GOTU shares are trading higher by 20.04% to $3.08 going into the close of Friday's session. Shares of Chinese stocks at large are trading higher after U.S. regulators gained access to audits of Chinese companies, which has reduced delisting concerns. 

China Macro News

China hastened to vaccinate its most vulnerable people on Thursday expecting waves of COVID-19 infections, following its easing of strict restrictions that had so far kept the pandemic at bay for three years, reported Reuters.

U.S. regulator Public Company Accounting Oversight Board said on Thursday it was able to inspect the audit firms that serviced mainland Chinese companies listed in the United States, allaying concerns over the potential de-listing of over 170 firms...Read More

According to data from Benzinga Pro, Gaotu Techedu has a 52-week high of $3.14 and a 52-week low of $0.64.