Dec 15, 2023 08:07 PM
BUSINESS
China Edtech Firm Rallies After Rush for Shopping Channel
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Gaotu pivoted into livestream shopping after China banned for-profit tutoring in 2021. Photo: VCG
(Bloomberg) — The beaten-down shares of a Chinese education company are staging an unlikely comeback after its pivot to livestream shopping saw a sudden influx of subscribers.
The U.S.-listed depositary receipts of Gaotu Techedu Inc., a provider of online teaching in China, rose 7.6% in premarket trading on Thursday after surging 34% this week. The gains followed an inrush of subscribers for the company’s shopping channel on Douyin, a TikTok’s Chinese sister platform.
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