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Why New Oriental Education & Technology Group Shares Are Rising

Shares of Chinese companies, including New Oriental Education & Tech Grp (NYSE: EDU), 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, whi...

Benzinga · 04/29/2022 14:44

Shares of Chinese companies, including New Oriental Education & Tech Grp (NYSE:EDU), 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

New Oriental Education & Technology Group provides private educational services under the New Oriental brand in the People's Republic of China.

According to data from Benzinga Pro, New Oriental Education & Technology Group has a 52-week high of $164.40 and a 52-week low of $8.40.