Why Chinese Stocks Futu, GDS Holdings, and New Oriental Education & Technology Rose Today
Chinese stocks ripped higher today, as the Chinese government issued its gross domestic product (GDP) target for 2025 and detailed forthcoming stimulus it plans to inject into the country's ailing economy. Hong Kong's Hang Seng index rose 2.8%.Shares of Futu Holdings (FUTU 11.93%) traded 12% higher today. Meanwhile, shares of GDS Holdings (GDS 10.20%) rose 10%, while shares of New Oriental Education & Technology (EDU 6.37%) were up roughly 6%.Beijing is projecting a higher budget deficitIn a government repo ...