Shares of Chinese food delivery giant Meituan-W surged nearly 17% on Wednesday, propelled by a broad rally in Chinese stocks listed in Hong Kong. The rally was driven by optimism surrounding China's recent economic stimulus measures and improving growth outlook.

Last week, Chinese authorities unveiled a range of stimulus policies aimed at bolstering the economy, including interest rate cuts, freeing up cash for banks, and providing liquidity support for stocks. Four major cities also eased home-buying curbs, and the central bank moved to lower mortgage rates.

These measures have boosted investor confidence and fueled a buying spree in Chinese equities, which had been undervalued after a three-year decline. The attractive valuations of Chinese stocks, trading at around half the level of the S&P 500, have lured hedge funds and institutional investors to pile into the market at a record pace.