Shares of Meituan, China's leading food delivery platform, surged by 8.35% on Wednesday, riding a wave of optimism as Beijing unveiled a series of measures to stabilize the economy and prop up the struggling stock market.

The rally in Meituan's stock came amid a broader uplift in Chinese equities, fueled by coordinated steps from policymakers to revive growth. A key catalyst was China's central bank announcing a newly created funding scheme worth 500 billion yuan ($70.62 billion) to aid the capital market. The scheme allows financial institutions to access funding by using assets like bonds and stock ETFs as collateral, making it easier for them to purchase shares.

Investors are now pinning their hopes on the government's planned briefing on fiscal policy on Saturday, where Finance Minister Lan Fo'an is expected to introduce moves to further strengthen fiscal policy to shore up growth. While some analysts caution that the size and scope of the next stimulus package could disappoint, the market appears to be betting that Beijing's commitment to supporting the economy will continue to provide tailwinds for stocks like Meituan in the near term.