Shares of Chinese food delivery and services giant Meituan surged over 10% on Friday, riding a wave of optimism that swept through Hong Kong markets after a slew of positive economic data and fresh stimulus measures from Beijing.
The jump in Meituan's stock price was part of a broader rally, with the Hang Seng Index climbing 3.6% as investors cheered stronger-than-expected growth figures for China's economy in the third quarter. The country's GDP expanded 4.6%, beating forecasts of 4.5%, while industrial production and retail sales also surprised on the upside.
Market sentiment received an additional boost after the People's Bank of China unveiled a series of supportive measures, including a cut in reserve requirement ratios for banks and the launch of a 300 billion yuan ($41 billion) re-lending program aimed at providing affordable credit to businesses.
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