Full Truck Alliance Co. Ltd. (NYSE: YMM), a leading digital freight platform in China, witnessed a significant surge in its stock price on Monday, September 24, 2024, as it soared by 12.76%. This rally was fueled by a combination of factors, including the Chinese government's stimulus measures and a bullish outlook from a prominent Wall Street firm.

The People's Bank of China (PBOC) announced a series of stimulus measures aimed at reviving the Chinese economy. These measures include lowering banks' reserve requirements by 50 basis points, reducing the seven-day reverse repo rate by 20 basis points to 1.5%, and implementing measures to support the housing market, such as reducing average interest rates for existing mortgages and lowering down payments on all homes.

Additionally, the PBOC plans to inject 500 billion yuan into capital markets for stock purchases and provide 300 billion yuan in loans to commercial banks for stock buybacks. These measures boosted investor sentiment and fueled a rally in Chinese stocks, with Full Truck Alliance being one of the beneficiaries.

Complementing the positive sentiment, Citigroup placed Full Truck Alliance on a "90-day positive catalyst watch," citing strong monthly user growth and the potential for order volume to exceed 20% year-over-year growth. The analyst firm maintained a "Buy" rating on the stock with a $12 price target, further contributing to the stock's upward momentum.