Shares of Chinese electric vehicle maker Li Auto soared over 6% on Thursday, as the stock was buoyed by China's central bank announcing new funding schemes and policies aimed at supporting capital markets and boosting investor sentiment.
In a move that sent shockwaves through Chinese equities, the People's Bank of China launched two schemes to pump as much as 800 billion yuan ($112 billion) into the stock market through newly created monetary policy tools. This announcement catalyzed a broad rally, with Li Auto's stock climbing 6.6% in pre-market trading.
The central bank's measures, which included operational details for swap and relending schemes first announced in late September, provided a much-needed boost to Chinese markets. The benchmark Shanghai Composite Index closed up 2.9%, while the blue-chip CSI300 and Hang Seng indexes both ended 3.6% higher.
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