Lenovo Group's stock soared 6.79% on Thursday, outpacing a broad rally in Chinese equities, as the People's Bank of China unveiled plans to pump up to 800 billion yuan ($113 billion) into the stock market.
The central bank's measures aim to provide liquidity for securities firms to buy stocks and offer low-interest loans to eligible listed companies and major shareholders for stock repurchases and increases in holdings. This move has fueled optimism in the market, leading to a surge in Chinese stocks, including technology giants like Lenovo.
The rally in Lenovo Group's shares also came after Chinese President Xi Jinping emphasized the importance of science and technology companies, further boosting investor sentiment in the sector. However, the stock market's gains contrasted with China's slowing GDP growth rate, which decelerated to 4.6% in the third quarter of 2024.
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