Shares of Bilibili Inc, the popular Chinese video-sharing platform, surged by 8.9% on Thursday, October 18th, as the company benefited from a broader rally in Chinese stocks following significant measures announced by China's central bank to support capital markets and stimulate economic growth.
The People's Bank of China (PBOC) unveiled two funding schemes, expected to pump as much as 800 billion yuan ($112 billion) into the stock market through newly created monetary policy tools. This move, aimed at boosting investor sentiment, was warmly received by the markets, with the benchmark Shanghai Composite Index closing 2.9% higher, while the blue-chip CSI300 and Hang Seng indexes both gained 3.6%.
In addition to the funding schemes, the PBOC also outlined operational details of swap and relending programs initially announced in late September. These measures, coupled with positive economic data such as better-than-expected third-quarter GDP growth and improving industrial output and retail sales figures, fueled optimism among investors and drove broad-based gains in Chinese stocks, including Bilibili.
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