Shares of Chinese food delivery giant Meituan soared over 8% on Wednesday, as investor sentiment in Hong Kong remained buoyed by China's recent stimulus measures aimed at reviving the economy.

The People's Bank of China announced plans earlier this week to cut the reserve requirement ratio for banks and inject liquidity into the financial system. These moves are expected to boost lending and spur consumption, providing a tailwind for consumer-facing companies like Meituan.

Analysts say that while the stimulus is a positive factor, a sustainable rebound in corporate earnings and a decisive exit from deflation are crucial for a broader market recovery. Nevertheless, investors are betting that Meituan, with its dominant position in the booming online food delivery market, will be a key beneficiary as consumer spending picks up.