Shares of Meituan, China's leading food delivery platform, surged by 8.35% on Wednesday, buoyed by Beijing's recent measures to stabilize the economy and prop up its struggling stock market.
The rally in Meituan's stock comes as part of a broader uplift in Chinese equities, fueled by coordinated steps from policymakers to revive growth. These include larger interest rate cuts, proposals to support the domestic stock market, and promises of more fiscal stimulus.
On Thursday, China's central bank announced a newly created funding scheme worth 500 billion yuan ($70.62 billion) to aid the capital market. The scheme allows financial institutions to access funding by using assets like bonds and stock ETFs as collateral, making it easier for them to purchase shares.
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