Stock Track | Meituan Soars as China Unveils Stimulus to Boost Economy and Stock Market

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Shares of Meituan, China's leading food delivery platform, surged by 8.35% on Wednesday, riding a wave of optimism as Beijing unveiled a series of measures to stabilize the economy and prop up the struggling stock market.

The rally in Meituan's stock came amid 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.

A key catalyst for the market euphoria was China's central bank announcing 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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