Stock Track | Meituan Stock Soars 6.76% on Stabilization Fund Proposal and Earnings Optimism

Stock Track10-23

Shares of Meituan, the Chinese food delivery and lifestyle services giant, soared 6.76% on Tuesday, buoyed by optimism surrounding corporate earnings and the proposed establishment of a stock market stabilization fund in Hong Kong.

The rally in Meituan's stock was driven by a confluence of positive factors. First, a government-backed think tank, the Institute of Finance & Banking affiliated with the Chinese Academy of Social Sciences (CASS), proposed the creation of a 2 trillion yuan ($280.5 billion) stock stabilization fund. This fund aims to steady the market by buying and selling blue-chip stocks and exchange-traded funds (ETFs), providing support for the recent surge in stock prices.

Additionally, a slew of stimulus measures announced by the Chinese government has fueled expectations of improving corporate earnings. This optimism has increased investor confidence and contributed to the upward momentum in the stock market, with blue-chip stocks gaining approximately 24% over the past month.

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