The benchmark Hang Seng Index rose 372 points, or 2.2 percent, to 17,201, extending this week’s rally to a five-month high on Wednesday. The index has spiked about 1,000 points in the three trading days since Friday.

The tech gauge jumped 3.61 percent, with delivery bellwether Meituan advancing 4.6 percent and tech giant Tencent up 3.55 percent.

Leading the rally, Chinese artificial intelligence pioneer SenseTime jumped 31 percent after releasing the latest version of its SenseNova generative artificial-intelligence model.

Wednesday was the third day in a row of bullish trading after the China Securities Regulatory Commission announced a series of initiatives such as expanding the scope of exchange-traded funds, opening up for real estate investment trusts, and supporting the inclusion of yuan-denominated stocks in the cross-border Stock Connect program. The nation’s top regulator also vowed to support the listing of leading mainland companies in Hong Kong.

UBS on Tuesday raised its ratings for both the mainland and Hong Kong stocks to “overweight” from “neutral”.

“The largest stocks in the China index have been generally fine on earnings and fundamentals,” strategists at the Swiss investment bank, including Sunil Tirumalai, wrote in a note, citing strong customer spending and policy support as tailwinds.

However, the overall IPO performance is still weighing down the market. The city’s largest debut so far this year — Chinese bubble-tea chain Sichuan Baicha Baidao Industrial — plunged 27 percent in its first day of trading on Tuesday.