Tencent Music Entertainment (TME) stock surged 5.14% in premarket trading on Wednesday, outperforming the broader market. The sharp rally in the Chinese music streaming platform's shares came amid a broader positive sentiment towards Chinese equities, fueled by China's ambitious economic growth targets and plans to support domestic consumption and the tech industry.

Beijing set an economic growth target of around 5% for 2025, raising expectations for officials to unleash more stimulus measures to boost the slowing economy. The government also unveiled a plan to increase fiscal spending, including a 300 billion yuan ($41.27 billion) subsidy program to stimulate consumer spending.

Moreover, policymakers vowed to support the application of large-scale AI models, mentioning AI for the first time in a government work report. This move could potentially benefit tech companies like Tencent Music, which operates several popular music streaming apps and leverages AI technology in its services.