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Analysts said that the growth in valuation has been supported by fundamentals, and if demand for the alcohol beverage continues to grow, it could rise further in the next few months due to higher demand during the Lunar New Year festival.

And more attractions are in the pipeline.

Analysts said China's progress in 5G, which enables a much faster data transmission speed, will give a helping hand in facilitating the development of autonomous driving technology in the country.

Analysts attributed the low PMI to slower economic expansion and the escalating US-China trade disputes and said if the situation continued to worsen, the authorities may ramp up stimulus measures to keep the economy on track.

Analysts said the Wen-23 construction signaled a step up for underground storage expansion. Currently there are 10 such projects under construction and around 20 in the planning stages.