Chinese stocks rallied on Wednesday, led by shares related to the Shanghai pilot free trade zone and brokerages.

The benchmark Shanghai Composite Index jumped 1.24 percent to 3,216.3 points, reaching its highest level since May 2018. The Shenzhen Component Index climbed 0.78 percent to 10,340.51 points.

The combined turnover on the Shanghai and Shenzhen bourse stood at 933.4 billion yuan (about US$139 billion), shrinking from 1,038.48 billion yuan the previous trading day.

Stocks related to the Shanghai pilot free trade zone showed strong performance with many shares rising above the daily 10-percent limit. Eternal Asia Supply Chain Management Ltd., a Shenzhen-based supply chain provider, surged 10.07 percent to 6.45 yuan per share.

Brokerages were also among the winners. Soochow Securities Co., Ltd. and Sinolink Securities Co., Ltd. both rose by the daily limit of 10 percent to 12.09 yuan and 12.43 yuan, respectively.

The ChiNext Index, China's NASDAQ-style board of growth enterprises, gained 0.8 percent to close at 1,768.18 points Wednesday.

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