Stocks in Asia rose on Wednesday as investors shrugged off concerns over the ongoing coronavirus outbreak.

Mainland Chinese stocks were among the biggest winners regionally, with the Shenzhen component jumping 1.6% to close at 10,940.80 and the Shenzhen composite surging 1.554% to end its trading day at about 1,785.33. The Shanghai composite also gained 0.87% to close at around 2,926.90. Hong Kong's Hang Seng index was 1.1% higher, as of its final hour of trading.

In Japan, the Nikkei 225 gained 0.74% to close at 23,861.21 as shares of index heavyweight and conglomerate Softbank Group surged 11.89% after a judge stateside approved a merger between T-Mobile and Sprint. Softbank is a majority shareholder of Sprint. The Topix index, on the other hand, ended its trading day slightly lower at 1,718.92.

Meanwhile, South Korea's Kospi added 0.69% to close at 2,238.38.

The S&P/ASX 200 in Australia finished its trading day 0.47% higher at 7,088.20 as shares of Commonwealth Bank of Australia surged 4.08% following the release of its half year results.

Shares of Australian health supplements firm Blackmores bucked the overall trend as they plunged 12.79%. The company had earlier announced a scrapping of its dividend and the expectation that this year's profit will more than halve as its supply chain is impacted by the coronavirus outbreak, according to Reuters.

Overall, the MSCI Asia ex-Japan index was 0.8% higher.

"From a coronavirus perspective, I think ... the concerns have probably peaked," Steve Brice, chief investment strategist at Standard Chartered Private Bank, told CNBC's "Street Signs" on Wednesday. "It does seem that ... the very strong actions that have been taken by the authorities are starting to bear some fruits."

Brice said markets will likely now focus on the "knock-on economic impact" and effect on corporate earnings as a result of measures taken by authorities in China and elsewhere in the region to tackle the virus outbreak.