TechFlow, July 31 — According to Jinshi Data, Citigroup released a research report stating that ZhongAn Online (06060.HK) will benefit from improved underwriting and enhanced efficiency, expecting its first-half profit to rise ninefold to RMB 531 million, with underwriting profit doubling to RMB 568 million. The bank noted that ZhongAn's various deployments in Hong Kong's stablecoin ecosystem bring growth potential. Considering the more optimistic earnings outlook, RMB appreciation, and potential valuation uplift from the company's positioning in Hong Kong's stablecoin value chain, Citigroup raised its earnings forecasts for fiscal years 2025 to 2027 by 11%, 12%, and 11% respectively, significantly increasing the target price from HKD 12.7 to HKD 24, and upgrading the rating from Neutral (High Risk) to Buy.
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