HK-listed ZhongAn Online rises most in 5 weeks; Nomura upgrades to 'neutral'

ZhongAn Online P & C Insurance

27/08/2021 04:07

** Shares of ZhongAn Online P & C Insurance Co Ltd  6060.HK 
rise 6.3% to HK$38.70, their biggest daily percentage gain since
July 22
    ** Stock of the Chinese online insurance services provider
set to snap two consecutive sessions of losses; the biggest
percentage gainer on both Hang Seng Tech Index  .HSTECH  and
Hang Seng Composite Index tracking financials stocks  .HSCIF  
    ** ZhongAn Online P & C Insurance said its net profit for
six months ended June jumped 54% to 755.3 mln yuan ($116.5 mln)
from a year-ago period   urn:newsml:reuters.com:*:nFWN2PX01T
    ** Brokerage Nomura upgrades stock to "neutral" from
"reduce" and lifts TP to HK$38.80 from HK$38.75, saying H1
results beat on improved combined ratio with consumer finance
and digital life the key revenue drivers
    ** Citi expects the stock price to react positively to the
H1 results with ZhongAn's underwriting turning profitable and
net profit ahead of expectation
    ** Daiwa maintains "outperform" rating on the stock saying
ZhongAn's H1 results beat and produced remarkable surprises in
both insurance underwriting profitability and technology exports
    ** The Hang Seng Tech Index  .HSTECH  rises 1.7% and the
Hong Kong Hang Seng Composite Index tracking financials stocks
 .HSCIF  gains 0.8%
    ** The Hang Seng China Enterprises Index  .HSCE  rises 1.4%,
and the benchmark index  .HSI  climbs 0.8%

    ($1 = 6.4844 Chinese yuan)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))