ZhongAn jumps on robust H1 profit, report of China considering stablecoins

ZhongAn Online P & C Insurance

21/08/2025 05:54

** Shares of ZhongAn Online 6060.HK climb 11.5% to HK$20.92, leading gains in Hong Kong-listed stablecoin concept stocks and on course for the biggest one-day pct gain June 16

** Stock is top pct gainer on Hang Seng Composite Index - Financials .HSCIF, hits highest level since July 31

** ZhongAn saw its first half net profit soar 1,103.5% y/y to 668 mln yuan ($93.13 mln)

** China is considering allowing the usage of yuan-backed stablecoins for the first time to boost adoption of its currency globally, sources familiar with the matter said, in a major reversal of its stance towards digital assets

** Hong Kong's stablecoin ordinance took effect August 1 and positions the Chinese-controlled territory as one of the first markets globally to regulate fiat-backed stablecoin issuers

** Other stablecoin concept stocks also rise with Bright Smart Securities 1428.HK jumping 9.9% and Guotai Junan 1788.HK up 8.6%

** YTD, ZhongAn up 73.9%, Bright Smart up 430.7%, Guotai Junan up 375.9% while broader market .HSI up 25.3%

($1 = 7.1726 Chinese yuan renminbi)

 (Reporting by Donny Kwok)

 ((donny.kwok@thomsonreuters.com))