Huan Qiu Lao Hu Cai Jing·2025-05-29 06:35Group 1 - The core viewpoint of the news is that ZhongAn Online has seen a significant increase in stock price, driven by the recent approval of the Stablecoin Regulation Bill in Hong Kong, which is expected to enhance the regulatory framework for virtual assets and improve cross-border payment efficiency [1][2] - ZhongAn Online's stock price rose over 36% on May 29, reaching a new high for the year, with a cumulative increase of over 80% in May, resulting in a market capitalization exceeding HKD 30 billion [1] - The Stablecoin Regulation Bill, passed on May 21, aims to establish a licensing system for fiat-backed stablecoin issuers in Hong Kong, which could lower costs and delays associated with traditional SWIFT systems [1] Group 2 - ZhongAn Bank, a subsidiary of ZhongAn Online, has positioned itself as the first digital bank in Hong Kong to provide reserve banking services for stablecoin issuers, potentially creating new growth opportunities for the company [2] - Since launching its "Banking for Web3" strategy in 2023, ZhongAn Bank has built a complete ecosystem, serving over 200 Web3 companies and major virtual asset trading platforms, and became the first digital bank in Hong Kong to achieve monthly profitability in July of the previous year [2] - Analysts from DBS Bank and Guotai Junan Securities have issued bullish reports on ZhongAn Online, with DBS maintaining a "buy" rating and raising the target price to HKD 20, while estimating the hidden value of ZhongAn Bank at USD 2 billion [3] Group 3 - ZhongAn Online reported total premiums of CNY 33.417 billion for 2024, a year-on-year increase of 13.37%, maintaining underwriting profitability for four consecutive years [3] - The net profit for ZhongAn Online was CNY 603 million, reflecting a 105.4% increase compared to the adjusted net profit for 2023 [3] - Guotai Junan Securities anticipates high elastic growth in net profit by 2025, with improvements in both underwriting and investment performance, while noting that the current price-to-book (PB) ratio is only 0.74 times, indicating a historical low [3]