Core Viewpoint - Zhongan Online (06060) reported a net profit of 668 million RMB for the first half of the year, surpassing the total profit of the previous year and exceeding expectations [1] Financial Performance - The company's underwriting profit exceeded expectations, leading to a downward revision of the overall cost ratio forecast for the year [1] - Zhongan Bank has turned from loss to profit, indicating an entry into a profit cycle that will enhance its contribution to overall earnings [1] Earnings Forecast - The earnings estimate for Zhongan Online has been raised, with an expected profit of 1.23 billion RMB for the year, representing a year-on-year growth of 100% [1] - The target price has been adjusted from 16 HKD to 23 HKD, maintaining a "Buy" rating [1]

Core Viewpoint - The Hong Kong government has officially enacted the Stablecoin Regulation, enhancing the regulatory framework for digital assets in the region, which is expected to facilitate the launch of compliant stablecoins by the end of this year [1] Group 1: Regulatory Developments - The Stablecoin Regulation was published in the Hong Kong government gazette on May 30, marking its official effectiveness [1] - The Hong Kong Legislative Council passed the Stablecoin Regulation draft on May 21, indicating strong legislative support for digital asset regulation [1] Group 2: Company Developments - ZhongAn Bank, the first virtual bank in Hong Kong, has made significant business advancements by providing reserve custody services for stablecoin issuers [1] - The bank has established strategic cooperation intentions with several licensed virtual asset exchanges, aiming to collaborate in areas such as cross-border payments and digital asset custody [1]