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ZhongAn Online's performance improves, target price raised to HKD 24, technology subsidiary applies for virtual asset license.
[Coin World] According to research reports, ZhongAn Online's underwriting profit further improved in the first half of the year, with a premium rise of 9.3% in line with expectations, driven by medical and auto insurance. The group holds an 8.6% stake in ZhongAn Technology RD Tech, which is one of the first institutions in Hong Kong to apply for a virtual asset issuance license, and is expected to receive approval by the end of 2025. The report believes that ZhongAn Bank ( ZA Bank ) is likely to achieve breakeven by 2025, laying the foundation for a potential initial public offering. Based on the potential growth space of the stablecoin business, the report raised ZhongAn Online's target price from HKD 20 to HKD 24, maintaining a "buy" rating.