External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

Equity Bottom-Up

ZhongAn Online P&C Insurance C / Equity Bottom-Up

<ul><li>ZhongAn’s share price surged 55% in the week of 26 May, propelled by a resurgence of sentiment spurred by the passage of the Stablecoins Bill by the HK LegCo on 21 May, and the GENIUS Act advancement to the US Senate on 20 May.</li><li>Despite the surge was to some extent driven by a round of FOMO sentiment, we expect the valuation re-rating of ZhongAn starts to gain traction in the market alongside underwriting improvement in insurance segment, leaving limited downside risk for the stock’s valuation reverting to the previous low of 0.7x0.8x FY25E P/B.</li><li>With the Stablecoins Ordinance to come into effect this year, we believe the first batch of participants of the HKMA’s stablecoin issuer sandbox could be key beneficiaries for capitalizing on the fund flow momentum on virtual assets in HK, and bring tailwinds of topline upside to affiliated companies. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

ZhongAn’s share price surged 55% in the week of 26 May, propelled by a resurgence of sentiment spurred by the passage of the Stablecoins Bill by the HK LegCo on 21 May, and the GENIUS Act advancement to the US Senate on 20 May.Despite the surge was to some extent driven by a round of FOMO sentiment, we expect the valuation re-rating of ZhongAn starts to gain traction in the market alongside underwriting improvement in insurance segment, leaving limited downside risk for the stock’s valuation reverting to the previous low of 0.7x0.8x FY25E P/B.With the Stablecoins Ordinance to come into effect this year, we believe the first batch of participants of the HKMA’s stablecoin issuer sandbox could be key beneficiaries for capitalizing on the fund flow momentum on virtual assets in HK, and bring tailwinds of topline upside to affiliated companies. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ZhongAn (6060 HK) - HK Stablecoins Outlook Opens up the Headroom for Valuation Re-Rating