UBS: Raise Zhongan Online's (06060.HK) target price to HK$22.3.

Zhichuan Finance APP learned that UBS has released a research report stating that ZhongAn Online (06060.HK) has achieved a 11-fold year-on-year increase in net profit after tax to 668 million RMB in the first half of the year, reaching 68% of the market's full-year profit forecast for the company. The comprehensive cost ratio improved by 2.3 percentage points to 95.6% compared to the same period last year, possibly surpassing market expectations, and the banking business has moved out of losses. UBS has raised the target price of ZhongAn Online from HK$13.1 to HK$22.3 to reflect long-term stable currency/cryptocurrency opportunities, policy benefits in the stock market, and rolling valuations.