Investors Cheer ZhongAn’s Insurance Milestone. But Only Briefly

Online insurer backed by Alibaba, Tencent and Ping An posts first-ever profit for its underwriting business in first half of 2021 Key takeaways: •   Online-only insurer ZhongAn made a profit from underwriting insurance for the first time in the first half of 2021, helping its net profit jump 54% •   Company’s shares still trade far below their IPO price, underscoring soured investor sentiment after years of losses By Warren Yang It’s been a long time coming for ZhongAn Online P&C Insurance Co. Ltd. (6060.HK), the online insurer that made a splash in…

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Software Spinoff OneConnect Unable to Cut the Cord from Powerful Parent

Company’s shares have lost a third of their value over the past week since it revealed it still gets two-thirds of its revenue from Ping An-related sources Key Takeaways: More than two-thirds of OneConnect’s revenue comes from its parent Ping An Group and affiliated companies OneConnect may be especially vulnerable in Beijing’s recent crackdown on U.S.-listed Chinese companies due to its access to huge amounts of sensitive financial data By Thomas Zhang In the investment world, 25% revenue growth is generally a positive thing. It’s rarely something to worry about…

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