Citigroup released a research report, which raised the target price of China Merchants Bank from HK $57.37 to HK $70 by 22%, and Orient Securities from HK $5.85 to HK $7.72, with its rating upgraded to “buy”, believing that the market may have underestimated its ability in wealth management. The bank said that mainland households are increasingly using fund investment to increase their exposure to the stock market, as well as increasing demand for investment advice and asset allocation from professional wealth and asset management companies.
