China Pacific Insurance Group (CPIC) shares soared 6.26% in the intraday trading session on Thursday, outperforming the broader market, after the company issued an upbeat profit forecast for 2024.
The insurance giant expects its net profit for 2024 to increase by 55% to 70% year-over-year, reaching between 42.2 billion yuan and 46.3 billion yuan (US$5.80 billion to US$6.36 billion). The robust earnings outlook is attributed to a series of favorable national policies and positive fluctuations in the overall performance of capital markets.
CPIC's strong profit guidance has boosted investor confidence, driving the stock price significantly higher. The company's shares rallied to a multi-week high, reaching HK$23.80 in Hong Kong and 32.98 yuan in Shanghai.
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