According to market news, Chongqing Bank, which is 20% owned by Daxin Financial (0440.HK), has been listed on the Hong Kong Stock Exchange (0388.HK) in principle and will raise US $800-1 billion. UBS believes that the listing of the Bank of Chongqing can be a catalyst for the stock price of Daxin Finance, which has changed its real estate accounting method from revaluation to historical cost, although it has led to a significant reduction in shareholders' capital, but in the long run, it will be less affected by falling property prices. To reiterate the purchase of the stock, the target price was raised by 18% to HK $52.5, equivalent to 0.95 times the forecast price-to-book ratio, which has not yet reflected the potential M & A value.