The net profit of Baisheng Group (3368.HK) for the six months ending at the end of June was RMB 253 million, down 22.2% from the previous year, which was significantly narrower than the 34.4% decline in the first quarter; the medium-term interest rate was reduced by 20% to 0.04 yuan.

UBS immediately upgraded the stock's rating to buy, and raised the target price by half to HK$3; indicating that the profit target for the first half of the year had already met the full-year forecast of 71%. In response, the 2014-16 earnings forecast was raised by 15%, 14% and 5%, in order of order to $0.15, $0.15 and $0.14 per share.