According to a report released by Xiaomo, China Cinda (1.83,0.02,1.11%) (01359) sold 50.995% of Happy Life's shares for 7.5 billion yuan at a price higher than the industry average. It is believed to be a positive catalyst for the company, indicating that the company is refocusing on its non-performing asset management business strategy. The bank said that by selling its interests, it believes Cinda can increase net profit, achieve better long-term matchmaking, and ease concerns about capital strength.

The bank said it maintained China Cinda's target price of HK$2.25 and reiterated its “superior to the market” rating.