On December 20th, China Foreign Exchange Group (0382.HK) previously announced the acquisition of a 100% stake in Guangdong Chinese Business Technical School with 150 million yuan. CSC FINANCIAL CO.,LTD pointed out that the Chinese technical school acquired this time is valued at about 6-7 times PE according to the 2022 profit forecast, and is expected to have a compound income growth rate of no less than 20% in the 2023-2025 fiscal year. And mergers and acquisitions help to consolidate the school-running level of the group, and realize the full coverage of the applied undergraduate (Chinese business college), higher vocational (Chinese business vocational school) and secondary vocational (Chinese business technical school) education system in Guangdong province. it helps to provide students for higher vocational education, and the conversion rate is expected to reach more than 50%. In addition, the number of students enrolled in the Chinese Business Technical School was about 5400 in the 22nd academic year, with a compound growth rate of 56.7 per cent in three years (from 1920 to 22nd). The average tuition fee has maintained a steady rise, which is 7700 yuan in the past three years, respectively. The follow-up technical school is expected to form a synergistic effect with Chinese Business College and Chinese Business Vocational School, and there is still room for tuition fees to increase. Also pointed out that after the merger and acquisition of the group is still relatively rich in funds, the follow-up vocational education strategic layout planning is still worth looking forward to. Maintain a "buy" rating at 15XPE in FY22 with a target price of HK $10.28.