The Zhitong Finance App learned that Lyon released a research report saying that Changhe (00001) and Vodafone merged the British telecommunications business and formed a joint venture. The exact impact of this proposal on the balance sheet after the merger is currently unclear, but Changhe will split 3 UK and can choose to sell all of its shares in the merged entity three years after 2024, indicating that the company's stock price is discounted 50% from its net asset value to a target price of HK$65 and a “buy” rating. The bank estimates that the merged company will have 36% of the mobile user market share, while the spin-off will slightly increase Changhe's net assets by 40 million yuan.