Shen Wan Research published a report that downgraded the investment rating of Tianjin Port Development (03382-HK) from increased holdings to neutral, while the target price was lowered from HK$2.75 to HK$2.15. The main reason is that its 56.81% equity plan to buy A-shares in Tianjin Port is not very economical. According to the report, the price of Tianjin Port Development and the purchase of Tianjin Port shares is RMB 10.152 per share, which is equivalent to 15.4 times the 2008 price-earnings ratio; while the price of the targeted increase in Tianjin Port is 2.09 yuan per share, which is equivalent to 14.9 times the 2008 price-earnings ratio, but currently the price-earnings ratio of major port stocks listed in Hong Kong in 2008 is less than 10 times. However, the bank believes that the development of Tianjin Port to obtain acquisition proposals approved by independent shareholders will bring more surprises, such as the injection of oil terminals and land assets by the Tianjin Port Group.