The value of fund companies stems from the scarcity of licenses and brand and scale effects. Nuoan Fund achieved net profit of 76.24 million yuan in the first half of the year, and the net value of the fund managed by the end of 2007 was 75.8 billion yuan (see Appendix 3). Based on the company's average asset management size in the second half of the year and the ratio for the first half of the year (529/213), we estimate that profits for the second half of the year and the whole year were 188 million yuan and 266 million yuan, respectively. Considering that the fund company may be at its peak in 2007, giving 20 times lower PE, it corresponds to a reasonable value of 5.3 billion yuan. If we take into account the transfer price of 6.32 billion yuan of 48% of the shares of Bosch Fund in December 2007 and the asset management scale gap between the two companies (the fund assets managed by Bosch and Nuoan reached 21.09 billion yuan and 74.4 billion yuan respectively in the 3rd quarter of '07), then the reasonable valuation of Noon Fund is 4.6 billion yuan. If you compromise the two methods and give it a valuation of 5 billion yuan, the corresponding value of 20% of the company's shares is about 1 billion yuan, which is equivalent to 3 yuan/share.