The actual controller of Big Wisdom remained the same after the issuance was completed: in this acquisition, Caihui Technology purchased 3.5% of the shares of Xiangcai Securities held by Xinhu Holdings in cash, and Big Wisdom purchased the remaining 96.5% shares held by other shareholders by issuing shares. Furthermore, Big Wisdom plans to issue no more than 495 million shares to no more than 10 other specific investors and raise no more than 2.7 billion yuan in supporting capital. After the acquisition of Xiangcai Securities is completed, Zhang Changhong will hold 33.04% of Dazhihui's shares; Zhang Changhong, Zhang Ting, and Zhang Zhihong will collectively hold 38.02% of DaZhihui's shares; Xinhu Holdings and Xinhu Zhongbao will collectively hold 29.87% of the shares; and Xinhu Holdings, Xinhu Zhongbao, Huang Wei, and other companies controlled by Xinhu Holdings, Xinhu Zhongbao, Huang Wei, and other enterprises they control will not participate in the share subscription to raise supporting capital. The actual controller is still Zhang Changhong. Big Wisdom Finance leads the number of terminal users and lays a good customer base: Big Intelligence is an Internet financial platform that uses software terminals as carriers to provide investors with financial information and data analysis. The company's Internet finance business started early and now has a relatively complete product line. At present, the company has 100 million registered users and 20 million monthly active users, and has a leading Internet financial user base. However, previously, users suffered huge losses due to spot silver in the precious metals trading business. Mintai Precious Metals Company was resold eight months after the acquisition, and the company did not participate in the annual review of investment consulting qualifications. Revenue will be drastically reduced after losing the consulting business qualification. The acquisition of Xiangcai Securities will bring in new sources of revenue and channels for monetizing traffic. Xiangcai Securities - comprehensive brokerage firm, capital allocation to support business development: Xiangcai Securities was approved by the Securities Regulatory Commission in 1999. As of the end of 2014, it had 53 securities sales departments and about 700,000 customers. Currently, the company's brokerage business is still the most important source of revenue. The first three quarters of 2014 accounted for 58% of total revenue. Other businesses such as investment banking and asset management all accounted for a small share, and revenue from self-operated business fluctuated greatly due to market influence. The company has total assets of 21.2 billion yuan and net assets of 4 billion yuan, similar to those of Western Securities, Pacific Securities, and Guohai Securities among listed brokerage firms. This allocation of capital raised no more than 2.7 billion dollars, which is mainly used to increase the capital of Xiangcai Securities. It will greatly enhance the capital strength of Xiangcai Securities, which will help the company develop innovative businesses such as financing and securities lending and equity pledges. Internet+brokerage firms cooperate deeply, and resource integration exerts a synergistic effect: the huge customer base of big wisdom and the Internet financial information service platform will be combined with the traditional brokerage business of Xiangcai Securities to form a one-stop Internet financial service platform centered on asset management and integrating information, information, financial management and other financial services. Traffic brought by Daizhi's large number of active users will be monetized through Xiangcai Securities. By the end of 2014, the market share of the brokerage business had stabilized at around 0.7% for the past three years. It is expected that a breakthrough will be achieved through integration with Big Wisdom in the future. Through resource integration, the two sides complement each other's strengths, exert synergy, and build an integrated Internet brokerage firm. Investment advice: Through the acquisition of Xiangcai Securities, Big Wisdom will gain a new revenue stream after losing revenue from precious metals trading and consulting business, and a large number of active user advantages will gain access to traffic monetization channels, creating a multi-integrated Internet financial service platform. However, whether effective integration can be achieved also depends on the degree of run-in between the two management levels. Since Big Wisdom did not pass the annual consulting business qualification review, we expect the company's main profit in 2015 to come from Xiangcai Securities, and we expect the EPS (corresponding total share capital after issuance) to be 0.03 and 0.12 yuan respectively in 2014 and 2015. Comparing comparable companies, we believe that the reasonable market value of Xiangcai Securities is 36 billion, 5 times that of Xiangcai PB after issuance, which is comparable to that of brokerage firms of the same size; in addition, the total market value of the Internet premium should be 43.2 billion yuan, corresponding to an estimated market value of 11.3 yuan/share, corresponding to 15PE 94 times, giving it a “buy” rating.