The only state-owned holding listing platform in Dongguan. The controlling shareholder changed its name to reflect the expectations of state-owned enterprise reform: the controlling shareholder of Dongguan Holdings is Dongguan Communications Investment Group Co., Ltd. (formerly Road and Bridge Corporation, renamed in 2015), accounting for 41.54% of shares. The actual controller is the Dongguan State-owned Assets Administration Commission, which holds 44.55% of the company's shares through Dongguan Transportation Investment Group and Dongguan Fumin Group Corporation. There are 55 municipal wholly-owned and shareholding enterprises under the Dongguan State-owned Assets Administration Commission, mainly in the fields of finance and securities, park economy, infrastructure, and utilities. Among them, Dongguan Securities completed the restructuring of the Stock Exchange Co., Ltd. in November 2014, and entered the counseling and filing registration stage in January 2015. Bank of Dongguan terminated its listing on July 1, 2014. Dual equity incentives for employees+controlling shareholders to promote the company's expansion: Dongguan Holdings plans to raise no more than 1.5 billion yuan in private stock, with an income price of 7.32 yuan/share. Among them, Transportation Investment Group (formerly Road and Bridge Corporation), the controlling shareholder of the company, subscribed no more than 100 million yuan. At the same time, the company's employee equity incentive plan and asset management products involving controlling shareholder employees will also participate in this private transaction. Dongguan Holdings carried out an equity incentive plan for the company's employees. The number of participants was 213, accounting for 30.04% of the company's registered employees. In addition, senior managers, other employees, and other investors of Transportation Investment Group (formerly Dongguan Road and Bridge Corporation), the controlling shareholder of the company, withdrew to establish Hyatt No. 1 of Guangshu Securities to participate in the company's private transaction. There is a synergy between holding financial leasing, and participating financial companies enjoy investment benefits: they currently own 20%, 6%, 5%, and 20% shares of Dongguan Securities, Dongguan Trust, Chang'an Village Bank, and Songshan Lake Microfinance Company, respectively. Open and wholly own Guangdong Rongtong Financial Leasing Co., Ltd. The financial leasing business can have a good synergy with the operation and construction of the company's expressway. Investment in other financial enterprises is beneficial to the increase in the company's net profit. It is expected that after the company invests 1.5 billion dollars in financial leasing, financial leasing will expand significantly. Investment advice: The company's value is 233 billion, and the company's current market capitalization is 142 billion, so there is huge room for growth. At the same time, Dongguan Holdings, as the sole listing platform held by the Dongguan State-owned Assets Administration Commission, has expectations for state-owned enterprise reform, and dual equity incentives for employees and controlling shareholders, so they are optimistic that the company will not prosper. The first coverage gave the company a “Highly Recommended” rating. Risk warning: Risks such as state-owned enterprise reforms falling short of expectations; corporate business coordination falling short of expectations.