Description of the incident Dehaurunda issued an announcement today regarding the termination of planning important matters and the resumption of trading of the company's shares. According to the announcement, an important matter of the company's current planning is the integration of LED lighting assets. The company plans to sell all operating assets and liabilities related to the LED lighting business to Rex Lighting Holdings Co., Ltd., an important shareholding subsidiary. Rex Lighting will pay all consideration in cash. Also, trading of the company's shares will resume from the opening of the market on November 14, 2014. Commentary on the incident now seems to have nothing to do with the important matter of the company's suspension of trading planning and the subsequent dispute between Regis Lighting and Wu Changjiang, the former CEO of Regis Lighting, and the company's termination of planning this important matter has something to do with this dispute. Furthermore, the company promised not to plan the above important matters for 3 months from the date of resumption of trading. The current dispute between Dehao Runda, Rex Lighting, and Wu Changjiang can be called a suspense blockbuster. The plot is confusing. The grudges and grievances behind it are definitely not outsiders. Objectively speaking, regardless of who is right and who is at fault, such incidents have had a great negative impact on the image of the parties involved. Moreover, according to the announcement, Wu Changjiang's illegal guarantee may cause losses of about 600 million yuan to Regis Lighting. The previous partnership between DeHao Runda and Rexroth Lighting turned into a current dispute, which was really unexpected. It should be said that this was a typical “black swan” incident. However, everything has two sides. According to various previous relevant announcements from Dehaurunda: First, this kind of conflict will erupt sooner or later; it is only a matter of time before it comes to light. For investors, an early occurrence is better than a late occurrence; at least there will be no such hidden danger in the future. Second, the channel dealers of Raishi Lighting have all been steadfastly on Wu Changjiang's side in previous disputes, but most of these disputes stand on the opposite side of Wu Changjiang. Coupled with Wu Changjiang's alleged violation of the guarantee, we have reason to believe that Wu Changjiang will basically lose actual control over the Rays sales channels and Rexroth brand resources that he founded, in the future, while the influence of DeHaorunda, the majority shareholder of Rexroth Lighting, is likely to increase. Third, Rexroth Lighting's brand and sales channel network are recognized as high-quality assets. If Dehao Runda and Rexroth Lighting can be used well, it may be of great help to improve the company's future performance. We expect the company's 2014-2016 EPS to be 0.05 yuan, 0.39 yuan, and 0.52 yuan respectively. The PE corresponding to the current stock price is 161, 21, and 16 times, respectively, maintaining the recommended rating.