Key points of the report The company issued an announcement: 1. The subsidiary Minghe Ming and its subsidiary Yinchuan Shengdi signed a “Cooperation Agreement” with Taobao Network; 2. The restructuring plan to acquire 100% of Tianxiang Interactive's shares will increase the supporting capital raised from 550 million yuan to 1.2 billion yuan; 3. It plans to transfer 10% of Jinya Cloud Media's shares to Bus Online, with a transfer amount of 10 million yuan. Incident review strategy joins hands with Taobao to improve the WCA ecosystem: This strategic cooperation is mainly carried out by Yinchuan Holy Land and Taobao Network's “Taobao Games” (the largest online trading platform for game virtual items in China). The details are as follows: 1. The two sides jointly invest in communication and public relations resources to achieve WCA network-wide and full-platform promotion; 2. Exclusive cooperation between the two sides, integrating e-sports industry opinion leaders based on the WCA platform, and providing a package of “growth plans” (WCA responsibility) to integrate into the Alibaba ecosystem to create an ecosystem with e-sports opinion leaders at the core; 3. Taobao is WCA2015 set up a special section to connect WCA with Taobao platforms, and access WCA2015 livestream/on-demand resources. We believe that this strategic cooperation will make full use of Taobao's strong user base and influence, bring massive traffic resources to WCA2015, and will build a closed loop of advertising cooperation to achieve the integration of “gaming” and “consumption”; the “growth plan” will help the company gather the core resources of e-sports “opinion leaders” and greatly promote derivative businesses such as product sales and game distribution; and the business model based on WCA will be greatly extended. The plan increases supporting financing to help the business layout take off: The restructuring plan to acquire Tianxiang Interactive will increase the amount of supporting capital raised from 550 million yuan to 1.2 billion yuan (a timely favorable response to the new capital raising policy for major asset restructuring), of which 990 million yuan will be used to pay cash consideration for the acquired assets, and 210 million yuan will be used to supplement the company's working capital. After the transaction was completed, the chairman's shareholding ratio increased to 34.22%, and the CEO of Tianxiang Interactive became the second largest shareholder, consolidating the foundation of the company's game business; additional capital injection will also inject plenty of impetus into the company's “content+platform+terminal” game industry chain layout. Introducing powerful partners, cloud media looks high on the front line: Jinya Cloud Media is the implementation entity of the company's strategy to transform virtual operators. “GEEYA Watch” uses mature radio and television resources to perfectly combine live television with mobile Internet, expand radio and television services to smartphone terminals, and achieve true “integration of the three networks.” The bus online introduced this time is the leading cross-platform mobile Internet media community in China. It owns the largest mobile television media platform “CCTV Mobile Media” in China, covers more than 100 million users, and has the only national media production and broadcasting license issued by the State Administration of Radio, Film, and Television. The two are expected to work together in the future to create a mobile marketing platform where TV media and mobile terminals interact full time, and the prospects are worth looking forward to. Maintaining the “recommended” rating: The reversal of the company's performance has already been established, and the layout of the entire industry chain has basically taken shape. It is proposed to acquire Tianxiang Interactive, increase its holdings, and the profit margin has a high benchmark, and the margin of safety has increased significantly. It is estimated that the EPS preparation for the 2015/2016/2017 exam will be 0.77/1.03/1.34 yuan, which is again recommended!