"an Shuo Yi people" was born out of nowhere. The company issued an announcement yesterday, announcing that the Internet financial services company has obtained a business license. The Internet Financial Services Company was established by a resolution adopted by the shareholders' meeting in early April, and recently received a business license issued by the Administration for Industry and Commerce of Liangshan Prefecture, Sichuan Province. the name of the company is an Shuo Yimin Internet Financial Services Co., Ltd., registered in Xichang City, Liangshan Prefecture, Sichuan Province, the company was officially established on April 10. It is worth noting that Anshuo Yimin and the actual controller before the listing of the Internet financial platform "easy loan China" have the same word, we believe that Anshuo Yimin will become an important entity for the actual controller to implement Internet finance.

The catalyst in the early stage was partially realized, and the company's executive power far exceeded expectations. The business scope of the new company includes not only the development and sales of financial software, but also the research and design of e-commerce and financial products, financial and economic consulting services, which is part of the catalyst for the landing of Internet financial business mentioned in our previous report. From the point of view of the time node, the company's new business is advancing much faster than the market expected, reflecting the executive ability of Internet companies, so we expect that the landing of Internet financial products and services will not be too far away. new catalysts will follow.

Do the big "docking" between the capital demand side and the supply side. Recently, many customers are concerned about what form Asustek will eventually become, and we think that the end of Anshuo can be simply understood as a "Lufax Holding" with different paths. Cut into the bank asset-end business, create a bank loan distribution platform, and establish a dealmaking platform based on non-standard financial assets. This is the end of the development of Asustek.

With a deep understanding of the asset side of banks, Anshuo will combine the advantages of the Internet and traditional banks to optimize the asset portfolio for banks and sell products that are not suitable for risk, income, maturity and other factors, so as to help banks jump out of the periodic law of high capital consumption and achieve the ideal banking form of low capital demand, high turnover and high ROE.

The progress of the Internet financial business exceeded expectations, and the stock price reached 330 yuan. We believe that the advance of the Internet business beyond expectations shows the company's firm belief in the Internet financial strategy and confidence in its own technological strength. Based on the transformation of the bank information services sector and the expectation of the company's future asset matchmaking platform, we raise the target price to 330yuan, corresponding to a market capitalization of about 23 billion yuan, which still has 30% upside space. We believe that in the field of Internet financial segmentation, the value of the city is still in the normal range.