Foreign investment 1: The company invested 10 million yuan to establish a wholly-owned subsidiary, Hebei Huijin Financial Services Co., Ltd., and holds 100% of the shares in the newly established subsidiary. As the scale of the company's business continues to expand, in order to provide customers with better service, the company transferred after-sales service and related business to wholly owned subsidiaries for independent operation. Foreign investment 2: The company, Tangdi Technology and Haihan Asset jointly funded the establishment of Shanghai Weibo Wealth Co., Ltd., with equity ratios of 10%, 21%, and 69%, respectively, and registered capital of 50 million yuan. It mainly focuses on the field of Internet finance, and has built a P2P online lending platform to provide investment and financing services. Tangdi Technology provides domestic and foreign financial institutions, Internet financial enterprises, and third-party payment companies with software products and system integration services for payment and settlement, Internet financial management, and online loans, and is rich in data resources. The new company will make full use of shareholders' technology, transaction data, customer resources, and business management advantages. Foreign investment 3: Tangdi Technology, Yintong Securities Investment in Guizhou Gui'an New District, and Shijiazhuang Huifengyuan Investment Group jointly funded the establishment of Shanghai Fitch Credit Reporting Co., Ltd., with equity ratios of 45%, 40%, and 15%, respectively, and registered capital of 50 million yuan. The new company will make full use of shareholders' technical and resource advantages to carry out personal credit reporting services, while also providing data services for the P2P online lending business. Domestic personal credit reporting is currently in its infancy, and the industry will usher in a period of explosive growth. Considering Tangdi Technology's position in the payment industry, and the cooperative relationship between Huijin and Yintong Securities in Guizhou's Gui'an New District, Guizhou, and financial institutions, we believe that if the new company applies for a personal credit reporting license, there should be greater opportunities. Endogenous epitaxial helps traditional businesses grow at a high rate, and comprehensively lays out Internet financial services. (1) According to the performance forecast, the company's net profit attributable to shareholders of listed companies fell 15%-30% year on year in 2014, mainly due to the company's active promotion of fund-raising project construction, sharp increases in fixed asset depreciation and employee remuneration, leading to an increase in costs and period expenses; in 2014, the company's operating income is expected to increase 40%-50% year on year. As the company's business scale expands, new products continue to enter the market, and scale effects will be evident; (2) Tangdi Technology, Dongfang Xinghua, and Delanite Communications, and the combined revenue in 2014 will be less. The net profit of Dongfang Xinghua and Delanite Communications in 2015 was 25 million yuan, 15 million yuan, and 20 million yuan respectively; (3) the company expanded from bank front-end financial equipment and hardware products to back-end software products, acquired Shanghai Tangdi Information and increased its capital to comprehensively lay out credit reporting and other Internet financial services; (4) the company's mergers and acquisitions are strong. Through epitaxial expansion to supplement new business and product lines, we are optimistic about the company's long-term development prospects and maintain a “buy” investment rating. Risk warning. The risk of mergers and acquisitions; the risk of delays in issuing personal credit licenses; the risk that business progress falls short of expectations.