A leading private architectural design enterprise in Jiangsu Province. The company is mainly engaged in engineering design business. Architectural design is the company's core business area, accounting for more than 85% of revenue, of which public construction business accounts for more than 50%. Other areas include residential construction, industrial and R&D buildings, as well as a small amount of landscape design and decoration design. The company has rich project experience, strong design and R&D capabilities, and strong competitiveness within Jiangsu Province, especially within Suzhou. Public institutions were restructured, and seven people including Dai Yaping were the actual controllers. The company's predecessor, the Suzhou Institute of Architectural Design, was a public institution directly under the Suzhou People's Government. It was later restructured and established as Suzhou Architectural Design and Research Institute Co., Ltd., with 7 people including Dai Yaping, Cha Jinrong, Tang Shaohua, Zhang Min, Qiu Zhibin, Zhang Linhua, and Ni Xiaochun, as co-actors of the company. Based on the issuance of 15 million shares, Dai Yaping and others directly held 11.48% of the shares and indirectly controlled 49.67% of the shares through Side Investment. A total of 61.14% of the company's shares are the actual controllers of the company. There are plenty of orders in hand, and we are actively seeking expansion outside the province. 15 In the first three quarters, the company achieved operating income of 227.63 million yuan, a slight increase of 2.58%, and net profit attributable to the parent company of 27.2 million yuan, a year-on-year decrease of 16.71%. The company's regional advantage within Jiangsu Province was obvious, accounting for more than 90% of revenue; business development outside of the province was also gradually strengthened. In the first half of 2015, business revenue outside Jiangsu Province was 14.67 million yuan, accounting for 9.08%, showing a good trend of steady growth. As of the end of June 2015, the company has outstanding orders of 667 million yuan, which supports future performance. Engineering design sector: Smaller front-end business, endogenous+epitaxial two-wheel drive. The growth rate of fixed asset investment has continued to decline in recent years, but engineering design, as a small front-end business, is relatively less affected. By relying on design advantages to intervene in PPP projects, using investment to drive design or intervene in general contracting fields, it is expected to bring about new profit growth points. Furthermore, since the industry is limited by qualifications and regions, relevant engineering design firms have achieved business expansion through acquisitions. The company's development strategy also mentions entering the field of engineering technology services related to architectural design through external mergers and acquisitions. The listing broadens financing channels, and fund-raising projects enhance the ability to undertake business. This time, the company plans to issue 15 million shares on a non-public basis and raise 314 million yuan in capital, mainly for technology research and development of new construction forms such as rail transit and green and energy-saving buildings, and the construction of design service networks to enhance its ability to undertake projects, which is conducive to the growth of the company's future performance. The reasonable value range is 34.85 yuan to 39.83 yuan. The number of non-public shares issued this time is 15 million shares. According to the new regulations of the Securities Regulatory Commission, they are directly distributed online through pricing. The final issue price was determined to be 20.91 yuan/share. Based on the maximum share capital after issuance, the EPS for 15-16 is expected to be 0.89 yuan and 1.00 yuan respectively, and the issue price is about 23.49 times that of PE in 15 years. Referring to the valuation levels of similar listed companies, a dynamic price-earnings ratio of 35-40 times in 2016 was given, with a reasonable value range of 34.85 to 39.83 yuan. Main risks: risk of loss of core talent, risk of repayment, risk of order delays.