Investment highlights: Market concerns that companies have delayed responding to inquiries from the Shanghai Stock Exchange. The company clarified the equity issues of the former shareholders of Jinwang Antai and addressed investors' concerns. The Securities Regulatory Commission will accept the company's additional issuance at this week's meeting. The restructured company plans to buy 80% of Jinwang Antai's shares. According to media reports, in May 2006, Zhong Wujian, the former shareholder of Jinwang Antai, transferred 6% of its shares to Key. The media questioned that Zhong Wujian had fled overseas in 2004 without being arrested and returned home. He was a fugitive foreign economic suspect wanted by the Chinese public security authorities. His assets should have been seized assets. The above share transfer is suspected of being a false transfer. The correlation between the current purchase of Jinwang Antai and the original shareholders is low. Zhong Wujian and the key parties signed a “Investment Transfer Agreement”. According to confirmation from Key and Zhong Wujian's agent, this equity transfer is an expression of the true intentions between the two parties, and there is no situation where shares are held on behalf of the two parties. Furthermore, the announcement revealed that Xinyada inquired with the Administration for Industry and Commerce in charge of Jinwang Security to understand that the underlying shares of this transfer were not subject to seizure, freezing, or other restrictive measures by any judicial authority, and that the share transfer had completed the industrial and commercial change procedures on May 19, 2006. Key has confirmed in writing that Key has not been investigated in any way by the judicial authorities as a result of this equity transfer. This equity transfer is legal and compliant. Recently, we received a notice from the Securities Regulatory Commission on acceptance of the administrative license application. On May 27, the company announced that it would issue 19.87 million shares and pay cash to purchase 80% of Jinwang Taian's shares. It is planned to issue 25.98 million shares to 4 specific investors, raising no more than 960 million yuan in supporting capital. On July 9, the China Securities Regulatory Commission examined the administrative license application materials for the “Approval of Issuance of Shares to Purchase Assets by Listed Companies” submitted by the company in accordance with the law. It found that the application materials were complete and in accordance with the legal form, and decided to accept the administrative license application, speculating that the incident involving the former shareholders had no effect. The business center has returned to fundamentals. In October 2014, the company acquired 75% of Blue Interactive's shares and promoted more financial IT services to its long-term customers through the Blue Interactive platform to achieve synergy, marking the first attempt from a financial IT provider to a financial IT Internet value-added service. The current draft acquisition of Jinwang Antai does not involve any cross-industry; it is a continuation of the focus on the promotion of financial informatization. It is speculated that the probability of subsequent progress is higher. In particular, FINTECH is recommended for high-quality growth targets. Xinyada acquired Antai, the first major e-commerce network in China, and entered the “true blue ocean.” Hang Seng Electronics and Financial Securities shares are all positioned in this field. According to grassroots research, the target company's profit has exceeded forecasts for 3 consecutive years, so the deal has started. There will be strong collaboration between bulk e-commerce, blockchain, interbank exchanges for subsidiaries, and supply chain finance for subsidiaries. Maintain a “buy” rating and profit forecast. The company's net profit for 2016-2018 is estimated to be 158 million, 2.06 and 252 million yuan, with revenue of 1,401, 16.93 and 1,989 billion yuan respectively, and earnings per share of 0.36, 0.47 and 0.57 yuan respectively. Considering that after the company issued 45.85 million additional shares, the total share capital became 531 million shares (the increase has been accepted by the Securities Regulatory Commission; currently the total share capital is 440 million yuan), corresponding to EPS of 0.30, 0.39 and 0.49 yuan. According to Jinwang Antai's profit promise, the company's net profit for 2016-2018 exam preparation is conservatively estimated to be 2.14, 2.82, and 360 million yuan respectively, and 2016-2018 is in line with a growth rate close to 43%. It is a relatively cost-effective technology finance target.