The remaining 75% of Suzhou Haowu's shares were acquired for 2.4 billion yuan. On September 26, the company announced that it intends to purchase 75% of the shares held in Suzhou Haowu by issuing shares and paying cash from 16 shareholders including Wang Meiling, and to raise additional supporting capital from specific targets. ① Asset acquisition: Assets valued at 2.4 billion yuan, of which 720 million yuan were paid in cash, additional 159 million shares were issued at 1,055 yuan/share, for a total price of 1.68 billion yuan; ② Raising supporting capital: Issuing 1,055 yuan/share to 10 specific investors, including Yin Meijuan, Red Star Furniture, and other 10 specific investors, an additional 72 million yuan per share to raise 760 million yuan in supporting capital. The real estate industry has stabilized over the medium to long term, and innovative real estate marketing models have emerged. The real estate industry has stabilized over the medium to long term, and there is room for development. After rapid growth slowed, the real estate e-commerce marketing model became apparent. The real estate marketing model changed from traditional marketing plan planning, advertising, etc., to omni-channel marketing, linking online platforms with offline agents, and accurate marketing with big data. Suzhou Haowu: A pioneer in real estate O2O, reconstructing the real estate transaction ecosystem. Founded in 2012, Suzhou Haowu is the first one-stop global marketing platform for real estate based on mobile Internet in China. Its business covers e-commerce for new homes, second-hand housing transactions, and big data information services. Compared with the traditional real estate marketing model, Suzhou Haowu uses the Internet and strong resource integration capabilities to drastically reduce intermediate links and reduce transaction costs. Its novel business model has been widely recognized by the market. Join hands with Haowu China to achieve collaboration and implement the “jewelry+Internet e-commerce” development strategy. Join hands with Haowu China to achieve business collaboration and resource sharing, and profoundly implement the “jewelry+Internet e-commerce” development strategy. Specifically, on the one hand, the two sides achieve mutual benefit by achieving business collaboration and resource sharing, and on the other hand, reach strategic collaboration and profoundly implement the “jewelry+Internet e-commerce” development strategy. Give a buy rating. As a leading traditional jewelry company, Mingpai Jewelry strives to innovate business models in the context of the traditional downturn in the offline real economy. The acquisition of the remaining 75% of Haowu China's shares has, on the one hand, achieved management collaboration and resource sharing for mutual benefit between the two parties, and on the other hand, reached strategic collaboration and deeply implemented the “jewelry+Internet e-commerce” development strategy. Haoya China's promised performance for 16-18 is 190 million/250 million/320 million yuan, respectively. Assuming that this fixed increase is completed by the end of 2016, we expect the company's profit for 16-18 to be 50 million/310 million/400 million yuan, EPS to be 0.10 yuan/0.41 yuan/0.53 yuan respectively, and the current stock price corresponding to PE is 137X, 31X, and 25X, respectively. Risk warning. Haoya China's future profit level falls short of expectations.