1. Overview of the incident The company issued an announcement on December 7, 2016. The transaction for the acquisition of Ingram Micro Inc. (Ingram Micro Inc.) has been completed, and Ingram Micro International has become a subsidiary of Tianhai Investment. 2. Analysis and judgment that the acquisition of Ingram Micro was completed ahead of schedule. The progress exceeded expectations. The company completed the acquisition, and the progress exceeded expectations, showing execution ability. The company's original announcement was to complete the acquisition on December 15, 2016, and the market generally expected the completion time to be completed by the end of December. The acquisition progress was significantly faster than market expectations, which showed the company's determination and rapid execution ability to expand internationally. Committed to becoming a global supply chain integrated service provider Acquiring Ingram Micro International is committed to becoming an integrated supply chain service provider. Ingram Micro is a global IT supply chain integrated service provider. In the past three years (2013-2015), Ingram Micro's revenue reached US$425.54, 464.87, and US$43,026, respectively, and achieved net profit of US$3.11, 2.67, and 2.15. In the 1st to 3rd quarter of fiscal year 2016, Ingram Micro achieved revenue of US$29.586 billion, a year-on-year decrease of 6.39%, and net profit of US$135 million, an increase of 82.68% year-on-year. The company will use acquisitions as a base and combine its layout in trading platforms and supply chain finance to achieve global supply chain management services. In the future, efforts to develop domestic business in the Chinese market may be the focus of Ingram Micro's future development. Currently, Ingram Micro's main markets are North America and Europe, and the Asia-Pacific market, especially the Chinese market, has a lot of room for improvement. The Asia Pacific region accounted for 23.4% of revenue in 2015, while sales revenue in China was only 17.5 billion yuan, or about 6% of total sales, so there is plenty of room for growth. At the same time, Ingram Micro's cloud service may also be introduced into the Chinese market through the HNA platform. 3. Profit Forecast and Investment Proposals The net profit due to mother is estimated at 3.17, 15.50, and 1,564 billion yuan from 16 to 18, corresponding to the current EPS of 0.11, 0.53, and 0.54 yuan. It was given 40 to 45 times PE in 2017, corresponding to a valuation of 21.2 to 23.9 yuan, and a “highly recommended” rating. 4. Risk Warning: Risk of exchange rate fluctuations, domestic business expansion falls short of expectations.