The change in equity has led to a change in the actual controller, and the controlling shareholder's share of voting rights will exceed 20%: the company announced the change in equity, and Beijing Yongyu Investment will transfer a total of 7.33% of the shares of the company's controlling shareholders, directors, and supervisors, and will own 12.79% of Bowling Bao's shares through delegation of voting rights. After this equity change is completed, the number of voting shares of Yongyu Investment in Bowling Bao will reach 20.12%, becoming the controlling shareholder, and Dai Si, the actual controller, will become the company's new actual controller. The agreed transfer price is 20 yuan. The premium transfer shows the new shareholders' determination for future development: the price of this agreement transfer is 20 yuan/share, for a total transfer of 27,077,104 shares, with a total price of over 540 million yuan. After this transfer is completed, the shareholding ratio of Mr. Liu Zongli, the original controlling shareholder, will drop from 20.07% to 15.05%, and the share ratio with voting rights will drop to 6.30%, and he will no longer be the controlling shareholder of the company. Beijing Yongyu Investment, a new controlling shareholder, was founded in July 2014, and its main business is foreign equity investment. The operating income from 2014 to 2016 was 0 yuan, 100,000 yuan, and 688,700 yuan, respectively, and the net profit was -8528 yuan, 9165 yuan, and 363,500 yuan, respectively. Yongyu Investment promised not to transfer the Bowling Bao shares obtained in this transaction for 12 months from the date the relevant transferred shares completed the share transfer registration. At the same time, it will actively develop existing business in the major health sector, optimize asset quality and business structure, and enhance the profitability of listed companies. Previously, Ningbo Baopu Futong Asset, another equity investment company, also transferred nearly 10% of Bowling Bao's shares at a price of 20 yuan/share, making it the second largest shareholder. We believe that the transfer of shares of the company by both equity investment companies in a premium manner reflects confidence in the company's future development, and that the continued layout of the Big Health Strategy is worth looking forward to. Profit forecast and valuation: The company's fundamentals performed well, achieving net profit of 40 million yuan in the first three quarters of 2016, an increase of 10% over the previous year, and gross margin increased by 2 percentage points to 15.72%. As a leading enterprise in the functional sugar field, the company's profitability continues to improve. We predict that the company's EPS from 2016 to 2018 will be 0.18 yuan, 0.21 yuan, and 0.26 yuan respectively, and the target price of 24 yuan will remain unchanged, maintaining the “buy” rating. Risk warning: The risk that the big health strategy layout is not progressing as expected.