The restructuring passed unconditionally. On November 8, 2016, the main business was changed to the securities business. Huaxin Co., Ltd. announced the major asset restructuring of Huaxin Co., Ltd. on November 8, 2016. The restructuring plan consists of three parts: major asset replacement, issuance of shares to purchase assets, and raising supporting capital. After the restructuring was completed, Huaxin Co., Ltd. obtained 92% of Huaxin Securities's shares, and its main business changed to the securities industry, and no longer engaged in real estate development business. The restructuring was held unconditionally on 2017/3/2. Huaxin Securities focuses on asset-light business. The overall fundamentals are good. Huaxin Securities mainly engages in capital light businesses such as brokerage and investment banking. In 2015, the operating income and net profit of the mother ranked 66th and 79th in the industry. By business: (1) brokerage: newly set up sales departments break out of the cost investment period and start endogenous growth; a decline in commission rates is inevitable; (2) Investment banks: Backed by Morgan Stanley, excellent ability to undertake projects; gross margin is low, and performance is under pressure. (3) Asset management: 2017 will enter a period of performance release; differentiated development requires marketing for wealth management. (4) Credit: The original capital was insufficient, and business publicity had a limited effect on increasing market share; restructuring made up for the shortfall in capital, and the credit business started again. (5) Futures: Operated by the subsidiary Huaxin Futures, the 2017 stock index futures policy was loosened, and performance may be slightly restored. (6) Self-management: Mainly based on the balanced allocation of stocks and bonds, the return on investment is countercyclical, showing a steady investment style. Shanghai Yidian Group, the controlling shareholder, is rich in resources, bringing restructuring and integration of industry and finance to the Imagination Space Group, which focuses on the three new industrial frameworks of information+real estate+non-banking, and strives to provide smart city solutions; the non-bank financial sector is responsible for providing various services such as asset securitization, asset management, and financial leasing to SPV, so there is plenty of room for integration between industry and finance. Recently, the Shanghai State-owned Assets Administration Commission issued the “Key Work Points of the Party Committee of the Shanghai Municipal State-owned Assets Administration Commission in 2017”. Through comparison one by one, we found that the group is already at the forefront of reforms in various areas such as promoting the qualitative and effective growth of the state-owned economy, developing a mixed ownership economy, promoting open market-based restructuring, and promoting scientific and technological innovation, and has opportunities for reform in employee shareholding and equity incentives. There is plenty of room for valuation improvement. The target price is 19.32 yuan, and the “buy” rating Huaxin Securities has placed PE and PB by 21.49 times and 1.60 times, respectively, which is significantly lower than comparable companies; under the triple catalyst of undervaluation, small market capitalization, and sub-IPOs, the company's stock price will be more flexible in the future. Reserved real estate provides flexibility and performance guarantees for the performance of listed companies. We used the average valuation of the PE law and the PB method of 19.32 yuan/share as the target price. There is 40% room for increase compared to before the suspension of trading, giving it a “buy” rating.