Investment highlights On April 14, the company issued an announcement to stop planning major asset restructuring and resume trading of the company's shares. Due to certain changes in the domestic securities market environment and policies during the suspension period, and the actual controller did not complete the acquisition of 80% of St. Mary's Soccer Group Co., Ltd.'s shares during the suspension period, the company decided to terminate this major asset restructuring. The revised plan is back on track, and the original soccer layout will not change. The transaction structure was changed so that the actual controller of the company directly controls the overseas target company to complete ST. Following the acquisition of some shares of MARY'S FOOTBALL GROUP LTD, the company plans to purchase all of the shares of these foreign target companies by issuing shares or purchasing in cash. The operating income of St. Mary's Soccer Group Limited, which is the subject of the acquisition, for the 14-16 season was £1.07/1.15/121 million, respectively, with a forecast revenue of £165 million for the 17th season; the net profit for the 14-16 season was £0.33/0.12/02 million, respectively, and the predicted net profit for the 17th season was £27 million. Since transforming the sports industry, the company has actively laid out and developed some industries in the soccer field: including reforming the Zhejiang Women's Football Club and managing it; building a soccer sports town in Tonglu; and jointly hosting soccer youth training camps in important cities in China with the Real Madrid Foundation. Profit forecasting and rating: The company has a comprehensive sports core content supply system such as soccer, basketball, ice and snow, outdoor, fitness, etc., using this as a starting point to establish two major business lines of IP operation and sports commercial real estate development, which have both independent value and mutual collaboration. Relying on the timing of the Hangzhou Asian Games and the resource advantages within Zhejiang Province is expected to create a unique sports operation model. The company's 2017-2019 EPS is expected to be 0.08/0.12/0.16 respectively, maintaining the “increased holdings” rating. Risk warning: Club acquisition progress falls short of expectations, sports town business development falls short of expectations