Incident: Announcement on the issuance of publicly issued convertible corporate bonds. The total amount of convertible bonds to be issued this time does not exceed RMB 780 million. Investment highlights: The priority placement date for the original shareholders of the issue and the online subscription date are June 8, 2017 (T day). Bonds term: The term of convertible bonds issued this time is six years from the date of issue, that is, from June 8, 2017 to June 7, 2023. Coupon interest rate: 0.3% in the first year, 0.5% in the second year, 1.0% in the third year, 1.3% in the fourth year, 1.5% in the fifth year, and 1.8% in the sixth year. The initial convertible price of this convertible bond was 12.97 yuan/share. The issuance of convertible bonds raised 780 million dollars and invested in government software, big data, mobile marketing, and cash purchases of Swiss Persistent, including all product lines, which sent a strong boom signal. Interest on convertible bonds is very low and does not affect net profit. At the same time, convertible bonds are reviewed more efficiently, and the fastest and most definitive pursuit of business is possible! Looking at historical developments, from 2006 to 2008 and 2010 to 2012, the rapid growth in performance in both stages came from strong investment in the early stages! Enjoy the policy dividends of government departments to “accumulate data assets and revitalize data value”! Key customer areas, forming a flexible big data product line. 1) In the field of finance, it has covered the same platform for financial statements and asset management platforms. It has signed contracts with the Ministry of Finance for early pilot projects in Hunan Province, Yunnan Province, Tianjin City, and Chongqing City. It is expected that in 2017, it is expected that the financial big data application plan and other product lines will be expanded nationwide. 2) In the transportation sector, we have signed contracts for emergency response data projects in 3 provinces, traffic data projects in 7 provinces, and transportation statistics projects in 21 provinces and cities. It is expected that the four major transportation platforms will continue to be tendered within 2-3 years. 3) In the judicial field, intelligent court inspection and intelligent voice trial systems have been launched, and a data analysis platform based on big data has been developed. The High Court has published important documents, and the construction of smart courts across the country has added incremental market space! 4) In the field of digital communication, big data and marketing are integrated, and the overseas promotion layout of more than 40 cities has been completed. In-depth report “5 major assessments confirm the new business cycle and raise the “buy” rating!” Proving that the parent company's statement caliber data is related to government business, the parent company reported a 43% increase in revenue and a 52% increase in net profit in the 2016 report. 1) The parent company's business comes directly from major customers such as ministries, departments, and central enterprises, reflecting the government cycle. The previous high point was the revenue growth rate of 53% in 2011. The reason is that in the two-generation software cycle, core business line software such as finance has gone from being centered on control to being data-centered! 2) In the 2016 annual report, the total net profit - 100 million yuan, Huaxia Telecom - Ruiyi Hengdong, was 75 million, and the operating profit was significantly higher than 75 million. The reason is that the parent company's reported net profit of 100 million yuan. Presumably, the reason is that some innovative subsidiaries were newly established in '16 and reduced in '17. Maintain profit forecasts and “buy” ratings. Net profit for 2017, 2018, and 2019 is expected to be 374 million, 462 million, and 575 million. In 2017, the corresponding PE was 23X, and the PE valuation was at the bottom of history. Revenue and profit growth in 2017 are expected to be 77% and 71%. Since cash mergers and acquisitions were transferred at the beginning of the year, 2017 profits include a consolidated statement of Shanghai Mobile for the whole year.