The incident company announced that its application for a non-public offering of shares was reviewed and approved by the Securities Regulatory Commission's Issuance Review Committee. A brief review was completed. The momentum for subsequent development was sufficient for the company to launch a non-public offering in September 2015. The plan was adjusted three times. The total number of shares issued to Cloud Investment Group, Wealth Securities Royal Court Capital Cloud Investment Ecosystem Cluster Asset Management Plan, and Wealth Securities Cloud Investment Ecological Employee Shareholding Plan Phase I was 59.308 million shares; the issue price is still 90% of the company's average stock price for the first 20 trading days of the pricing benchmark, or 12.14 yuan/share. However, if this price is lower than 70% of the average stock trading price for the first 20 trading days of the issuance period, then the fundraiser will be adjusted later; collection The capital is 7.2 billion yuan. We believe that after the issuance is completed, this additional distribution will increase the shareholding ratio of Cloud Investment Group, the majority shareholder, and bind employee interests, which will help increase employee motivation. In the long run, as the only listed company platform under the Group, the company will receive abundant resources to provide strong support for the company's future efforts to win ecological management and ecotourism projects in Yunnan Province, and even transform into a comprehensive environmental protection platform company. In the future, the company will rely on the large number of rivers and lakes in Yunnan Province and the advantages of the tourism industry to enter a wider range of environmental protection business from the perspective of watershed management. It has continuously won large bids for large orders, and the annual performance expectations are good. Following the company's announcement of the first PPP order last year, the Tonghai County Shengta Complex Project, the company has continuously won bids for major projects this year, which has had a positive impact on the annual performance. In May, the company won the bid for the 235 million yuan logistics park project in Pu'er City. The net profit margin of the project will reach about 15%-20%, which is higher than that of ordinary engineering projects. At the same time, the company's order in Pu'er City also means that the company's other businesses may also expand into this new market. In August, the company won the bid for the Sponge City PPP project in Renli Ancient Town, Suining City. The total amount of the third phase was 1.32 billion yuan. It was the first project outside the province and the company's first sponge city-related order company. The project is planned to be implemented in three phases within 5 years. The construction cycle is from 2016 to 2020. The bid price for the project is 6.8% return on investment, a cost reduction rate of 5%, and maintenance fees of 1 yuan/㎡? year. Generally speaking, the company has increased its market expansion efforts, business scale has increased, and project gross margin is better than expected, contributing to outstanding growth in performance. The two-wheel drive of watershed management+sponge city continues to be optimistic in the medium to long term. While traditional engineering business is developing steadily, the company is also tracking a number of watershed management projects. It is expected that it will start with planning and planning, and then gradually implement them. The company's main business, municipal gardens, has a certain advantage in connecting with the sponge city business, so the company is currently also actively tracking projects and entering the PPP market. We believe that the successful completion of this additional issue will play an important role in promoting the transformation and upgrading of the company's business. We are optimistic about the company's medium- to long-term development, maintain the company's net profit in 2016 and 2017 at 0.72 million yuan and 121 million yuan, consider additional EPS of 0.25 and 0.42 yuan, and maintain the buying rating.