Key investment points: The market is concerned that the company has delayed responding to the Shanghai Stock Exchange inquiry letter. The company clarified the equity issues relating to the original shareholders of Jinwang Antai and resolved investors' concerns. The Securities Regulatory Commission will accept the company's additional issuance this week. In this restructuring, the company plans to purchase 80% of Jinwang Antai's shares. According to media reports, Zhong Wujian, the original shareholder of Jinwang Antai, transferred 6% of his shares to Key in May 2006. The media questioned that Zhong Wujian had already fled overseas in 2004 and was not arrested and returned to China. He is a fugitive financial suspect arrested by the Chinese public security authorities. His assets should have been seized assets. It is suspected that the above share transfer was a false transfer. The current purchase of Goldnet Antai is less related to the original shareholder incident. Zhong Wujian signed a “Investment Transfer Agreement” with the key parties. According to confirmation from Key and Zhong Wujian's agent, this share transfer is a true statement of intent between the two parties, and there is no case of shared ownership. Furthermore, the announcement revealed that Xinyada inquired with the Administration for Industry and Commerce of Jinwang Antai, that the shares subject to this transfer were not blocked, frozen, or other restrictive measures by any judicial authorities, and that the share transfer completed the industrial and commercial change procedures on May 19, 2006. According to the written confirmation of Key Key, Key has not been investigated by the judicial authorities as a result of this share transfer. This equity transfer is legal and compliant. Recently, I received a notice of acceptance of an administrative license application from the Securities Regulatory Commission. On May 27, the company announced that it would issue 19.87 million shares and pay cash to purchase 80% of Jinwang Taian's shares. It is proposed to issue 25.98 million shares to 4 specific investors, raising no more than 960 million yuan in supporting capital. On July 9, the China Securities Regulatory Commission examined the “Approval for Issuance of Shares by Listed Companies to Purchase Assets” administrative license application materials submitted by the company in accordance with the law. It was determined that the application materials were complete and complied with the legal form, and decided to accept the administrative license application. It is speculated that the original shareholder incident had no impact. The business center has returned to fundamentals. In October 2014, the company acquired 75% of Blue Interactive's shares. Through the Blue Interactive platform, it promoted more financial IT services to its long-term customers and achieved synergy effects, marking the first attempt from a financial IT supplier to a financial IT Internet value-added service. The draft acquisition of Jinwang Antai does not involve any cross-industry; it is a continuation of the focus on the promotion of financial informatization. It is speculated that the probability of subsequent promotion is higher. In particular, FINTECH is recommended as a high-quality growth target. Xinyada acquired the largest e-commerce company in China and entered the “true blue ocean”. Hang Seng Electronics and Jinzeng shares are all being deployed in this field. According to grassroots research, the target company's profits have exceeded forecasts for 3 consecutive years, so the transaction was initiated. There will be strong synergy between major e-commerce, blockchain, subsidiary interbank exchange, and subsidiary supply chain finance. Maintain “buy” ratings and profit forecasts. The company's net profit for 2016-2018 is estimated to be $1.58, 2.06, and $252 million, with revenue of RMB 1,401, RMB 1,693 and RMB 1,989, respectively, and earnings per share of 0.36, 0.47, and 0.57 yuan, respectively. Considering that the company issued 45.85 million additional shares and then announced 10, the total share capital will change to 531 million shares (the increase has been accepted by the Securities Regulatory Commission; the total share capital is currently 440 million yuan), and the corresponding EPS is 0.30, 0.39 and 0.49 yuan. According to GoldNet Antai's profit promise, the company conservatively estimates that the net profit for the 2016-2018 exam preparation will be 2.14, 2.82, and 360 million yuan, respectively. The 2016-2018 growth rate is close to 43%. It is a relatively cost-effective technology finance target.