The company's non-public offering was approved by the Securities Regulatory Commission. On May 6, the company received approval from the Securities Regulatory Commission regarding the company's non-public offering of 78.69 million shares. The company plans to raise 565 million yuan through a non-public offering, with a reserve price of 7.18 yuan, to acquire 88% of each of the shares of Deyang Jingneng Natural Gas and Luojiang County Natural Gas Company. The issuance targets are Chase Group, employee stock ownership plans, and three natural persons. The majority shareholders' shareholding after the issuance increased to 40.94%. After completing the transformation, two natural gas companies, Dalian and Shangrao, are expected to continue to expand the gas industry chain. The total net profit for 15 years was 13.73 million yuan, a sharp increase of 49.25% over the previous year, and the share of net profit in the natural gas business increased to 97.4% (the rest was commercial retail). At the same time, the net profit of Jingneng and Luojiang, which the company plans to acquire in 2015 was 35.36 million yuan and 7.33 million yuan respectively. The company has strategically transformed into a gas distributor. The company invested 61.72 million yuan to participate in the Asian Asian Energy IPO, expand upstream natural gas, and set up an industrial fund with Ruishi. The initial phase is 1.5 billion yuan, which is expected to accelerate expansion in distributed natural gas, LNG and other fields. The gas industry has entered a period of rapid development. The company's performance is very flexible, and natural gas prices were lowered at the end of November, and its economy compared to other energy methods has improved. In particular, in the context of increasing environmental requirements, natural gas has become the preferred energy method in more regions. Among them, distributed natural gas is already economical and has begun to expand in data centers, hotels, hospitals, airports, etc. As a natural gas distribution company with a small market capitalization (corresponding to a market capitalization of only 4.2 billion yuan after issuance), the company has a low balance ratio, large usable capital space, and the possibility of revaluation of commercial real estate. Facing a rapidly growing gas market, performance flexibility is high, and there is broad room for growth. Additional issues target the core interests of management and give a “buy” rating. The 2016-18 EPS is expected to be 0.10, 0.17, and 0.19 yuan, respectively. The company is positioned as a comprehensive clean energy service provider and will enter the entire gas industry chain such as distributed natural gas and LNG. Over the past two years, the majority shareholders' holding ratio has continued to increase, providing space for subsequent capital operations. This additional issuance has also targeted the core interests of management. We expect that after the additional issuance is completed, the pace of the company's distributed natural gas orders and epitaxial expansion will accelerate, giving it a “buy” rating. Risk warning: The progress of additional distribution is lower than expected; the expansion of the industrial chain falls short of expectations