Incidentally, on April 22, Lianzhong released a new logo at the Beijing Netyu eSports Hall. At the same time, management introduced the company's new strategy. Commentary League will work to build an intellectual sports ecosystem. Lianzhong has always been developing the intellectual sports industry. This new strategy proposes to build an intellectual sports ecosystem: including online games, media/communication, brand events, Internet + for the chess and card industry, and online and offline meeting points. The future business development strategy is clear. Lianzhong proposed a clear future strategic development layout, which mainly includes five major platforms: gaming platforms: traditional businesses belonging to Lianzhong, including Lianzhong lobby, web games, mobile games, etc. The company will continue to provide a better experience for end users. Global e-sports platform: Based on league competition, the League plans to establish a global e-sports network including e-sports halls and brand events. Chinese intellectual sports platform: Lianzhong has launched the platform with the government and other internet partners such as Sina, 360, Migu, and Tencent. Lianzhong's subsidiary, Zhongqi Weiye, is responsible for operating the Chinese intellectual sports platform, and completed a pre-A round of financing with a valuation of 450 million yuan in January 2016. Global competitive entertainment platform: WPT is the main vehicle for the company's overseas layout, helping Lianzhong to increase the penetration rate of overseas markets. WPT currently has more than 70 offline events a year, and TV programs cover more than 100 countries. Sports e-commerce platform: Lianzhong has established a joint venture with Sports Window to jointly develop the sports e-commerce market. For the first time, Lianzhong proposed a business model that will gather major ticketing, fans, and derivatives through the Internet and entertainment methods. We believe that the five major business layouts will be fully strengthened, and Lianzhong is expected to benefit from the booming development of related businesses. Maintaining the recommended rating and target price of HK$8.5, corresponding to 26 times the 2016 price-earnings ratio.