The reasonable valuation is 36.9 billion, which corresponds to 45% of the space after the increase in issuance. The company's traditional business was given 15 times the PE of 2016, corresponding to a reasonable market value of 9.72 billion yuan, which is comparable to the market value before the suspension of trading. We use the market space method to estimate the asset value of Zhejiang merchants at 23.16 billion, and the corresponding market value of trusts, futures, and insurance companies with a comparable company method is estimated at 4.04 billion yuan, and the financial sector is valued at about 27.2 billion yuan. We gave the company a valuation of 36.92 billion yuan within the next 6 months. The price before the suspension of trading corresponds to the market value of the new shares at 25.54 billion yuan after listing, with 44.5% room, and gave it a “Highly Recommended - A” rating. The main business was weak, and the financial business was transformed to find a way out. The company's original main business was commercial and trade circulation, real estate, and financial services. In recent years, in a situation where commercial circulation is weak due to factors such as sluggish demand in the international market, the company has seized the opportunity to actively transform and boost the financial business. In 2012, it took the lead in completing a business segment centered on financial leasing, direct investment and capital management, and secured a fixed increase of 7.17 billion dollars from China Trade Group and CUHK Investment in March 2016, acquiring 100% of Zhejiang Shang's assets, 56% of Zhejin Trust, 87% of Dadi Futures, and 50% of China and Korea Life Insurance. 6.22 billion yuan to increase capital and increase working capital of Zhejiang merchants. The economy is declining, and the non-performing asset management industry is booming. The core assets of Zhejiang merchants acquired this time belong to the local AMC. Zhejiang Province is the only one. The original actual controller was the Zhejiang Provincial State-owned Assets Administration Commission, which enjoyed strong support from the local government. At the same time, judging from the supply of non-performing assets, as the downward pressure on the economy increases and the country continues to push forward supply-side reforms, there is a blowout of non-performing assets. In 2015, Zhejiang Province had a non-performing loan balance of 18.8 billion yuan, with a non-performing loan ratio of 2.4%. The scale of non-performing assets is much higher than that of other provinces. Zhejiang's high AMC business potential means a golden period of development for Zhejiang businesses' assets. The business is diversified, and the prototype of a financial control platform is beginning to take shape. Among the four companies acquired this time, Zheshang Asset is centered on AMC, Zhejiang Gold Trust mainly invests in infrastructure construction and real estate in the form of trust loans, Dadi Futures focuses on developing risk management business, and China Korea Life focuses on selling life insurance, annuity insurance, and health insurance products. In addition to the original leasing business, diversified development has greatly enhanced the vitality and competitiveness of the company's financial sector, helping the company initially form a financial holding platform with AMC business as the core, including multiple licenses such as trusts, futures, insurance, leasing, direct investment, and funds. Risk warning: The continued economic downturn has led to a sharp decline in the yield on bad disposal.