Although the reorganization was terminated last year, we expect Vcanbio to continue to promote the acquisition progress of Origene, Collison, Beike Biology and other projects.

Origene provides genes, proteins, antibodies, analytical kits and other products and customized services for scientific research institutions and hospitals. If the merger is successful, the significance for Vcanbio lies in: first, the profit increases. We estimate that this year's revenue is expected to reach 100 million US dollars (YOY+54%), and the net profit is expected to reach 20 million US dollars (YOY+100%). Second, the international platform, Origene is engaged in the basic research services of molecular biology, which is necessary for many emerging biological companies to carry out research and development. Third, the technology platform, Vcanbio is determined to become a leader in the field of gene cells, the acquisition of an enterprise with a variety of molecular biology technology must be the first step.

Collison is one of the largest immune cell therapy companies in China, which has carried out immune cell therapy business in more than 30 hospitals. In December 2015, the M & A fund set up by Vcanbio transferred 100 per cent of Collison to 820 million yuan. The significance of the acquisition lies in: first, profits have increased. We estimate that Collison's net profit in 2015 has reached 50 million yuan, double that of the same period last year; it is estimated that the net profit in 2016 will be at least about 80 million yuan. Second, access to the hospital market. Immune cell therapy must be more advantageous for leading enterprises to develop hospitals. Third, technological integration, Collison market is strong but technology is weak, while Vcanbio and his subsidiary Beike Biology have more technological innovations in immune cell therapy.

Beike Biology is the earliest enterprise specializing in stem cell technical services and immune cell therapy in China. We estimate that Beike Biology has made a turnaround in 2015, with a profit estimated at about 20 million yuan. Most of the profit comes from the immune cell therapy business.

At the end of this paper, we estimate that if three enterprises inject into the listed company in the form of fixed increase, the company's market capitalization is 20 billion yuan according to diluted share capital, while the net profit in 2016 will reach 350 million yuan, with a valuation of only 57 times, and the valuation is relatively low among the same type of listed companies. we judge that the fixed growth is expected to start in the second half of the year and continue to recommend.

Risk hint: there is uncertainty in asset restructuring. The performance was lower than expected.