Key investment matters: The company announced the restructuring plan, and plans to purchase 100% of the shares held by Soufang Tianxia, 100% of Fangfang Media and 100% of the shares of Beijing Search Network by means of a non-public offering of shares, buy 100% of Tuoshi Huanyu's shares held by Fangtianxia Network, and increase 100% of Hongan's shares held by the purchase of Soufang Decoration's shares. The estimated value of the assets to be purchased is $16.18 billion. It is planned to carry out supporting financing of 3.16 billion yuan at the same time. Since it still needs to obtain an audit opinion from the Shanghai Stock Exchange, trading of Wanli Shares will not resume for the time being. Ping An's view: After searching for housing, the real estate market giant returned to A-shares. The company announced a major asset restructuring plan and plans to sell all assets and liabilities held by Wanli Co., Ltd. other than monetary funds, with an estimated value of not less than 700 million yuan. It also plans to use a non-public offering of shares to buy 100% of the shares held by Soufangfang Tianxia, Huanshi Media, and Beijing Search Network, buy 100% of Tuoshi Huanyu's shares held by Fangtianxia Network, and increase 100% of Hongantuu's shares by purchasing Soufang Decoration's shares. The estimated value of the assets to be purchased is 16.18 billion yuan. It will also carry out supporting financing with a total amount of no more than 3.16 billion yuan. After the transaction was completed, the controlling shareholder of the listed company changed to Fangfang Tianxia and its co-actors, with a shareholding ratio of 70.01%. Incorporating advertising and marketing and financial services under Soufang.com, a period of transformation and momentum: This major asset restructuring plans to inject assets into the Internet real estate and home advertising marketing business and financial business of Soufang.com. As a leading Internet and mobile application real estate and home information service platform operator in China, Search House Holdings is superior to the industry in terms of user accumulation. However, due to investment in transformation, both income and profit from invested assets are under downward pressure. This ancillary financing will lay out new business, which is expected to enhance the company's profitability. Profit forecast and valuation: The total share capital of the company will reach 968 million shares after the completion of the transaction. Based on the 33.09 yuan/share calculation before the suspension, the total market value will reach 32 billion yuan, corresponding to the 2016-2018 performance promises of 800 million yuan, 1.04 billion yuan and 1,352 million yuan of net profit. PE is 40.0, 30.8 and 23.7 times, respectively. Referring to comparable companies World Federation Bank and 365 Network corresponding to the 2016 PE range of 30-35 times, we believe that housing search is in a leading position in the real estate marketing and Internet fields, and the business injection is interactive There is room for further increases in valuation due to networking attributes, giving the company a reasonable market value of 32 to 40 billion yuan after restructuring. For the first time coverage, a “recommended” rating was given. Risk warning: The risk that a company's backdoor restructuring plan will not be approved as scheduled.