Key investment points: Main business growth is weak, and war transformation is imminent. Currently, the department store retail industry, the hotel industry, and the real estate industry are the three main businesses of the company. The impact of e-commerce shock, the slowdown in retail growth, and the real estate industry entering an adjustment period. In 2014, the company achieved total operating revenue of 3,597 billion yuan, a year-on-year decrease of 0.96%, of which product sales revenue was 1.701 billion yuan, a year-on-year decrease of 5.38%; and the hotel business revenue was 217 million yuan, a year-on-year decrease of 15.16%. Total realized profit was 204 million yuan, a year-on-year decrease of 40.83%; net profit attributable to owners of the parent company was 56 million yuan, a year-on-year decrease of 64.76%. With the acquisition of a “basket” of financial subsidiaries, the transformation of “Finance +” is clear. The company plans to issue shares to Wuxin Investment Group and Wuxin Management Company to purchase 100% of its total shares in Wuxin Guarantee Group, 100% of Wuhan SME Guarantee Company's shares, 100% of Wuhan Xinfa Investment, 18% of Wuxin Small Loan Company, 100% of Wuhan Credit Company, 90% of Wuxin Rating Company, and 70% of Hanxin Internet Finance. The company plans to privately issue 659.741 million shares to purchase assets estimated at 627.435.70 million yuan. Focus on the financing of micro, small and medium-sized enterprises, and increase profits throughout the entire industry chain. The target company of the company's acquisition is positioned as a provider of corporate financing and related services. Its core business is to provide a full line of financing-related services to enterprises with financing or potential financing needs, including a large number of micro, small and medium-sized enterprises. The target company's main business includes the following four parts: guarantee business segment, credit business segment, credit reporting business segment, and internet finance business segment. The asset package achieved net profit of 627 million yuan in 2014, an increase of 27% over the previous year, and achieved net profit of 480 million yuan in the first three quarters of 2015. Wuhan Financial Holdings, and subsequent asset restructuring can still be expected. After the asset restructuring was completed, the actual controller of the company was changed to Wuhan Financial Holdings. Wuhan Financial Holdings is positioned as a financial platform under the Wuhan Municipal State-owned Assets Administration Commission. The pure state-owned assets background and relevant national support policies all laid a solid foundation for its subsequent development, and the various financial licenses and financial assets it owns also laid the groundwork for its subsequent use of the listed company platform. Subsequent restructuring is expected to make Dalian Friendship a pure financial control platform, and the company's market value may rise sharply at that time. Financial transformation helps new development and gives ratings for increasing holdings. Considering that the company's supporting financing increased the capital of Wuxin Guarantee Group by 2 billion yuan, which greatly supports its profits, it is estimated that the net profit attributable to the parent company from 2016 to 2018 will be about 1, 13, and 1.6 billion yuan. The reference market PE for financial holding companies is about 35 to 38 billion yuan, the share capital is 1,288 billion shares, and the current market value is 27.2 billion yuan (considering asset restructuring and supporting financing). There is room for growth of about 30% to 40% for the first time. Risk warning: The economy is bottoming out at an accelerated pace, and asset restructuring and supporting financing plans have fallen short of expectations.