It invested 283 million yuan to acquire 17% of Tongxin Fund's shares. On January 22, the company announced that its wholly-owned company, Shenzhen Huangting Fund Management Co., Ltd., recently signed separate “Share Transfer Agreements” with 16 companies or individuals, including Yard Investment Advisory Co., Ltd., and the transferors transferred their total holdings of 500 million shares of Tongxin Fund (actual paid share capital investment amount of 236 million) to Huangting Fund, accounting for 17.0069% of the total share capital of Tongxin Fund, with a transfer price of 283 million yuan. Tongxin Fund is committed to building a financial control platform that serves the private economy. Established in July 2013, Tongxin Fund is committed to providing a full range of financial services in the fields of equity investment, financing guarantees, and Internet finance. Currently, the core business is refinancing and internet finance business. Specifically, Tongxin Fund has also obtained a financing guarantee business license and initiated the establishment of Shenzhen Tongxin Wending Fund, with a cumulative loan balance exceeding 2 billion dollars; second, its Tongxin Science and Innovation Financial Services Company is the operator of the online P2P financial service platform “E Road Tongxin”, with a cumulative transaction volume exceeding 1.4 billion yuan and more than 170,000 registered users; Third, Tongxin Fund has also obtained a financing guarantee business license and initiated the establishment of Shenzhen Tongxin Wending Fund, etc. The subsidiary has become one of the largest private entity funds in Shenzhen. As of November 30, 2015, Tongxin Fund had total assets of 2.162 billion dollars and net assets of 1,604 million yuan; from January to November 2015, revenue was 544 million yuan and net profit was 152 million yuan. It invested in Tongxin Fund and implemented a strategic plan for the development of the financial services industry. The company's current investment in Tongxin Fund is an important layout for implementing the strategic plan for the development of the financial services industry. On the one hand, the company will integrate the resources of Tongxin Fund in fund management, small refinancing, P2P, venture capital, etc., to accelerate the financial sector layout; on the other hand, the company will promote and support Tongxin Fund to use its own platform to apply for more financial licenses, and is committed to becoming a financial holding company providing comprehensive financial services. Since this year, the company has actively deployed and continued to promote transformation, continuously improving high-end consumer services+real estate operation services+financial service system construction. First, establish Huangting Wangfujing Shopping Center Management Company with Beijing Wangfujing Management Company; second, establish Huangting Shengli Commercial and Cultural Investment Company with Beijing Shengli Commercial Company; and third, establish a special commercial real estate merger and acquisition fund with Beijing Ruixin Investment. The direction of the company's transformation is clear. It focuses on transforming the multi-dimensional layout of high-end service systems, continuously deepening and expanding its business layout, and increasing the company's profitability and overall competitiveness by grasping modern consumer trends. First coverage, giving a buy-B rating. The direction of the company's transformation is clear. In the future, it will build a business system for high-end consumer services, real estate management services, and financial value-added services. We expect the company's EPS in 15-17 to be 0.10 yuan, 0.19 yuan, and 0.24 yuan, corresponding to PE 270 times, 141 times, and 110 times. Risk Warning: The overall consumption environment is sluggish