Investment highlights: Event: The company announced a private issuance plan and equity incentive plan. Comment: The 3.2 billion fixed increase plan accelerates the development of internet finance. The company plans to issue no more than 267.335 million shares as a non-public offering at a price of 11.97 yuan/share. The current non-public offering of A-shares raised no more than 3.2 billion dollars, and the lockdown period was three years. Introduction to fundraising. 1) Capital increase Tianye Microfinance. Tianye Microfinance is the vice president unit of the Shandong Microfinance Enterprise Association. Its goal is to serve the development of the three agricultural sectors and small and micro enterprises. As of September 30, 2015, Tianye Small Loan had issued a total of 406 loans, with a cumulative loan amount of 537.15 million yuan, and a total of 316 recovered loans, amounting to 388.45 million yuan, 90 loans held, and a loan balance of 148.7 million yuan. The company estimates that the project's static payback period is about 6.65 years, and the internal return on investment is 10.76% after income tax. The project has good economic benefits when the expected input and output are achieved. 2) Bosch Financial Leasing. Bosheng Leasing is mainly engaged in financial leasing business. The main sources of profit are leasing business income, residual value income, rental handling fees, and consulting service fee income. The company's target business is to meet the business needs of listed companies while providing financial leasing services to Tianye Co., Ltd., Tianye Group partners and upstream and downstream customers in the industrial chain, developing financial leasing business for large national enterprises in nuclear power, petroleum, energy, mining, etc., and providing financial leasing services to listed companies and large private group companies with strong guarantees and strong credit. 3) Introduction to the community financial Internet integrated service platform construction project. The Community Finance Internet Integrated Service Platform Project is mainly aimed at individuals, families and micro enterprises related to community services, providing consumer finance and small and micro financial services, and has become an inclusive financial Internet service platform based on community development. Introduce a restricted equity incentive plan to improve the internal corporate governance structure. The price of restricted shares granted by the company to the incentive target is 6.65 yuan/share. Diversification is worth paying attention to, giving it a “buy” rating. The company's earnings per share for 2015 and 2016 are expected to be 0.27 and 0.43 yuan, respectively. The company's suspension price on November 13 was 15.67 yuan, corresponding to 58.04 times PE in 2015 and 36.44 times PE in 2016. Considering the basic contraction of the company's real estate business, it has begun to develop into the financial and Internet industry and its supporting industries. The average valuation of the relevant counterpart companies in 2015 was 95 times, and 75 times the 2015 valuation, that is, the target price was 20.25 yuan, giving it an “increase” rating. Risk warning: The transformation falls short of expectations.