Key investment points: Raise the target price to 17 yuan and maintain the “gain” rating. On the evening of the 14th, the company announced a non-public offering of 397 million shares to raise 3.65 billion yuan to acquire 74.64% of Yinghua Financial Leasing's shares, build a fintech cloud platform, etc., and establish a fund management company through subsidiary Pioneer Investment. This fixed increase has further improved the layout of Keybridge Communications in the new financial field. At the same time, the company's control is more concentrated, which helps the company accelerate transformation and carry out subsequent capital operations. Due to the divestment of Cambodia's public network and radio and television business, the 2015-2017 EPS was lowered to 0.11/0.15/0.20 yuan. Referring to the average valuation level of Internet finance companies, the target price was raised to 17 yuan to maintain the “gain” rating. Divestment inefficient businesses and increase internet finance. In addition to retaining the three core businesses of private network communication, traffic informatization, and electronic license plates, the company suspended radio and television projects in Cambodia, which have a long payback period, and increased internet finance. The market has no expectations for the company to enter the Internet finance sector. We believe that through Yinghua Microfinance, Pioneer Investment, and Zhonghui Insurance, the company already has financial service capabilities for upstream and downstream enterprises in the industrial chain, and has further improved its financial service capabilities through this private offering, further improving its financial service capabilities and helping to obtain greater benefits. Qiande Jingyi's control has been strengthened, and subsequent Internet financial operations can be expected. As a result of this release, the company's control changed, and Qiande Jingyi took control of the company. The Internet financial assets under Pioneer Financial Group, a leading affiliate, are rich, and it is a large platform and small company pattern. Expectations are strong for asset injection and integration using listed company platforms. In the future, the two sides are expected to carry out in-depth cooperation to further improve the Internet finance layout of listed companies. Risk warning: the risk of bad debts and bad debts in internet finance; it is difficult to integrate new businesses.