Event: Private fund-raising of 793 million yuan for DVB+OTT projects. On December 27, Tongzhou Electronics issued an announcement stating that the company plans to issue 63 million shares on a non-public basis for the “Liaoning DVB+OTT Project”, with an issue price of no less than 1,245 yuan/share and raise no more than 793 million yuan. Among them, the actual controller, Mr. Yuan Ming, promised to subscribe no less than 35% of the number of shares actually issued. Comment: Radio and television dramas have changed and are seeking a new way out. In 2013, telecom operators stepped up their efforts to promote IPTV, and various Internet companies also launched many OTT products, which present a fatal threat compared to cable digital television in terms of price and experience. It is estimated that OTT active users will exceed 10 million by the end of 2013, and set-top box shipments in 2014 will exceed 25 million, which will further pose a greater threat to radio and television operators. The company's “DVB+OTT TV Internet Project” can meet the needs of radio and television operators in the North to achieve “digital television signal” transformation by 2015 while rapidly entering “two-way interactive services” at low cost. During the two-way network transformation period, the high-definition advantages of digital signals were used to enter the “interactive business” value-added and revenue growth stage ahead of schedule. Broadcast and television operators that have completed high-definition broadcasting of digital television signals but have not carried out two-way network transformation can directly enter the DVB+OTT TV Internet model to interact within a long period of two-way network transformation (2-3 years), and launch “interactive services” to stabilize old users and add new users. For the company, the promotion of the project can promote the company to avoid repeated long-term and highly customized two-way interactive business development and docking for radio and television networks in multiple regions in the past under the premise of unified platform standards, save R&D costs, and drive customer experience through various value-added services and “touch and see” touch technology, thus driving sales of the company's smart terminal products such as PADs, smart integrated TVs, and mobile phones. Currently, Liaoning Province has 15 million household users and 9.5 million cable TV users, including 6.5 million digital TV users, which has a good scale effect and exemplary promotion. Actual controllers simultaneously participate in additional distribution to enhance project security. Mr. Yuan Ming, the actual controller of the company, simultaneously participated in the additional issuance. Among them, Mr. Yuan Ming, the controlling shareholder of the company, promised to subscribe no less than 35% (including 35%) of the actual number of shares issued. To a certain extent, it reflects the company's confidence in the project. For DVB+OTT projects based on scale effects, the growth in the number of users is the focus of our continuous attention. If the company can achieve more than 5 million DVB+ OTT users in 2014, then the company still has some investment value. We maintain our original profit forecast. The EPS that the company can achieve in 2013-2015 is 0.09 yuan, 0.27 yuan, and 0.74 yuan respectively. It is recommended to focus on the company's user development process.