Gradually establish the main business of financial services. The original listed company “Gangjia Holdings” mainly operated convenience stores and properties. In 2011, Zhongjin Investment Group injected into a listed company, and at the end of 2012, the group sold another 72% of its shares in the mainland convenience store business. Since then, the listed company has become a financial service provider focusing on financing for small and medium-sized enterprises, providing services including short-term financing, loan guarantees and related financing consulting services. Financial service institutions that mainly focus on pawnbrokers, microfinance, and guarantees for micro, small and medium-sized enterprises have a very broad scope for development. Take the Beijing market as an example. The local small and medium-sized enterprises are about 300,000, and their financing needs are close to 300 billion dollars, yet only 25% receive direct bank credit support. After CICC determined its main financial services business, business scale and performance grew rapidly: the loan balance rapidly grew from $186 million in 2010 to HK$906 million in 2012H, and realized revenue and net profit of HK$285 million and HK$87 million respectively, respectively, in the same period. It is positioned as the largest integrated financial service provider for small and medium-sized enterprises in the Bohai Rim region. CICC invests intensively using various financial licenses such as pawnbrokers, microfinance, and guarantees to provide customized financing solutions. However, the majority shareholders have an industrial background mainly in the Beijing region. In particular, the Group's many years of operating experience in commercial properties provides a strong competitive advantage for listed companies' key business, namely the identification, valuation, management and disposal of commercial property mortgage collateral. The broadening of financing channels is the key to a continuous increase in profits. The company's profitability has increased significantly, and ROA has increased from less than 2% in 2009 to nearly 12% now. However, the company's overall operating leverage is currently only 1.24 times. Expanding financing channels and increasing leverage is the key to the continuous improvement of the company's profitability. The company is also currently focusing on strengthening cooperation with banks and trusts to raise funds, and plans to implement financing solutions such as convertible bonds at the appropriate time. The company plans to manage credit assets of RMB 10 billion within the next three years, with around 70% coming from external funding. The company's current valuation is far lower than that of similar listed companies. We believe that the reasonable price range for CICC over the next 6 months is HK$0.70-0.78, corresponding to 7.5-8.2X13PE, 1.1-1.3X13PB. Against the backdrop of strong demand for financing from small and medium-sized enterprises, CICC Investment has a clear market positioning and a strong level of competition. We expect net profit to reach HK$190 million in 12 years, up 240% year on year, far exceeding market expectations. The compound growth rate for 13-15 years is 34%, covering the first time.