1. Event: Global Switch's overseas IPO, which is the subject of the acquisition, was approved by the board of directors, and the value of IDC is expected to be re-evaluated by overseas investors. 2. Global Switch is the target of mergers and acquisitions of scarce overseas IDC operators, with a property valuation of over £5.4 billion: with the exception of Amsterdam, Singapore, and Hong Kong, Global Switch owns 100% of its property assets and is unsecured. Furthermore, the data center is located close to commercial, communications and internet hubs. According to CBRE estimates, the Global Switch property is valued at £5.4 billion. 3. Advanced models and technology, and the highest ratings of the three global institutions in the same industry: GlobalSwitch Data Centers will not risk building a new data center until there are enough pre-orders, and the investment is manageable. With its unique “flywheel” technology, it has a reliability of over 99.999%. The customer renewal rate and computer room utilization rate are far higher than that of competitors. 4. Keeping a close eye on Chinese companies going global, international multinational enterprises entering a period of opportunity, and GlobalSwitch's performance growth is determined: We judge that in the future, Global Switch will play an important role in the expansion of Chinese companies and the entry of large overseas multinational enterprises. 5. Investment recommendations Without considering revenue from new contracts in 2019 and beyond, through comparative analysis of DCF valuations and EV/EBITDA valuations, we believe that GlobalSwitch's conservative market capitalization is over 10.5 billion pounds; traditional steel business is highly cyclical, and the Pb valuation proposal is used to conservatively give a market value of 5 billion yuan. Based on the calculation of the additional offer price of 12.16 yuan, we believe that the company's conservative market capitalization in '19 was 51 billion dollars after preparing for the exam, giving it a “highly recommended” rating. 6. Risk warning: The impact of the Sino-US trade war has reduced the renewal rate of overseas customers; insufficient data center expenses to support performance growth; risk of approval by the Securities Regulatory Commission; and exchange rate risk.