360 million yuan acquired 100% of Shanghai Meidu's shares. On September 25, the company announced that it plans to use part of the initial public offering of overraised capital and its own capital to purchase 100% of Shanghai Meidu's shares. Shanghai Meidu is an international course and high-end financial course service provider. The transaction is to be carried out by means of cash installment payments. The first phase will invest 144 million yuan, will use all of the overraised funds, and the second phase will invest 216 million yuan. It is planned to use all self-funded funds. Shanghai Meidu's net profit for 2017, 18, 19, and 20 (after deducting non-recurring profit and loss) was no less than RMB 25 million, 30 million, 36 million, and 42 million, respectively. Shanghai Meidu is committed to cooperating schools between China and foreign countries in finance. Established in 2005, Shanghai Meidu provides international curriculum education services and high-end financial courses. It has a curriculum system of nearly 10 mature majors, such as accounting, finance, and business administration, and rich strategic cooperation resources for universities and enterprises at home and abroad. Shanghai Meidu has set up 4 admissions offices in China, directly covering the enrollment channels of more than 700 middle schools. It has rich admissions experience. Its business and core competencies are highly similar to and complement the education business of listed companies. Shanghai Meidu is the only official authorized representative office of AIA (Association of International Accountants) in mainland China other than Beijing and Guangzhou, and has exclusive authorization for AIA Chinese and English courses; at the same time, Shanghai Meidu also has the exclusive license for EduQual courses in mainland China in the UK. Shanghai Meidu has maturely operated a number of international curriculum education programs, helping thousands of students obtain academic accreditation from overseas universities and obtain better career development. Based on a mature international curriculum education model and rich resources of universities and enterprises at home and abroad, Shanghai Meidu will cooperate with universities in southwest China, Northeast China, central China, South China and other regions in the future to expand the coverage of international curriculum education and provide international curriculum education services for more students in need. Continuously upgrade Dingli College to solidify the integration of industry and education. In 2014, the listed company entered the field of vocational education through the merger and acquisition of Zhixiang information. Currently, with “Dingli College” as a starting point, it focuses on serving the higher education market through integration of industry and education and school-enterprise cooperation. In 2016, the company established a total of 10 Dingli colleges, and since 17, it has signed contracts with three large Dingli colleges (1000+ students/session, school investment of 100 million+). On the one hand, this acquisition can provide financial and financial professional course content for the company's “Dingli College” plan, provide more choices for students applying for “Dingli College” and expand the direction of “Dingli College”; on the other hand, with Shanghai Meidu's resources and experience in international curriculum education, it can also provide “Dingli University” students with overseas diplomas and study abroad channels, further broadening the development direction of “Dingli University” students and complementing the layout of the education sector. Maintaining profit forecasts and assigning purchase ratings, the company is deeply involved in the field of mobile communication network excellence, targets first-class product and solution providers, acquires Zhixiang Information, lays out vocational education, uses Dingli College as a breakthrough, uses an order-based talent training program, and achieves revenue in the form of charging fees for practical training services (that is, tuition fee sharing) from partner institutions, and solidly advancing the vocational education strategy. We expect the company's EPS to be 0.38/0.51/0.71 yuan, and the corresponding PE is 28x/21x/15x, respectively. Risk warning: merger integration falls short of expectations