The low price continued to increase the holding of Bohai Securities by 5.27% of its shares. The company announced today that it plans to use 156.88 million yuan in cash to increase its holdings of 158 million shares abandoned by the actual controller Teda Holdings during the capital increase of Bohai Securities during the capital increase process of Bohai Securities. If this increase in holdings is successful, the shares held by Bohai Securities will rise from 27.51% to 32.78%, and it remains the largest shareholder. Furthermore, TEDA Group, the majority shareholder, and TEDA Holdings, the actual controller, still hold 4.37% and 19.81% of the shares in Bohai Securities, respectively. This increase in holdings is far lower than the previous subscription price and market value. The company announced on July 6, 2007, that it has increased its shareholding of Bohai Securities by 0.57% at a cost of 218 million yuan, with a price of up to 12.79 yuan per share; this time, it has increased its holdings by 156.88 million yuan to 158 million shares, with a price of only 1 yuan per share. Combining the results of the two increases in holdings, the company increased its shareholding of Bohai Securities by 5.84% to 32.78% by 376 million yuan. The increase cost per share was 2.14 yuan, far lower than the market value of Bohai Securities. There are still expectations that financial equity will be injected in the future. The company is gradually transforming into financial holding, and may become a listing platform for integrated financial resources in the Binhai New Area in the future. The company reported the Targeted Issuance Plan to the Securities Regulatory Commission on May 31, 2007, but it was not approved. We expect that after a six-month delay, it is still possible to report the targeted issuance plan again to acquire the financial shares of the actual controller, TEDA Holdings and the majority shareholder TEDA Group. Raise the profit forecast and maintain the “increase in holdings” rating. The investment income of Bohai Securities and Beijing Investment Corporation contributed about 81% of the profit. We raised our profit forecasts for 07-09 from 0.27, 0.41, and 0.52 yuan to 0.33 yuan, 0.46 yuan, and 0.58 yuan. Currently, the value of the company's existing financial equity is 29.31 yuan; assuming that financial assets are injected through targeted additional issuance, if all of Bohai Securities and Northern International Trust are injected into the company, the stock price is 42.89 yuan, and if all financial assets are injected into the company, the stock price is 50.60 yuan. Considering the possibility of further increasing financial equity holdings and resource integration in the future, we maintain the “increase in holdings” rating. If the future market is less enthusiastic about investing in financial holding companies, and considering the uncertainty of future financial equity injections, investors are invited to pay attention to risks.