Guide to this report: The company purchased 100% of Hong Kong's Yisheng Securities shares for HK$24 million, and the financial license layout will be further developed. It is expected to strengthen collaboration with Pioneer Finance in the future and grow rapidly in the field of internet finance. Key investment points: Raise the target price to 24 yuan and maintain the “gain” rating. On the evening of the 12th, the company announced that its Hong Kong subsidiary bought 100% of Hong Kong Yisheng Securities's shares for HK$24 million, and the company's financial license layout was further developed. Maintain the 2015-2017 EPS forecast of 0.11/0.15/0.20 yuan. Considering that market risk appetite has increased significantly, refer to the current average valuation of Internet finance companies, raise the target price to 24 yuan, and maintain the “gain” rating. Acquire Hong Kong securities licenses and improve the Internet financial layout. After Pioneer Financial Group joined, the company successively got involved in financial businesses such as microfinance, financial leasing, and public funds, while increasing the fintech cloud and government big data transactions. Pioneer Financial's intention to use listed company platforms to integrate and develop the Internet finance layout is ready to come out. Pioneer Finance's subsidiary already has Chenghao Securities in the mainland, and there is no securities license in Hong Kong. Investors previously anticipated that the company would only carry out Internet finance business in the mainland, but we have determined that this acquisition will cooperate with the cross-border payment license obtained by Pioneer Finance on November 5, allowing the company to develop more comprehensive and international Internet financial services. The internet finance industry is still in its infancy, and the company has a clear first-mover advantage. Internet finance has entered a development platform in the field of online payments and P2P credit, and the advantage of the leader is quite stable, while Pioneer Payment and Netcom Wealth Management under Pioneer Finance both have good market positions. In highly specialized fields such as insurance, banking, and securities, the degree of penetration of the Internet is still low, and there is great potential for future development. These fields require not only a deep understanding of traditional financial business and having relevant qualifications and licenses, but also outstanding Internet technology development capabilities. Pioneer Finance has both, and has a clear first-mover advantage. Expectations for asset injection from listed companies are strong, and it is expected to grow rapidly in the field of mutual funds. Risk warning: The progress of the integration of Internet financial services is lower than expected, and there are risks such as bad debts and bad debts.