The company is mainly engaged in automobile distribution business in China. According to Huatong people's information, according to the number of dealerships of luxury and ultra-luxury brands, the company is the second largest luxury and ultra-luxury car distribution group in Northwest China in 2013. At present, the company has 23 sales outlets, including 16 dealerships and 7 showrooms. In terms of business location, 15 of the company's stores are located in Xi'an, Shaanxi Province, and the remaining 8 stores are located in Yan'an, Shaanxi, Lanzhou, Gansu, Yinchuan, Ningxia, Taiyuan, Shanxi, Ordos, Inner Mongolia, Wuxi and Suzhou, Jiangsu Province. From the perspective of future development, the company has received non-binding letters of intent from automobile suppliers and plans to open four points of sale for ultra-luxury brands and nine for luxury brands by the end of 2014. and open a Shanghai Volkswagen point of sale. At HK $3.65-HK $4.55, the 2013 pro forma price-to-earnings ratio is 9.4-11.7 times, which is higher than the 2013 valuation of Zhengtong Motors and Dachang Bank and similar to that of Baoxin Motor. We believe that Xinfengtai's valuation is in a reasonable range, in view of the fact that the company opened more new stores in 2014, which made a significant contribution to the revenue of the year, but it takes time to accumulate after-sales and give the company a rating of cautious purchase.