Comments on equity transfer
Tehua Investment increased its holdings to 7.68%, and the transfer price was 20 yuan (13% premium). Qianhai Kaiyuan (Asset Management Plan) and Qianhai Open Source (Public offering) transferred 4.65% and 1.41% of their shares to Tehua Investment respectively. In addition to the previous holding of 1.62%, Tewa Investment holds a total of 7.68%. The transfer price is 20 yuan per share, a premium of 13% over the closing price of 17.68 yuan before the suspension. This transfer does not involve the change of control of Liaoning Chengda.
Innovation, ushering in the inflection point of performance, basically facing well.
Biological pharmaceuticals, pharmaceutical chains and other core assets have a sound performance and maintain the leading position in the industry. At the same time, the company sized up the situation, strengthened risk prevention, and greatly reduced the losses of domestic and foreign trade and energy sectors. The company's performance ushered in a performance inflection point.
Equity decentralization + high-quality assets, the development expectation will never end.
China Insurance is a comprehensive insurance financial group integrating property insurance, life insurance and asset management. Property insurance is among the best and life insurance has great potential for development. GF Securities Co., LTD. has extraordinary profitability. Holding the two high-quality assets of securities and insurance will help to maximize the coordination of industry and finance and increase the driving force for the development of the company.
Investment suggestion
The company holds a full license for securities insurance. However, the value is undervalued for a long time, and the change of equity in the short term is imagined. In the future, we are optimistic about the improvement of fundamentals and maintain the "buy" rating, with a target price of 22.79 yuan.
Investment suggestion
The prosperity of the biopharmaceutical and pharmaceutical chain industries is declining; the non-public offering plan has not been approved; the oil price has fallen, and so on.