Mr. Zhang of Henan: The two companies A and B disclosed the merger plan. Company A converted the company into a 3:1 ratio and absorbed and merged with company B. Company A was the company in existence. The conversion price of company B is RMB 33.02 per share. The conversion price of company A is RMB 83.48 per share. How is this calculated?

Guotai Junan Securities Nanchang Sales Department: The conversion ratio of the share swap absorption and merger is mainly determined based on the following four ratios: 1) The average transaction price of A company and B company on the 20 trading days before suspension of trading is 83.48 yuan/share and 33.02 respectively. Yuan/shares, the conversion ratio calculated according to this is 2.53:1; 2) Earnings per share for companies A and B in the first half of the year are 0.6645 yuan/share and 0.2512 yuan/share respectively, and the ratio of shares exchanged according to this is 2.65 yuan. : 1; 3) The valuation per share of company A and company B calculated on the basis of the last day of the month as the base day of the suspension date is 7.2 yuan/share and 5.2 yuan/share, respectively. 1.38:1; 4) The valuation per share calculated by the present value method of earnings of Company A and Company B on the last day of the month of the suspension date is RMB 12.24/share and RMB 6.08/share, respectively. It is 2.01:1.

According to the “Measures for the Management of Major Asset Restructuring of Listed Companies” and the principle of maintaining the stability and improving the earnings per share after the merger of the surviving company (A company after the completion of this share swap absorption merger), it has been pre-communicated with some of the shareholders of both parties. The conversion ratio was determined based on the market price. The conversion price of Company B was the average trading price of A shares for the 20 trading days prior to the date of the announcement of the board of directors’ resolution for the company’s first review of the matters relating to the absorption of the shares, which was 33.02 yuan/share. The conversion price of Company A was the average transaction price of A shares for the 20 trading days prior to the date of the announcement of the board of directors’ resolution for the company’s first review of the matters relating to this exchange absorption and merger. The average price was 83.48 yuan per share, which was given to the shareholders of Company A at the time of the conversion. The premium rate is 18.66%. The ratio of the share exchange to be absorbed by the conversion is determined to be 3:1, that is, for every 3 shares of Company B, one share of Company A shall be exchanged. The premiums for the shareholders of Company A mainly consider two factors: the current profitability of the two companies depends on their main business and the stability of the earnings per share of Company A after the merger. At the same time, the conversion ratio took into account factors such as the large reserves of company B's resources, the possession of core patented technologies, etc., as well as the fact that the current principal earnings of both companies are the same business, and it is relatively common to both shareholders. Fair and reasonable.

Mr. Xi'an Zhang: Ask a question about the yield of money funds. Also on June 30, the Industrial Bank's (340005 fund net worth, fund's) fund showed a profit of 0.2212, and the annualized 7-day yield was 0.7860%. The 10,000-yuan profit shown by the A-Fund currency fund at level A is 0.2452. The annual yield on the 7th day is as high as 3.3360%. Which of the two fund's yields is higher?

Jianghai Securities Beijing Dongsanhuan South Road Sales Department: The 7-day annualized rate of return describes the market performance of the money market fund in the last 7 trading days. It does not represent the past, and it cannot predict the future earnings. It should be said that in the last 7 working days, the market performance of the Fund of E Fund has far exceeded that of Industrial Monetary Fund (340005).