if more than half of REITs are approved, it may be the last obstacle to solve the financing. The fixed increase has been delayed. The problem may not lie in the recognition of the stock price by the institution, but probably in the issuance of REITs, which has not been approved for a long time. The first issue of REITs has been issued for some time, and the second issue is not expected to be too long. From the industry where Halo is located and its scale qualification, the probability of approval is still relatively. It's just a matter of time.

issuing REITs, the company's explanation, will release the heavy assets and make the company become light assets. The purpose is good and the practice is relatively novel. About the moat. The first is the energy consumption index. The second is the scale advantage. The third is the advantage of customer resources. In the first-and second-tier cities around the ring, it is difficult to obtain the energy consumption index. Once it is obtained, it will constitute a natural moat. The scale of halo is currently the second in the industry in China. The cabinets are leased out in retail. Gross profit margin is higher than that of peers. As the company's largest customer, Amazon is often influenced by changes in Sino-US relations. Whether the future foundation is solid or not still needs to be observed. In addition, there are three aspects worth mentioning. 1. As a heavy asset industry, the endogenous sustainability of the company's business nature is poor.

2. After a year-long decline, the valuation moisture is greatly reduced, and the valuation is more reasonable. Subsequently, whether REITs are approved for issuance will change the market's view on them.

3, management. In the second half of last year, the chairman and senior executives collectively harvested leeks, totaling about 6 million yuan. Just cut it. With the stock price halved for a year, the attitude of the top management is irrelevant, which makes people feel cold.

According to the preliminary evaluation results of the current Zhongjin Yunwang project, the company plans to raise about 5.7 billion yuan. According to the rules, the company or the designated entity as a strategic placing investor will subscribe for no less than 2% of the fund shares. Therefore, based on comprehensive calculation, Halo.com is expected to get over 4 billion investment cash flow next year, and confirm large investment income. China Merchants Securities Research Report said that through the public offering of REITs products, the heavy assets in the data center of Halo New Network are expected to be revalued, which will enhance the company's asset appreciation income and optimize the capital structure and cash flow; Based on the formed infrastructure public offering REITs platform, the company may continuously inject other high-quality data center assets into the public offering REITs platform in the future to realize the separation and balance of light and heavy assets and improve the capital operation ability of listed companies.