At the beginning of July, 2006, entrusted by China Securities Regulatory Commission, Everbright Securities entrusted Tianyi Securities Brokerage Business and its subordinate business department and service department. In order to protect the interests of creditors, Tianyi Securities Administrative Liquidation Working Group has been seeking the overall transfer of its investment banking business. On September 1 1, after preliminary screening, the liquidation team sent invitations for overall transfer to many well-known brokers such as Everbright Securities. On September 13, Everbright Securities submitted the letter of intent and related materials as required. After a comprehensive evaluation of the company's strength, development platform, the reception of investment bank personnel and the connection of original projects, the working group finally determined Everbright Securities as the transferee and took over all assets, personnel and projects of Tianyi Securities Investment Bank as a whole. At the end of September, the overall transfer contract was formally signed. It is reported that the merger of Everbright Securities and Tianyi Investment Bank has been recognized by the regulatory authorities, liquidation team and employees of Tianyi Securities.