Core Viewpoint - Huaitongda Network is enhancing its capital operations by converting approximately 91.48% of its domestic shares into H-shares, which is expected to significantly increase its market capitalization and liquidity, thereby attracting more investors [1][2] Group 1: Capital Operations - The company has submitted an application to the China Securities Regulatory Commission to convert about 91.48% of its domestic shares into H-shares, increasing the proportion of H-shares from 32.04% to 94.21% of the total share capital [1] - This move is anticipated to lead to a substantial increase in the company's circulating market value, with over 530 million H-shares expected to be in circulation post-conversion [1] Group 2: Market Impact - The conversion to full circulation is expected to optimize the shareholder structure, attracting a more diverse group of investors, particularly international capital [2] - The significant increase in circulating market value and enhanced liquidity are key factors for inclusion in major international indices such as MSCI and FTSE Russell, which may draw more passive index funds and international active investors [2] - The expansion of circulating shares is projected to significantly boost the company's average daily trading volume and market depth, enhancing its investment appeal [2] Group 3: Historical Context - Past cases of companies that transitioned to full circulation, such as October Rice and Changjie Tong, have generally shown positive market performance, suggesting that Huaitongda Network may experience a new round of value discovery and market capitalization recovery due to its solid business foundation and strategic layout [2]