20150612-JEFFERIES-慧聪网（2280）：ACCELERATING_CORE_B2B_DETERIORATION；MICRO-CREDIT_FINANCING_SUPPORTS_PROFIT.-067189

1Q15 results missed our estimates，attributed to a deteriorating SMEbased traditional business.HC aims to accelerate its business transition to the B2B2C model through aggressive M&A activities，for which we see significant execution uncertainty in post-merger integration，training and talent retention.Maintain Hold；revised up PT by 24% to HK$12.4.