WCC's shares resumed trading on 19 June after the issuing of 20% of its shares to Conch at HKD1.69,implying an EV/t of RMB351/t.The price paid by Conch was lower than our forecast of RMB400/t but not unreasonable given that WCC's partner is Conch.Our M&A thesis for the stock has finally played out;this transaction should put an end to the price war in Shaanxi.We also do not rule out further cooperation between Conch and WCC as highlighted in their respective announcements.We see long-term value in WCC if there is a stronger tie-up with Conch.For now,we assume stronger price cooperation,leading to a 26% increase in prices over the next two years.Reiterate Buy.