This non-public offering of shares and asset purchases indicates that Pengrun Holdings, a subsidiary of Mr. Huang Guangyu, will be listed using Zhongguancun as a platform, and that the company's main business will focus on real estate development and operation in the future. The quality of the injected assets is excellent, but it will take time to contribute; among them, the first-level land development area is 10.528,000 square meters, and the construction area exceeds 49.43 million square meters; and the second-level development area is 1.0161,000 square meters. We estimate that the company's EPS in 2008 and 2009 will be 0.24 yuan and 0.37 yuan respectively. We are optimistic about the company's long-term development space, but short-term valuation pressure is high, and the balance ratio is high, and the direct financing impulse will be strong, giving it a “neutral” investment rating.