Core view: The real estate business grew steadily throughout 2014. The company achieved operating income of 1.76 billion yuan, an increase of 11.7% year on year, and achieved net profit attributable to shareholders of listed companies of 173 million yuan, an increase of 9.3% year on year. The company's revenue growth rate is expected to be around 25% in 2015, and the performance growth rate will be around 20%. The main layout of the company's early projects is in Hefei. It has begun to expand its layout in other cities in Anhui Province, and has now entered 7 cities. The company's unsettled area is nearly 2.5 million square meters, adding value to the company's equity of nearly 1.5 billion yuan. On the evening of March 5, the proposed equity transfer was announced by Xingtai Financial Holdings Platform Company. Under the top-level design framework of the Hefei state-owned enterprise reform, Xingtai Group, which is the financial holding platform, will become the largest shareholder company of Hefei Urban Construction through a free share transfer. After the transfer is completed, Hefei Urban Construction will become Xingtai's only listed company with strong asset integration expectations. Currently, the plan review requires approval from the State Council and the Securities Regulatory Commission. The new shareholders built a city finance holding platform. The new shareholder Xingtai Group's existing financial resources were taken into consideration, including financial business license resources such as banks, insurance, trusts, leasing pawns, direct investment, guarantees, and asset management. According to comparable company estimates, the market value of Xingtai Resources is 16 billion dollars. As a fully licensed municipal financial holding enterprise, the company has room to further expand its business in various areas such as P2P business and city finance card business in the future. EPS is expected to be 0.61 and 0.70 respectively in 15-16, and the ratings were raised to steady growth in the purchasing business of Hefei Urban Construction Real Estate. At the same time, under the general trend of state-owned enterprise reform, Hefei Urban Construction is the only listed platform enterprise that Xingtai Group will hold. There are certain expectations for asset injection in the future, and the company value has a lot of room for revaluation. The risk suggests that there is uncertainty about Xingtai's equity transfer, and the resource injection price should be determined based on the asset evaluation situation.