Company Announcement 1: Invest in the construction of 6 57,300 ton bulk ocean vessels, with a contract price of 36 million US dollars for a single ship, and a total contract price of about US$216 million for 6 ships. Delivery time is end of October 2009 to end of April 2011. Announcement 2: Changhang Phoenix (Hong Kong) Investment and Development Company, a holding subsidiary of the company, signed a contract to build 4 92,500 ton bulk ocean vessels, with a contract price of 48 million US dollars for a single vessel and a total contract price of about US$192 million for 46 ships. Delivery time is end of September 2009 to end of May 2010. In our March report, we reminded investors that according to Changhang Phoenix's 2007 and 08 performance forecasts, the company's stock price does not have much investment value, but the majority shareholders' high shareholding costs, low shareholding ratio, and strong demand to expand the capacity of the first and second stages of ore make the company have more room for capital operation. Investing in celebrity real estate also brings significant room for added value. The current shipbuilding plan will need to begin in the fourth quarter of 2009 to have an impact on the company's performance, but it shows that the company is making major steps to expand the first and second stage transportation of iron ore. Future investment opportunities for Changhang Phoenix also include opportunities brought about by the integration of central shipping companies. We still believe that Changhang Phoenix's investment opportunities will be event-driven. Maintain a neutral rating based on the company's performance.