Key investment events: (1) The company and subsidiary Chongqing Guoxing Real Estate, Pangu Premium Technology Co., Ltd. and Chongqing Kuoye Trading Co., Ltd. jointly invested 200 million yuan to establish Shenzhen Qianhai Caixin Pangu E-commerce Real Estate Co., Ltd. and also jointly invested 20 million yuan to establish Meishan Caixin Pangu E-commerce Real Estate Co., Ltd. (2) When the company's non-public offering of shares is completed, the controlling shareholder Caixin Real Estate's shareholding ratio will rise from 29.90% to 59.65%. The company name was changed to “Caixin Guoxing Real Estate Development Co., Ltd.” Comment: The rapid implementation of the “Internet+e-commerce” industrial park business reflects the firm determination of the company to grow bigger and stronger, as well as the company's strong execution. The company previously announced the construction of an “Internet+e-commerce” industrial park to create a new enterprise development model and platform. It established Meishan Caixin Pangu E-commerce Real Estate Co., Ltd. within a month to speed up negotiations with the Meishan Municipal Government e-commerce industrial park project and build an “Internet+e-commerce” industrial park in Meishan City. We expect that in the future, the company will be able to obtain better land at lower prices around the Meishan Municipal Government E-commerce Industrial Park. The commercial housing sales area in Meishan in 2014 was 3,319,900 square meters, an increase of 16.0% over the previous year. The market capacity is large, and the company's housing business will develop well, providing cash flow and profit support for the long-term development strategy. The fixed increase was successfully completed, the board of directors was successfully replaced, and the majority shareholders supported the accelerated development of the listed platform. The successful implementation of the company's fixed increase is of great significance to future development. The company has now issued 133 million non-public shares to Caixin Real Estate, the majority shareholder, at a price of 7.87 yuan/share, raising 1.05 billion yuan in capital. The majority shareholders' full subscription is fixed for this time, and the additional shares are locked in for three years. The shareholding ratio of Caixin Real Estate, the majority shareholder after the increase, rose from 29.90% to 59.65%, achieving absolute control over Guoxing Real Estate. The company's board of directors has also completed elections for a new term, demonstrating the great importance it attaches to listed platforms from various aspects. We have seen that since July, Guoxing Real Estate has made very rapid progress in all areas of business expansion. In August 2015, Caixin Group introduced environmental protection business into the business system of listed companies through joint investment to establish a contract energy management company; in September, the company, Pangu Group, and Chongqing Kuoye Trading quickly implemented the “Internet+e-commerce” industrial park business. We firmly believe that in the future, Guoxing Real Estate's strategic position as the only listed company platform under the majority shareholders will continue to be strengthened, and at the same time, it will also fully benefit from the extensive resource layout and strong comprehensive strength of Caixin Group. Investment suggestions: The company's current foreign investment successfully expands the “Internet+e-commerce” industrial park business, which will create synergy with the company's housing business, greatly enhance its ability to obtain high-quality land; the fixed increase has been successfully completed, and the bottlenecks in the company's development have been overcome, which is of great significance. We are particularly optimistic that the majority shareholders of Guoxing Real Estate will support the development of listed companies with their strong strength in all areas. Contributions to the new business will not be considered yet. Due to changes in share capital due to the completion of additional issues, we adjusted the company's EPS in 2015, 2016, and 2017 to 0.38, 0.49, and 0.56 yuan respectively. The corresponding PE was 43.9, 34.6, and 29.9 times, respectively, to maintain the “buy” rating. Risk Warning: Sales Fall Short of Expectations