Incident 1. Zhongjiang Real Estate (600053.CH/RMB 53.82, purchase), Jiuding Investment, and Lhasa Kunwu have completed the transfer of the assets subject to this transaction, and the company already legally owns 100% of Kunwu Jiuding's shares. According to the “Business License” and industrial and commercial change registration data obtained by Kunwu Jiuding on December 1, 2015, the enterprise type of Kunwu Jiuding was changed to a limited liability company, and Kunwu Jiuding has become a wholly-owned subsidiary of the company. 2. The company held the 19th meeting of the 6th board of directors on December 2, 2015 to review and pass the “Proposal on Company Name Change”: since the company's major asset purchase and related transactions have been implemented, and according to the company's business development needs, the company plans to change the name from “Jiangxi Zhongjiang Real Estate Co., Ltd.” to “Kunwu Jiuding Investment Holdings Co., Ltd.” Comment 1. Inject Kunwu, change its name to Jiuding, and gorgeously transform into the first PE stock. The company purchased 100% of Kunwu Jiuding shares held by Jiuding Investment (the controlling shareholder of Zhongjiang Group, the controlling shareholder of the company) and Lhasa Kunwu (a wholly-owned subsidiary of Jiuding Investment) for 909.8821 million yuan through cash payment. The company will restructure the entire private equity investment management business injected by Jiuding Investment, and plans to change its name to “Kunwu Jiuding Investment Holdings Co., Ltd.”, gorgeously transform it into the first PE share in the Shanghai and Shenzhen markets, and form a business development model with parallel real estate and private equity investment management. 2. The size of the Jiuding PE fund is 30 billion, and the long-term plan is 60 to 80 billion yuan. As of May 2015, Kunwu Jiuding's fund pledges reached 33.2 billion yuan, and the IRR of invested projects reached 33%. It is a leading enterprise in the domestic private equity investment industry. According to the company's strategic plan and the 12 billion fixed capital increase investment project, the long-term fund size of Kunwu Jiuding will be expanded to 60 to 80 billion dollars. Furthermore, the current team members of Kunwu Jiuding have been integrated into the company as a whole due to the completion of this major asset purchase, and will bind the interests of professional investment managers through the “Little Giant” program, etc., to form an effective incentive mechanism. 3. Science and innovation are booming, catalysts continue, and scarce targets have reaffirmed their buying ratings. In the context of China's construction of a multi-level capital market and an era of “mass entrepreneurship and mass innovation,” the private equity investment industry will benefit significantly as the registration system plan, the pilot transfer of the new three-board transfer board, and the establishment of a strategic emerging board and a science and technology innovation board accelerate. The company is currently the only listed company with private equity investment in A-shares in China, and the actual circulation ratio of the current market capitalization is small, so it is expected to fully enjoy the valuation premium brought about by the scarcity of the target. We maintain the views of our previous in-depth report “The Land of Kyushu Wins Venture Capital” and reaffirms the company's buying rating.