Key investment events: Tianjin Songjiang adjusted the amount and use of capital raised by the non-public offering of shares, and plans to abolish the use of 600 million yuan to raise capital to increase the capital of Tianjin Hengtaihui Financial Leasing Co., Ltd. After this adjustment, the company plans to privately issue no more than 322 million shares at a price of not less than 603 yuan/share, and raise no more than 2.1 billion yuan in capital. Comment: Actively adjust the fixed increase plan. Tianjin Songjiang adjusted the amount and use of capital raised by the non-public offering of shares, and the company plans to cancel the use of 600 million yuan of capital raised to increase the capital of Tianjin Hengtaihui Financial Leasing Co., Ltd. The company has taken the initiative to adjust the fixed increase plan. We believe the main purpose is to speed up the fixed increase review process and obtain approval for implementation as soon as possible. The fixed increase process continues to advance. After this adjustment plan, the company plans to privately issue no more than 322 million shares at a price of not less than 6.03 yuan/share, and raise no more than 2.1 billion yuan in capital. The current fund-raising projects are all commercial real estate projects, and the project prospects and yield are good. With the successive implementation of the current non-public fund-raising projects, the company's cash flow from operating activities will increase markedly, and the profit situation will greatly improve. Investment advice: We are optimistic about the company's diversified layout in smart cities, hospital resources, and financial investments. Considering the approval of the additional distribution, the 2016-2017 EPS is expected to be 0.11 and 0.31 yuan respectively, corresponding to PE 61.0 and 21.6 times, respectively, maintaining the “increased holding” rating. Risk warning: Real estate sales have declined sharply.