Key investment results fell short of expectations: in the first half of 2016, Greenland Hong Kong's revenue was 5.232 billion yuan (same below), up 456% year on year; gross profit was 4.7 billion yuan, up 135% year on year, and gross margin fell to 9% from 21% in the same period last year, mainly due to the fact that half of the settled projects came from original Shenggao projects, such as Wuxi Xishuidong, Ningbo Bihu International, etc., and gross margin will pick up somewhat as more new projects enter settlement in the second half of the year. Net profit attributable to shareholders of listed companies was $101 million, up 14.8% year on year. The interim results fell short of expectations. The Internet finance business has performed well: As of the first half of 2016, the mobile internet finance platform “Greenland Guangcai”, which was independently developed by the company, issued and promoted a total of RMB 3,612 billion in wealth management products. The total number of registered customers on the platform exceeded 500,000 yuan, the total transaction volume exceeded 10 billion yuan, and the per customer investment amount exceeded 150,000 yuan. Currently, the bad debt rate is 0. The three core strategies of Greenland Financial Services in the future are an online wealth management platform with Greenland Guangcai as the core, an asset management platform with Daokun Asset Management Company as the core, and data information services based on big data mining. Our view: Greenland Hong Kong is Dat Xanh Group's listing platform in Hong Kong. Currently, it has two main businesses, namely real estate development and sales and internet finance. The former benefits from the parent company's strong strength and rapidly expands from the original sales scale of more than 3 billion dollars, and is expected to achieve sales of 20 billion yuan in 2016. Internet Finance has created the Greenland Guangcai mobile app in an attempt to become an online wealth management platform. Currently, there are more than 500,000 registered users. We forecast that the company's revenue for 2016-2018 will be RMB 12.44, 175.0 and RMB 23.56 billion (same below), and profits attributable to shareholders will be RMB 1.02, 16.7 and RMB 2.51 billion respectively, up 361%, 65% and 50% year-on-year respectively. As the interim results fell short of expectations, we lowered our 12-month target price to HK$3.5, which is equivalent to 9 times PE in 2016. The NAV discount is 59%, an increase of 60% from the current price, and we still maintain our purchase rating. Risk warning: macroeconomic growth is slowing; industry policy is shifting.