Key investment events: Tianjin Songjiang adjusted the amount and use of capital raised from non-public shares, and plans to cancel the use of 600 million yuan raised 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 6.03 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 from the non-public offering of shares. The company plans to cancel the use of 600 million yuan raised capital to increase the capital of Tianjin Hengtaihui Financial Leasing Co., Ltd. The company took the initiative to adjust the fixed increase plan. We think the main purpose is to speed up the fixed increase review process and obtain approval documents 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 this non-public offering and fundraising project, the company's operating cash flow 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 investment. Considering approval of additional sales, EPS is expected to be 0.11 and 0.31 yuan respectively in 2016-2017, corresponding to PE 61.0 and 21.6 times, respectively, maintaining the “gain” rating. Risk warning: Real estate sales have declined sharply.