Core view: The P2P business is operating well, and the Xingtai platform has broad prospects. Xingtai Group achieved a total profit of more than 800 million yuan and a net profit scale of more than 400 million yuan in 2014. It has the ability to provide financial services for enterprises throughout the life cycle. Xingtai Wealth, the Internet financial trading platform of Xingtai Group, was officially launched in January '15. As of September 30, 2015, Xingtai Wealth had issued 39 loan projects, achieving financing of 44.82 million yuan for borrowers, with a platform balance of 13.89 million yuan at the end of the quarter. The cumulative revenue for investors was 816,000 yuan, and the number of registered investors was 1,367. As the only listing platform for Xingtai Group after the equity transfer, Hefei Urban Construction has strong expectations for resource integration. The real estate business guarantees investment safety margins. The balanced layout of second- and third-tier cities in Anhui Province ensures that the company maintains a stable sales and performance growth rate in the current competitive environment of the industry. After acquiring a new project in Feidong in the first half of '15, up to now the company has a total project scale of 4.04 million square meters and a total unsettled area of 2.52 million square meters. It is expected that equity transfer approval will be accelerated. Since several municipal state-owned listing platforms in Hefei jointly issued an announcement in March 2015 to disclose the platform strategy of the Municipal State-owned Assets Administration Commission, the company's equity transfer matters have continued to advance. A notice was received from the Hefei Municipal State-owned Assets Administration Commission in July; after that, it is also necessary to obtain approval from the State Council's State-owned Assets Administration Commission and approval from the Securities Regulatory Commission to exempt the tender offer. As the reform of state-owned enterprises continues to advance at the central level, it is expected that approval and pace will accelerate. The company's EPS is expected to be 0.61 and 0.70 yuan respectively in 2015 and 2016, maintaining a “buy” rating. Hefei Urban Construction is an enterprise that has received a lot of attention during the overall shareholder transfer process in the current round of state-owned enterprise reform in Hefei. In the future, with the strong financial assets and business support of Xingtai Group, the company's future development has broad scope for imagination. The risk suggests that there is uncertainty about Xingtai's equity transfer, and the resource injection price is determined based on the asset evaluation situation.