Key investment points Major shareholders attach great importance to its only listing platform. As the only listing platform under the Heung Kong Group, Heung Kong Holdings attaches great importance to listed companies, which has been particularly evident since this year. Following the Group injecting its core asset real estate business into the listing platform in 2007 and 2008, after a lapse of 7 years, the majority shareholders made two fixed increases this year, once again kicking off the core asset injection. Management awarded stock incentives for the first time this month, which helped strengthen cohesion and combat effectiveness, and were also highly awarded among comparable real estate companies. The majority shareholder, Heungjiang Group, has strong strength and diverse layout. The majority shareholder, Heungjiang Group, currently has an in-depth layout of six major sections: Big Finance, Big Health, Real Estate Trading Platform, Home Distribution, Resources and Energy, and Education, which are very rich in resources. The financial investment sector has invested in 8 financial institutions, and has various financial license subsidiaries such as microfinance and guarantees; the healthcare sector has the Heavenly River Health Valley, etc., and has successfully built two major chain brands, “Xiangjiang Home” and “Jinhaima Home” in the field of home distribution. Commercial logistics real estate has become one of the main businesses in the future, and there is plenty of room for growth. At present, China's logistics real estate is showing a pattern of strong growth in demand, insufficient supply, and a highly fragmented market, and there is plenty of room for development. In the future, after the restructuring is completed, one of the main businesses of Xiangjiang Holdings will be modern commercial and logistics real estate. The main project, the “Internet+Internet of Things” and “commercial+warehousing logistics”, which have been built as a full-function commercial platform, has now obtained 700 mu of land reserves and invested 1.1 billion yuan, and will continue to increase investment in the future. It is extremely expandable and replicable. The existing business is developing steadily, and RNAV (11.5 yuan/share) provides a margin of safety. The company currently has a total land reserve of about 4.9 million square meters, corresponding to RNAV of 11.5 yuan, providing a safe margin for current stock prices. Investment advice: The majority shareholders of Xiangjiang Holdings attach great importance to this only listing platform. At the same time, the majority shareholders' layout in the fields of trade logistics, big finance, and big health brings broad space for the future growth of listed companies. Currently, the company's RNAV is 11.5 yuan, providing a certain margin of safety for the current stock price. Excluding the November restructuring, the 2015-2017 EPS is expected to be 0.30, 0.44, and 0.59 yuan, respectively, and the corresponding PE is 27.1, 18.6, and 14.0 times, respectively, giving a “buy” rating. Risk warning: Sales recovery falls short of expectations; restructuring progress falls short of expectations.