Investment highlights: Hengsheng Real Estate announced after closing on Monday that Mr. Zhang Zhirong had resigned as chairman of the company's board of directors because he hoped to focus more on handling private business. Executive Director Mr. Cheng Lixiong has retired as Executive Vice Chairman of the Board and Chief Executive Officer, and has been appointed Chairman of the Board to succeed Mr. Zhang. Executive Director Mr. Liu Ning has retired as Chief Operating Officer and has been appointed as Chief Executive Officer to succeed Mr. Cheng Lixiong. Four months ago, Well Advantage Limited, owned by Mr. Cheung, was suspected of an insider deal. The reason for Mr. Zhang's resignation is unknown. The company held a conference call after the announcement, but at the conference, the company did not reveal the specific reason for Mr. Zhang's resignation; it only indicated that Mr. Zhang hoped to focus more on handling personal business. Well Advantage Limited, owned by Mr. Zhang, was asked to pay a $14 million fine in early November. At the end of July this year, Well Advantage owned by Mr. Zhang was charged with buying Nexen Inc. shares in Nexen Inc. according to classified information from CNOOC Co., Ltd.'s intention to acquire Nexen Inc., and selling these Nexen Inc. shares after the transaction proposal was announced, making a profit of over 7 million US dollars. On November 5 of this year, with Well Advantage's approval but without admitting or denying the charges contained in the complaint, the civil lawsuit between the US Securities and Exchange Commission and Well Advantage was formally settled by the court making a final ruling. According to the ruling, Well Advantage was ordered to pay a total of $14 million. Shen Wan's view: Concerns about corporate governance are difficult to resolve, and the visibility of improvements in execution is still low. The market has always been concerned about Hengsheng's corporate governance capabilities. There have been no major changes in the management team this time, and the visibility of improving execution in the short term is still low. The recent rebound is hard to believe. Driven by the backward sentiment in the market, the company has rebounded 20% in the past two months, but we believe that the company's sales progress is slow and execution needs to be improved, so this rapid rebound is not convincing. Investors are not advised to fall behind. Since the company's valuation is cheap and sales are likely to accelerate in the next two months in order to meet the target sales for the whole year, some investors have begun to re-intervene in Hengsheng. However, we feel that it is difficult to significantly improve the company's short-term loan structure and execution in the short term, and it is still very difficult to achieve revaluation. Investors are advised not to fall behind.