The merger of the company's shares came into effect on May 14. The Board recommended the implementation of merging existing issued and unissued common shares with a face value of HK$0.01 per 10 shares in the company's share capital into one consolidated common share with a face value of HK$0.10. Keep the company's pipeline gas sales assumptions unchanged. The company expects to sell 700 million cubic meters of pipeline gas in 2015, and pipeline gas sales are expected to maintain a compound growth rate of 34% in 2015-2017. The significant increase in the company's pipeline gas was mainly contributed by the Binhai New Area. Keep the company's gas price spread assumption unchanged. We expect that the company's gas sales price difference in 2015 will greatly benefit from the natural gas price reform and significantly increase the profitability of the company's gas distribution business. A large part of the natural gas purchased by the company is “incremental gas,” so the gas price reform will greatly reduce the company's procurement costs. The target price was reset to HK$6.40 to maintain the “buy” rating.