Incident: The company issued an announcement: The specific plan for non-public stock issuance was adjusted in accordance with the new refinancing regulations: the issuance target was adjusted from no more than 5 to no more than 35, the issue price was adjusted from no less than 90% of the average price of the 20 trading days before the pricing base date to no less than 80%, the issuance volume was adjusted from no more than 20% of the total share capital before issuance to no more than 30%, and the sales limit period from 12 months to 6 months. The plan adjustments are in line with the new regulations. The entire distribution plan adjustment for companies that directly benefit from reducing the difficulty of raising capital is adjusted in accordance with the new refinancing regulations, which is an indicator of the conditions for compliance with the new regulations. The new refinancing regulations relax financing terms for listed companies, and also provide more support for stock price discounts and lockdown periods for fixed capital increases, making it less difficult to raise capital. For companies, the reduction in the difficulty of raising capital means that the company will have more options in terms of additional issuance prices, fixed targets, and additional issuance times, thus being able to find a balance between maintaining existing shareholders' interests and additional capital to a greater extent, which will undoubtedly benefit directly. Optimistic that the promotion of urban management service platforms brings new opportunities for growth, the company, as an industry leader with 70% market share in the field of grid city management, is the standard editor-in-chief of the “Technical Standards for Integrated Urban Management Service Platforms (Draft for Comments)” issued by the Ministry of Housing and Construction at the end of 2019. According to the document plan, a three-level platform system at the national, provincial and municipal levels will be set up to speed up the construction of a comprehensive urban management service platform. As the pilot promotion begins, it will bring new demand for direct system upgrades and iterations, and the company will benefit significantly. Up to now, the community epidemic prevention and control system developed by the company has clearly required deployment in more than 100 cities and counties to effectively help monitor the epidemic. As the integration of multiple networks is carried out to help the company's customers expand to more government departments, it will also bring new potential incremental market opportunities. Investment advice: Maintain the company's 2019-2021 EPS of 0.32, 0.43, and 0.73 yuan/share, respectively, and maintain the “buy” rating. Risk Warning: Market promotion falls short of expectations, risk of loss of goodwill