Incident: On August 19, the company announced that the share transfer had completed the transfer registration procedure. Among them, 6% of the shares transferred to Grand Hengqin by Huaju World Agreement completed the transfer registration procedure on August 12, and 9.9% of the shares transferred to Grand Hengqin by the World Federation China agreement completed the transfer registration procedure on August 18, 2020. Comment: On July 1, 2020, World Federation China and Grand Hengqin signed a “Share Transfer Agreement”. World Federation China transferred 201,812,441 shares of the company to Grand Hengqin, accounting for 9.90% of the company's total shares, at a transfer price of RMB 2.80 per share. On July 19, 2020, Huaju Tianxia, a shareholder holding more than 5% of the company's shares, signed a “Share Transfer Agreement”. Huaju Tianxia transferred its 122,265,400 shares of the company to Grand Hengqin, accounting for 6.00% of the company's total shares, at a transfer price of RMB 3.10 per share. At present, all share transfers have been registered. After the transfer registration is completed, Grand Hengqin holds 15.9% of the company's shares. Huaju Tianxia agreed to transfer 122,265,400 unrestricted tradable shares to Grand Hengqin on August 12, 2020, and Huaju Tianxia is no longer a shareholder holding more than 5% of the company's shares. The transfer registration procedure for 201,812,441 unrestricted tradable shares transferred to Grand Hengqin through the World Federation China agreement was completed on August 18, 2020. Previously, World Federation China signed a share voting rights entrustment agreement with Grand Hengqin. After entry into force, Grand Hengqin's voting rights ratio will change to 29.90%, which is the actual controller of the company. The Grand Hengqin Group is the main urban development and operation entity on Hengqin Island. The Zhuhai Grand Hengqin Group is a wholly-owned subsidiary of the Hengqin New Area State-owned Assets Administration Commission. The actual controller is the Zhuhai Hengqin New Area Management Committee. Hengqin Island is close to Macau and has a prominent strategic position. Hengqin Island has a unique location advantage. It is separated from Macau by a river. The closest location is only 187 meters. It is connected to Hong Kong and Macau's two international free trade ports through the Hong Kong-Zhuhai-Macao Bridge and the Lotus Bridge. Macau Chief Executive He Yicheng led a delegation from the Macao SAR government to Beijing from August 12 to 17 to meet with relevant ministries and departments of the central government on promoting the Guangdong-Macao (Hengqin) Deep Cooperation Zone. We met with the Ministry of Commerce, the People's Bank of China, the General Administration of Customs, the State Administration of Taxation, the National Development and Reform Commission, and the Ministry of Finance. Investment advice: The actual controller of the World Bank has been changed to the Hengqin State-owned Assets Administration Commission. The Grand Hengqin Group is the main urban development and operation entity on Hengqin Island. Hengqin Island is adjacent to Macau, and has now formed a pattern of collaborative development of six major industries. We expect the World Bank's EPS in 2020 and 2021 to be 0.05 yuan and 0.07 yuan respectively. Based on the closing price on August 19, PE will be 90.8 times and 64.9 times, respectively, maintaining the “buy” rating. Risk warning: The transaction service business falls short of expectations; the risk of continuous loss in the apartment management business.