On the August 12 incident, the company further disclosed the business integration arrangements of Da Hengqin for the listed company after the change in control. Comment: Greater Hengqin will collaborate with the professional service advantages of listed companies, integrate the Hengqin New Area and its integrated regional resources, create a model for innovative urban managers, and gradually promote it throughout the country. Hengqin New Area is a pioneer in urban property. In 2018, Hengqin New Area pioneered the concept of “urban property”. Through the integration of “professional services+smart platform+administrative power”, the entire process of “management+service+operation” of urban public space and resources was implemented. It covers many fields such as urban management, municipal maintenance, property management, parking lot management, and community asset management services. Specifically, they include spatial services such as sanitation and greening, roads, bridges, tunnels, and river and sea management; resource services such as garbage sorting, parking lots, and muck yard management; property services such as environmental improvement in Hengqin ports, headquarters buildings, and urban villages; public resource management services such as talent apartments, mobile vendors, and billboards; and public service services such as land inspection and people's mediation. The World Federation Bank has asset management business and has the ability to establish a national layout. The World Federation Bank has an asset management business segment, focusing on commercial properties, covering industrial and commercial properties, industrial parks and other fields. It also has the ability to deploy nationally. In the past, the World Federation Bank established cooperative relationships with many local governments through a nationwide layout such as consultancy planning business and long-term rental apartment business. In 2007-2019, the consultancy planning business served a total of 429 government units, providing planning services for urban complexes and old city renovation projects in cities such as Shenzhen, Wuhan, Nanchang, Changsha, Xuzhou, Beijing, Harbin, and Xi'an. Grand Hengqin has financial advantages, provides loans to the World Federation Bank, and supports the development of its asset management business such as property management. Grand Hengqin promised to provide loans of no less than 500 million yuan to listed companies to support listed companies in developing asset management businesses such as property management and commercial management. Give full play to the linkage effect and strengthen advantages. The World Federation Bank has planned to relocate its asset management business headquarters to Hengqin to achieve closer collaboration and integration with Hengqin-related businesses. Give full play to the linkage effect to further strengthen advantages. Greater Hengqin will collaborate with the professional service advantages of listed companies, integrate the Hengqin New Area and its integrated regional resources, create a model for innovative urban managers, and gradually promote it throughout the country. At the same time, Grand Hengqin will pay more in-depth attention to the various business segments of listed companies, seek more integrated and empowering development opportunities, and help listed companies continue to develop and grow. Investment suggestion: The actual controller of the World Federation Bank has been changed to the Hengqin State Assets Administration Commission. The Grand Hengqin Group is the main urban development and operation entity of 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 Federation Bank's EPS for 2020 and 2021 to be 0.05 yuan and 0.07 yuan respectively. Based on the closing price on August 14, PE is 89.2 times and 63.7 times, respectively, maintaining the “buy” rating. Risk warning: The transaction service business falls short of expectations; the risk of continued loss in the apartment management business.