With the smooth handover of top management, the company will enter a new stage of development. Mr. Chen Jinsong applied to resign as chairman of the company due to personal reasons, but is still a director of the company. The 14th meeting of the fifth board of directors of the company elected Mr. Hu Jia, director of the company, as the chairman of the company, and Mr. Chen Jinsong as the company's co-chairman. Mr. Chen Jinsong is the founder of the company. He has played a key role and achieved excellent results at various stages of the company's development. Mr. Hu Jia has rich management experience and is currently the chairman of Zhuhai Grand Hengqin Group Co., Ltd., the controlling shareholder of the company. The appointment of Mr. Hu Jia as chairman marks that the company has entered a new stage of development. The future development strategy will be more clear, while the appointment of Mr. Chen Jinsong as co-chairman can ensure the stability of the company's strategic adjustments. Mr. Chen Jinsong still holds 29.6% of the company's shares, and the interests of individuals and the company are still highly consistent. Optimize the capital structure of World Union housing and promote the strategic transformation of long-term rental apartments. The company plans to agree to increase the capital of World Union Housing with 1.54 billion yuan of debt formed by World Union Housing, that is, the company will increase the registered capital of World Union Housing by 4.5 yuan, and the remaining 1.09 billion yuan will be included in the capital reserve. After the capital increase was completed, the registered capital of World Union Housing increased to 500 million yuan. The company still holds 100% of its shares, and World Union Housing is still a wholly-owned subsidiary of the company. After debt-for-equity swaps, World Union Housing no longer bears debt to the parent company. This change has created conditions for World Union Housing to subsequently borrow from financial institutions, introduce external strategic investment, or agreement transfers, and is conducive to the further expansion and strengthening of World Union Housing. Buy back shares two birds with one stone, not only to realize value discovery, but also to establish a long-term incentive mechanism. The company plans to repurchase shares with its own capital of 302 million yuan, and the repurchase price of shares will not exceed RMB 7.40 per share (inclusive). The company's active repurchases show confidence in the business situation. The implementation of share repurchases is also conducive to enhancing the long-term investment value of the company's shares, safeguarding shareholders' interests, and promoting a reasonable return to the company's stock value. More importantly, the company buys back shares for later implementation of employee stock ownership plans, fully mobilizes the enthusiasm of the company's middle and senior management and core personnel, unifies the company's interests with those of employees, and establishes a perfect long-term incentive mechanism for the company, which is conducive to the long-term development of the company. Maintain the buy rating. Considering improvements in asset management and operations, we forecast the company's EPS for 2020-2022 to be 0.05/0.05/0.06 yuan. Risk warning: transaction services declined more than expected; property management development fell short of expectations