Key investment events: The company's non-public stock offering was successfully issued. As of December 16, 2015, the company has issued 407 million A-shares. The issue price is 6.02 yuan/share, which is equivalent to 101.35% of the initial issuance price of 594 yuan/share. The total capital raised is about 2,450 billion yuan, and the net capital raised after deduction of issuance fees is about 2,398 billion yuan. The supporting funds are mainly used to pay cash consideration and investment projects such as Kaoling Trade City in Changsha. Comment: The successful non-public offering of 2.45 billion yuan will greatly enhance the company's financial strength. This non-public offering plan is a supporting fund-raising plan for the majority shareholder, the largest shareholder, to inject home commercial assets into a listed company for the first time. Its successful implementation will greatly enhance the company's financial strength and effectively boost investor confidence; it also lays the foundation for the second asset injection and supporting fundraising plan (scale 2.36 billion yuan, base price 6.06 yuan) being promoted by the majority shareholders. It is expected that with the two core asset injections and successful implementation of supporting financing, the company's high-quality assets will be greatly expanded, and the majority shareholders' support for the listed platform will also increase further; at the same time, the total amount of capital raised by the majority shareholders It reached 4.81 billion yuan, leaving 3.81 billion dollars after deducting 1 billion dollars in cash payments to major shareholders, which will further strengthen the company's capital strength and provide a guarantee for the company's long-term development. Continue to be optimistic about the prospects of cooperation between the company and Baidu. The company recently signed a cooperation framework agreement with Baidu to cooperate with Baidu Future Store on exhibitions in fields such as intelligence, big data, and innovative technology applications. We believe that a strong alliance between the company and Baidu Future Store will help the company lay out a large business ecosystem in the future. At the same time, the introduction of Baidu's big data system is conducive to generating more intelligence-related business models and is conducive to the long-term development of the company. The management grants stock incentives, which help strengthen cohesion and combat effectiveness; the majority shareholders are rich in resources and value listing platforms. The management recently granted the first stock incentive, with a volume of 24.48 million shares, accounting for about 3.19% of the share capital (770 million shares) at the time the plan was signed. The unlocking conditions are that the growth rate of non-net profit withheld from mother in 2016-2018 is not less than 82%, 99%, or 120% compared to 2014. Stock incentives will help strengthen the cohesion and combat effectiveness of the company's management. As the only listing platform under the majority shareholders, Heung Kong Holdings also received great attention from the majority shareholders. Investment suggestions: The successful implementation of the company's non-public offering has greatly enhanced the company's financial strength. We are optimistic that the majority shareholders of Heung Kong Holdings attach great importance to its only listing platform. The layout of the majority shareholders in the fields of trade and logistics, big finance, and big health has brought broad space for the future growth of listed companies. Currently, the company's RNAV is 11.5 yuan, providing a certain margin of safety for the current stock price. Considering the changes in share capital after this non-public offering, the 2015-2017 EPS is expected to be 0.23, 0.33, and 0.45 yuan, respectively, and the corresponding PE is 47, 32, and 24 times, respectively, maintaining the “buy” rating. Risk warning: Sales recovery falls short of expectations; restructuring progress falls short of expectations.