The main investment focuses on the development and operation of commercial real estate in core cities, and there is currently no actual controller. Sunshine Co., Ltd. is an enterprise focusing on commercial real estate development and operation. Currently, the company has no actual controller. In 2015, LeadingBig Limited acquired 29.12% of Sunshine shares. Currently, senior executives Tang Jun (Chairman of the Company) and Li Guoping (Assistant to the President and Chief Financial Officer) of the company serve as directors of Leading Big Limited. The company began to be involved in commercial real estate business in 2006. It has full industry chain development capabilities in the commercial real estate field, and has built three product lines of “Sunshine New Life Plaza”, “Xinye New Town Plaza”, and “Sunshine Xinye Center” according to standardized procedures to cover the core types of commercial real estate. At present, the company has formed an asset management team of more than 300 people, focusing on building a full value chain operation model covering the entire process of investment, planning, development, investment and operation. RNAV is 4.86 billion yuan, with an adequate margin of safety. We estimate that the company's RNAV is 4.86 billion yuan. The current market value is 15% discount compared to RNAV, and the margin of safety is sufficient. Using a hypothetical development method, we estimated that the company's current projects for sale and for sale will contribute 1,180 billion dollars in future profits. We believe that the high-quality investment real estate held by the company is still somewhat undervalued compared to its stated book value, mainly due to prudent valuations and the current low occupancy rate due to the current renovation of some properties. Major asset restructuring terminated. Sunshine Co., Ltd. previously disclosed a restructuring plan. The company plans to issue shares to purchase shares in Tiao Dynamics (Beijing) Sports Communications Co., Ltd., a subsidiary of Chinese Culture Co., Ltd., and raise supporting funds at the same time. Later, due to the latest regulatory policy adjustments, the company decided to terminate this major asset restructuring. Sports Power is a professional company engaged in TV copyright sales and signal production. Since 2015, it has obtained the copyright for top domestic events such as the Chinese team, the Chinese Super League, the Chinese Football Association Cup, and the Super Cup, and has also participated in many sports companies. Investment advice: Sunshine Co., Ltd. focuses on commercial real estate development and operation, bringing rich benefits through the development of the entire industry chain. Commercial properties are mainly located in core Tier 1 and 2 cities. Currently, the company holds 5.04 billion yuan of high-quality investment real estate, which will bring rich rental income and property value addition to the company. The margin of safety of Sunshine Co., Ltd. is extremely strong, and the termination of the restructuring cannot hide its true value. For the first time, it was covered and given an “increase in holdings” rating. Risk warning: The recovery in real estate market transactions fell short of expectations.