how to improve the performance while protecting shareholders'equity How to achieve the goal of improving the performance while protecting the shareholders’ equity. In my opinion, this is a change management issue and I plan to figure out the issue from the following three aspects. First of all, to change organization structure into Honeycomb like structure. As you have been aware, the swarm is a flat and decentralized autonomous system, each bee just does its best to its own tasks no matter others., but from a holistic perspective, the whole system or organization is full of collaborative and efficient, and it is also running very well. Back to the corporate environment, building up Honeycomb like structure is conductive to increase the employees’ ownership and responsibilities, furthermore it is conductive to improve the corporate performance. Secondly, to establish ecosystem integrating of upstream and downstream elements. For instance, in IP industry, culture companies have established their own ecosystem integrating of video games, publicities, toys, movies, cartoons, online reading and so on. They have been grabbing a large number of brand premium since ecosystem established. The essential things are finding the company’s positioning in the ecosystem. So the question is how to position. In my opinion, five dimensions need to be considered including capital, organization, vision, value and products. Finally, to make innovations through transboundary. there are at least two approaches to make innovations, one is business mode innovation, and another is technological innovation. Without taking into account the financial situation or other factors, I recommend that we explore the technological innovation, which will be more competitive, more monopolistic and last longer than business mode innovation. And in terms of business mode innovation, sharing economy is worth considering. In order to complete the change management and achieve the goal of improving the performance while protecting the shareholders’ equity, there are various aspects which we should pay attention to including but not limited to financing, marketing and operation. In a nutshell, the above is from the management level to discuss the issue. Standing on the governance level, it is necessary to improve the corporate governance structure and establish relevant rules and procedures.