Core Viewpoint - Poly Property Group (00119) has seen a stock increase of over 4%, currently at HKD 1.71, with a trading volume of HKD 25.1652 million. The market perceives the recent share transfer as a precursor to the integration of Poly Development and Poly Property [1]. Group 1: Company Developments - Poly Development announced the transfer of 4.512 billion shares to Poly Group, which will eliminate the intermediate level as Poly Development transitions to a first-tier subsidiary of Poly Group alongside Poly Property [1]. - This structural change is interpreted by the market as a step towards the integration of Poly Development and Poly Property [1]. Group 2: Market Analysis - CICC has issued a report stating that Poly Property is a significant real estate development platform under Poly Group, demonstrating stable operational performance during the current downturn [1]. - The report assigns a "outperforming the industry" rating to Poly Property, highlighting its high valuation cost-effectiveness among central enterprise real estate companies [1]. - The market anticipates an improvement in operational performance and valuation recovery potential for the company, driven by policy support [1].