Xuzhou Xinsheng Investment Holdings Group Co.，Ltd. was born and developed as the shantytown renovation subject. However，in the subsequent development process，it constantly responded to the internal and external environment，seized opportunities，and sought for diversified business development. Under the background of city-wide integration in 2018 and reorganization reform of the state-owned assets and state-owned enterprises in 2019，it successfully transformed into the urban service operator. This report summarizes its transformation experience by describing its transformation background and transformation methods，with a view to providing a benchmark for similar enterprises.