Q1 2023 CNFinance Holdings Limited Earnings Call
Hello, and welcome to the Cm finance first quarter of 'twenty to 'twenty, three unaudited financial results conference call.
All participants will be in listen only mode should you need assistance. Please signal a conference specialist by pressing Star then zero on your telephone keypad.
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Now I'd like to turn the conference over to Matthew.
Investor Relations manager. Please go ahead.
Thank you.
Good morning, and evening I'll come to find out is first quarter.
Three financial results conference call.
In today's call are director Vice President, Mr. Tianjin will walk us through the operating results followed by the Alex.
Brahma, our acting CFO , Mr. Li after that little habits resonates actually.
Before we start I would like to remind you that this conference call contains forward looking statements within the meaning of section one E.
The cookies Jones Act, plus adding 34 as amended.
And as defined in the U S. Private Securities Litigation Reform Act of 90 95.
These forward looking statements.
Identified by terminology such that fail attacks anticipated.
Sure.
Hello believe escalate.
Going forward outlook and similar statements.
Such statements are based upon management's current expectations and current market and operating conditions.
And relate to events that involve known unknown risks uncertainties and other factors.
All of which are difficult to predict and many of which are beyond the company's control, which may cause the company's actual results performance or achievements to differ materially from those in the forward looking statement.
Information regarding these and other risks uncertainties or factors I think noted in the company's filings with the U S Securities and <unk>.
Commission.
The company does not undertake any obligation to update any forward looking statement as a result of new information future events or otherwise except as required under law.
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Well I mean generally what are you talking about the wind.
Thanks, everyone for taking your time and attending this conference call.
But he will introduce the last question.
Actual results in the first quarter of 'twenty three.
Oh, just by a Q&A session.
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Why are you going to be.
But in general with something that is useful you're always sitting on weekends or maybe hone b it doesn't jump out at you.
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Do you think once you won't see in tissue.
Shang Guang totally Sunshine cheap I wish.
What's your what are you and then maybe.
So St. Joe I'm, sorry, our Sunny D G too, especially in CIT and Union gas switching to you about why you didn't maybe you shouldn't see Cinderella.
But as you go through so we also want to take a shot she she's getting somewhere.
Sure.
In the first quarter I'll tell me if I'm afraid you have to maintain our momentum.
They're cheap here on character, all key operational and financial indicators.
In this quarter, so I was a nationwide increased 48%.
The same period of time, you find good still so RMB three 4 billion.
Building on the 112 billion and the commercial partnership.
Net revenue under the commercial partnership model came in that's RMB 21, 5 million pretty fourth quarter of 2023.
Total interest and fees income for Q1 can literally three was RMB $450 million.
There was only a year on year increase of 9%.
We've continued to provide installment services and finally support for sales partners are obligated to repurchase delinquent loans and recorded net interest income track cause sales partners of ours.
The $37 5 million.
And net income in Q1, 2023 increased 14% year on year.
So RMB 14 9 million.
In the first quarter of 'twenty, three we have done deploying it works.
She should tell you the way you answered most of the Johan Santana the movie aren't you want them to go home, we should also see Oh sorry.
Sorry, you're shunted Joe shop.
Our Union I'm curious what you learned yoichi degree Jody you won't feel that Moshe So what did you end the quarter a sweetheart.
But Andrew can Cook told.
So obviously they already are and you sharpen your Johnson like me you don't know if that's what you hope everyone. So I'm gonna telephone Queen location of course with Us John .
Suddenly engage you too.
Moshe you ensure that she brought it should hold.
Hung time view on coronary you didn't change your phone whenever if I'm an essential.
But again, they're shuttle ocean going to India.
For sure for instance, our young children more system, you don't take one cohort D, which don't get out, especially in the full year.
We've continued to promote and to refine commercial bank partnership.
Targeted borrowers of commercial bank partnerships have better credit ratings in general.
That's where lending products require less capital of the company.
Since its launch in 2021 the commercial bank partnership model has gradually gained recognition from pocket and our partners because of the low interest rate.
After deepening cooperation with private banks.
What are your most bank lending products began to increase quickly in the second half of 2020 two.
So in the first quarter of 'twenty three.
In Q1, 'twenty to 'twenty three loan origination volume of bank lending products accounted for 35% of total loans originated by the company and.
And it has become one of the company's major revenue stream.
And this quarter, we have broad sales partners into the commercial bank partnerships and further reduced our risk exposure.
Yeah, Yeah. She knows the answers you can trim, but being lunch and so most of the century.
Since you're on the irony of Chevron in the window of Chunghwa.
Also the Ginger Jones agenda. He also Sharjah G. Two rooms will say you know what he Didnt bother me Pete.
Be treated at home she starts out at you here by Paul Hoelscher closer to lunch and that's because most of the trouble since you.
But she too late for the U R E T E.
So what's all the pools with Japan jumped.
We hope we're not putting on weibo.
Should you when do you know if we can call job.
Onshore, Taiwan cohort junk gives us something that you'll lose your influence you Werent lingo cheaper that's what our you will see more.
We have reduced the funding cost and diversified the financing mix.
We have reached a consensus with founding partners are reducing interest rates in the second half of 2022 are.
Interest expense in Q1, 2023 has equates to 8% year on year RMB 100 in nation building.
In this quarter, we successfully established a couple of thousand third party a M.
And provided sufficient and consistent funding support for sales partners, but neither children purchased loans.
That those partners so they could actually improve and are motivated to expand their business.
Excuse me.
Hi, Julia.
I'm going to follow suit when.
When Sheila already already I mean, Egypt, and she loves our telephones.
Then the point I'm, sorry, just a function of the friendship.
The Jaguar and put on the yoga shoes, Sundar should give them pushing beans.
Yeah. She challenge you should change your insurance.
G G.
Johnny.
Sure.
Thank you Joe China, India more you also a junkie.
Well, yeah in Peru.
Quality.
In this quarter like analyzed historical.
Sure.
Who conducted the factor analysis on defaulted loans.
Based on the results they refine our model or our risk attachment.
Jeff that's our prioritization to a business operation tier one tier one and the other major cities.
Oh delinquency ratio at the end of Q1 of 'twenty to 'twenty three has decreased as compared to the end of <unk>.
Okay.
These huge issue.
Yeah, John G huge who you're talking to your Chi Chi Tung, who should be in the foods Hot Treaty once you should.
I'm pretty sure you'd say, we love Jesus your Guangzhou, a cogent Unfortunately, each with you. So how would you go to Joseph.
Oh I'm sorry, it turns on that whole shirts, what I'll jump at St. Joe.
Treat you don't use for ball Corp.
With continued to be confident that China's inclusive financing industry.
And that's window period.
At the same time.
Ted.
<unk> has made a very important for us to pursue high quality development.
It's been out there.
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While material couldn't you sure sure children's I'm in danger, Alright, there or do you do know what do you call New haulage, you're sure you show that you hung causal assumptions being able to talk I sure Sean.
So that's all English law origination volume.
It looks like you have to think of.
Measures of service high quality sales partners and support their growth.
Okay promoting commercial bank partnership refining trust lending model.
Sovereign opportunities to deepen our collaboration with Ingram.
So they'll just they'll cut out based on market conditions.
We're looking forward to it.
Hey, OPEC lending product that target with an annual interest rate that's down 12% in the second quarter of 23.
Sure so on the IOL cause even more so since you.
So if you're a woman she can talk with a whole bunch of yogurt machine because she wanted Hugo.
Uh huh.
This is shuang lingo jumped to two times GDP.
Some of our team, but it's you don't do that.
Friendship with what he already.
Okay, finding our founding motto.
First.
Maintain dialogues, but it's plus company partners.
Adjusting the structure of trucks.
I can let it go.
Negotiate with AMC are reducing the interest rates they charge.
There are two further east.
Our sales pace.
Dupont does your child or quicker.
Ian could you need it on the cheap.
Sure.
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Sure.
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This is the operator.
I'm, sorry, we're getting a lot of noise.
I'm going to see if you can reconnect.
Uh huh.
Just one moment please.
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Excuse me this is the operator I'd Matthew to resume thank you. Please go ahead.
Alright, well come back.
And we'll just pick up from whenever they probably hang up now.
Again, Mr. Tianjin to gave his parks.
Okay.
D J Johnson, John excuse me you would hold on yeah.
John Please walk in Dorchester Youll, just let you talk to you soon.
Those are your hunting ground moisture center, even though some of them.
Yes.
Oh, I'm, sorry, I jumped on a tons a few calls here I'm going to put those all moisture.
But could you walk through just your sense you should put in some detail.
But Q2 will be equal you'll probably she is sure you show that you can close all the time.
With a darker shop.
Our filter tasks with food.
First we will focus on increasing originations.
So they'll continue to take measures to faster service high quality sales partners and support their growth.
Okay, promoting commercial bank partnership or finance lending model and discovery.
Keep in our collaboration with insurance companies.
And they'll adjust our products based on market conditions.
Looking forward to rolling out a new back lending product at Targa has an annual interest rate.
Less than 12% in the second quarter of 2023.
We are well down Youll see G boss since you. So as you know what I'm, telling you you shouldn't cool causal Woburn, Joe Youre watching what you Wanna cheerful jonker compound.
She is a woman she wont and then go John do you tell us what's the sense you've seen the goldfields come back well.
Machine with a chunk of.
Our friendship we go you already.
Second.
But it'll keep refining our funding model.
First.
So they'll maintain dialogue.
Company partners colleagues, all adjusting the structure of class plan.
Again, if I go and negotiate with AMC are reducing the interest rates they charge in order to further ease liquidity pressure off our sales partners.
So Fisher your charter because your total bill.
Could you detail on cheaper to lunch on chunky should you use your frequent Washington.
Well my junk sushi that produced a whole bunch Fuji friendship well you know Hershey Trisha, how do you treat it sometimes searches country pretty useful theater deal that shouldn't shouldn't hold most of that one country.
It's just on flu.
Well my Junkies, you shouldn't walk the T O.
We ended up with who uses the friendship thing you go to one Sean function people pushing.
E G go Chinchillas in Sudan County.
County sits on put them the common.
Sure.
So they'll keeping lesbians huh.
And fully recognize the importance of technology anyway.
Design and risk assessment.
But it will continue to analyze historical data of loans originated.
Platelet tailor products, our law I'd start by collateral and core areas of tier one a new tier one cities.
It will also rollout truck lending products, that's higher or lower interest to increase our market share.
Well it did that analysis.
Factors of collectibles and borrowers to help refine risk assessment model in order to improve asset quality and our existence to market fluctuations.
Hello, What's your Amsterdam, Tokyo I'm the CFO I'm sure you were taught we here show on your friend you meet people then I will jump off.
Now I would like to hand, the call over to our acting CFO Mrs. J, Lee who will walk you through the financial results of 123.
Okay.
Thank you. Thank you Mr. Han.
Al.
Yeah first quarter I'm trying to get the earthquake finance always tout.
Before we start I want to remind you that unless otherwise stated it currency every year.
RMB.
Also unless otherwise.
Otherwise the state it all comes out right there will be a neat oh, yeah, Oh yeah.
Interest and financing service fee on alone.
Increased by 5% or 412 million from 300.
Finally, I should be able to approach or the.
Average daily outstanding long Frank and.
In the first quarter of Chinese doesn't it free as compared to the same period.
Yeah.
I'm trying to partner with the family.
The vast partner who choose to purchase if our allowance in instant ink.
English.
P for salad kit.
Okay, Amy L anthrax.
Okay.
Its primary due to the fact that the company allows mark that's probably not true okay.
And Amit just have that's probably not a bad pressure.
Everything.
By 80% to 85, <unk> as compared to children.
Yeah.
Yeah.
Finally, Q2 I think.
Okay.
That's all.
And as well as to finally caught fire in the check.
Yeah.
C P income.
Okay.
Okay.
Yeah.
Thank you.
Okay.
That's happened here.
Perfect. Thanks.
'twenty two.
Yeah.
Somebody has start to cooperate.
Okay. Thanks for your time.
As such collaboration first F gas.
Okay awesome.
Yeah.
Outstanding loans.
The commercial bank.
Great Alright.
No.
One towards the clinic.
Carey.
But at.
At the same period last year.
That pricing.
That's part of that.
It's a way for.
Phase two is that starting to bite.
Perfect.
I don't have to.
Finally at the end.
Our.
Hello, Frank.
In effect.
Obviously.
Up to the same period.
Okay.
Michelle.
They love it.
The police, yes, but they love it.
The lending market.
Is that people love.
Pete.
And partnerships.
In relation to the financial guarantee arrangements.
Okay.
A third party.
Corporate wide yelling at me.
<unk>.
But by.
By law and then for.
Okay.
It comes back to a regular so 14 normal wholesale Kelly I was telling me he thought it'd be cute.
Yeah.
Every deal.
Carl.
Okay.
Yeah.
Yeah.
Allow us.
That's right.
Oh excuse me this is the operator again I'm sorry.
What I will try to do is reconnect.
And.
We will try to make up.
Find a better connection.
Oh, Thank you if you'd like to disconnect and I'll call back out your location.
Thank you.
Yes.
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Yeah.
Yes.
[music].
Excuse me this is the operator of like to reintroduce <unk>.
Matthew Once again. Please go ahead Sir.
Thank you. Thank you.
Hum again to this conference call sorry for the connection issue now I'd like to hand, the call over and introduce our acting CFO. Mrs. J Lee who will go over the financial results with you of our Q1 2023.
Please go ahead.
Thank you all.
Sorry for that issue now.
Now, we we cannot put and.
And we started out.
Now, let's go for the first quarter on the 20th whereas Blue cards, where you finance years before we start I want to remind you that unless otherwise stated the currency we use it would be in RMB.
And also unless otherwise stated or it comes hours than we have been late on the year over year basis.
Interest and financing service fee on loans.
Increased by 5% to 400 and child Milan from 319 1 million primarily attributed to go a little to the English Inc. Inquiry of average daily outstanding long bright spot in the first quarter are tracking journey suites at some path to the same theory of 'twenty two.
Interest income touched it that's partner or does it sound like suites touched it that's partner who choose to purchase before allowance in installing rate increased by 16% two decades eight mainland around 23 million, partly due to the fact that the company allows more.
That's part necessarily purchase it's working now and it's starting to help desk right now yeah, Chris on catch Roe.
Interesting when you think about deep.
By 8% to 185 million as compared to 201 Lillian.
Finally, due to the decrease in daily average outstanding loan write off on the borrowings.
So after falling for long chop some funny.
Net interest income increased by 24% to 269 million from 216 million.
Net revenue under the commercial bank partnership Marta, what tarnish sorry to anemia.
One only has start to operate weak commercial banking 2031.
Such cooperation clause and scout.
In the second half our treasure chest, there too yeah standing alone right now under the commercial bank partnerships with Great point right.
And often much everyone charting told me free and compared to the one key point floor, mainly in the same period last year.
Collaboration of course, what that's probably not worth of selling the south being found at page it as part of that.
Increased by 400 well.
Well presented.
18, 3 million compared to 18 million last year.
Its primary attribute that both to the English average daily outstanding long rang the bell in the first quarter upfront they signed up for it.
Somehow we just thank you all right yeah.
Well, we should have for quite a while it was astounding felicia for while they loved it.
I didn't love it under the company model.
And the expanded quite a lot of guarantee under the commercial bank partnership model in relation to the third financial guarantee arrangement. The company entered into with a third party guarantor.
Hooper White county piece over to Michelle Phan partner.
What that would mean lightning than in the first quarter of two I think honestly as compared to a reversal of 14 nearly insane Peel off of last year.
The reversal in last year was mainly due to the child, where all remaining alone.
I'm going to challenge channels, but then it takes them more adult to third parties.
And the allowance up Bachelor or whatever whereas the worst of it.
Operating expenses remained stable at 18 million.
The income tax expense was 18 million.
<unk> 15 in the same Pls Yep pardon me go to the English and taxable income in the in the first quarter of each year.
Net income increased by 14% to 14 9 million compared to what is blame Ya Lan Lucky yeah.
As of March 31, 'twenty tariff rate the company has cash cash equivalents and.
And we sit to catch up to one two.
Hum.
Some path to a 1.8 B O S.
As of December does he work.
It's all good too.
The delinquency ratio or no originated by the Homeaway equally brown, 18th quite sleep with them.
S off December 30th, whereas China literature to 15, 2%.
March 31st.
We're totally took a tweet the MPL ratio well now originate by the company with 1.8 out of the March.
They didn't want 20 bed asleep at some pad to 1.1 assay fan, but that Dupont charges I need to.
Now we would like to go ahead and start the queue.
And in the section plane.
Blaine.
Thank you we will now begin the question and answer session.
To ask a question you May press Star then one on your telephone keypad.
If you're using a speakerphone please pick up your handset before pressing the keys if at any time. Your question has been addressed and you would like to withdraw your question. Please.
Please press Star then two.
At this time, we will pause momentarily to assemble our roster.
The next question or the first question comes from William.
Google sheet, Gregory Suski excuse me of Green Ridge Global.
Please go ahead.
Thanks.
Provision for credit losses bounced around the last few quarters, how should we look at that going forward for modeling purposes.
What's your thought on what you're doing in the Ginger they'll eat a little element, but that someone's home waterfall me in bed will go come back down.
Oh.
Oh.
Hi, William shut down the well known tissue need again to Joe until you adult box you have Mike Dean.
She's going to make US an issue then do you think that.
You know you go with that Nicole.
Hum Belgian getting that done.
Well anyway, good luck hope.
Well again mark.
I shouldn't you cannot say.
And I didn't do a downtown.
Although again the women's at this time, Oh do people know about that.
At Anvil.
Thank you thank.
Thank you that's all I can tell you without again Jonathan.
Thanks, a lot.
Right.
So we have always maintained a very consistent provision policy.
And space.
On a model that is provided and led by our auditor as well as the appear indifferent I think that's me and I think we are introduced.
Libraries of model four years ago.
After four years of operation.
They believe that they'll find their thought providing I always get a guarantee to see all of them.
True to til alone you can produce.
Okay.
Well, thank you and Oh I think I.
You May I hope with any time on day.
Monday women, that's the trend that you don't know how how about gel one lender. Your T. D also shut down into la La land yet.
Just couldn't you want Linda Mike M E T at a beat out either.
I can't think of anything.
And especially in this in this quarter as they are those partners are providing guarantee and protection to the lowest they introduced.
Our delinquency ratio is actually lower.
Has actually decreased and that's why based on the model with deep relation motto, we have occurred last probation.
These sound like dishes.
They.
So what do you think you can say the dungeness dumping Yale and worked out.
Okay great.
You can see the you pen.
So they will not make I can't say that yet.
Yes.
And also.
As the.
Hmm.
And then I make.
And then Nick.
Panic no control over in China.
The macro economy has turned has made a good turn and that also impacts our forecast for the filter and that's another reason why the provision is lower in this quarter.
Yes.
Yeah.
Thank you.
Oh, well I want Mike why don't you do a whole bunch in Washington, a high <expletive> in Lithuania, and they enjoy a whole lot in Washington, and I'll do a woman so what's the chance to do now is Oh My God.
About that yeah.
So how that what that will end up.
The old way more weight.
I will now have weekend. So you don't think I'm watching it okay.
People.
One that.
How when you have that sort of push out when they need it.
And then Washington.
That doesn't mean, Washington that you don't count.
Oh, Oh Oh.
With that we'll just look at I know at all.
One of them putting them all he was going with that.
So going forward, we have well recognized.
Advancement of our collaborators of motto.
And more importantly, we have also brought those partners into our partnership with commercial banking.
I think my little just hold on to the collaboration that they also partner and are in the filter because it does.
Not only does it help us to contain the risks.
It also help us extend our scale.
Yeah.
Yeah.
That's.
Does that answer your question.
Yeah, Yeah. Thank you.
On the commercial lending side, you've talked in the past about that being around a third of origination do you think that'll stay around that level, because that's where you're at now given how fast.
The origination numbers are taking off with that and the new product you mentioned you're rolling out.
I I didn't I didn't catch your first line could you could you repeat that.
Yeah, you you guys have talked in the past about the commercial lending being about a third of origination.
Do you think that'll that'll get higher given how fast it's growing and the new product youre, bringing up.
Okay.
Most recently at all what are the your home your home with her job to.
I'm going to go down a bunch of them.
Let's call. It also assumes that sometimes a little quiet.
It'll be licorice foam.
Sure.
Yeah, Hans I, frankly don't know homeowners I found something that means we're trying to be live with other large chunks of them.
Unionized work done would you change them, but usually with why don't you Wanna comment upon them with you.
Some of them can be more chunky G all of them essentially.
Under a woman with the army, our son, Uva Digger, let me talk on the take or.
Pardon the hook, we've contingent upon the degree of emotion and Jennifer She bidders aren't you brought on a woman you shown that's either to go into the future.
With I'd say some searching the chinchillas.
Quite honestly you wont show cause no one would you Johan so I'm gonna toss on cream of wheat, you should call at all during the day. If she goes to go it's actually if you look at what I'm trying to England.
Well you can go to that central Massachusetts.
In Paraguay.
So if you look back to the <unk> that are in the first quarter.
Originated under our collaboration with commercial banks actually accounted for 35% and I think that's a that's well above our estimation, but I think that that's the plans pick so so in the future I think the original notional volume of commercial bad partnership they will just continue to grow but.
As long as the.
Overall loan originated keeps growing is while I think they presented that the proportion of a commercial partnership that's going to keep to be capped at 35% to 40%.
I don't know the figures, which you I'm sorry to assure you that you won't tell you the TV show and I'm supposed to because the current book.
At your woman in food to eat through your own timeshare being job one.
Sure.
Well, I mean, who knows what she wants.
You don't find me in nickel so tissue shows you the chunky through June unquote with attack when you do that you weren't sure sure Mango auto one there's really something I can assure you charge them. Once a woman go way G with a quote off we're going to continue to pursue how did you go to.
And that proportionately, it's based on our current expectations just based on the current market conditions and our analysis, but if.
If if if it is possible for us to do like with that rollout.
Loan product under the commercial bank sponsorship, which triggers the interest rate that's lower than the 12% annually I think the propulsion the proportion of Ah.
Long products facilitate lowest purposes rotated under the commercial that sponsorship will just.
Grow as well and I, just got a higher share in our overall loan origination.
Thank you.
Okay. Okay.
I guess, you're kind of implying to them that the trust company origination will be will be increasing as well are you guys seeing more demand now for those products. You mentioned you know in the previous question that the macro economy is improving are you seeing more demand for kind of the traditional.
One thing that you guys have done.
Saying you know usually sure.
Rick a question both a little phone clubs I think whichever way, Sean So I don't know what exact Glenda you're hurting the other day you talk.
On the streets Youre down in C&I for its usual don't watch it and I've heard that Mcdonald's is an advanced at all whether they will go I'm wondering if you can call it the whole block.
We used to lead you to that and they said what are we to the bulk of that kind of upon that it's a good chewy and dark Brown shoe show you guys what should jumping when do you wish you can point to some deepwater you go win what do you think a syndrome.
I'm going to teach and good article about watching the sharper image them. Upon a woman with you what you can get a part of my Oh should all go with us as well.
Would you agree that the.
So copel issues I know you called out you know quite achievable easily though you can change in a part of what you can garner I spoke with you in eagle enjoy or send agenda, you're going to be put in place should so do you tell your thought that you need to punish you want Jumbo woman doesn't go to a degree you windmill industrial upon tradition, good that was either hold or go farther nigella Honda you guys sort of how you're achieving bajaj.
Coaching for equipment.
Do you think it's a good part of my General partner Turner woman two each in good junior funding towards your young propulsion coaching on the project to be more apartment with Wuxi when looking at our Changzhou Trina.
Cool cool.
Well, we went to the tune should so could you just send you an bituminous you weren't jobs. So you wouldn't do it shouldn't go up junior Wilmington go to Atlanta.
Well me you don't bullshit neutral for them will be all junior how about you look lumpy. So you give somebody a little window shoot zyuganov switches.
So based on these data and that is released in the in the first quarter Authentically 93, I think the lending demand.
As a rather stable as compared to the same period of 292.
Hum.
Looking forward to the second brother and after we are we remain confident in China's economy, and I think it is going to to pick up gradually in the filter. So there is still room for for us to expand our business, but as we have.
As we have said, we will pursue high quality development. So that means they they will focus mall more on the asset quality I smile has to to operate in a more compliant way to build the compliance should you choose to operate fully and they compliance way.
That's why I think they are going to keep our estimation for the year.
Our total loan originations of 20 billion.
Thank you.
Okay, great. Thank you. Thank you see you guys next week.
Okay.
Again, if you have a question. Please press Star then one.
Okay.
Seeing there are no further questions. This concludes our question and answer session I would like to turn the conference back over to Matthew Yu for any closing remarks.
Thank you and thank you guys again for attending this conference call and apologize again for the connection issues. So on this call will have a replay our I O. That's at that time, I or adopt catch trying not to see and if you have any questions. You can also contact.
US, we I add cash China.
Dot com. Thank you. Thank you again.
The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
Okay.
[music].
Okay.
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