Good morning and good evening, ladies and gentlemen. Thank you and welcome to the Chindata Group Holdings Limited Q2 2022 earnings conference call. We will be hosting our question and answer session after management's prepared remarks. Please note that today's conference is being recorded. I would now like to turn over to the first speaker for today, Mr. Don Zhou from Investor Relations of Chindata Group. Please go ahead, Don. Thank you, operator. Hello, everyone. Welcome to Chindata Group's 2022 Q2 and half-year earnings conference call. This is Don Zhou from Investor Relations team of the company. With us today are Mr. Wu Huapeng, our CEO, Mr. Nick Wang, our CFO, Ms. Zoe Zhang, our Finance VP, and Ms. Joy Zhang, our General Counsel. During this call, Nick will take you through the quarterly review of our operational performance, and Zoe will present our financial results. Management team will be here to answer your questions afterwards. Now I'll quickly go over the safe harbor. Some of the statements that we make today regarding our business, operations, and financial performance may be considered forward-looking, and such statements involve a number of risks and uncertainties that could cause actual results to differ materially. For more information, please refer to the risk factors discussed in our filings with the SEC. During this call, we'll present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in our earnings press release, which is distributed and available to the public through our investor relations website located at investor.chinadatagroup.com. We have also updated our quarterly presentation on the company's investor relations website, which you can refer to as a supplementary material for today's call. Without further ado, I'll now turn over the call to Nick. Nick, please go ahead. Thank you, Don. Hello, everyone, and thank you for joining the call. During the Q2, our business continued to grow in a healthy manner. Let's take a look at some key highlights first, and we will share more light on details afterwards. On slide four, by end of the Q2, our total capacity expanded to 776 MW, an increase of 72 MW during the quarter, thanks to the inclusion of two new under-construction projects. We now have a total of 30 data centers in our asset portfolio. We put one project into service, bringing our total in-service capacity to 511 MW, which is an increase of 13 MW. We continue to see healthy demand from our clients as our total contracted and the indication of interest capacity increased by 32 MW during the quarter to 619 MW, leading to still a healthy commitment rate for our total capacity at 84%. Ramp-up remained strongly on track as another 57 MW was put into utilization in quarter, bringing our total utilized capacity to 401 MW and a solid utilization rate of 78%. Our capacity build-up effort is constant, as we now have a total of 361 approved and pending patents by end of the quarter, compared with 256 in the same quarter last year. Meanwhile, recently in July, the company released a new waterless cooling technology jointly with our partner, and we would go into details of that later. Financially, our top and bottom line remains strong and healthy. We believe we have delivered upbeat revenue and adjusted EBITDA results for eight straight quarters since IPO. Revenue was CNY 1,038.1 million for the quarter, which is a 51.2% year-over-year growth. Adjusted EBITDA was CNY 544.3 million, a 60.8% year-over-year growth with a margin of 52.4%. GAAP net income was CNY 199.6 million for the quarter, which is the 206.3% year-over-year growth with a historical high margin of 19.2%. Our $500 million syndicated loan was officially closed in late June, bringing the company the necessary financing for further expansion. Meanwhile, credit agencies have also reconfirmed our ratings with Fitch Ratings reaffirming our BBB- rating, investment grade with a stable outlook. Moody's reaffirmed our rating as Ba2 with a stable outlook. Now, let's go to the details of quarterly performance. I would like to bring your attention first to our client commitment dynamics in the Q2. During the Q2, we received an additional 32 MW commitment from our clients, including both new contract as well as new indication of interest. From our perspective, our general client base, in particular, our anchor clients business remains very healthy. A total of 45 MW of IOI capacity on project CN 09, CN 11 C, and CN 14 for the anchor client was fully converted into contracted capacity in the quarter. Well, another 30 MW capacity was also contracted in a quarter on Project CN 18 to support the anchor client. With these, the aforementioned four projects for the anchor clients are now 100% contracted. In addition to our anchor clients, we have also received a 3 MW indication of interest on Project CE 01 in Yangtze River Delta region to support one of our key international clients. With these changes, the commitment status of our asset portfolio continues to look very healthy. On slide eight, we have a 95% contracted and IOI ratio for our in-service capacity. A similar level compared to that of the previous quarter. On slide nine, for our total capacity, the contracted and IOI ratio by quarter end was 84% compared with 88% in the previous quarter. The inclusion of the two new under-construction projects, which are currently under discussion with potential clients on demand details, brought some dilution to the figure. Essentially, the commitment status for our total asset portfolio is generally healthy. For your further reference, by end of the Q2, over 90% of our contracts are 10-year contracts, while the weighted average remaining terms of our contracted MW is around eight years, or to be specific, 8.26 years. Now, let's look at our delivery schedule starting from slide 10. We have put one project in service in the quarter, which is a 13-megawatt hyperscale leased project that supports the business of the Chinese cloud service provider client in their campus in Tianjin. We also added two new under-construction projects into our asset portfolio with a total capacity of 73 MW. These two hyperscale projects are located in our Hebei and Shanxi campus respectively, each with a capacity of 26 MW and 47 MW and are scheduled for delivery in 2023. These projects are expected to support our existing client, and the demand details are currently under discussion. Looking at our delivery schedule on slide 11. We now have a total under-construction capacity of 265 MW by end of the Q2. Among which 93 MW are expected to be delivered in year 2022, and another 172 MW to be delivered in year 2023. Our India project, which is BB101, was slightly delayed into the Q3 this year, while we expect other projects to stay in line with their original schedule. You can refer to slide 12 and 13 for the design profile of some of our selected under-construction projects. Now, coming to customer move-in on slide 14. Thanks to our clients' excellent and resilient business performance, we are able to keep a steady and healthy ramp-up pace. We added 57 MW of utilized capacity in the Q2, bringing our total utilized capacity to 401 MW compared with 251 MW in the same quarter last year. Which is a 59.6% year-over-year growth and 16.6% quarter-over-quarter increase. Additional move-in was mostly contributed by project in our merchant China, Shanxi, and Hebei campus supporting the anchor client, as well as in client's campus in Tianjin supporting one of the Chinese cloud service provider clients. In our Malaysia campus supporting one of the key international clients. With this steady ramp-up, our utilization ratio by end of the Q2 remained very healthy, standing at 78% compared with a 69% in the previous quarter, and an average of 71% since the listing of the company. With the quarterly dynamics mentioned above, now let's take a general look at our capacity geographically. By the end of the Q2, our APAC emerging market capacity deployment now accounts for around 15% of our total capacity, while 89% of this capacity in APAC emerging market is committed by clients. For the current under-construction capacity, 36 of them rest in APAC emerging market, and more than half of them reside in Greater Beijing area. Again, showcasing our advanced layout and commitment to the APAC emerging market, as well as our further effort in strengthening our foothold in our key existing campus in China under the Eastern Data, Western Computing policy. We would also like to share some other key recent developments of the company. As set forth by the management team previously, the company will formulate further game plan around Eastern Data, Western Computing policy. To further strengthen our foothold in our existing campus in key hub regions of the policy, while at the same time, through leveraging our differentiated advantage in technology, and with the effort of building up business partnership ecosystem to gain access to more business opportunity in new key hub regions under the policy. The game plan is gradually working. In terms of further strengthening our foothold in existing campus, on slide 19, the company recently entered into agreement with local government in Datong, Shanxi Province, on August 19th, to further expand our existing capacity in the Datong campus. According to such, the company will build up a total of over 500 MW capacity in our existing Datong campus going forward, which is around 2x our existing capacity in the region. Once completed, the campus is expected to become the single largest IDC campus in the entire Asia. On July 27, on slide 20, the company entered into a strategic cooperation with Taiji Computer Corporation Limited, one of the leading player in e-government, smart city, and industrial internet in China. We have established cooperation relationship with Taiji back in the year 2017, when the company was working on its Beijing project CN 02. We believe such strategic cooperation has brought more vitality to the company's existing business ecosystem. Together with the partner, we seek to better utilize the differentiated advantage of each party to expand service to more potential industry customers under the new national policy. The company also remains very committed to innovation, research, and development to drive growth of a high-quality business. On slide 21, we have recently come up with more technical alternative for data center industry to better accommodate their energy performance to diverse natural conditions in different regions, so as to achieve improved resource consumption of data center. On July 29th, the company and its technical partner, Vertiv, jointly released a new waterless cooling technology, X-Cooling. The solution with the integration of control and sensing technology makes cooling system capable of automatically adjusting itself to variables such as outdoor environment, workload, various operation modes, so as to run with optimized energy and water efficiency performance. Under the testing in the company's data center in Hebei Province, the solution yielded a PUE performance of less than 1.1, and the WUE or water utilization efficiency performance of zero. Indicating a potential save of 1.2 million tons of water per year for a 100 MW data center in a real-world scenario. Such solution has offered favorable evidence for massive application of the solution going forward. On financing, the company's CNY 500 million syndicated loan was officially closed in late June, which is offering more resources for our capacity expansion going forward. At the same time, Fitch and Moody's have all reaffirmed their existing credit rating for the company, with Fitch reaffirming its investment-grade BBB- with stable outlook, and Moody's reaffirming its Ba2 with stable outlook. We believe these reaffirmation of our credit rating has kept all options for the company, should we decide on future financing activities, therefore safeguarding our business developments. With this, I have concluded my part of business update, and I will now turn over to Zoe for details in our financial performance. Zoe, please. Thank you, Nick. Now, let me walk you through our quarterly financial performance. Our financials remain on a healthy momentum. On slide 23, revenue in the Q2 increased by 51.2% year-over-year, or 12.8% quarter-over-quarter to reach CNY 1,038.1 million, which is in line with our steady ramp up. Looking further down on slide 24, total cost of revenue in the Q2 increased by 47.7% to CNY 602.2 million, from CNY 407.6 million in the same period of 2021. Mainly driven by increases in utility costs and depreciation and amortization expenses. Selling and marketing expenses in the Q2 of 2022 decreased by 33.5% year-over-year to CNY 15.4 million, primarily due to less share-based compensation expenses as well as less marketing activity as the company went through an almost one-month long work from home mode in Beijing during the month of May due to citywide COVID-19 related administration. General and administrative expenses in the Q2 of 2022 increased by 5.3% year-over-year to CNY 91.1 million. Primarily due to the increased personnel costs as the company grew its business. With this, operating income in the Q2 of 2022 increased by 109.2% year-over-year to CNY 310 million, with a margin of 29.9%. Net income in the Q2 of 2022 increased by 206.3% year-over-year to CNY 199.6 million, with a historically high net margin of 19.2%. For further breakdown of CapEx costs and expense items on slide 25. Regarding utility costs, we experienced a similar cost level during the Q2 as the Q1, as indicated by the similar revenue percentage that we see. For maintenance and other costs, due to the recognition of one-off service that we provided to our customer in the quarter, we are seeing an increase in this cost item. Excluding this specific other item, our maintenance and other cost intensity is generally in line with our past performance. Adjusted SG&A also slightly decreased on both year-over-year and quarter-over-quarter basis due to the reasons that we just introduced. With this, on slide 24, our non-GAAP profitability remains healthy. Adjusted EBITDA in the Q2 of 2022 increased by 60.8% to CNY 544.3 million, from CNY 338.5 million in the same period of 2021. Adjusted EBITDA margin in the Q2 was 52.4%, slightly lower than the previous quarter. Adjusted net income increased by 114.1% year-over-year to CNY 241.9 million, hitting a historically high margin at 23.3%. Details in our GAAP to non-GAAP reconciliation on EBITDA and net income could be available in our 6-K filing or the appendix in our IR PPT. Now, let's take a look at our cash and debt position and our CapEx on slide 27. We continue to work in our business expansion to meet the increasing demand from our customers by investing more capital into our under-construction data centers. CapEx in the Q2 was CNY 1,007.8 million, and the CapEx in the first half of 2022 added up to CNY 2,232.7 million. As we have successfully closed the syndicated loan, we are seeing our cash and debt position both went up to CNY 5,763.9 million and CNY 7,460.8 million by end of Q2, respectively, ending up in the net debt position of CNY 1,758.8 million. Cash dynamics during the quarter was contributed by a net operating cash flow of CNY 475.5 million, net financing cash flow of CNY 1,819.7 million, offset by CNY 974.8 million investing cash outflow. Now, let's take a look at some key leverage and coverage ratios on slide 29. By the end of the quarter, with the close of the syndicated loan, our total debt to capital ratio increased to 41.6% compared to 35% in the previous quarter. Debt to EBITDA-related ratio also went up while the interest coverage ratio continued to improve with last twelve months adjusted EBITDA to interest ratio went up from 6.1 to 6.7. With the above taken into consideration of relative factors, we are reiterating our 2022 full year revenue and adjusted EBITDA guidance. By the end of the Q2, our half year revenue and adjusted EBITDA is around 47%-49% of our full year guidance by midpoint. This concludes our prepared remarks for today. Operator, we are now ready to take questions. Thank you. As a reminder, to ask a question, you will need to slowly press star one and then one on your telephone and wait for your name to be announced. Once again, it's star one and then one on your telephone and wait for your name to be announced. Please stand by while we compile the Q&A roster. This will take a few moments. When asking the question, please state your question in Chinese first, then repeat your question in English for the convenience of everyone in the call. Please ask one question at a time. Thank you. We are going to proceed with the first question. We have the first question coming from the line of Yang Liu from Morgan Stanley. Please ask your question. I will translate my question into English. My question is regarding the utilization rate ramp up. We understand that most of the data centers Chindata builds have a customer commitment of moving to a mature stage within nine months. Actually the ramp up speed is faster than that. What is the outlook for this speed? Should we expect some normalization or should we expect this fast speed to sustain going into second half this year? Thank you. Thank you Liu Yang. I think I can answer this question in a quick manner. I think the accelerated or faster moving reflect the strong business demand from our customers and also show that there are momentum of business going really, really strong. But the company style, our company style is really conservative. Moving forward, we still put the roughly on average nine months of moving rate into our entire forecast. Thank you. Thank you. We are going to proceed with the next question. Please stand by. The next question comes from the line of Tina Hu from Goldman Sachs. Please ask your question. Your line is open. Okay. I'll translate my questions. The first one is regarding the RDM market because we see that Chindata has already had several campuses in Malaysia as well as in India. Wondering, besides our anchor customer, is there any other potential customers with pretty significant demand that we are in the progress of like trying to win orders? Also in terms of the competitive landscape in the RDM market, who are some of the other data center companies globally that have already had some footprint or are preparing to enter this market? The second question is regarding the strategic partnership with Taiji Computer. Wondering if there is any like quantitative target from this partnership, any several like number of projects already under discussion? If there's any like quantitative targets we can get that would be very helpful. Thank you. Thank you, Tina. I think for the overseas related question, I can answer that. I'm gonna refer to your second part of the questions to our CEO, Mr. Wu Huapeng. Okay. Starting to answer your first questions about the Southeast Asian market. We have a very, very bullish view about the opportunity in the Southeast Asian market potentially in the foreseeable future. We think that the demand and supply actually will be pretty balanced. I think the oversupply situation you'll see currently in China may happen some years later. I think the fast-growing digital economy driven by the population, by the economy growth, will drive up the hyperscale data center demand from all major global internet and high-tech players. On top of the Chinese internet companies going to that region. We have every confidence that we'll become the key, I think, hyperscale leader in the marketplace. All these international internet and high-tech players will become our key targeted customers as well, on top of all these domestic customers going to the region as we currently have. As a matter of fact, Chindata has set up a clear growth strategy in Southeast Asia market two years ago, much earlier than anybody else. As of the Q2 of this year, as we repetitively introduce, we already have 117 MW capacity, either in service or under construction in the region in reality. A significant portion are used to serve international customer, such as, you know, Microsoft and Google, and we are in the process of landing more capacity with these international customers, which we will do proper disclosure in the proper manner in the near future. Now I'm gonna refer the second part question to our CEO, Mr. Wu Huapeng. Translation for Wu Huapeng's words. Our collaboration with Taiji has taking each other's advantage and promote it to the biggest edge. For our company, we are very strong at technology innovation, data center construction and operation. For Taiji, in China, their clientele are mostly focused on the governmental, smart city, et cetera. This becomes our basis or foundation for our collaboration. Currently we are having some specific project in discussion, and we will report the progress to the market when it comes to you. We do set up a frequent, periodical communication system. We believe this communication system and also the entire collaboration will take us to a further longer win-win situation. Thank you. Yeah, I'll just get back into the queue for another question. Thanks. We are going to proceed to the next question. We have the next questions coming from the line of Mingran Li from CICC. Please ask your question. Your line is open. I will translate my question. Hi, management. Thanks for your time. I have two questions here. My first question is regarding the expansion plan of campus in Datong and the total IT capacity expected to reach 500 MW going forward. Can you give us more color about the delivery schedule and the demand profile here? My second question is regarding the utility cost. Can you share more detail about the future trends of utility cost in different campus like Hebei and Shanxi? Thanks. Thank you. For the first question, I will invite our CEO, Wu Huapeng, to answer. I believe Zoe Zhang gonna answer a question about the regional power tariff issues. Please go ahead, Mr. Wu. Translation for Huapeng's words. Our agreement with Datong government was a positive gesture of mutual understanding on future collaboration. We aim to secure the resources for future development in the area through this effort. The Datong City is also, as its own government efforts, applying for the second batch key experimental point under the Eastern Data, Western Computing national policy. On the demand side, as a general practice, we have been communicating with our clients at every critical point along the product development process. We'd expect our projects in Datong will continuously support the needs of our key clients and other potential ones. Okay. I will take your second question. As we all know that recently in some regions in China, for example, east or south part of China, there is a power supply shortage. Well, you know that Chindata data centers are mainly located in areas with a resource supply very sufficient. So that's the power supply of the company's main campus are relatively adequate. Also since July, we noted a certain degree of utility cost increase in some areas due to the power policy adjustment among part of our campuses. For this part, we have considered the potential impact already in the previous quarter released the full year guidance. Also meanwhile, the company has taken some initiatives to optimize the data center power design and structure, which aims to hedge some utility cost increase to a certain extent. All in all, you know, although we have outbid market consensus for the first half of this year, but the company still maintained the full year revenue and adjusted the EBITDA guidance range not changed in a very prudent way. Thank you. Thank you. Very clear. We are going to proceed with the next question. The next question has come from the line of Sarah Wang from UBS. Please ask your question. Your line is open. Let me translate myself. I understand that the IDC campus to be built in Datong will be one of the largest in Asia. Just wondering if Chindata has any agreement with Datong government, and when do we expect the completion of this IDC campus? My second question, the quick one, is there any update on our Hong Kong listing plan? Thank you. Thank you. Sarah. I think Huapeng gonna answer and keep answering the questions that related to Datong. I'll address the question on second and third. To your first question, we estimated that by the end of 2025, our Datong campus will have a total capacity over 500 MW i n the same campus, under construction, and they will be delivered annually for this year and next year gradually. We estimated that for a single campus, it will be the largest in Asia. Thank you. On the CapEx related questions, it's pretty simple and straightforward. I think as we previously communicated to the market, this year we forecast to spend the CapEx in a range of around CNY 4.5 billion. Moving forward, given that the very strong pipeline project construction projects CapEx needs, we forecast for the foreseeable future the CapEx spend gonna be in the same range of CNY 4 billion-CNY 4.5 billion. Your third question is regarding our Hong Kong listing. There is some progress. First of all, there have been a very strong consensus among the company management, the board, and our key shareholders that the Hong Kong listing itself will bring clear benefit to all stakeholders concerned. Especially it can effectively mitigate potential delisting risk, brought by this potential act of Holding Foreign Companies Accountable Act legislation against the Chinese companies listed in the U.S. We have a pretty positive view about the development of this legislation. Our current assessment is that this HFCAA legislation is more than likely to be effective in 2024 instead of 2023 in the acceleration scenario. The latest development, what we heard from the market, is that there is also a big chance that U.S. and China government can reach an agreement later this year. Nevertheless, we still think that we should start the internal process now, including setting up internal task force, performing some pre-A1 consultation, and also further assessment of some listing options. For example, primary or secondary listing or by offering or by introduction method. We are also in the process of preparing preliminary documentation and data room as well. If everything goes as is currently expected, the external work stream may start as early as October, and we will then work with external parties to do proper preparation for external A1 filings, potentially in Q1 2023. After we submit A1 and pass the hearing of Hong Kong SFC, the listing will more than likely take place in early April 2023. Obviously, all this kickoff of the external work stream to filing to listing requires the authorization from our board, and we will make proper disclosure to the market once we reach that stage. Hope I can answer your question on this. Thank you. We are going to proceed with the next question. The next question comes from the line of Edison Lee from Jefferies. Please ask your question. Your line is open. Okay. Thank you for the opportunity. I have two questions. The first one is about power cost, and I found that in the Q2 of this year, your power cost actually grew faster than your revenue. I want to know for the next few quarters, what is the outlook? Number two is on the tax rate, because I think that in the Q2, your tax rate is lower than the Q2 last year as well as the Q1 of this year. I want to know what kind of drivers are behind this tax rate volatility. Thank you. Thank you, Edison. I'm gonna refer to my colleague, Zoe Zhuang, to answer your two questions. Hello, Edison. I'll answer our first question. As we mentioned in the script, that if we compare the Q2 with the Q1 on the utility cost to the total revenue percentage, it's roughly for the Q2 is around 29%, and the Q1 is around 28%. It's almost on the same cost level. If you're referring to our adjusted EBITDA margin, for the Q1 and the Q2 is in a range of 52 or 53. For the full year guidance, this is slightly than the first half. That is the reason we have already take this effect for the potential utility cost increase in certain areas in some of our campuses. I think this will solve your question, first question. Second one is on the tax issue. You know, we have tax question. You know, we have the operation in different countries which apply to different tax rates. Also, for certain countries, there is some tax policies which you can use if you have prior loss, that can be offset for your future revenue, for your future profit gain. This is like in China, we have this tax policy. That is the reason why you can see previously the group net income has been gradually from negative to almost balanced then to the positive. This is compound effect of different countries in conjunction with the tax policies of different countries. Thank you. I just want to know for the full year of 2022, what is the reasonable tax rate that we should be looking at? The tax rate is a compound rate, which will be also like take the other like net EBITDA factors like depreciation and also share-based compensation. The tax rate will be fluctuated based on the real tax policies. It's not like the utility cost percentage to revenue in a fixed range. One thing I want to add is actually instead of looking at a tax rate or the tax burdens or whatever, but you should look at we have achieved historical net margins. We are probably about leading, you know, profitability profile among all IDC companies that are listed in overseas. Please focus on that point as well. Thank you. Okay, thank you. We are going to proceed with the next question. We have the next questions coming from the line of Albert Hong from JP Morgan. Please ask a question. Your line is open. My first question is about the customer diversification. GDS has revised down the full-year guidance it made two days ago due to the hyperscale server demand slowdown and macro headwinds. Theoretically, that should impact their intention for other customer to do supply chain diversification. How does Chindata see the impact? My second question is, could you share some color on some of the recent valuation in M&A market? Management mentioned some ongoing deals last time. Is there any update on that? If I, let's say if Chindata becomes a target for others, what's the management or large shareholder initial take on this? Thank you. Thank you. I'll refer your first part of question to our CEO, Mr. Wu Huapeng, and I'll address your second question. Please go ahead, Huapeng. Translation for Wu Huapeng's words. From the company's perspective, we have been communicating our forecast to the market in a very cautious manner, and that's why we have been able to live up to our updating the market expectation along the way. As to comparing to our peers, probably, they adjust their expectation or forecast because the methodology they're making their forecast is basically rely on the industrial trend. But for us, we actually making our forecast by adding up the actual commitment or the actual confirmed order from our client. We add them up and then making a concrete and cautious conclusion. Probably the difference come from the different methodologies. From our perspective, we believe that the market can also share the view with our historical performance that our key client has been making healthy demand calls, and we believe that it will stay so in the near future. From the industry perspective, the platform economy was hit in the past two years. We have witnessed some positive regulatory movements and news in the recent news as well. We will keep on watching for more market opportunities and promote our diversification strategy. Thank you. Thank you, Huapeng and Joy. On the questions related to merger acquisitions, I think first of all, I want to lay out some context. I think, as you probably know that the Chindata's business model of business growth is quite different from the rest of peers. Our business model on growth is primarily through organic growth on greenfield development projects. We believe this gives us a huge advantage and will keep providing this advantage in the future on a sustainable basis. In terms of efficiency, in terms of the cost, and in terms of the power and other relevant IDC infrastructure integrations. This is why you see that our financial performance in terms of, you know, the operating result, in terms of a project IRR or ROIC, whatever measure you're talking about, is pretty good, it's actually better than the industry average, for sure. Having said that, we also keep this M&A as the good alternative, but not core. We also keep a very close eye on what happens in the marketplace. So far, this quarter, Q2 compared to the previous quarter, we have not observed a significant pickup of M&A activities. Therefore, the price, based on our observation, has not changed too much compared to a quarter ago, you know. For the previously mentioned merger acquisition cases, we are still working on them, and we have also made some further progresses. Hopefully, I will have more to tell you next time. Okay. On CD, on the issue of CD being the potential acquisition target, to be honest with you, I don't think the management here, anybody here, can be in the position to comment a lot. We all think that, given the company's strong fundamental and prospect, we believe our stock price is way undervalued. A lot of the market participants and player are holding the same view. Also we heard that there have been quite a few speculative interests in the corporation, merger, acquisition, whatever. I don't have knowledge at the moment about any material development out of these speculative interests. We will do the proper material disclosure when they become material. Thank you. We are going to proceed with the next question. The next question comes from the line of Yang Liu from Morgan Stanley. Please ask your question. I will do the translation. We noticed that in the news report talking about the Datong Campus, Chindata will build some new energy or solar farm or wind farm. Could the management update us in terms of what is the format for doing this? Is this sort of a JV or build the farm yourself? And what is the related CapEx for that? Thank you. Thank you, Liu Yang. I refer to Mr. Wu Huapeng to answer questions on Datong. Again. Translation for Wu Huapeng's words. On the green power generation and development focus, that's actually in line with our consistent wind power development strategy for our group. For this specific Datong project, we actually gonna focus on collaboration with our partners on the ecological power development. We will be the consumption side, particularly in this project. We will not going to make excessive fixed asset investment into this project, but we will focus on bridging the government and utilize our local resources for the future collaboration. We will now proceed with the next question. The next question comes from the line of Tina Hu from Goldman Sachs. Please ask your question. Let me translate for myself. We saw that the air cooling technology obviously is going to be very energy efficient in bringing down the PUE below 1.1. Just wondering, have you done any analysis, the full life cycle analysis of adopting this kind of air cooling technology? On the one hand, we think it's going to save the electricity expense, but on the other hand, it might be more expensive than some of the traditional or existing cooling equipment. Just wondering if you have any plans to adopt this technology on the large scale going forward. Thank you. Thank you, Tina. I can answer those questions. I think, first of all, I think this type of technology, when we do the internal research and development, we actually always find the balance between the cost, the CapEx cost, and also saving on the potential operating cost. I can tell you that, on this technology, the balance is very, very good. Okay. So there won't be a significant pickup of the cost, if not reduction. That's number one. Number two, I think, it will save the power consumption in the future. But most importantly, it's also gonna save the water. So in the region we operate, especially north part of China, I think the water consumption is also closely monitored by the government and relevant agencies. With this technology, we can save tons of water, which actually further provide our, you know, expandability and scale up potentials in the future. As one minor thing I wanna correct you is that previously I think we always communicate that our corporate-wide or company-wide average PUE number has been standing as 1.21, not 1.24. 1.21 is our number. And it's actually we think as a it's an industry-leading positions. Thank you. Moving forward it with this technology applied in more places and more project, we anticipate this number gonna further down. Thank you very much. As there are no further questions at this time, ladies and gentlemen, that does conclude our conference for today. Thank you for participating. You may now disconnect your lines. Thank you, and have a good day. Thank you, everyone. Thank you for your time.