Good afternoon, everyone. Welcome for joining HKBN FY 2022 interim results investor presentation. There will be a Q&A session at the end. Any time during the presentation, please press the Q&A button at the bottom left corner of the page. Without further ado, let me... first of all, before I say anything, let me say thank you to our 4,700 talents. Us. These solid set of results would not be possible. Today, let me start this analyst presentation with something a little bit different. Let me ask you a quiz. What is more powerful? What is more impactful even. What is more impactful than the invention of the first telephone? Think about it. What is more impactful than the invention of the first telephone? The answer is the second telephone. That's the network effect. Now, when I'm talking about the network effect, I'm talking about beyond our physical network. I'm referring to Metcalfe's law, which states that the power of the network is the node to the power of two, squared. If you look at the partnership network that we are developing across our base to bring in world-class partners to both our enterprise and residential base, this is exactly what we're doing. As the partnerships build up, the value to our customers, the value to our shareholders, the value to our partners all grow exponentially. How can we do that? We do that because we have created incredible reach over the last couple of decades. In enterprise, one in two active companies are a monthly billing relationship. That's over 110,000 customers. In residential, we have over 1 million customers. One in three households in Hong Kong are a monthly billing relationship. This is the incredible reach that very few companies can match. With this reach, we can attract the world's best partners to come and do business together. We make money for our partners, not make money from our partners. We do this by opening up this incredible base at a very low cost, subscriber acquisition cost or CAC, C-A-C. By doing that, we can bring world-class services at low cost to our customer base. In enterprise, you saw our last presentation, we had our partners such as Microsoft, Cisco, present. This upcoming event, you will see our new partners, additional partners like UiPath, StarHub, present. This list will grow and grow over time. In residential, we're working exclusively with Disney+. Now, in residential, we see a lot of upside because Hong Kong is unique. Hong Kong is one of the few countries in the world or cities in the world where the incumbent, right? The local incumbent in Hong Kong likes to split up individual bills for its broadband, its home telephone service, its TV service, its mobile service. You cannot get a single bill because they are afraid if you get a single bill, you get a sticker shock. In our case, we love it when you see our integrated bill across our entire product range. We call it Infinite-play. It's beyond just quad-play. Because we know every month when you see our bill, you appreciate the savings that you are earning for your family. That's who we are. The underlying business in our telecom sector is intense, but that's just our base. We have a very intensive base business. What we're doing is layer on very profitable services on top, infinite services by attracting the best partners around the world. You'll be able to see this in our numbers going forward. The last 2.5 years have been tough, not just for us, for everyone. I think in terms of the on and off lockdowns, in terms of, you can say, the false recoveries that were backed by multiple waves of COVID lockdowns. It's been start and go, start and go. I believe these are a very solid set of numbers. Whether you look at it on half-on-half or year-on-year, these are green across the board, and we are very proud of these numbers. Once again, I have to thank my 4,700 colleagues for hitting these numbers. If you look at our dividend per share, we are proposing HKD 0.40 per share for the six months to February 2022. I emphasize six months. This is the same as the full year run rate of when we IPO'd in 2015, when we paid HKD 0.20 for a six-month period or HKD 0.40 for the full year. Over this period of time, we have doubled the run rate of our dividend, and that's something we are very, very proud. If you consider the last 2.5 years have been quite tough with the global COVID environment, we have still managed to squeeze a very decent growth from the business. If you look at our revenue, on the revenue side, focus more on the underlying. If you were to take some anomalies, such as the sale of our 60% joint venture into to StarHub, which is really a doubling down of our regional presence. It's not really a sale, it's bringing in a strong partner in the form of StarHub to work together on the regional presence. If you look at excluding our more volatile and very, very tiny margin wholesale IDD business, our underlying telco and SI services is essentially flat. Around flat for the year and maybe down slightly, half and half. It's a solid business. Now, what is more incredible is actually the EBITDA. If you look at the EBITDA, you can see a clear J- curve. We rolled out what we call our Enterprise 2.0 restructuring at the beginning of this year, so six months into the restructuring. Because the first couple of years of integrating JOS, which we acquired in December 2019, we struggled. It's very hard to integrate a company that's almost the size of us when we bought it. We went from about HKD 6 billion-HKD 10 billion in revenue when we're trying to do it all from home. Imagine meeting 2,000 new colleagues on Teams. Imagine trying to run workshops and programs all on Teams for the very first time. We did struggle, but in ES 2.0, Enterprise Solutions 2.0, we call it, the second version of our restructuring, we are starting to see good momentum. As I mentioned, the underlying business is highly competitive. That's okay, because this is just our foundation. What we would use to drive growth is layering on the partnerships, and William will go through in detail the partnerships that we have in the pipeline, because there is so much potential in what we do. We are the combination of five companies over the last five years, and we have taken the revenue from HKD 2 billion to HKD 10 billion. Now, if you imagine five companies worth of management teams, five companies worth of support functions, five companies worth of overhead, we now only have one set of these. That is where a lot of the basic low-hanging fruit in terms of cost savings is coming from. Cost savings is limited in terms of what you can drive, but revenue synergies are unlimited. With this 4,700 talent base that we have, we can easily layer on more and more services. With 1 million households in residential, we can easily layer on more services, such as our incredible run with Disney so far since our launch in November. That's why they chose us to be the exclusive partner in Hong Kong, because we have incredible distribution power, both in residential and in enterprise. We expect the core business to be tough. You can see the red. We expect our focus will be on subscriber growth. Because once you have the subscriber growth, we can layer on additional services. Going back to Enterprise business, our Enterprise Solutions business today, the ARPU is only around HKD 3,000 per month. If you look at our SI, System Integration business per subscriber, that's closer to about 10x that ARPU. What we're gonna do going forward is to upsell our warm, existing 110,000 customer base, more and more SI services, partnering with world-class vendors. This is our Enterprise business and our Residential business. You can see, they're solid. It is not easy to grow the underlying business, but I mentioned that's not the base for growth. The base is defend the underlying competitive business, but to layer on more and more high gross margin businesses off the same distribution channels. Think about that. Our salesperson servicing a corporate account can easily sell more services without doubling the number of salespeople. We are leaner and fitter today. Over the last 12 months, we have taken the headcount from almost 5,700 to 4,700, and this will flow through over the next couple of years in terms of efficiency. We are the best of breed. If you imagine five companies and we select the best of breed amongst the five to stay, these are the 4,700. We like to be lean because that way we can pay more. We have less salespeople selling more, we can afford higher commission per salespeople and attract better people. Also, moving on to CapEx. With the integration of three of the biggest Alternative networks in Hong Kong, being HKBN, New World Telecom, and WTT, we are seeing significant CapEx synergies today and going forward. Our debt is manageable. It is 4.7x net debt- to- EBITDA. We plan to drive this down by growing our EBITDA. With that note, I'll pass to William. Thank you. Thank you, NiQ. I echo NiQ to first say big thanks to our talents in Hong Kong and outside Hong Kong to help us to deliver a very solid first half of financial year 2022. In addition to that, I also want to thank our partners, our business partners. Let me use a quote. "Tough times never last, but true partners do." We, HKBN, is so happy and lucky to have true partners helping us to grow our business together. In the last six months, we entered into partnership with Cisco, Microsoft, Disney+, and PwC. You have all seen them coming here six months ago talking about our partnership. True partners don't talk, true partners walk. During the past few months, we have very successful growth in the residential markets through Disney+. In the enterprise markets, we do have some exclusive offer from our partners or even having partners joining us to have a skin in the game for common KPI. Going forward, we will have more and more true partners like what NiQ described. Today we will have 3 Hong Kong being our partner of our MVNO with the mobile. We have StarHub being our trading partner in Southeast Asia covering Singapore, Malaysia, and Hong Kong. We also have UiPath being our partner in the automation area. Let's hear what they say. 3 Hong Kong is thrilled to collaborate with Hong Kong Broadband Network to rock the 5G market in Hong Kong. Our outstanding mobile network provides Hong Kong Broadband Network with the most reliable network connectivity, highest 5G availability, as well as a rich portfolio of mobile and data services. 3 Hong Kong fully supports Hong Kong Broadband Network with the most comprehensive mobile plans while increasing our 5G penetration through Hong Kong Broadband Network's 110,000 enterprise customers and 1 million residential customers. Together, we work tirelessly to drive 5G adoption that enables Hong Kong to step up as a global smart city with world-class applications. For us at StarHub, as many of you know with our DARE+ transformation, we're really focused on bringing together Cloud, Cyber, and Connectivity, and we wanna do it in scalable, agile digital platforms. This is the three Cs, as we call it. As we build connectivity platforms, can do. All in all, we could ask for no better partner than HKBN in this journey. Our aggressive challenger DNA is one and the same between the two of us. Our focus on delivering new value to our customers is one and the same between the both of us. Our focus on learning the very best from each other and growing our partnership is one and the same between the both of us. Enterprises are looking at how they can increase their productivity, trimming down their unnecessary processes and operations, or even the cost factor that is not needed, and put those resources back to the real innovation, new capability for the future growth of the businesses. Hong Kong Broadband has a great reputation in the market for their agile operation and also their business creativity. I'm actually very excited to hear and to see that Hong Kong Broadband is now very actively into the enterprise automation market. Not only they're trying to put the automation capability into their own massive operation, but they want to use this learning and experience to help their customer, to help their partner to innovate, to automate. UiPath, as a leading robotics company in the world, we are so pleased, so happy to be able to have this opportunity to work with Hong Kong Broadband to help enterprises to get into this new wave of enterprise automation and become the leaders in the industry. I have the confidence that Hong Kong Broadband and UiPath will form a new driving force in Hong Kong and in Greater China region to help our customer and partner to enter this new journey of enterprise automation. Having heard what our partners described about how we are going to go big together in the coming years, let me further elaborate. Like for 3 Hong Kong, being our partner on 5G, our promotion will extend from the residential markets to the enterprise markets. Our team, including myself, are having frequent meetings with 3 Hong Kong's team, working out different offers. The next wave will be targeting our enterprise customers, which is talking about existing 110,000 corporate customers. Of course, we will go after some new customers as well. You can imagine that today we don't have any footprint for 5G penetration in enterprise markets. Every single new SIM card in the enterprise market will be our net growth from this new revenue stream. No one can speak louder than I do. Why? I have been in HKBN for 16 years. Before that, I have been a local mobile operator for 10 years. I know the industry well. I know how the shareholders, the managements play the game. Now the difference is that today we are executing our business plan as co-owners, not the employees having different agendas among our competitors. Second one, StarHub, let me explain or share the thoughts. We both have our customers, like Hong Kong customers having footprints in Singapore or Malaysia, and they, StarHub, also have their customers having footprints in Hong Kong as well. The partnership or the JV through the JOS is the beginning of our new joint expansion plan in the Southeast Asia area. We don't talk, we work. Both StarHub and HKBN have signed a multi-year contract such that each year we committed to buy from each other the telecom or IT facilities locally in Hong Kong or in their turf, Singapore or Malaysia. Such that we will grow our overseas revenue through bartering or mutual purchase of our facilities. That is the way we grow our business together. Very unique, powerful go big. For the other partners, I will just mention simply that they have skin in the game together with us, such that we help them opening up our customer base to grow their service or products in our base. In return, they also help us to promote or bundle our fixed broadband service to the corporate customers as well. This is a win-win from the two partners, and we will go big together in the enterprise market. Residential markets, you will be familiar with our Infinite-p lay. Having the fixed broadband and then the OTT, which includes Disney+, Netflix, and also myTV SUPER, the local contents. Home+ more than 20,000 SKUs of our popular choices, and also 3 Hong Kong's 5G services. What I want to highlight is that 5G, Home+ or OTT are all tools to support the growth of our core fixed broadband or fixed telecom services in the residential and enterprise markets, because this is our core, having 80% margin. Whenever we do bundle, we are not aiming at making profits from like 5G, Home+ or OTT. All this will be offered as a bundle at a very competitive price, to help us to grow our subscriber numbers in both enterprise and residential, and also the monthly fee as well. That is the way how we grow our business. I want to highlight again, we are executing this as co-owners. One HKBN, one bill for all this, for the total company's P&L. I share this PowerPoint, I share how we think, how we act. I don't fear any competitors that will copy us because they cannot. Our competitors for the management, that is employee mindsets. They don't have the authority of co-owners. Because of that, they have their silos. They cannot use this Infinite Play like we HKBN here to go big with Infinite-p lay. I'd like to spend some more time to update our investors, our shareholders, and also our analysts, either buy side or sell side. The true picture is that in the telecom industry, no matter broadband or mobile, price wars never end. When you hear somebody say the market is now quite calm, no competition, no price competition, that is false facts. The true fact is that in the markets there are always price wars, never stop. The price wars, depending on which time, sometimes initiated by A, followed or counterattacked by B or C, sometimes initiated by some others. Price wars in both fixed broadband and mobile have been here for decades and will continue. Look at this. Fixed broadband by the left-hand side. You can see that, HKT, they will sell 1 gig service at HKD 108 on the street. Of course, they will mention that this promotion is only for a certain period, certain location, something like that. Please send your friends or your relatives that, out of those locations, out of timing, out of that timing to see if they can still get this offer. I can tell you 90% chance or above they can still get these offers. For example, when there are tariff plans saying that it's for student plan, anybody not being a student can still get those tariff plan. That is the truth about, the competition, but the competitors are playing single play. One more PowerPoint. Before I talk about the left-hand side of the table, look at the right-hand side. Particularly when you guys want to do homework, write report. Please give the true market price on the street at true offers and not the listed price at the website, which is only for display, for lazy guys sitting in your room, in a table to do the very mediocre report. The true fact is competition. Our price war always happen in the street, in both fixed and mobile. On the fixed side, I will say we, HKBN, will continue to remain being the most competitive one. Most competitive, that means we won't hide anything. Our price at the streets or at websites will be the same. Unlike our competitors, they will be different. We are doing the actual battlefield fight. Why do we want to continue fighting the price war or being most competitive? Very simple. I repeat again, our target is HKT. HKT has the biggest market share in each category of products or service. On each product or each service, their price, their single unit price is higher than ours on average. On that, when we fight price war, we are going up to grab more market share. For example, in the enterprise area, we HKBN today, even though we have acquired New World Telecom, WTT, JOS, our market share of revenue in enterprise is still less than 20% as of today. There are 80% waiting for us to grab. Where are these 80%? Majority of them in HKT. We are going to continue to price war to offer better value for money to grab their market share to help us. In 3 Hong Kong, we will help them magnify their message to all their customer base so that all the customers will go look at the table, no matter low usage or high usage. Our monthly fee is lower than the market's 4G or 5G's monthly fee. We are talking about 5G speed and even more data, like 10 gig versus 5 gig or 8 gig. Even for the day after data or the speed, we are talking about 5 Mb per second, enough for you to go to YouTube, while the others, they cannot. Look at the high usage one, HKD 149, 100 gig. Even China Mobile Hong Kong are charging the same. We do have something on the right-hand side, the HOME+ coupons, and also the OTT contents. This is more what we have been doing and what we will continue to do. Let me share with you some figures. We have been selling this HKD 68 plan after Chinese New Year or slightly more than two months, together with the 149. For a period of slightly more than two months, we already got about 19,000 5G customers. 19,000 within say 2.5 months for 5G. Ask yourself, ask your friends, ask your family members, are they 4G or 5G? Majority of them are still non-5G. There's a huge market, big base for us to target to go for 5G with the best value for money. That's how we want to go after. For me, or for us, our team, for the coming year or next twelve months, I think we will at least get, like, 100,000 5G customers very easily. Why? Because even 100,000, it is only 1% of 10 million postpaid customers in Hong Kong markets. It is really very low hanging fruits for us. 5G or Disney+, no matter how competitive they are, they are going to help our fixed broadband business. Share with you another figure. For the 5G, out of those, like, 19,000 customers, majority of them are around 60%, 60 customers. It's going to help our retention, renewal of contracts, or even growth of the combined ARPU for both fixed and mobile. That is our edge over the others. Like, Disney+, this is the exclusive OTT, premium OTT that we have been offered for the past few months. We already have more than 140,000 customers joining Disney+. All of them are on bundle. Why? Because simply this is agreement between us and Disney+ that we need to sell it by bundling with the fixed broadband service. Because Disney+ want to replicate the successful story overseas, like in Singapore to Hong Kong through HKBN, because bundling fixed broadband service with OTT has been proven a very successful business model overseas. Now in Hong Kong, with HKBN having proven record in growing like, having more than 700,000 myTV SUPER OTT local contents in the last couple of years. We are the one chosen by them as the exclusive partner to help them grow their OTT contents. We are helping each other. You can see that the OTT, the mobile, all along are going to help us to grow our 80% margin fixed telecom business. This is the last page about the competition. Just want to let you notice that no matter from on mobile or on fixed, we will be very aggressive. We always have something unique and exclusive, like Disney+, like HOME+. HOME+ is our JV. We can always having our HOME+ and HKBN to cross-subsidize each other to help the growth of both. We are very happy on the growth. Okay. Let me share with you about ESG. ESG is a hot topic today. For we HKBN, we IPO in year 2015, but we already started our ESG journey in 2016 by inviting an ESG consultant to help us such that we will work more environmentally friendly with less energy consumption. At the same time, improve our business operation such that with four to five years efforts, like in year 2020 or year 2021, we already went out and do the benchmark through Hang Seng or through MSCI, and then they grade us as A A. Double A is the second tier, because AA A is the first tier. We are the only one having A A in two categories, different years when compared with the other players in the telco industry. Hang Seng or MSCI to us is good, but not great. When we want to go from good to great, we go global. We are now having internal implementation actions or initiatives such that we will very soon form an ESG committee at board level after benchmarking with international global standard, like SASB on those benchmark such that we will do even better than today. We hope to have the CO2 emission cut of 40% by financial year 2025. That is just 3 years or 36 months from now. This is an aggressive action plan to share with you. Please take a photo and then further monitor our progress. Whenever we do something, we will try, can we replicate and then treat it as a share base or a value added to our partners or enterprise customers. Like what I said, in year 2016, we did not need to pay any CapEx. The consultant will pay the CapEx for us. The agreement is on a five-year, such that the energy saving or the reduction of the dollar amount in the electricity bill, the savings, the net savings will be shared with this consultant. Like they get 70%, we got 30%, something like that. In the past five years, we already have a net saving to us is HKD 1.3 million, while HKD 2.9 million is sharing to the ESG consultants who pay their own money or pay money through their Fintech investors into us. Our upside is or net saving is for the coming HKD 4 million-HKD 4.2 million in the next five years on the energy saving of only one location, Trans Asia Centre, where I am sitting here today with the NOC, Network Operating Center here, which is consuming high electricity. We still have more locations that we can go after this. What we think is that, how come so good, we have people helping us pay us CapEx, and then help us saving money, they just want to do the revenue share from us. We already partner with this ESG consultants, such that we will go after selected high energy spending ESG customers we are serving today, and then we will add this value to our customers. Again, this is a value added to our customers or our new enterprise customer. Ultimate goal is still to get the bill, the revenue for us or the spend of telecom and IT from them. Last page. Recap. Six months ago, we announced the commitment of Co-Ownership Four, which is a three-year plan targeting AFF per share of HKD 2.70-HKD 3.00. If you can recall, we usually distribute 100% of AFF as dividends. Logically thinking is HKD 0.80, HKD 0.90, and HKD 1.00 will hit the lower margin of HKD 2.70 for our CO4. Now financial year 2022, we already passed the first half. First half is HKD 0.40. You look at the commitment of our co-owners, look at the power and the contribution from our strategic partners, our 5G offers, our exclusive HOME+ bundling, or even the value added from ESG. All these are very unique for us, and we are very upbeat in full speed to grow our business. This together with the page that NiQ share with you on the DPS deck, we distributed since IPO in 2015. We are doing what we promised, delivering what we promised. In IPO year 2015, we only had four words to investors and shareholders. High growth, high yield. If you look back for the DPS for the past six or seven years, look back for the revenue, EBITDA growth, we are delivering what we promised before, and we will continue to grow. Thank you. NiQ? Yes. You wanna come down? I think your mic needs to be turned on. As William fixes his mic, let me just recap. At Hong Kong Broadband, we love competition. The tougher it is, the more blood there is on the street, the better we are at playing the game. I'm saying this with a 30-year track record. If you look at our heritage, we are actually celebrating our 30-year heritage this year. We started our callback service back in 1992, and for a period of time, there were literally hundreds of callback operators in Hong Kong, but we dominated. We reached about 30% market share in a market of hundreds of callback operators. In residential, we started our business in year 2000. We were one of five licensed operators. The other four have gone bust. Today, we have about 36% subscriber market share in broadband. In enterprise, I would say we really started in November 2019 with the acquisition of WTT and JOS. For the last couple of years, we have struggled a little bit in terms of integrating that during COVID. I would say with confidence going forward, the restructuring that we implemented at the beginning of this financial year will pay dividends. We are confident that the second half will be as good or better than the first half, and that's our outlook going forward. Do you wanna add anything? Internally, in fact, we started what we call ES 2.0 since the beginning of this financial year, i.e., in September last year. We shift more focus on the high margin fixed telecom services, which are helping us a lot to grow both EBITDA or AFF. Of course, we also streamline what we want or what we don't want. For example, in the SI industry or the JOS area, we basically said no to certain business or certain jobs because all those jobs or business are very low margin. We rather deploy our manpower, resources or our strength for high margin areas. Having said that, we want to make it clear that we won't chase for the revenue. We chase for the maximum and growing GP. More focused on the low-hanging fruits of fixed telecom services. That is what we are doing. Again, simple way is go back together with our partners in both enterprise and residential. Now, we've gotten to know the business a lot better over the last couple of years. Let me give you a specific example of what we can do that others will struggle to match. For example, if you're looking to buy 1,000 laptops, we can offer 1,000 laptops at below cost to you as long as you switch over your existing Hong Kong Telecom spend on telecom services to us at the same price, at the same SLA. If you do that's an 80% gross margin for us. The end customer is not paying any more, but you're enjoying laptops at below cost. That's what we can do. That's what other companies will struggle to match. Competing is what we love doing. On top of that, if you look at our reach, a typical multinational, global best practice coming into Hong Kong, will spend somewhere between 20%-40% on subscriber acquisition costs or customer acquisition costs. We can do that for you on your behalf, as many of our partners, for way below that cost, and that's how we do a win-win. Let's move to questions. Okay. Thanks for the sharing, NiQ and William. We'll start the Q&A session now. Our first question is from Sarah of UBS. How should we think about the 9%+ growth in AFF besides lowering financing costs and the one-off premium paid last year? Tax and lease payments are also lower than last year. Meanwhile, working capital remains meaningfully positive. May I ask, what's the trend going forward? And, is there any guidance for the full-year dividend? Yes. There is a lot of timing variance this first half. That's why normally, if you look at our previous history, we paid about 120%-130% of AFF in the first half and then normalized back to 100%. This year, because of the timing difference, we are only paying about 80% of free cash flow in dividend for the first half, and we expect to pay 100% of the full year as the timing difference normalizes. The general outlook, there's no specific guidance 'cause it's very hard to predict where COVID would land, but we expect the second half to be as good as the first half, or better. Okay. Second question is from Neale Anderson of HSBC. It's in two parts. How big of an impact was the disposal in the Enterprise Solutions service revenue decline of 12%? Maybe I'll answer the first part. For the disposal of just Singapore and Malaysia, it contribute about 2% of the drop, and the remaining 10% is on the low margin wholesale IDD business. The second part of this question is, excluding this, what is your outlook for the full year Enterprise Solutions revenue? How much of an impact has the extensive lockdown in 2022 had on this part of the business? Neale, I think the momentum, the wheels are starting to turn on Enterprise. Since the restructuring, we have restructured the sales team, we have simplified the commission with the aim of paying more commission for higher performance. We have downsized and reduced the underperformers, et cetera. We are more lean today than a year ago, and I think we are right size. We expect the second half similar to the overall business outlook, the second half to be as good or better than the first half. Okay. Third question is from Harry of DBS. What was the reason for enterprise and residential ARPU decrease? What is management view on the future trend? Does the company still maintain the target of 1 million residential- ARPU broadband subscriber by the end of the financial year? I always repeat my version to this question about ARPU for many years. Please do not look at ARPU as the single indicator for growth. Because ARPU up and down is a single factor. We should always use ARPU times subscriber number. For the last 10 years, even since 2012, we always say we are zigzag. This will lead to higher growth or increase in the total service revenue. Because total service revenue is the result of subscriber number times ARPU. When we have ARPU drop, basically two reasons. One, we proactively drop the ARPU because we want to initiate price competition to grab more market share. Then as far as the net resulting service revenue is higher, then we go after that. Of course, we also need to adjust the commission downward as well, such that we grow the revenue, we also grow the EBITDA. That's the way we say. Another point for price cut or the lower ARPU is reactive reduction because of the, like, worse economy in Hong Kong, something like that. I will say the lower ARPU, no matter its enterprise or the residential markets, in the last six months, it is a mixture of both. Looking forward, what we just shared, our price will be very competitive. We will expect a huge growth of subscribers to help us to grow more subscribers in both enterprise and the residential area. Back to the question of 1 million targets. We still maintain the 1 million fixed broadband customers in our residential markets as our targets. To be honest, the time will be deferred by six months or even nine months from August this year. Why? Because in the last six months, in fact, our price, I mean, on the street acquisition price, was not as aggressive as our competitors. We only decided to lower our price even lower than the incumbent was by the beginning of March. It's going to take some time for us to achieve the 1 million customer. But at least we are seeing the 5G and also the Disney+ are very effectively helping us to retain our customers. In other words, less churn or higher retention rate will also increase our customer number and getting us close to 1 million residential subscribers. Okay. I mean, let us conclude. Rather than listen to our words, I would say follow our bank account. If you look at William and I, together, we put in about HKD 25 million in topping up our CO4 program, as well as a 100% rollover of our existing equity from CO3 into CO4. I think that action says more than words.