Good afternoon, everyone. On behalf of HKBN Limited, thank you all for joining the Group's 2026 second interim result presentation. [Non-English content] First of all, allow me to introduce the management team attending today. [Non-English content] Board Chairman and Executive Director, Ms. Shi Xiaoping. [Non-English content] Executive Director and Group Chief Executive Officer, Mr. Li Xin. [Non-English content] Executive Director and Chief Financial Officer, Mr. Shen Qingyi. [Non-English content] President and Group Chief Operating Officer, Dr. Denis Yip. [Non-English content] Now may I invite Executive Director and Group CEO, Mr. Li Xin to walk us through the Group's overall performance. Mr. Li, please. [Non-English content] Thank you. Investors, friends, media friends, good afternoon. Welcome to HKBN's FY 2026 second interim results announcement. As said just now, we have management in attendance, and because of all of your trust, HKBN employees' hard effort, and support of all working partners. With all these, HKBN in FY 2026 second interim report period from September 2025 to August 2026, our revenue was up 6.8% at HKD 11.82 billion. Excluding the discretionary bonus for employees, EBITDA was up 4.1%, net profit was up 5.3% at HKD 317 million. In order to enhance our continuous profitability and seize opportunities in AI this year, our CapEx investment was up 35.6% at HKD 690 million. All money invested is reflected by stable and continuous return. Our OpEx was down 1.5% at HKD 3,077 million, and deleveraging was down from 4.66 x- 4.41 x. In view of change in the financial year end date in the current year, the Group has published two interim reports and annual report in the current fiscal year. The company distributed the first interim dividend in April and has resolved not to declare a second interim dividend for the 12-month period ended 31st August 2026. After the current financial year closing, we will continue to adhere to our dividend policy, distributing dividends in an amount of no less than 75% of adjusted free cash. Through AI empowering traditional communication network, we can release computing power. With computing power, we can promote AI development so that we can achieve full-stack innovation. For this logic, HKBN this year increased CapEx by 35% with focus on upgrading network and AI computing interconnect infrastructure to build capacity for the future. We strengthened our network leadership, and upgraded MetroNet from 100G- 400G, achieving full coverage of data centers across Hong Kong, establishing 11 self-operating AI data center nodes. We upgraded our network efficiency and stability. For our core network, it can support AI, supercomputing, cloud computing, real-time trading, and medical imaging. Besides, we expanded high-value enterprise and AI customer markets to drive our revenue and profit. HKBN seized AI opportunities and we invested HKD 100 million to develop the HKBN AI+ platform. We are the first telecom service provider in Hong Kong to offer a comprehensive enterprise-grade AI service platform. We self-built the metro fiber backbone network, and we have proprietary GPU computing power, and we develop for our customers ready-to-use and tailor-made AI solutions. HKBN continue to invest in high-speed network, and we deliver fiber to the home and bring AI into everyday life. Network coverage rose year after year, and there are now 2.69 million homes passed with an increase of 48,000 year-on-year, and we cover 8,320 commercial buildings. And we cover all grade A and B or above premises up to 100%. We target for full fiber coverage across network to elevate digital customer experience for the AI era. For residential and enterprise broadband, our fiber coverage is 98%, which is industry-leading benchmark. 2G and above broadband subscriptions increased fast. For residential solutions, about 133,000, up 40% year-on-year. For enterprise solutions, about 26,000, up 106% year-on-year. We upgraded network service and optimized local and overseas connectivity and expanded Chinese mainland direct connect bandwidth. There is stable growth in access to local and overseas applications with accelerating demands for Chinese mainland applications. In Hong Kong, we are actually seeing some pain points in cross-border latency and stability. HKBN implemented two major upgrades to its cross-border network services, enhancing quality and optimizing user experience. We increased resources to expand the bandwidth for local and overseas. For mainland connectivity, we work with China Mobile. We expand the Chinese mainland direct connect bandwidth, guiding platform traffic to local distribution in Hong Kong and driving overall traffic growth. Traffic to individual platforms increased by 275%. We are able to save cost and improve quality. We are connected to eight different major mainland cities to Hong Kong. Comparing with other carriers, we have improved quality, and we are 55% better than our competitors. We improved average game latency by 59%, so we are the best fixed network service provider. We strengthened collaboration with China Mobile and integrated resource strengths to unlock growth momentum. For market synergy, we focus on broadband resale and mobile service resale. The two parties have stronger customer resources. HKBN have 928,000 broadband customers. China Mobile has 6 million mobile customers. We can enhance customer reach. We accelerated business expansion. We also have a number of different optimizations. HKBN successfully provided mobile base station backhaul line leasing for China Mobile and also AIDC leasing service with the support of China Mobile. There is growth in return to Chinese mainland network bandwidth. For solutions, we focus on MVNO diversified packages and also security solutions, China Mobile cloud products and so on. We have four major strengths. We have platform strengths, team strengths, ecosystem strengths, and also resources strengths. With the synergy with China Mobile, we are able to develop the market with better synergy capabilities. I am going to talk about our enterprise solutions performance. Enterprise business rose steadily. For the whole year, enterprise services revenue was up 13% at HKD 6.234 billion, and there are 101,000 enterprise customers, 109,000 broadband subscriptions. SME customers, 85,000. SME enterprise ARPU up 4% this year. For large enterprise system integration, new project wins with total contract value was up 85% year-on-year. Annual revenue was up 19% year-on-year. Overseas business growth was achieved. Going global communication services revenue was up 29% year-on-year. This reflects our strong cross-border connectivity capabilities. In Chinese mainland and Macau, technology business revenue was up 12.8%, reaching HKD 1.2 billion. This is the end-to-end enterprise AI platform. This is first in Hong Kong, powering a complete ecosystem. For network infrastructure, we used our enterprise solutions to develop the infrastructure. We offer sharing GPU resources, and on that foundation, we use advanced Kimi, DeepSeek, Qwen, MiniMax, and other intelligent LLM backend. We are able to achieve automatic allocation by task. In face of business, for different types of customers, we offer different solutions. For SMEs, there is the HKBN WorkMate, and then there are 100 plus pre-built AI agents and skills, including finance, marketing, legal, HR, and sales operations. For large enterprises, we offer tailor-made services. AI is integrated into existing enterprise applications, and there are fully flexible systems with usage-based billing. For AI platform, the work model is being reshaped and there is intelligent process automation. There are three major characteristics of our platform. Proprietary GPU compute infrastructure, providing AI computing power. There are top-tier GPUs introducing Chinese mainland's advanced computing resources and local computing power. Computing facilities hosted in Hong Kong data centers, secure and compliant, meeting data privacy and compliance requirements. Second, flexible service model, tailored AI services for enterprises. Dual service model, flexible billing via Token-as-a-Service and Agent-as-a-Service. SME solutions. HKBN WorkMate is ready out of the box. For large enterprise solutions, we offer system and data integration to build customers' AI foundations. Third, strategic partner ecosystem. AI ecosystem collaboration. For strategic alliances, we collaborate with computing and cloud partners to build a smart ecosystem. We also have built cybersecurity and data security mechanisms so that enterprises can achieve their own AI transformation. Since August, in less than three months' time, we have reached 1,960 users. Revenue exceeded HKD 20 million. For larger enterprises, we empower companies' transformation, and for commercial customers, we enhance their experience. We enhance the service process and we automatically generate orders, and there will be integrated operating interface. For government departments, we improve frontline efficiency and we offer cross-segment data integration. We help enterprises to connect to enterprise and partner platforms. We strengthen operational coordination, AI-assisted decision making, and resource deployment. For charitable organizations, we accelerated case management with automatic speech-to-text transcription and record generation. We enhanced service quality. There is intelligence summarization of key information, and we strengthen service outcomes with AI case analysis and trend tracking. AI opportunities from large enterprise customers, HKD 600 million already. For SMEs, we offer one-stop solutions to enhance customer value. We focus on customer needs, and we continue to expand diversified services to drive steady growth in ARPU. Here you can see that since FY 2023, HKBN at that time only offered one line connection. Later on, IT·Simplified. This year we offer HKBN AI+. There are 100 plus pre-built AI agents and skills. Revenue is in excess of HKD 1,000 +. HKBN iTEA built an AI+ ecosystem together. It is established in 2025. It brings 25 leading technology solution providers together, including 14 exclusive distribution partners. For network, we offer a highly reliable and low-latency connection, and we also offer GPU and edge computing. For security, there is end-to-end defense from network and data to application layers. System integration. We provide industry application development and integration, and we translate technology and delivery capabilities into business value. For data, we offer high-quality data governance, integration, analytics, and backup. For cloud service, we flexibly manage the hybrid multi-cloud architectures across public and private clouds. iTEA has secured contracts valued at HKD 130 million, a 3 x year-on-year growth. Chinese mainland and Macau presence. We cultivated regional markets, driving customer growth. In Chinese mainland, our focuses are Beijing, Shanghai, Hangzhou, Guangzhou, and Shenzhen. We seize opportunities from enterprises expanding northward and overseas to acquire high-value customers. For Macau market, we focus on gaming, government, banking, and utilities. These are high-value customer segments for expansion. We also strengthen presence in Macau to consolidate regional leadership and enhance market influence. On this foundation, we dig deep into Chinese mainland enterprises going global, and we seized the wave of expansion to unlock new growth in cross-border business. This year, Chinese mainland and Macau technology business revenue was up 12.8% at HKD 1.2 billion. This year, our international connectivity data revenue was HKD 316 million, up 29% year-on-year. We cover more than 20 countries and regions, supporting enterprise cross-border and AI application deployments. Under the global AI wave, it drives cross-regional data traffic surge, pushing enterprise demands for international connectivity. With high scale, hyperscale cloud service providers this year, total contract value reached HKD 63 million, up 202%. Our working partners cover e-commerce and tech companies, manufacturers and factories, mobile gaming and game publishing, financial information platforms, import and export trading, and fintech. For residential solutions, revenue increased steadily. Overall residential revenue was up 1.2% year-on-year at HKD 2.418 billion. Residential ARPH, HKD 218 and total homes passed 2.69 million, up 1.8% year-on-year. Broadband subscriptions totaled 928,000, up 2.2% year-on-year. Customer loyalty improved 14%. Each carrier has some parts covered by copper wires, and this year our goal is to make sure that in each housing development there will be fiber coverage. With fiber in, copper out, it delivers results. Revenue was on an upward trend and there is higher customer revenue. 1G or above penetration rates were at 80%. This is leading the market. This year, for 100M copper customers, there are 35,000 being upgraded to 1G fiber broadband, and this is up 123%. Fiber broadband customers generate higher revenue than copper broadband customers, 31%. Infinite-Play customers subscribing to 4 + services, there is an increase to 33%. 33% of fiber broadband customers versus 23% of copper broadband customers. Strong growth in 2G or above GigaFast broadband adoption. This year, there are 133,000 GigaFast broadband subscriptions, up 40% year-on-year. This is market leading. For strong GigaFast broadband adoption, around 40%. That means there are two out of every five new customers selecting GigaFast, up 59% year-on-year. Those GigaFast customers generate 45% more in revenue. As said just now, those subscribing to 4 + services, these are Infinite-Play customers. The percentage increased from 33%- 46%. We lead ultrafast era with premium priority experience. Last year, we introduced the high speed guarantee and low latency guarantee. This year, we are going to introduce Chinese mainland connectivity latency guarantee. These are the world's first triple guarantee. We achieved FTTR fiber to the room. We extend the fiber connectivity into rooms, delivering high speed, stable, and low latency experience. For high-end customers, we introduced GigaFast Priority Service to make sure that there is premium priority network, priority customer service, same-day repair commitment, and 5G broadband dual assurance. For operational excellence and quality service, we upgraded customer experience and enhanced customer loyalty. 5G broadband resilience support ensuring uninterrupted service, intelligent diagnostics, and proactive monitoring for rapid identification and follow-up on network issues. Store network expansion to reach potential customers. Enhance support for safeguarding seniors through technology. Service quality improved. Customer complaints down 18% year-on-year. Customer satisfaction up 6 percentage points. Customer loyalty up 14% year-on-year. Infinite-Play value-added services drives business growth through diverse applications. Residential broadband customers subscribing to 4+ Infinite-Play services up 6% year-on-year. OTT streaming platforms, new subscriptions up 24% year-on-year. Rising popularity of Chinese mainland content driving new subscriptions. An increase of 32,000 senior market business growth. Total contract value up 114%. We deepened collaboration with China Mobile. This is a powerful alliance driving broadband growth. We leverage China Mobile's strong mobile customer base to drive residential broadband business growth. This year, new sales of HKBN residential broadband resold by CMHK, up 5.1 x year-on-year. For 5G broadband market demand, there is an increase. We believe that this will drive further rapid growth for 5G residential broadband growth. We are going to do cross-selling to boost residential broadband revenue growth. That is all in my presentation. Thank you all. Thank you, Mr. Li, for the sharing. Now we will proceed to Q&A session. Question and answer session. Those of you on site. Today, whether in person or joining through the webcast, feel free to ask any questions you may have. For all of you here in person, just raise your hand and our team will bring over the microphone to you. When asking your question, it would be great if you could introduce yourself with your name and organization. We welcome your questions in either Mandarin or English. For those joining via the webcast, simply type your questions into the Q&A box and I will read them out loud for everyone to hear. Please welcome Chairman Shi, Mr. Li, Mr. Shen, and Dr. Yip. Let me read out questions received online. Congratulations on the satisfactory results. Management, can you elaborate the future direction of HKBN, please? Thank you very much for this question. For HKBN, we are rooted in Hong Kong. We serve the Greater Bay Area, and we also face the international world. We are Hong Kong top-tier technology service company. The HKSARG had announced the First Five-Year Plan. We will service Hong Kong's economy and society better so that we can serve people's livelihood in a better way. We would also like to serve Hong Kong investors and shareholders. We would try to deliver good work in four areas. First, we'll solidify long-term development foundation. We will reinforce our network advantage and strength. As said in our presentation, HKBN attaches a lot of importance to our network. For our transmission network, it is being upgraded, and then there is fiber in, copper out, so that our network can better serve our customers. At the same time, we build even more resilience business model. With steady pace and innovative momentum, we will lead the company towards healthy and sustainable development. Secondly, we will enhance customer experience. As mentioned earlier, many Hong Kong customers need to visit some mainland websites for mainland content and some local Hong Kong carriers, the bandwidth required is very high, and so for mainland bandwidth, we have expanded it by 53%, so our customers' experience is greatly enhanced on the mainland. For Hong Kong citizens, we offer better network experience. We continue to innovate on our products and services, so that with more advanced and quality service experience, we can satisfy Hong Kong's social governance and smart transformation, family, and personal communication needs. Thirdly, for our shareholders, we will create greater value. We step up our synergy with China Mobile Hong Kong Limited, and we also complement each other. We have almost 6 million mobile customers, that is China Mobile, and HKBN has 980,000 residential broadband customers. We will give full play to the integration of mobile plus household, and also the integration between network and resources. We will continue to innovate on our service so that we can offer a faster, smarter, highly effective, and personalized service to our customers. Then we can also create more sustainable value. Fourthly, we will inject more innovative momentum into Hong Kong. Together with China Mobile Hong Kong, we will promote the building of Hong Kong digital infrastructure, and will empower the government and enterprises in digital transformation so that Hong Kong can be developed into an international innovation center. Thank you. Now, let's take questions from the floor. The lady in red on the third row, please. Greetings. I am Kaya from China News Agency. Just now, you said that you will tie in your work with Hong Kong's First Five-Year Plan. The Northern Metropolis is one of the focuses in the Five-Year Plan. So what are your strategic plans in the Northern Metropolis? Thank you for your question. Hong Kong has announced the First Five-Year Plan, and the development of the Northern Metropolis is described in a specific chapter. The Northern Metropolis has important strategic position in Hong Kong. In the Northern Metropolis, there will be the development of new quality productivity, and there will be better integration with Greater Bay Area, and also our country's overall development. For HKBN, it is a very important development opportunity. HKBN attaches a lot of importance and takes active part in the development of Northern Metropolis. We deepen our integration with China Mobile Hong Kong so that the strengths of both companies can be capitalized on, and then we will continue to invest more resources. There are a few main points here. First, we will increase strategic planning and deployment. We will coordinate our plan, and then we will also continue to invest and execute. Based on the overall development rhythm of Northern Metropolis, we will make advanced investment and building in terms of network. We will build the fiber network, and we will lay pipes and cables. For new residents, there will be high-speed broadband connectivity for commercial buildings. Also the innovation park, sports park, we will offer low latency and high speed broadband capability. We will accelerate network upgrading. Now we cover 2.69 million residential customers and 8,320 commercial blocks. In the future, we will expedite fiber in, copper out, and then we will achieve 100% fiber coverage in the Northern Metropolis. With advanced technology, quality network, we can better support smart family, smart household, smart park, and also innovative technology companies' development needs. Thirdly, we will expand our cross-border service capability. We will strengthen integration and synergy with China Mobile Hong Kong. We will capitalize on the resource strengths of China Mobile Group and China Mobile Hong Kong, especially in the area of cross-border transmission, AI, compute service, and so on. Besides, in terms of government solutions and our Ultra-wideband transmission strengths. I think as said in the presentation, our AI+ platform is also well-developed. For large, small, and medium enterprises, we offer one-stop solutions. We will continue to be rooted in Hong Kong and serve Hong Kong. Network will be our major foundation, and we will empower development with technology, and innovation will also empower people's livelihood. We will contribute our greater effort to the Northern Metropolis development as well as Hong Kong's transformation. Thank you. Next question, please. The gentleman over there. Thank you for the opportunity. I am from Citi. My name is Lee Yiming. Congratulations on the very good results. My question is, after the integration with China Mobile, in terms of financing cost and debt optimization, what are the effectiveness so far, and what are your plans? In the future, regarding CapEx and financial return and dividend policy, is there any new progress or update? Thank you. Mr. Shen and Mr. Li Xin will take these questions, please. Thank you for your questions. First of all, you talked about the integration with China Mobile, and after that, you asked questions about financing cost and debts. After the integration with China Mobile, we rely on China Mobile's credit value, and we did a replacement of syndicated loans. This year, if you look at financing costs, there is a decline by HKD 250 million. Overall financing cost has declined significantly. As a result, this is a major contribution to our net profits. Regarding dividend, you also covered this in your question, and our Chairman also made some explanation this time. We have made some adjustments in dividend. What are the reasons behind that? Our main consideration is, in fact, there are three points that we have considered. This year, we have changed the accounting day of our financial year. There are two interim reports and one final report. In April, that is the first time of our interim report, and we paid one dividend. After the end of the financial year, during annual results announcement, we will pay the second dividend. For the whole year, our guidance will not be lower than 75%, and there will be two dividend payouts every year. In terms of financing investments and also our subsequent investments, there are also some considerations about dividend. We have to consider our investment needs. Network quality is the lifeline of telecom industry. We have our MetroNet and also an upgrade from 100G - 400G and our AIDC data nodes. We have to satisfy enterprise-grade, high throughput, and low latency needs. For residential business, there is the fiber in, copper out development so that users can enjoy better network quality, and their stickiness will be enhanced, and ARPU will increase. We offer one-stop AI solutions. These investments have borne results. Our revenue was up 6.2%, so we need to appropriately make investment arrangements. Such investments have to be precise. While we want to enhance profitability and sustain our long-term development, our banks revolving credit facility has increased HKD 200 million, so we do have funding guarantee. Let me share with you some numbers. Our net profit margin in 2024, less than 1%. In FY 2025, net asset yield, 9%. This time in 2026 second interim results, our net assets yield reached 15%, so this yield is rising steadily. We will make appropriate consideration about dividend and fundraising. We want to enhance profitability so that we can achieve long-term development. That is my answer to your question. Your next question is about CapEx. Thank you for your question. Regarding CapEx, let me share some numbers. For three consecutive years, HKBN's CapEx has risen. in 2024, before the integration with China Mobile, HKBN's CapEx was not more than HKD 300 million, and then this year, up 35.6% at HKD 692 million, so an increase for two consecutive years. Some is because of business needs, and some is that we have to repay some loans. That is the arrangement. Secondly, right now, for directions of CapEx, actually, you can see that in traditional communication network, we must make investment into our network because that is the greatest source of our profit. We have upgraded from copper to fiber after that. There is an increase of 30% per user from ordinary fiber to 2G GigaFast. Our revenue was increased to 45%. Then with technology advancing and bandwidth increasing, our user revenue is rising. Our investment has brought healthy revenue. That is one thing. Secondly, our fiber network investment increased. At the same time, our backbone network also needs to upgrade from 100G - 400G. This is to support our increased customers because of increased bandwidth. Secondly, there are more and more interconnection needs between data centers. Without the earlier investment, we will not be able to take up such business. Thirdly, we have to seize the AI development wave. HKBN this year on the AI platform invested more than HKD 100 million. In only two months' time, our customers reached 1,690. This year, revenue is HKD 20 million and next year revenue will even be bigger. We want to seize this AI wave to monetize on our AI investment so that our revenue, cash and profits can all grow. Thank you. Thank you management for the answers. Next question is an online question. Let me read out the question. For HKBN AI+, comparing with other AI platforms in the market, what are the differences? Thank you. For HKBN AI+, we are the first telecom service provider that can achieve a six-layer AI model. From network structure and also our self-purchased GPU to our scheduling deployment platform. Then there are 100+ agent AI, and then on a monthly subscription basis we sell to SMEs and then we sell Token-as-a-Service. This is unique in Hong Kong. At the same time, it is totally placed in Hong Kong. Many Hong Kong enterprise customers said that, "Oh, if your models are not in Hong Kong but in Southeast Asia or on the mainland," they will have worry about overall data operation. During our presentation, you saw our six-layer AI+ network. We are the first company who is able to achieve this. Now in the market regarding resale of other AI platforms, well there are quite many such resales. But for resale, even though they have built their own AI agents at the bottom layer, there is no way to make sure that things are in Hong Kong. Secondly, you cannot guarantee security, reliability and stability. We are very proud of this and today we have already signed 1,900 orders already. This is our AI+ platform. Thank you Doctor Yip for the answer. Because of time, we will now take the last two questions. Two questions now. This media friend please. I am Min Ray from China Daily. My question is also about AI. This year regarding AI, you increased CapEx by 35%. With the developments of Northern Metropolis, are you going to expand some local data centers and in the future regarding investment return, do you have any expectation, please? Thank you. Thank you for your question. At present, when we are working on AI service regarding expanding and building data centers and leasing of data centers, these are commercial decisions. We serve large customers and SMEs and also household customers. We will think of the packages that we offer to them and also the revenue and also costs. If we invest to build data centers, if the IRR and payback can satisfy our requirements, then we will invest. No matter what next year for the AI platform 1.0, next year the capacity will reach the peak and now we are going to expand the AI platform 2.0 so that we can offer AI service to more users. These include large enterprises and residential users. We have 928,000 residential customers and 10 odd million of large enterprise customers. Whether or not data centers are leased or purchased, I think we can discuss this with an open mind. We do not make any undertaking or judgment here at this time. Thank you. Mr. Li will offer the last chance to the lady in white on the third row, please. Thank you for this opportunity. I am from CICC. Just now you said that in the enterprise market, there are different innovative businesses, and in the AI area you have platform strength and also international strengths. HKBN is a Hong Kong, China telecom carrier. What is your industrial positioning and what is your unique competitive advantage in the AI chain? As you can see from our presentation, there are three things in our strategy that are basically connected to each other. First, our network. If you look at our network coverage, there are different numbers from 80% - 98%, so you can see that in our results announcement. Secondly, our overall AI development. Just now we talked about HKBN AI+. But for AI, we have large enterprises, private hosting and SMEs. They may not invest a lot, but they hope to develop in Hong Kong. And there are also different solutions with new AI content. Our iTEA solution, for example. AI+ network + compute power. We have all these. Today, we have our own computing power, our own AI solutions. GigaFast increased 100% with enterprises and up 40% with residential households. Today you read a lot of news about AI, asking whether we can work more efficiently and so on. Regarding AI, from AI to our computing power platform, and then our network can be upgraded even faster. Okay. Thank you, Dr. Yip. Thank you very much media friends and investors for all your questions. Thank you very much for your attention, interest and support for HKBN. We will conclude here. Thank you for your support for HKBN and see you next time.