Good morning and good evening, everyone. Welcome Cango Inc.'s Q2 2021 earnings conference call. At this time, all participants are in a listen only mode. This call is also being broadcast live on the company's IR website. Joining us today are Mr. Jiayuan Lin, Chief Executive Officer, and Mr. Michael Zhang, Chief Financial Officer of the company. Following management's prepared remarks, we will conduct the Q&A session. Before we begin, I refer you to the safe harbor statement in the company's earnings release, which also applies to the conference call today. As management will make forward-looking statements. With that said, I am now turning the call over to Mr. Jiayuan Lin, CEO of Cango. Mr. Lin, the floor is yours, sir. Good morning and good evening, everyone. Welcome to Cango's 2021 Q2 earnings call. In the H1 of 2021, China's auto market, still recovering from the impact of the COVID-19 pandemic, faced renewed pressure due to the persistent global chip shortage. In the wake of this shortage, OEMs have had to slow down production and dealers have slashed promotions, leading to a significant decline in car production and sales. The volatility in the automotive market stemming from uneven chip supplies is unlikely to ease in the short term and is widely expected to linger in the H2 of 2021. Meanwhile, price increases in other key components and raw materials have further intensified cost pressure on OEMs and fueled uncertainty in their production plans. The chip shortage crisis will undoubtedly slow the recovery of the auto industry. Despite this, Cango's overall business remained stable in the Q2. Total revenues came in at RMB 947 million. Thanks to investment gains from Li Auto, we realized a net income of RMB 558 million. Now I'd like to talk about our car trading transactions business. As the business at the core of our car transaction service platform, revenues from car trading transactions reached RMB 523 million in the Q2, accounting for about 55.2% of the total revenues, signaling its gradual evolution into an important growth driver for our growth. Car dealers are not only just a key link in the auto transaction value chain, but also an important focus of our car trading transaction services. By integrating car sourcing, financing, insurance, and other aftermarket services, Cango empowers dealers and improves efficiency of the industry as a whole. For consumers, purchasing cars will be much simpler and faster with more diversified and reliable supporting services, as well as enhanced user experience. At the end of May 2021, we launched Cango Haoche, a B2B service platform for dealers. Cango Haoche integrates information with transactions, logistics, financing, and insurance to directly address the unmet needs of car dealers in the lower tier markets. Thanks to more than 10 years of commitment, Cango has built up strong expertise in car financing and insurance services and a nationwide dealership network that covers over 40,000 dealers. Cango Haoche is a natural extension into the automotive transaction field. We aim to offer diversified and comprehensive products to further strengthen the bond between Cango and our dealers, as well as to empower our dealers. [Non-English content] We continue to develop the capabilities of our car transaction services platform. In terms of customer acquisition and services, in line with our long term plans, in the Q2, we expanded our team of independent sales reps, an important method to generate sales leads to more than 13,000. Our sub dealers grew to 581 as of June 30th, 2021, further increasing our private traffic. Notably, we updated the web app of Cango [Non-English content] on WeChat in the Q2, offering a one-stop service that covers car purchases, car usage, and car maintenance. With Cango Haoche and Cango [Non-English content], we empower car dealers and serve car buyers. By the end of the Q2, we have co-developed a total of 110 warehouses together with infrastructure service providers, covering 86 cities nationwide, further enhancing our warehousing capacity. [Non-English content] In Q2, revenues from aftermarket services facilitation were RMB 51.9 million, making a sizable contribution to the company's total revenues. Focusing on car insurance business and starting from the demand side, we recommended high quality insurance purchase channels to car owners, covering a wide range of insurance products, including car insurance, non-car insurance, and health insurance. We continue to develop our direct sales team and established partnerships with more than 500 auto trade and maintenance operators. In the meantime, we continue to integrate our systems with those of insurance companies and launched the WeChat mini program for product library. Going forward, we will further integrate more aftermarket services. Additionally, our KA team continue partnership negotiations with several NEV, New Energy Vehicle makers. Pilots are expected to roll out in the Q3. [Non-English content] Finally, automotive financing facilitation, our main business line, also grew steadily in the Q2. We facilitated new financing transactions for cars amounting to RMB 7.79 billion, up 57.5% year-on-year. Our automotive financing facilitation revenues was RMB 303 million, up 111% from RMB 144 million in the same period of last year. As of June 30th, 2021, total outstanding balance of financing transactions facilitated by the company amounted to RMB 48.64 billion. [Non-English content] Turning to asset quality. As of June 30th, 2021, due to changes in our stock product mix, the M1+ and M3+ overdue ratio rose slightly to 1.35% and 0.69%, respectively. Going forward, we plan to continue strengthening our risk management system and improve our risk identification and control capabilities. We remain confident in our overall asset quality. In terms of dealership network, we had 47,740 registered dealers as of June 30th, 2021. Our channel mix and customer base have been further improved. Notably, despite the impact of the global chip shortage, our share in the high-end market segment has risen. As of June 30th, 2021, we have covered more than 9,300 4S dealers, including about 500 luxury brand dealers, such as major German luxury brands, including BMW, Mercedes-Benz, and Audi, and also Lexus. As NEVs are becoming more popular, the penetration rate of NEVs in China is expected to further increase. Meanwhile, in an effort to address the global climate change crisis, China has officially announced its carbon emission peaking and neutrality goals for 2030 and 2060 respectively. The development of NEVs is key to achieving emission reduction target in the transport sector. We have always believed in the future of NEVs, and our business model is highly consistent with that of NEV manufacturers. We are committed to supporting NEV makers to realize the last mile of their direct sale model by leveraging our extensive dealership network in the lower tier markets. At present, Cango is Li Auto's nationwide service partner and also covers all of Tesla's stores in Shanghai. We also work with XPeng, GAC New Energy and other NEV manufacturers on transactions, financing, insurance, and delivery services, and so on. Looking ahead, we expect the global chip supply shortage in the auto industry and impact from domestic financial regulatory changes to continue in the H2 of 2021, which may create challenges for our business. We will continue to execute our strategies and uphold our commitment to facilitating easy and enjoyable car purchase experiences. We remain dedicated to our goal of building an auto service platform of choice for consumers. Next, I will turn over to our CFO, Michael Zhang, to review our financial performance in more details. Thanks, Jiayuan, and hello, everyone, and welcome to our Q2 2021 earnings call. Before I start to review our financials, please note that unless otherwise stated, all numbers are in RMB terms and all percentage comparisons are on a year-over-year basis. Our Q2 financial performance was in line with our expectations. Total revenue came in at RMB 946.7 million, more than doubling from a year ago. Revenue from car trading transactions was RMB 522.5 million, continuing to serve as an important revenue contributor. Revenue from automotive financing facilitation and aftermarket services facilitation was RMB 303.3 million and RMB 51.9 million respectively. While uncertainties stemming from global chip supply chain disruption are ongoing, we remain committed to improving our operating efficiency while continually investing in business to deliver more value to our dealers, partners, and users. Now let's move on to our costs and expenses during the quarter. Total operating costs and expenses in the Q2 of 2021 were CNY 933.5 million, compared to CNY 207.4 million in the same quarter of 2020. This was mainly due to the related costs incurred by car trading transaction business. Primarily as a result of the increase in revenue from car trading transactions, sales and marketing expenses, general and administrative expenses, and research and development expenses, each decreased as a percentage of total revenue in the Q2 of 2021 compared to the same period of 2020. Cost of revenue in the Q2 of 2021 increased to $697.8 million from $102.8 million in the same period of 2020. As a percentage of total revenue, cost of revenue in the Q2 of 2021 was 73.7%, compared to 37.5% in the same period of 2020. The change was primarily due to an increase in the amount of car trading transactions. For automotive financing facilitation, aftermarket services facilitation, cost of revenue as a percentage of relevant revenues was around 41.6% in the Q2 of 2021. Sales and marketing expenses in the Q2 of 2021 were $60.9 million, compared to $42.4 million in the same period, 2020. As a percentage of total revenue, sales and marketing expenses in the Q2 of 2021 was 6.4%, compared to 15.5% in the same period, 2020. General and administrative expenses in the Q2 of 2021 were $64.7 million, compared to $66 million in the same period, 2020. As a percentage of total revenue, general and administrative expenses in the Q2 2021 was 6.8%, compared to 24.1% in the same period, 2020. Research and development expenses in the Q2 of 2021 were $15.6 million, compared to $12.9 million in the same period, 2020. As a percentage of total revenues, research and development expenses in the Q2 of 2021 was 1.7%, compared to 4.7% in the same period, 2020. Net loss on risk assurance liability in the Q2 of 2021 was CNY 35.9 million, compared to a net gain of CNY 42.9 million in the same period, 2020. Net loss on risk assurance liability in the Q2 of 2021 was mainly due to an uptick in delinquent loan balance and default rate since the beginning of 2021. We recorded income from operations of CNY 13.2 million in the Q2 of 2021, compared to CNY 66.7 million in the same period of 2020. Due to the fair value change of the company investments in Li Auto, net income in the Q2 of 2021 was CNY 557.7 million. Non-GAAP adjusted net income in the Q2 of 2021 was CNY 578.3 million. On a per share basis, diluted net income per ADS in the Q2 of 2021 was $3.75, and diluted non-GAAP adjusted net income per ADS in the same period was $3.89. Moving on to our balance sheet. As of June 30th, 2021, we had cash and cash equivalents of $1.5 billion, compared to $1.6 billion as of March 31st, 2021. As of June 30th, 2021, the company had short-term investments of $3.1 billion, compared to $2.6 billion as of March 31st, 2021. Looking ahead to the Q3 of 2021, we expect our total revenue to be between $700 million and $750 million. Please note that this forecast reflects our current and preliminary view on the market and operational conditions, which are subject to change. This concludes our prepared remarks. Operator, we are now ready to take questions. Thank you. Thank you, sir. We will now begin the question-answer session. To ask a question, you may press star then one on your touch-tone phone. If you have a speakerphone, please press the star button before pressing the keys. If your question has been addressed and you would like to remove your question, please press star then two. At this time, we will pause momentarily to assemble our roster.. The first question we have will come from Shelley Wang of Morgan Stanley. Please go ahead. [Non-English content] Hi, I'm Shelley Wang from Morgan Stanley. I have three questions. The first question is about your guidance for revenue in Q3, CNY 700 million-CNY 750 million. How much of that is from car trading transaction business? Could you comment on the impact of the chip shortage on these numbers? The second question is about the gross margin for car trading transactions. Did gross margin increase due to the car supply shortage? The third question is about some metrics of provision, that is in Q1 and Q3. I noticed these are metrics of risk assurance liabilities and also provisions. Could you comment on the trends of these two metrics in the future? I will ask Michael Zhang, our CFO, to address your questions. [Non-English content] Thank you, Shelly, for your questions. Let me take your first question first. About our revenue guidance for Q3. In terms of contribution from car trading transactions to our Q3 revenue, we expect it to be at about 55%. Basically in line with the development in Q2. In terms of absolute number for revenue guidance, we expect the car trading transactions contribute about CNY 400 million to the total revenue. The second part of your first question, that is the factors impacting on our guidance for car trading transactions. I would like to answer this question from two perspectives. Firstly, on supply side. Actually the chip supply shortage does have a big impact on our car trading transactions. In Q3, we expect the shortage of car supply to have quite a big impact. Also we expect the car supply shortage to gradually cascade down from the 4S stores in Tier 1, Tier 2 cities to non-4S stores in the lower tier cities. In fact, we expect bigger impact on the lower tier markets. In the H1, thanks to historic stock of cars, we still enjoyed quite a strong business growth in the H1. however in Q3, we expect the car supply shortage to continue and the impact will be more significant than in the H1 of this year. Secondly, on the demand side. Actually in Q2, in the lower tier cities, the demands for new cars have been quite weak, so this had quite a big impact on our small dealers partners as well as on our car financing transactions. [Non-English content] To answer your second question on the gross margin of car trading transaction business. Well, actually the main factor impacting on the gross margin is the car models. That is for popular car models usually, the gross margin for us is lower, because OEMs when they price these popular car models, they usually don't give a lot of room for negotiation. For unpopular car models, however, the gross margins could be higher. In terms of the factors impacting on gross margin of our car transaction business really is not about the chip shortage. It's in fact more about the car models. The second point I'd like to make is that on Cango side, car trading transaction business is a new strategic business line for us, and it is still developing. In order to encourage the development of this new business, and in order to better control risks and improve operational efficiency, we focus on the popular car models so that in the short term, we could drive up the sales and also the growth of this business line. In addition, we are offering the smaller dealers attractive gross margins in order to help them drive up sales on their side as well. In terms of gross margin as a whole, for us, when we consider pricing, we maintain a stable and robust pricing strategy with two purposes as I described. That is to, first of all, ensure that the current stock of cars will quickly be sold off. The second is to ensure that the small dealers have attractive enough gross margin to stimulate their business growth. Overall speaking, on the gross margin of car trading transaction business line is steady. [Non-English content] On your third question about risk assurance liabilities as well as the provisions. Well, what I would like to emphasize is that actually in Q4 last year, in order to facilitate innovation of our business models, we changed and upgraded our procedures and processes for some of our products as well as the user experience. Such measures and such strategies did have a negative impact on the overdue ratios of our assets. However, since then, actually since Q1 this year, we have also made strategic adjustments. We expect that the negative impact on the stock assets to continue into Q3 this year. However, by the end of Q3, we expect the overdue ratios to improve. [Non-English content] Thank you for your questions. The next question will come from David Pan of Goldman Sachs. [Non-English content] [Non-English content] [Non-English content] Thank you. First of congratulations to the management on your strong performance and also strong progress in Q2 despite the challenges in the overall market. I have three questions mainly. The first question is about the business performance of the auto loan facilitation business and also the aftermarket business. Well, in Q2, I noticed that the revenue from the auto loan facilitation business almost doubled, and the revenue from the aftermarket services remained flat. Could you give us more colors on the reasons for such performance? Also, could you share with us your outlook for future trends and also the factors that will impact on the revenue performance in the future? Second question is about NEVs. In your presentation, you talked about your partnerships with Li Auto, Tesla, and also XPeng and other NEV makers. Could you share with us more information on the type of services that you offer to these NEV makers? How do these partnerships and these services contribute to your financial performance, for example, to revenue growth? Could you share with us the specific impact on your car trading business line and auto loan facilitation business line, as well as the aftermarket service business line respectively? The third question is about your outlook for Q3 and the H2 as a whole. [Non-English content] Okay, I will take your first two questions. The first question about the insurance. That is the aftermarket services business line. Well, because of the fee liberalization reforms in the China market, the business models of insurance companies have since seen big changes. For us, how to meet the new challenges and how to better partner with insurance companies and adapt to the new business models, these have been the issues for us to address. That's why our insurance business hasn't been growing as we expect it to be. The second question, our partnership with NEV makers, including Li Auto. Well, for Li Auto specifically, for our car financing transaction business, our system for lease business is in fact directly incorporated into the sales app of Li Auto. For example, when a customer of Li Auto makes an order offline, the information is directly fed into our system, and then we can provide the necessary services to the Li Auto customer service. The same principle applies to the car insurance business. For example, We help liaison and connect with the local car insurance companies. Then we feed the information into the auto insurance business system, and then the customer service employees of Li Auto then will see the information on their sales app. We offer one-stop car insurance services as well. However, our partnership model with XPeng is different from that with Li Auto. With XPeng, well, first of all, on our side, we collect customer orders and relevant information in our system. Then we bulk purchase the cars from XPeng. In the process, we also provide financing products as well as insurance products to the customers. I think that's all from my side. Again, as a reminder, if you'd like to ask a question, please press star then one on a touch-tone phone. Again, that is star then one to ask a question. Again, we will just pause momentarily to assemble our roster. Again, that is star then one to ask a question. Okay, we have no further questions at this time. I will hand the conference call back over to management for any closing remarks. Okay. Thank you, everybody. That closes today's earnings call. We thank you, ma'am, and to the rest of the management team for your time also today. Again, the conference call is now concluded. At this time, you may disconnect your lines. Thank you, everyone. Take care and have a great day.