Ladies and gentlemen, thank you for standing by and welcome to JOYY Inc.'s first quarter 2021 earnings call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question and answer session. I'd now like to hand the conference over to your host today, Jane Xie, the company Senior Manager of Investor Relations. Please go ahead, Jane. Thank you, operator. Hello, everyone. Welcome to JOYY's first quarter 2021 earnings conference call. Joining us today are Mr. David Xueling Li, Chairman and CEO of JOYY; Ms. Ting Li, our COO; and Mr. Alex Liu, the General Manager of Finance. For today's call, management will first provide a review of the quarter, and then we will conduct a Q&A session. The first quarter 2021 financial results and webcast of this conference call are available at ir.joyy.com. A replay of this call will also be available on our website in a few hours. Before we continue, I refer you to our safe harbor statement in our earnings press release, which apply to this call, as we will make forward-looking statements. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in US dollar. I will now turn the call over to our Chairman and CEO, Mr. David Xueling Li. Please go ahead, sir. Hello, everyone. Welcome to our first quarter 2021 earnings call. We reached another milestone in our product commercialization progress by executing our strategies of globalization through localization and short-form video plus live streaming. During the first quarter, total revenue of JOYY exceeded street expectations and grew by 88.1% year-over-year to $643 million. Especially, revenue from BIGO grew by 92.5% year-over-year to $581 million, with paying user growth by 72.1% year-over-year to 1.67 million. Above all, BIGO's non-GAAP net income turned positive during this quarter. We have always believed that how much we can harvest in the fall is determined by how much we have sown in the spring, and that's why we need to be long-term thinkers. As mentioned on our last quarter's earnings call, BIGO's achievement today is a result of our persistent execution of long-term business strategies over the past five years. Having reached a milestone in commercialization, we remain goal-oriented and long-term focused. We will devote our resources to sharpening our competitive edge and expanding our marketing influence so that we can sustain our growth trajectory for the long haul. At JOYY, we view the social interactivity and content ecosystem as strategic core that are fundamental to the long-term competitiveness of our products. JOYY has always been on a mission to cultivate an inclusive and global community where everyone can be heard and seen. During the first quarter of 2021, more than 17% of Bigo Live's active users hosted live streaming sessions, and more than 19% of Likee's active users create their own short-form videos. Going forward, leveraging our product metrics, combining short video content with live streaming, we seek to further extend user social connections via our content offerings, facilitate immersive social interactions through live streaming, and help users forge intimate social relationships with one another. We aim to provide the user with a sense of connection, belonging, and gratification through social interactions, in addition to relaxation and entertainment. At the same time, as mentioned in the last call, we plan to continue to augment our localized content ecosystem. Thanks to our products in kinship social features, we have accumulated a massive pool of amateur live streamers and content creators contributing a vast reservoir of user-generated content. By empowering users with a full suite of video production tools, we have eased their way into hosting live streaming sessions and lowered the entry barrier for their content production. By combining user costs and user incentive programs, we have encouraged more users to produce original content, thus expanding our pool of grassroots live streamers and content creators continuously. In addition, based on our insights into local users' content preference, we have partnered with gaming companies, TV show producers, and entertainment agencies to attract more high-quality live streamers and content creators to our platform, and introduce an increasing volume of premium content to our content pool. By leveraging the social influence of leading content creators, we have also been able to expand our user base persistently. We believe the high-quality content and social ecosystem together form the initiate engine propelling our growth for the long term. As such, we have gradually adjusted the product promotion strategy for certain products, such as Likee and Hago. As we reduced our advertising spend on those products, we allocated our resources toward the development of our content and social ecosystem instead. Consequently, this product user base suffered a decline and may experience some fluctuation in the near term. However, we believe that prioritizing advertisement in our content and social ecosystem will improve our user experience and contribute to our long-term competitiveness. We are confident that our strategy adjustment will enable both our products and business to achieve sustainable growth in the long run. For new business initiatives, we discussed on the last call that we would attend to new opportunities in the cross-border e-commerce sector, and that we have made some preliminary explorations in cloud-based audio and video enterprise services. As we continue to explore such new market opportunities, we plan to gradually build up our competitive advantage in our products and technologies. We will provide further updates when our new business initiatives progress to further maturity. Let me share with you quarterly updates in each of our core products. During the first quarter, Bigo Live's MAU grew by 9% year-over-year to 29.1 million, while its revenue grew by 106.2% year-over-year. As Bigo Live penetrates deeper into multi-market, its geographic coverage is becoming increasingly diversified. On a year-over-year basis, revenue from Europe grew by 227.8%, with paying users increasing by 118.9%. Revenue from Eastern Pacific region grew by 147.5%, with paying users increasing by 63.2%. Revenues from the Middle East grew by 46.1%, with paying users increasing by 39.9%. Product-wise, we continue to upgrade Bigo Live's social features to better satisfy the users' demand for social interactions. As a result, in a sequential basis, the total number of users that hosted a live streaming session on Bigo Live increased by 6.5%. With the average time of live streaming session increased by 1.9%. In the quarter, by allocating more screen space to display the background information of host and the guest on live streams, we have made it much easier for user to initiate simultaneous interactions with multiple parties on live streaming, facilitating more multi-user interactions on the platform. As a result, sequential base, the average viewer time spent in multi-user audio chat rooms and video chat rooms increased by 9.7% and 16.1% respectively, the user-to-streamer conversation rate in multi-user chat rooms increased by 11.2% in the quarter. In addition, as we further refined our social interactions feature called BAR, its user penetration rate also increased by 7% sequentially over the last quarter. As part of our efforts to develop a pan-entertainment content ecosystem, we collaborated with a popular Vietnamese TV show, "Love House," and hosted an audio on our platform. Through those audition, we elected several hosts from Bigo Live to participate in the show, thereby boosting the influence of both our platform and its hosts in the region. Meanwhile, during the Indian government ban, our adjustment to product promotion strategy, Likee's MAUs declined by 12.6% year-over-year to 116 million. However, its revenue maintained a rapid pace of growth, multiplying by 4.2x year-over-year during the quarter. In particular, on a year-over-year basis, Likee's revenue from the Middle East multiplied by 40.3x, with paying user increasing by approximately 10 times. While its revenue from the Southeast Asia region multiplied by 1.6x, with paying user increasing by 1.7x. Product wise, we introduced a full-screen format for Likee's short-form videos and further optimized the platform's content recommendation algorithm during the quarters to improve its user experience. At the same time, we provide content producers with more effective data support and markup tools, attracting user usage from about 10% of our professional content creators on a daily basis in the quarter. We have also seen the increased engagement of high-quality KOLs in live streaming activities. As the average daily live streaming sessions organized by KOLs, whose active followers were more than 10,000 and 100,000, increasing by 12.8% and 18.5% respectively. In a sequential basis in the quarter, we also refined our recommendation algorithm within the live streaming channel and enhanced trusted network-based content distribution. As a result, users' social interactions within the platform's live streaming chat rooms improved, with average user time spent on live streaming chat rooms increased by 25.5%, and the effective live streaming MAUs increasing by 9.5% on a sequential basis. Content-wise, we organized the second season of Likee Star Idol contest in Indonesia in February, attracting a high talented group of creators. One of the contest winners, Ihsan Tarore, was later invited to perform on Indonesian Idol, the largest national variety show in Indonesia. By organizing those types of large-scale events and collaborating with popular TV variety shows, Likee has effectively created a platform for new creators to gain exposure, raise their public profiles, and advance their careers, which in turn motivated the creators to produce more high-quality content on our platform. Since the second half of 2020, also due to our adjustment to product promotion strategy, Hago's MAUs experienced some decline in the past few quarters. During the period, Hago's MAU was 13.1 million. However, Hago achieved meaningful progress in its user interactivity and product commercialization. Its revenue increased by 66.8% year-over-year, driven by a year-over-year increase of 28% in its paying users. Meanwhile, Hago's non-GAAP operational loss narrowed further in a sequential basis. During the quarter, in addition to launching a number of multi-user audio chat room games, Hago introduced a new social feature into its channel called Family. This feature enables users to establish a virtual family with their friends and supporters, and support instant interaction through text, audio, and video, thus satisfying users' growing demands for interest-based social networking. By combining instant entertainment with social interactions on Hago, we increased Hago's average time of live streaming session in audio chat rooms by 8.5%, its average viewer time spent on audio chat rooms by 6.2%, its user-to-streamer conversion rates by 2.2%, and the penetration rates of our feature channel by 10.9% sequentially. In conclusion, as we expanded our paying user bases across multiple products, we achieved solid operating and financial results during the first quarter. Going forward, we remain committed to further enhancing our localized content and social ecosystem and enriching our users' social entertainment experience. With that, I will now turn the call to our General Manager of Finance, Alex Liu, for a more detailed explanation of our quarterly financial results. Okay, thanks, David. Hello, everyone. As JOYY's Finance Controller, I will talk about the financial results. Since the majority of our revenues and expenses are now denominated in USD, starting from January 1st, 2021, we changed our reporting currency from RMB to U.S. dollar to better illustrate our operational results. Please note that the financial information and non-GAAP financial information disclosed in our first quarter earnings press release is presented on a continuing operations basis, unless otherwise specifically stated. After the consolidation of HUYA, the company accounts for our investment in HUYA as an equity measured investment and applies the equity measured accounting one quarter in arrears to enable us to provide financial disclosures independent of the reporting schedule of HUYA. As the sale of HUYA was substantially completed on February 8, 2021, with certain customary matters to be completed in the near future, the historical financial results of HUYA are reflected in the company's consolidated financial statements as discontinued operations accordingly, starting from the fourth quarter of 2020. During the first quarter of 2021, we maintained a strong growth momentum and delivered robust financial and operating results. Our total net revenues for the first quarter increased by 88.1% year- over- year to USD 643.1 million from $ 342 million in the same period of 2020. In particular, our live streaming revenues for the first quarter increased by 95.6% year- over- year to $614.1 million, driven by live streaming revenues growth from BIGO. Other revenues in the first quarter increased by 3.6% to $ 29 million. Cost of revenues for the first quarter increased by 76.5% year-over-year to $442.9 million. Revenue sharing fees and content costs increased to $282 million in the first quarter from $126.3 million in the same period of 2020, which was in line with the increase in live streaming revenues. Bandwidth costs decreased to $29.5 million from $33.2 million in the same period of 2020, primarily related to the company's improved efficiency and the termination of bandwidth usage for users in India after its measures to block certain Chinese mobile apps in late 2020, partially offset by the continued user base expansion outside India. Gross profit increased by 119.8% year-over-year to $222 million. Gross margin in the first quarter of 2021 improved to 31.1% from 26.6% in the same period of 2020. Operating expenses for the first quarter increased to $279 million from $206.3 million in the same period of 2020. Among the operating expenses, our research and development expenses increased to $87 million in the first quarter from $69.1 million in the same period of 2020. As part of the company's efforts to enhance its research and development capabilities. Sales and marketing expenses increased to $137.4 million in the period from $113.9 million in the same period of 2020, primarily due to the company's increased efforts in sales and marketing activities in the global markets. Our GAAP operating loss for the first quarter was $73 million from $113.9 million in the same period of 2020. Operating loss margin for the first quarter was narrowed to 11.4% compared to 33.3% in the same period of 2020, primarily due to narrow operating loss of BIGO. Our non-GAAP operating loss for the first quarter, which excludes share-based compensation expenses, amortization of intangible assets from business acquisitions, as well as impairment of goodwill and investment and gain on disposal of subsidiaries and business, decreased by 57.2% to $29.7 million compared to $69.3 million in the same period of 2020. Non-GAAP operating loss margin for the first quarter was narrowed to 4.6% from 20.3% in the prior year period. GAAP net loss from continuing operations attributable to controlling interest of JOYY in the first quarter of 2021 was $87.3 million compared to $62.3 million in the same period of 2020. Net loss margin was 13.6% in the first quarter of 2021 compared to 18.2% in the corresponding period of 2020. Non-GAAP net loss from continuing operations attributable to controlling interest of JOYY was USD 24.1 million in the first quarter compared to $ 64.5 million in the same period of 2020. Non-GAAP net loss margin was narrowed to 3.7% in the first quarter of 2021 from 18.9% in the same period of 2020. Notably, Bigo has achieved a positive non-GAAP net income for the first quarter of $ 9.5 million. With non-GAAP net margin improved to 1.6% from -7.9% in the prior year period. Diluted net loss per ADS in the first quarter of 2021 was $1.13 compared to $0.81 in the same period of 2020. Non-GAAP diluted net loss per ADS was narrowed to $0.3 from $0.81 in the same period of 2020. In addition, in accordance with our quarterly dividend plan approved on August 11, 2020, and on November 16, we will be distributing a dividend of $0.51 per ADS for the first quarter of 2021, which is expected to be paid on June 28, 2021, to shareholders of records as of the close of business on June 18, 2021. We would like to provide an update to our execution of the share repurchase program announced on May 2020, in which the company may repurchase up to $300 million of its shares till August 2021. As of March 31st, 2021, the company had repurchased approximately $196.8 million of its shares. As mentioned in David's speech, we will continue to invest in business development initiatives to further expand our global market reach, cultivate our highly engaged user community, and augment our high-quality content offerings. We will also actively explore other ways to maximize shareholder value. For the second quarter of 2021, we expect our net revenues to be between $645 million and $663 million, excluding the revenue contribution from HUYA and YY Live in the same period of last year, representing a year-over-year increase between 36.2%-40%. We currently have limited visibility surrounding the COVID-19 epidemic's long-term impact and its overall logistical attributes on our business and the markets in which we operate. This forecast only reflects our current and preliminary views on the market and operational conditions, which are subject to change. That concludes our prepared remarks. Operator, we would now like to open up the call to questions. Thanks. Thank you. Ladies and gentlemen, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. For the convenience of everyone on the call, please ask one question at a time. If you wish to ask more questions, please rejoin the queue. Also, when asking a question, please state your question in Chinese first, then immediately repeat your question in English. Thank you. Our first question comes from Alex Poon at Morgan Stanley. Please go ahead. [Non-English content] Alex Poon. Thanks for taking my question. My first question is regarding, there is some rumors about the management change at BIGO level. Would like to understand the actual situation, and is there any impact on operation? My second question is regarding BIGO key operating regions, key operating countries, about the user growth, user retention, and paying ratio, et cetera. Thank you very much. [Non-English content] [Non-English content] Hi, this is David. Let me answer your question. In the past 12 months, BIGO did have some personnel changes. Such changes were made to better execute our long-term strategy and satisfy the evolving needs of business development. What may remain unchanged with our conviction and confidence in the global market potential. As mentioned before, we believe that Bigo Live still has four or even five times the potential of YY Live's revenue in the near future. We believe that the global market potential is still unlimited for us to gradually exercise and execute in the following few years. As for Likee, there would be some strategy changes. As I mentioned in my prepared remarks, we have reduced our spending on advertising and prioritized our resources towards content ecosystem and our social community. We believe that the prior model of trying to seize more market share by aggressive advertising spending has to end. Previously, our business was more driven by our advantage in the technology sector. Going forward, we would love to combine our technology advantage together with our operation advantages. Via that, we would love to gradually prioritize our resources in the content ecosystem, whereby we introduce more high-quality content creators and more premium content into our content pool, and try to improve the retention rate and also our content offerings via localized operations. I think that for BIGO, it is already a company with five years history, and its business operations over the past few years have become more mature. As BIGO grows in scale and revenue, we seek to further establish a more mature system to recruit, develop, and manage our talents. Going forward, we will continue to recruit more talents with technology expertise, global vision, and also local acumen, and further develop our team to better achieve our long-term business goals. Next question comes from Daniel Chen at JP Morgan. Please go ahead. [Non-English content] My question is related to the Baidu deal. Could management provide the latest update on your transaction with Baidu on the YY Live? Thank you. [Non-English content] This is David. Regarding the latest update of Baidu, we don't have any new information. As mentioned and disclosed in the SEC filings on February 7th and March 9th, we have substantially completed the sale of YY Live to Baidu. There are still some customary matters that are still in progress. For further information, it will be disclosed when and as required by applicable security law. Thank you. Our next question comes from Thomas Chong at Jefferies. Please go ahead. Thanks management for taking my questions. My question is about the cost side. Can management share about the content cost trend as well as the OpEx and how we should think about the margin trend going forward? Thank you. OK, [Non-English content] This is Alex. For clarification, the adjustment on product promotion strategy was mainly about prioritizing the allocation of resources. It means that the reduced spending on advertisements will be mainly redirected to product research and development, our content ecosystem, and also other localized operational activities. In terms of profitability trends, as mentioned previously, Bigo Live itself is already profitable. With the steady progress in terms of product monetization across other products, we believe that the operating margin of the whole BIGO segment will gradually improve. Given the economy of scale, we should be able to achieve more operating leverage on various expenses and cost items such as payment channel costs, bandwidth costs, etc. The fact that BIGO's non-GAAP net margin turned positive this quarter marks a good start. If we look at the full year, I think we should be able to achieve low single-digit non-GAAP net margin for BIGO as a whole. Thank you. Our next question comes from Tian Hou at TH Capital. Please go ahead. David, [Non-English content]. As BIGO is well developed in overseas and more users and user participations, I wonder if we have other ways to monetize this group of people such as advertising. In the last several calls, David Xueling Li, you mentioned about the new business, and I wonder if you could give us some clarification or updates on those new business. That's number one. Number two is that geopolitics. I do see more sensitivity around geopolitics. As a Chinese company to go overseas and operate in other countries, do you perceive any potential regulatory pressure on either live streaming or short video? Thank you. That's my two questions. [Non-English content] [Non-English content} In terms of our other source of revenue, first of all, I'd love to clarify that we do believe that live streaming is a very healthy and promising monetization tool, and you will continue to see decent growth coming from live streaming monetization in the coming few years. As for advertising, we have been actively exploring in this sector as well, but we need to admit that even if we can achieve a certain scale from our global advertising revenue, it would still be very challenging for anyone to try to make advertising as a primary source of our revenue. You probably know that in the whole industry, we need to rely on Google and Facebook, who are the two dominant platforms in terms of advertising. If you'd like to start an independent platform, you'd need very heavy investment into sales and marketing, probably hiring tens of thousands of sales and marketing staff to make sure that you've got sufficient sorts of advertising customers. We do not see that that would be achieved within a short period of time. It's a more long-term and gradual process, but we do have higher interest in cross-border e-commerce. As I mentioned in our previous earnings calls as well, we do believe that over the coming few years, we do see that China's manufacturing still enjoys competitive advantages, both in terms of supply chain efficiency and also product quality. We would still love to participate in facilitating global trade and help to improve efficiency in such a process. Thank you. [Non-English content] Linda. For geopolitical risk, I think that the company has emphasized and have been well prepared in that sector. Since day one, we incorporated the company in Singapore and also have the reach and strictly abide by the policy and regulatory requirements of each region. In terms of our server network, we are also well distributed across the globe with data stored locally in different countries. We have been hiring a lot of local employees. Currently, our local employees' total number has exceeded several thousand. I think that we will continue to make sure that we stand by the policies and regulations of each local market that we operate. You also can see that in 2020 and in the first quarter of this year, as we penetrate into multiple markets such as U.S., Eastern Pacific regions, the Middle East, and other emerging countries, the risk of a single region has been greatly reduced. We will flexibly adjust our user expansion and also operating strategy in accordance with the development of the overall situation to minimize the impact of geopolitical risk. Thank you. Thank you. That's all the time we have for questions, so I will hand back to management for closing remarks. Thank you for joining our call. We look forward to speaking with everyone next quarter. Thank you. See you. Thank you. That does conclude the call today. Thank you so much for attending. You may now disconnect.