Ladies and gentlemen, thank you for standing by, and welcome to the Lufax Holding Ltd Second Quarter 2021 Earnings Call. At this time, all participants are in a listen only mode. After the management's prepared remarks, we will have a Q&A session. Please note this event is being recorded. Now I'd like to hand the conference over to your speaker host today, Mr. Yu Chen, the company's Head of Board Office and Capital Markets. Please go ahead, sir. Thank you very much. Hello everyone, and welcome to our second quarter of 2021 earnings conference call. Our quarterly financial and operating results were released by our newswire services earlier today and are currently available online. Today you will hear from our Chairman, Mr. Ji Guangheng, who will start the call with some general updates on our achievements, share our thoughts on recent regulatory developments and industry dynamics, and provide our plans for future business. Our Co-CEO, Mr. Greg Gibb, will then provide a review of our progress and details of our development in the quarter. Afterwards, our CFO, Mr. James Zheng, will offer a closer look into our financials before we open the call for questions. In addition, Mr. Y.S. Cho, our Co-CEO, and Mr. David Choy, CFO of our retail credit facilitation business, will also be available during the question and answer session. Before we continue, I would like to refer you to our safe harbor statement in our earnings press release, which also applies to this call, as we'll be making forward-looking statements. Please also note that we will discuss non-IFRS measures today, which are more thoroughly explained and reconciled to the most comparable measures reported under the International Financial Reporting Standards in our earnings release and filings to the SEC. With that, I'm now pleased to turn over the call to Mr. Ji, Chairman of Lufax. [Non-English content] Hello everyone, thank you for joining our 2021 second quarter earnings call. I will start with some general updates on our achievements in the first half, then share our thoughts on recent regulatory developments and industry dynamics before providing our plan for future business. [Non-English content] First update in the first half. Generally speaking, although Chinese ADR stock prices have seen increased volatility recently due to changes in macro policies and market conditions. At Lufax, we managed to deliver improvements in our operating performance, regulatory compliance, and corporate governance in the first half. [Non-English content] First, we achieved high quality growth in our core business. For the first half, our total income increased by 17% year-over-year, and net profit increased by 33% year-over-year. Later in the call, Greg and James will elaborate more. [Non-English content] Second, we responded to regulatory calls by phasing out our peer-to-peer product in a smooth and compliant manner. In the second quarter, we substantially completed the run of legacy peer-to-peer products and further strengthened our regulatory compliance. [Non-English content] Third, we continuously enhanced our corporate governance by restructuring our board of directors and establishing committees in key focus areas including risk management, consumer protection, and ESG. We have also been actively advancing the establishment of our ESG system. [Non-English content] Fourth, on May 24th, 2021, our company announced U.S. $300 million of share repurchase. As of June 30, 2021, we have substantially completed the repurchase. In addition, our senior management purchased U.S. $5 million worth of shares using their personal funds. [Non-English content] While there are still uncertainties in the market, our stable profitability, strong operating cash flow, abundant cash reserves, and the actions we took to pivot our business based on our understanding of regulatory requirements all give us strong confidence about our future prospects. [Non-English content] As such, I'm pleased to announce a new share repurchase program of U.S. $700 million over the next 12 months, bringing our total program to U.S. $1 billion. [Non-English content] In addition, we are actively evaluating other options to return shareholder value going forward. [Non-English content] Second, the analysis of regulatory development and market dynamics. [Non-English content] Since our Q1 earnings announcement, the Chinese government has continuously tightened supervision of technology platform companies. These include the direct sharing of borrowing information by online loan facilitators and co-lenders with financial institutions, instituting an all-in cost ceiling of 24% for consumer loans, and publishing the draft version of the amended Cybersecurity Review Measures for public consultation. [Non-English content] Lufax has always been in close and constant dialogue with regulators to fully grasp the latest regulatory trends, intentions and requirements, and make sure relevant authorities are fully aware of our business model and development in key areas. [Non-English content] I am pleased to report that so far we have maintained open communication lines with all levels of regulators with satisfactory frequency and results. [Non-English content] Despite recent influx of new regulations and policy interpretations, our business has not been materially affected. Moreover, our business model operating results have remained resilient. [Non-English content] Now I will address a number of questions that attracted recent attention. [Non-English content] The first topic is the sharing of borrowed data by loan facilitators and co-lenders directly with financial institutions. [Non-English content] Recent media reports speculated that the CBIRC will prohibit online credit facilitation platforms from sending directly to their partner financial institutions borrower data, including personal information voluntarily submitted by borrowers, data generated as part of the platform's process, and other borrowing information provided by third-party vendors. Our interpretation is that it aims to regulate the consumer credit scoring process, emphasizing that credit assessment data from internet platforms must be transmitted solely through licensed credit agencies. [Non-English content] Lufax has been utilizing its licensed guarantee company to conduct its retail credit facilitation business and perform credit assessment authorized by our partner banks. In full compliance with the Banking Sector Financial Institution and Financial Guarantee Company Business Cooperation Guide, we refer potential clients to our banking partners, transmit the guarantee company's approval results, and share timely updates on post origination repayment status. As such, every aspect of our business cooperation is done in accordance with the current guide, and is thus different from an unlicensed company's loan facilitation model. [Non-English content] In the meantime, we will have constructive dialogues with the regulatory authorities to seek their feedback and guidance. We are also prudently exploring the viability of applying for a credit scoring license or cooperating with third-party credit scoring companies. [Non-English content] The mandatory completion of credit scoring reform is set to the end of 2022, there should be sufficient time for both regulatory authorities and market participants to test new models and make adjustments. Based on currently available information, we believe whether to cooperate with third-party credit scoring companies will not materially impact our business model or profitability. [Non-English content] The second topic relates to consumer borrowing cost. [Non-English content] At the end of July, some media reported that regulatory authorities would require financial institutions, including consumer finance companies and banks, to implement an all-in cost ceiling of 24% for personal lending. From our perspective, we think that this new requirement has crystallized the direction of loan pricing and eliminated potential uncertainties. Since September 2020, we have been preemptively implementing an all-in cost ceiling of 24% for all new loans we facilitate. Going forward, we will continue to follow regulatory direction, leverage technology to broaden small and micro business owners' access to cost-effective financing, and maintain our own profitability by improving our operating efficiency. [Non-English content] The third topic I would like to discuss is cybersecurity. [Non-English content] Since July, regulatory authorities have been conducting special audits on several Internet platforms in accordance with Cybersecurity Review Measures, demonstrating the nation's heightened attention to cybersecurity and data safety. [Non-English content] To ensure full regulatory compliance of our data processing business operations, we promptly conducted debriefing seminars and performed internal reviews. Lufax achieved the internationally accredited ISO 27001 certification for information security management and the level three registration certificate from the Ministry of Public Security of China. Going forward, we will continue to strictly adhere to policy requirements and ensure regulatory compliance in all key aspects of operations, such as network equipment and service procurement, critical data reviews, and many others. [Non-English content] The fourth topic is market development and competitive dynamics. [Non-English content] In recent years, a number of Internet platforms and traditional financial institutions have jumped into the foray of serving small and micro business financial needs. Some platforms have started to copy the O2O business model that we pioneered. [Non-English content] On the one hand, this validates the attractiveness of our business segment and the effectiveness of our O2O model. On the other hand, intensifying competition challenges Lufax to perform even better. [Non-English content] Over the past 16 years, we have built a highly effective offline sales and service team, a comprehensive management system, and a proven risk management model stress tested over multiple market cycles. Such combination serves as high barrier to entry and precludes peer replication within a short period of time. At the same time, increasing competition also motivates us to work harder, ensure regulatory compliance, innovate with prudence, advance our technology, and fortify our industry leadership. [Non-English content] The third area, development plans for the future. [Non-English content] Based on our analysis of regulatory intentions and industry dynamics, we believe competitive focus will gradually shift from volume growth to quality growth. Consequently, we are determined to uphold the following three principles. To keep our operations fully compliant, to create value to society, and to advance our technology. [Non-English content] First, we shall keep our operations in full regulatory compliance and strict policy adherence. As an organization with financial DNA, we have always prioritized regulatory requirements and operated in a compliant manner. Based on our principles of preemptive diagnosis and swift operational adjustments for timely optimal results, we plan to continue enhancing our communication with regulatory authorities so that we can keep a close tab on the course of regulatory development and timely execute all policy requirements. [Non-English content] We shall keep creating value to the society by providing quality financial services to small and micro business owners as well as the middle class. [Non-English content] As of June 30, 2021, Lufax has cumulatively provided credit facilitation services to more than 15.5 million borrowers with an outstanding loan balance of more than RMB 600 billion. Over the past five years, we have effectively satisfied small and micro business owners' financing needs by facilitating nearly RMB 2.3 trillion worth of loans. [Non-English content] Recently, we launched special assistance plans for small and microcompanies, mainly aimed at supporting companies in labor-intensive industries such as retail, hospitality, restaurants, and manufacturing, creating a significant number of employment opportunities. For small microagriculture businesses, we are working with the China Women's Development Foundation to distribute our farmers' assistance funds to rural female entrepreneurs and cooperative leaders. As a result of this work, we are making meaningful contributions to the economy of rural areas. [Non-English content] Going forward, Lufax will provide more products and services catering to the needs of small micro business owners, leverage technology to reach customers more effectively, simplify loan application process, improve efficiency in reviewing and approving online loan applications, fulfill our commitment to financial inclusion, and support the nation's economic development agenda. [Non-English content] In our wealth management business, Lufax operates as an information and empowerment platform to help the Chinese middle class manage their wealth. Lufax will continue to provide a variety of financial products, optimize product matrix composition, enhance customer experience, improve service quality and efficiency, and contribute to our clients' wealth preservation and growth goals. [Non-English content] Thirdly, we shall empower our business development and quality improvement through technology. [Non-English content] In adherence to our principles of auto integration, multi-service offering, and customized solution, we have continuously advanced our technology in big data, artificial intelligence, and others. [Non-English content] In retail credit facilitation, we have launched an AI-powered smart loan solution named Xingyun. In wealth management, we are promoting an intelligent customer service solution aimed at improving user experience. All these solutions demonstrate our ability to enhance our financial services efficiency by leveraging technology. [Non-English content] In conclusion, although our road ahead is not without challenges, we are confident that we will be able to lay our own unique path to long-term sustainable success by maintaining operational compliance, generating social value, and continuing technology advancement. With that, I will now turn the call over to Greg, who will share our business updates for the quarter. Thank you, Chairman Ji. The regulatory environment continues to transform and some uncertainties remain, our business performance is sound. Let me get straight into the key figures, noting that all numbers are in RMB and all comparisons are on a year-on-year basis unless otherwise stated. Our profits in the first half reached RMB 9.7 billion, up 33.4% versus a year ago. Our second quarter profit was RMB 4.7 billion, up 53.2% versus a year ago. Our second quarter revenues of RMB 14.8 billion grew 17.3% versus last year. Our second quarter total operating expenses of RMB 7.1 billion decreased by 1.7% for the same period. Our net margin reached 31.9%, a 7.5 percentage point improvement over the second quarter last year, driven by ongoing improvements in operations and technology. We are confident that profit growth levels seen in the first half will be sustained throughout the balance of this year. On the back of this solid performance, it is important to note our strong balance sheet and cash position. As of June 30th of this year, our net assets reached RMB 91.1 billion, of which approximately RMB 42 billion are liquid assets maturing in 90 days or less. Our net cash flow has increased by RMB 9.6 billion in the last 12 months. This strong position allows us to do several things. First, it provides us with the resilient ability to meet any new capital requirements that may come from regulatory changes. We believe that in lending facilitation, all platforms, regardless of business model or customer segment, will ultimately be required to bear 20%-30% of related credit risk with a capital leverage of no more than 10x the proportion of shared risk. In the second quarter, excluding the consumer finance subsidiary, we bore credit risk on 16% of all new loans facilitated. We have more than sufficient capital to meet increased levels if needed. Second, our strong profitability provides multiple avenues to generate value for shareholders. Today, we announced that we will extend our corporate buyback program, initiating a new plan to repurchase $700 million of shares over the next 12 months. We continue to explore other avenues to return more value to shareholders over time. Third, our resources allow us to continue to invest in and enhance our unique business model. For the sake of general understanding, I'd like to highlight three aspects of our business model and the developments currently underway. First is our unique O2O direct sales force business model, which allows us to unlock the unmet borrowing needs for China's small and micro business owners. In the second quarter, excluding the consumer finance subsidiary, 77.6% of new loans facilitated were to small business owner segment. We continue to find that our direct sales force of more than 58,600 professionals is the key to reaching the small business owners and building the required levels of trust to serve their larger and long-term lending needs and being able to match an array of unsecured and secured products to their diverse business and industry purposes. In the second quarter, new loan sales reached RMB 152.7 billion, growing 11.1% versus a year ago, in line with prior guidance. During the quarter, new loan sales from other channels slowed down a little. However, the increased new loan volume from our own direct sales teams has offset the weakness in other channels, thus demonstrating the resilience and flexibility of our direct sales team, as well as the strengths of our O2O business model. Furthermore, with continued technology upgrades, we have greatly improved the productivity and efficiency of our direct sales team. In the second quarter, 6.5% of new loans facilitated were in a new secured auto lending product, demonstrating the ability of our O2O direct sales to capitalize on changing market conditions and customer relationships. The productivity of our direct sales force increased 10% over the last 12 months. We continue to invest in new risk, data, industry insights, and technology tools to further enable our unique O2O sales force to tap this hard-to-reach segment, which we believe could not be efficiently served through a pure online model. A second unique aspect of our business model is how we deploy our licenses. This has become an increasingly important factor in the tightening environment to satisfy both regulatory and funding partner needs. All new loans that we facilitate today either flow through our guarantee companies or our consumer finance license. Our guarantee companies with operations all over the nation except Tibet, Ningxia, and Yunnan provinces, allow us to share credit and process data flows with our more than 65 national and local funding partners under well-established legal frameworks. The deployment of these licenses, together with successful tapping of the ABS and interbank ABS market, has helped the ongoing optimization of funding costs through the first half this year. We are now actively exploring new collaborations to meet expected credit rating license usage requirements, which will come into effect by the end of next year. A third unique aspect of our business model is that we seek to serve our customers across a full range of financial services, not just lending. While our wealth management platform is a smaller contributor to total company revenues today, the China wealth management market is witnessing substantial new growth as customers and providers are adjusting to full implementation of the New Asset Management Regulations and a new framework for cross-border investing between China's Greater Bay and Hong Kong. Our domestic wealth and insurance, serving primarily the emerging affluent, continues to grow with client assets of RMB 421.1 billion as of June 30th, 2021, expanding 12.4% versus a year ago and expanding by 28.8% if excluding legacy P2P assets, which have now been substantially written off. Our platform in Hong Kong is currently entering new partnerships in preparation for the rollout of Greater Bay policies. In the third quarter of this year, we will merge our online client interface for all borrowers and investors to deepen services to all customers across small business owner lending, consumer finance, wealth management, and protection and pension insurance. Company analysis suggests many of our small business owners are middle class and emerging affluent customers, and a notable proportion of our wealth customers are small business owners. With the rapidly changing operating environment, we believe our capital strength and unique business model, combined with our deep financial credit experience and commitment to compliance, will allow us to remain resilient. Before turning over to James to go through the detailed operating and financial performance and second-half guidance, I would like to highlight one final figure. We have continued to make progress in bringing down APR to our borrowers, with the second quarter APR for the overall portfolio reaching 24% versus 26.7% a year ago. This reduction has been executed without negatively impacting our net margins. In the medium term, we will seek to lower our APRs but keep our net margin steady by driving down relevant operating, credit insurance, and funding expenses. I will now turn over the call to James Zheng, our CFO. Thank you, Greg. I will now provide a closer look into our second quarter operational and financial results. Before I begin, please let me remind everyone that all numbers are in RMB terms, and all comparisons are on a year-over-year basis unless otherwise stated. Our second quarter 2021 results are characterized by strong business growth, continued operations improvement, and extended profit margins. Our total income increased by 17.6% to RMB 14.8 billion, while our core business income, excluding investment income, grew by 19.1%. Our net profit increased by 53.2% to RMB 4.7 billion, exceeding our earlier guidance of RMB 3.7 billion to RMB 3.9 billion. Our net margin reached 31.9% in the second quarter, a 7.5 percentage point improvement from the second quarter of 2020. Growth-wise, our continued growth and profitability are four key factors. First, we further optimized the unit economics in our Retail Credit Facilitation Business, even as we reduced our all-in cost. Our loan balance APR declined by 2.7 percentage points to 34% in the second quarter of 2021 from 26.7% in the second quarter of 2020. While our take rate based on loan balance improved to 9.7% from 9.5%, and our net margin also expanded over the same period. This achievement is a result of four initiatives. First, we continue to increase our number of banking partners and diversify our funding sources, which has allowed us to obtain cheaper funding from partners with better asset quality. Second, the credit insurance premium on our loan portfolio has also been reduced as our insurance partners took the better credit and the customer quality into consideration to lower their pricing and adopt a greater portion of the credit risk. Third, the early pay-off effect decreased significantly because we have changed the way we charge our customers. Fourth, we achieved significant efficiency gains in our sales and marketing as well as our operations. As a result, we are confident that even if we reduce our APR further into the future, we should be able to maintain the stability in our take rate and net margin in Retail Credit Facilitation. Second, we maintained a strong pace of loan volume growth, coupled with business mix improvement. On the retail credit side, we grew our new loan sales by 11.1% to RMB 152.7 billion during the second quarter of 2021, in line with our previous guidance of RMB 145 billion-RMB 155 billion. At the same time, we continue to focus on serving small business owners and improving the risk profiles of our borrowers. In the second quarter, excluding our consumer finance subsidiary, 77.6% of new loans facilitated were dispersed with small business owners, up from 72.6% for the same period of 2020. High-quality borrowers, defined as G1 to G3 borrowers by our own internal classification system, contributed 63.7% of the new general unsecured loans facilitated in the second quarter, compared to 59.4% for the same period of 2020. On the wealth management side, our total client assets increased by 12.4% to RMB 471.1 billion as of June 30th, 2021, exceeding our previous guidance target of 12.1% growth for RMB 420 billion. Client assets contribution from mass affluent customers who invest more than RMB 300,000 further increased to 80.2% as of June 30th, 2021, up from 76.3% as of March 31st, 2021. Third, we continue to make progress in executing our plan for a more sustainable risk-sharing business model. Loans where we bear risk accounted for 16% of new loans facilitated in the second quarter, up from 4.4% in the same period of 2020. New loans facilitated with guarantees from Ping An P&C account for 76.3% of new loans facilitated in the second quarter, down from 89.1% a year ago, while our funding partners bore the risk for 4.8% of new loans facilitated in the second quarter. As of June 30, 2021, our outstanding balance of loans facilitated with guarantees from third-party credit enhancement partners had decreased to 84.3%, from 94.3% a year ago. All of the aforementioned operating metrics exclude those of our consumer finance subsidiary. At the same time, we continue to sharpen our focus on improving our asset quality. In the second quarter, our C-M3 flow rate for all loans facilitated was 0.4%, versus 0.5% a year ago. The 30-day past-due delinquency rate for all loans facilitated was further improved to 1.9% as of June 30, 2021, from 2% as of March 31, 2020. The 90-day past delinquency rate for the total loans facilitated stabilized at 1.1% as of June 30th, 2021, on par with 1.1% as of March 31st, 2021. All of the aforementioned operating metrics exclude those of our consumer finance subsidiary and the wealth management product, which represent roughly 1% of the total loans balance. We substantially completed the runoff of legacy P2P products in our wealth management business. During the quarter, client assets from legacy P2P products were reduced to RMB 44 million from RMB 4 billion in the previous quarter, effectively completing our business transformation. Our take rate for the segment was 31.8 basis points, increasing by 3.6 basis points from the previous quarter. These improvements were primarily driven by our continued development in standard wealth insurance products, offset by a decrease in deposit products. Let's take a closer look into our second quarter financials. During the second quarter, our total income increased by 17.3%, and our core business income, excluding investment income, grew by 19.1%. On the back of this growth, our business and risk sharing model continued to evolve, driving a change in the revenue mix of our retail credit facilitation business. For example, during the quarter, while the platform service fee decreased by 8.8% to RMB 9.2 billion, our net interest income grew 98.7% to RMB 3.2 billion, and our guaranteed income grew by more than 800% to RMB 891 million. In addition, other income, which is directly linked to delivering services to our financial partners, increased by 205.1% to RMB 1.1 billion. As a result, our retail credit facilitation platform service fee as a percentage of total revenue decreased to 62% from 79.8%. As we continue to utilize consolidated trust plans, which provides lower funding costs in our funding operations, our net interest income as a percentage of total revenue increased to 21.8% from 12.9% a year ago. As we continue to bear more credit risk, we generated more guaranteed income, causing our guaranteed income as a percentage of total revenue to reach 6%, as compared with 0.7% a year ago. By extending our services to our credit enhancement partners in account management, collections, and other value-added services, our other income as a percentage of total revenue increased to 7.2% from 2.8% a year ago. Our investment income decreased by 83.2% to RMB 37 million in the second quarter from RMB 220 million in the same period of 2020, mainly due to losses from the change in fair value of assets. On the wealth management front, our platform transaction and service fees increased by 39.9% to RMB 407 million in the second quarter from RMB 291 million in the same period of 2020. This increase was mainly driven by the increase in fees generated from our current products and services. Moving on to our expenses. In the second quarter, total expenses grew by 2.2% to RMB 8.5 billion. Excluding credit impairment losses, financial costs, and other losses, total expenses actually decreased by 1.7% in the second quarter, underscoring the steady improvement of our operating efficiencies across most business areas. Our sales and marketing expenses, which include expenses for borrowers and investor acquisition, as well as general sales and marketing, decreased by 6.3% to RMB 4.3 billion in the second quarter. As a result of our efforts to further optimize our sales productivity and the sales commissions, as well as the higher base in the second quarter of 2020 due to non-recurring expenses. Our borrower acquisition expense, which are a major component of our total sales and marketing expense, decreased by 19.5% year-over-year to RMB 2.6 billion. In addition, our investor acquisition and retention expenses also decreased in the second quarter, mostly due to our optimization of investor acquisition channel costs. Our general sales and marketing expenses, which are mainly comprised of payroll and related expenses for marketing personnel, brand promotion costs, consulting fees, business development costs, as well as other marketing and advertising costs, increased by 33.8% to RMB 1.5 billion in the second quarter from RMB 1.1 billion a year ago. This year-over-year increase was largely due to the lower base in the second quarter of 2020, resulting from the Social Security relief during the COVID-19 outbreak in the same period. Our general and administrative expenses increased by 21.1% to RMB 798 million in the second quarter from RMB 659 million a year ago. This increase was mainly due to the lower base in the second quarter of 2020 and headcount expansion in the second quarter of 2021 to support our new business development initiatives, including the development of our consumer finance business. Our operation and services expenses decreased by 3.3% to RMB 1.48 billion in the second quarter from RMB 1.53 billion a year ago. This decrease was primarily due to a decrease in post-origination management expenses, driven by our improvements in management collection efficiency and partially offset by the increase in the trust plan management expenses, resulting from increase in usage of consolidated trust plans. As we maintain our commitment to investing in technology research and development, our technology and analytics expense increased by 18.6% to RMB 517 million in the second quarter. Additionally, our credit impairment losses increased by 133.5% to RMB 1.4 billion in the second quarter from RMB 597 million a year ago. This was due to the continuing evolution of our business model, which led to increased loan-related risk exposure and higher upfront credit impairment losses. It is worth noting that the increase in impairment losses is purely a function of the increase in the proportion of the credit risks borne by us, while the overall credit profile of our borrowers has continued to improve, as mentioned earlier. Our finance costs decreased by 37.4% to RMB 276 million in the second quarter from RMB 441 million a year ago, mainly due to the decrease in our balance of convertible bonds, which led to lower borrowing costs and increase in interest expense resulting from the increase in deposits. As a result of foreign exchange rate gains, we booked RMB 301 million in other gains for the second quarter of 2021, while our effective tax rate decreased to 36% from 39% a year ago. Consequently, our net profit increased by 53.2% to RMB 3.7 billion in the second quarter from RMB 3.1 billion a year ago. Meanwhile, our basic and diluted earnings per ADS were RMB 2 and RMB 1.9, respectively, in the second quarter of 2021. As of June 30, 2021, we had a cash balance of RMB 39 billion, compared to RMB 24 billion as of December 31, 2020. Net cash flow from operating activities was RMB 2.1 billion in the second quarter of 2021. Now, turning to our guidance for the second half and the full year of 2021. For the second half of 2021, we expect our new loan facilitated to be in the range of RMB 334 billion-RMB 340 billion, and the client assets to be in the range of RMB 450 billion-RMB 460 billion. Meanwhile, as we maintain our growth momentum and we continue to improve our operating efficiency, we expect our total income to be in the range of RMB 31 billion-RMB 31.2 billion, our net profit to be in the range of RMB 6.6 billion-RMB 6.8 billion in the second half of 2021. This translates into a year-over-year net profit growth of 32%-36% for the second half of 2021, and a 33%-34% for the full year 2021. These forecasts reflect our current and preliminary views on the market and operational conditions, which are subject to change. This concludes our prepared remarks for today. Operator, we are now ready to take questions. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. Your first question comes from Winnie Wu from Bank of America. Please go ahead. Thank you very much for giving me this opportunity and congratulations for a solid second quarter result. I guess two things. First, in terms of the credit business, can you provide the latest number in terms of the effective APR in second quarter this year, both for the new business and also for the total outstanding loan balance? The APR and then the breakdown of funding cost of CGI and EPO. Second question is related to what Chairman Ji talked about on the information and credit bureau credit scoring license. Can you talk about any progress, any application, if you are applying for the credit scoring license, any expectation on that? Also with the new regulation restrictions on the usage of credit information, is that going to impact how much credit data Lufax is able to access? The scope of data that you're able to leverage on and that is going to impact your credit scoring? Thank you very much. Thanks, Winnie. I think on your first question, what we have just disclosed for the second quarter on the overall portfolio is that the APR is 24%, and that's down from 26.7% a year ago. We don't disclose the rate for the new loans, what you can very clearly calculate is in order for us to go from 26.7% down to 24%, that means that the new loans that we've been issuing, clearly one, have all been below 24% and at least a couple hundred basis points below 24% in order to get that overall average of 24%. This is something that we've been doing for some time, and we'll continue to execute on. Probably what I can add is, if you get this part, even this specific number, if you get our unsecured new loans, our APR decreased by almost 6% from one year ago. Principal remains almost unchanged. That I would say. Answering the second question about the data sharing with banks. We are a credit-licensed company. That regulation, previously with Chairman Ji, we met PBOC a few times, we probably have two questions. The first is, whether we need a credit license. Our view is, our current process of data collection and sharing with partner banks, it's fully within, it's perfectly within the Lufax business-approved scope. We think we don't need this credit license. If we need, it means that all other financial companies or other insurance companies pushing similar business, similar products, they all need this credit license. In case we need, we can apply for new license while we can join others as a shareholder. First of all, we can proceed with the same concern whether we need to have this license or not. The second question we have here is, what process do we need to change to follow this regulation? We might need to share our data with partner partners to the company to have credit license going forward. This regulation becomes effective from the end of last year. Next year. Next year. Effective next year. Now we are working with one credit license company, and then working on the new process. We test it ready within first half next year. Just in case we need to change the process, but it's not confirmed yet. We are working on it. In terms of scope of data wise that we can access or we need to use, does it get impacted by this new structure? There is one small impact. How we collect data. There are two types of data. The first is personal information that we collect directly from borrowers. That it does not change. The second data is the PBOC data. We can directly get this data from PBOC. This does not change. For the type, like other customer finance data, insurance data, how it collect those, the personal asset data, that we have to collect through the company who has credit license going forward. That is our understanding. In a word, we don't see much impact about our business. [Non-English content] It was Y.S. Cho, our Co-CEO responsible for retail credit facilitation lending who just answered. On top of that, I just want to add that we are maintaining very active dialogue with the credit scoring bureau of the PBOC, all the relevant key decision makers within the bureau. Far, there's no material impact to our business model, and based on what they've indicated to us, there's no need for us to change now. I think their key focus is on the data or the information you collected, whether you just use it for yourself, or do you actually pass it on to external parties, or in some cases even monetize on that data. We believe that's their key focus. They are also asking us for our views whether we'd like to share our data with credit bureaus. Our response was, "Look, if there's a PBOC requirement that everybody is required to do that, we will comply." Again, their key focus is on whether the data we accumulated or stored is just for self-use or will be passed on to third parties or even sell for it. Of course, that's something we'll never do. They also recognize that we run quite a different business model by our guarantee company. Far, that's the communication we've all had. We don't need to make any changes right now. We'll continue to have those conversations and let the market know if we hear any otherwise. Thank you. Your next question comes from May Yan from UBS. Please go ahead. Okay. Thank you for taking my question. [Non-English content] [Non-English content] [Non-English content]？ [Non-English content] Let me comment on the question two first, and then I will answer question three. The question two is about loan rate should be within 24% by June 2022, right? This requirement was given to CF companies, and they're very precise. What they said is total borrowing cost should be less than 24% for new loans by June 2022. The average APR should be less than 20% within three years' time, meaning that by June 2024. That's what they said. We believe this will become like a standard regulation for all. This is good for us because it brings no impact for us. If you look at our CF company, as of today, highest APR is less than 24% and average APR is less than 19%. We are already there. Full rate, highest APR less than 24%, and as of July, our APR for new ones is already less than 21%. Basically, we see no impact from this new regulation. We are in a very safe position. The third question: safety net portion. In August this month, our safety net portion for new ones will finally reach 20%. We are done. The next step, whether we want to further move up to 30%, this we haven't decided yet. We are in discussion with regulator. Once they demand and we have to go up to 30%, we can do that very easily with time because our parent company, we have already more than RMB 22 billion net assets, which is more than enough to support 30% asset guarantee portion for new ones. [Non-English content] [Non-English content] Thank you. Your next question comes from Thomas Chong from Jefferies. Please go ahead. Hi. Good morning. Thanks, management, for taking my questions. I have a question regarding our wealth management strategies. I think we have talked a lot about the RCF side, but how about the WM side? I think we are able to talk about some of the upgrade in terms of the product features, including integration with RCF in terms of the interface. Can you talk about how we should think about our long-term goal for WM, in particular the progress that are made with our automated AI portfolio as well as any competitive landscape or regulations that we need to bear in mind? I think that's my first question. A follow-up question is about the recent outbreak of COVID. Are we seeing any changes in terms of the fundamentals recently? Thank you. Right. Thanks, Thomas. It's Greg. On the wealth management business, as we summarized through the first half of this year or as of June 30th, the growth of the P2P portion was about 28%. This is a business we continue to want to develop as fast as we can. We continue to see very good progress on our affluent customers, on our qualified investors across a range of higher-end products, including ongoing development for portfolio services and automated matching, which we're doing here in China, but we're also looking into Hong Kong as that market starts to evolve as well. This is an area that we will continue to invest, we'll continue to automate, and continue to apply more and more data to it to make sure that our middle-class customers are going to be bringing good returns, particularly as the market shifts away from fixed income to more variable return products. This is an area that we continue to invest in. In terms of the COVID impact, I would say up to now, we've not seen any impact. It's really too early and very narrow. I know that there's more headlines about it, but it really hasn't been anything that we've seen in terms of frontline impact. Got it. Thank you. Thank you. Your next question comes from Katherine Lei from JPMorgan. Please go ahead. Thank you. I think my peers have asked a lot about regulatory risk, then I'm going to have follow-up questions on the regulatory risk as well. I think Zhima management saying that the way to maintain a stable profit margin is to control costs, right? First, can you help to elaborate, what room does Lufax have to continue to cut costs so that the overall takeaway will be more stable? The second question that I have is on investors return. There is already $1 billion of buyback being announced and some of them have been executed so far. What is the assets on the balance sheet that you believe is deployable for buyback or maybe in the future, dividends in general? Thank you. Y.S. do actually want to speak first about the cost optimization area. Okay. I think the team will share more data in the presentation, right? If I give you a rough picture for unsecured loans in the second quarter this year, our average APR was less than 23%, but net margin stayed almost unchanged at around 4%. Let me peek at our components like funding cost, CGI premium and interest impact, you see that those three numbers are obviously improving, meaning decreasing. Going forward, we believe we can further optimize by about 3%. Going forward, even if the overall APR goes down to close to 20%, then we are confident our net margin will be protected at around 4%. Of course, I am not saying that no matter how low APR goes, we can deliver 4% net margin. I am not saying that. As long as average price is around 20%, then we are very confident net margin will not change. In terms of investor return, as we noted on our balance sheet and cash position, RMB 91 billion overall net assets, RMB 42 billion of relatively liquid assets within 90 days. The share repurchase, the additional RMB 700 million taking us to RMB 1 billion, still represents a very small portion of our total capabilities on the balance side. We will continue to explore other ways to generate returns for investors through all means, and we're exploring those structures and we'll certainly undertake them as soon as it makes sense to do so. We certainly have a lot of room in which to play. [Non-English content] As Greg mentioned that not only that we have a strong balance sheet, in addition, we have very strong profitability and cash generating capability. In terms of the question you asked, whether it's buyback or dividend, I can say that we are considering again all means to return value to shareholder. Once there's a decision made, we will be making the right announcement. The $10 billion, which is roughly RMB 7 billion of buyback, is small compared to the gunpowder we have on our balance sheet. Let's not forget by the end of the year, we will have generated another RMB 10 billion plus of RMB profit, and that will also go into our cash reserves and balance sheet. Okay, thanks. Thank you. That does conclude our time for questions. I'll now hand back to management for closing remarks. [Non-English content] Thank you for attending our call today. As mentioned earlier, the results are available online. We will be having a number of one-on-one sessions with the sell-side analysts, which we will elaborate more on our messages. Please do have full confidence that we have a very hard working management team. In the current environment where global capital markets view on China regulations, which caused a lot of volatility recently, rest assured, not only that the company has heard that, I believe the relevant regulators in China have also heard the market views. Some friends have been telling me that today the biggest factors impacting Chinese ADR stock prices, number one is regulation, number two is industry, company specific fundamentals come later. Rest assured, the regulators have heard that, and in the current environment, it is very prudent, and it's always been our principle to strengthen regulatory relationships, maintain open communications, and make sure we are in the right side of the future direction. Thank you again for joining the call. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.