Thank you everyone. Thank you for standing by, and welcome to I-Mab 2021 Interim Business Update and Financial Results Conference Call. Earlier today, we issued a press release detailing I-Mab' significant pipeline progress and the corporate highlights during the first half of 2021, and upcoming milestones for the rest of 2021, as well as a review of our financial results for the first six months in 2021. The press release can be accessed on the investor portion of our website. Joining me today on the call from I-Mab' senior management team are Dr. Jingwu Zang, our Founder, Chairman, and Director, and Joan Shen, our Chief Executive Officer. Dr. Zang will provide a high-level overview of our recent achievements and the strategy going forward. He will then highlight the progress we have made in our key clinical programs, and upcoming milestones and catalysts. Dr. Shen will then comment on the status of other important clinical assets and the corporate achievements. I will then provide a brief summary of our financial results and our preparation for the dual listings in Greater China before we take questions from the audience for Q&A. Now, without much ado, I will turn the call over to Dr. Zang, our founder, to start the call. Dr. Zang? Thank you, Jielun. Thank you all for joining the call today. We are very excited to report to you the remarkable progress that company has made since the beginning of this year. First of all, let me set the stage to tell you where we focus our efforts and resources at a corporate level to generate the most value for the company and our investors. The three of us today will then walk you through the progress in detail. On slide three, our corporate focus is twofold, with overarching goal to move our clinical pipeline towards a product portfolio. On one hand, we focus on team execution to rapidly advance the pre-BLA and innovative late-stage core assets such as felzartamab, TJ101, TJ107, lemzoparlimab, uliledlimab, towards BLA or registrational trials. In parallel, we have been developing the next generation of even more innovative immuno-oncology assets through what we call second wave innovation, characterized as a novel or differentiated bispecific antibodies, and third wave innovation characterized as a super antibody enabled by transformative technologies. As a result, our pipeline today is not only innovative and globally competitive, but also clinically advanced with the first BLA to be submitted in fourth quarter this year. On the other hand, we are building our future to bring the company to the next level on a clinical-stage biotech to a global pharma. In that regard, we have made great progress in building our manufacturing facility in Hangzhou and a commercialization capability to prepare for product launch in China. Let me walk you through the pipeline developments and the recent progress. On slide five, we provide an overview of I-Mab's pipeline. The progress within the past 12 months, especially since the beginning of this year, has rapidly advanced the pipeline to the stage where our pipeline today is not only innovative and globally competitive, but also clinically advanced. We have now one BLA submission, two registrational trials ongoing, seven phase II, and eight phase I clinical trials in both U.S. and China. Now, the focus of our pipeline is placed around the six core assets as highlighted within the red box because their potential to become highly differentiated medicines if successfully approved. On slide six, I'm excited to report that we have achieved so far 13 pipeline milestones since the beginning of this year, including seven new INDs or trial starts, four positive data readout events that are considered critical to further developments of the key assets, which we will give you more details later at this presentation. We're on track for BLA submission for felzartamab in fourth quarter 2021 this year. On slide number seven, we have successfully completed some registrational trial for third line felzartamab for multiple myeloma. The top-line results have met the primary and the secondary endpoints. More importantly, the study has confirmed clinical advantages of felzartamab in terms of shorter injection time, which allows convenient use at an outpatient setting, and a lower injection reaction rate. Its safety advantages can offer a better treatment option for elderly patients and patients with severe complications. BLA submission now is on schedule for the fourth quarter this year, the company is in preparation of the product launch. In terms of market access, inclusion in the national drug reimbursement list, sales strategy, and so on. The registrational trial for second-line treatments for multiple myeloma is on track, and the enrollments of nearly 300 patients will be completed by the end of next month, in September. In addition, we plan on filing a new IND to explore a first-line treatment option for multiple myeloma by combining felzartamab with one of our own clinical assets in our pipeline. On slide number eight, regarding TJ101, our long-acting growth hormone, the registrational trial is on track for patient enrollment. There are 165 patients to be enrolled, which will be completed by early 2022. We are very excited by the outlook of the growing growth hormone market in China, and I believe TJ101 has a significant market potential. As we communicated previously, we have been seeking a commercial partnership with one of the pharmaceutical companies who have a pediatric product portfolio and a well-established commercial channel and a specialized sales force. I'm happy to report that the business negotiation has advanced to the term sheet stage. We hope to finalize the deal and report back soon. On slide number nine, lemzoparlimab, our highly differentiated CD47 antibody, we have made remarkable progress in clinical developments of lemzoparlimab in both U.S. and China, which we hope will lead to registrational trials next year in 2022. Our ambition is to launch lemzoparlimab as the first CD47 antibody product in China, and facilitate the global development of our partner, AbbVie, for global registration. Here is the summary. lemzoparlimab in combination with rituximab for non-Hodgkin's lymphoma. Our U.S. trial is on track and has generated early clinical results, which we are very excited about. As a result, we recently submitted an abstract to present the clinical data at ASH this year, and I hope to share the clinical results sooner if possible. While the U.S. trial is ongoing, we have prepared multiple clinical sites in China to join the clinical trial in September next month to expand and facilitate the study. We hope that the current clinical trial will lead to a registrational study for non-Hodgkin's lymphoma in 2022. Secondly, lemzoparlimab in combination with AZA for AML/MDS. Our mab is on track to complete an abbreviated phase II clinical trial in China. As the clinical trial is progressing, we have already seen encouraging early clinical efficacy signals, and we are very excited about that. We plan to complete all the patient enrollments within this year. I hope that the current study will also lead to another registrational trial in 2022 in China. In the U.S., our partner, AbbVie, is conducting a global clinical trial with AZA and venetoclax in patients with AML/MDS. We are very pleased to mention that we have been working together very well with AbbVie. Thirdly, lemzoparlimab as pembro for solid tumors. Our U.S. trial is progressing to include more cancer patients for better clinical efficacy assessment. More complete clinical data will be hopefully available by the end of this year or early next year. We will report clinical data by that time. In China, we have obtained IND approval to start a phase II clinical trial with a basket design to focus on selected tumor types that we believe are more susceptible to this combo treatment. To summarize, in terms of safety, so far, a total of 86 patients in U.S. and China have been dosed with the drug, and the safety profile continues to be very good. Here, I wanted to emphasize that for lemzoparlimab, no priming dose is needed throughout. We remain very excited and confident with more clinical efficacy data coming out from multiple clinical trials. Our current goal is to focus on team execution to facilitate the clinical trials in both U.S. and China, so that we will be in a better position to potentially initiate registrational studies in 2022. On slide number 10, regarding uliledlimab, our highly differentiated CD73 antibody. Our U.S. phase I clinical trial in combination with A tezo, a PD-L1 antibody for solid tumors, was completed early this year. We're very excited by the clinical data presented detailed results at the ASCO this year. In short, the ORR observed with uliledlimab in combination with Atezo is the highest among all clinical-stage CD73 antibodies, as we are aware. We believe this may be attributable to the differentiated property of uliledlimab, as it is designed to avoid the Hook effect. uliledlimab is safe and well-tolerated. RP2D at 20 mg/kg is determined. It is also important to note that there's a good correlation between clinical response and a higher CD73 expression in the biopsied tumor specimens. The three tumor specimens with a higher CD73 expression match exactly with the three clinical responders. They are the same patients as shown in the three red dots on the lower middle figure on slide number 10. This is very exciting because it may provide the opportunity to stratify cancer patients who are more suitable to this combo therapy in order to increase the probability of success. We'll be moving ahead to start a phase II clinical trial in solid tumors in U.S. this year and continue to complete the current phase II clinical trial in China in solid tumor. We will have more data to share next year. On a separate note, we are in continued discussions with selected pharma partners for potential global partnership for uliledlimab. I will ask Joan Shen to elaborate on the progress in TJ107, our long-acting interleukin-7 for cancers, and plonmarlimab, our GM-CSF antibody for cytokine release syndrome associated with severe COVID-19. Dr. Shen. Thanks, Dr. Zang. Yeah, for our plonmarlimab in TJ-M2, as we have revealed earlier this month, our interim analysis results from our phase II/III studies. This is a study designed for treating the cytokine releasing syndrome associated with severe COVID-19. The primary endpoint and secondary endpoint from the interim analysis have shown a very positive trend. In particular, the patients without ventilation at baseline, a positive trend of 7% differences has been observed in treatment group or inverse placebo, which is very comparable to the effect size observed in lenzilumab, which is another GM-CSF from Humanigen. The mortality rate is 5% in plonmarlimab, comparing with 13 in placebo arm by day 30. Approximately 10% improvement in recovery rates by day 14 and then day 30 in plonmarlimab compared with the placebo arm. All of these are very major primary and secondary endpoints. Safety-wise, it's well-tolerated. Also, it's worth to note that the biomarkers listed in the slides have shown a positive trend also towards the clinical outcome. Moving forward, considering the Delta outbreaks still ongoing in U.S. and other countries, we're continuing this phase II/III studies in the United States. In the same time, we are also seeking to explore additional indications associated with CRS. Particularly, we are in preparation for CRS associated with sepsis led by Professor Xianwen Hong from Huashan Hospital in Shanghai. Our IND is prepared to submit before the end of this year. Next slide, please. For this, our efineptakin alfa, which is the TJ107, we have been licensing from our partners Genexine from Korea. Since then, we have conducted two studies. First is phase Ib studies for the patients with neutropenia after chemo or radiation therapies. This study's full results have demonstrated its safety profile and PK/PD correlations. The full dataset has submitted to SITC this year, and it will be published then. The second study is our GBM study. It's a phase II study for the GBM patients. This has been in a full enrollment of this year. Another exciting news is our partners, Genexine, and its subsidiaries, NIT, have issued very exciting results both in GBM and also in another treatment in combination with PD-1. Based on those data sets, we are in full preparation for the third study, which is for also pembrolizumab combination therapy in our additional studies bringing solid tumors as a best trial design, in particular to look at the TNBC and head and neck cancer patients, and also guided by biomarkers. These studies will also be initiated towards the end of this year. I will give back to Dr. Zang to continue the rest of the presentation. Dr., please. Yeah. Thank you, Dr. Shen. Now let's move on to discuss about our efforts and progress in generating the next generation of innovative assets to expand our pipeline. On slide 13, while we focus on delivering the clinical milestones of the first-wave clinical assets, including the six core assets as we just discussed, the company has made significant progress in generating the second-wave and third-wave innovative assets. The first-wave innovative assets are representatives of a portfolio of highly differentiated monoclonal antibodies or fusion proteins such as lemzoparlimab, uliledlimab, felzartamab, and enoblituzumab, and so on. With one exception, they are all in phase II or phase III clinical trials, and they are very advanced. The second-wave innovative assets are represented by bispecific antibodies with either first-in-class or best-in-class potential. The two most advanced bispecific antibodies, TJ-L14B, that's PD-L1, 4-1BB, and TJ-CD4B, that's Claudin 18.2 4-1BB, are in phase I clinical trials in the U.S. The third wave innovative assets are characterized by emerging portfolio of super antibodies that are enabled by transformative technologies. Some of the drug candidates are expected to advance to the IND stage by the end of 2022 or 2023. We believe they represent truly cutting-edge drug candidates in the field of oncology globally. On slide 14, our bispecific antibody portfolio is designed to convert immunologically cold tumors that are resistant to immunotherapy, hot tumors, for better treatment efficacy. More importantly, these bispecific antibodies are enabled to address the current unmet medical needs in oncology, where a majority of cancer patients do not respond to checkpoint inhibitors. Two most advanced assets, as I mentioned earlier, entered phase I clinical trials in the U.S. early this year. Both use the conditional activation of 4-1BB, which is an important differentiation to avoid systemic toxicity induced by 4-1BB. Other bispecific antibodies are at preclinical stage moving towards IND. On slide 15, early this year, we announced a discovery initiative to generate the third wave innovation. This new generation of antibodies are not regular monoclonal antibodies or bispecific antibodies. Internally, we call them super antibodies because they're enabled by transformative technologies to perform unique drug properties that are otherwise not possessed by regular antibodies. For example, we are working on drug candidates using our partner's messenger RNA platform to deliver formulated messenger RNA drugs that can produce therapeutic antibodies inside a patient body. This is truly transformative if it's proven in clinical trials. Another example is to utilize Complix platform to generate intracellular antibodies that can get into cells to target otherwise intractable intracellular drug targets. There are more examples here. We will continue to update you as we make a progress with this novel super antibodies. On slide 16, we look forward to delivering a set of 15 critical milestones before the end of this year. In the interest of time, I'm not going to go through the entire list, but to mention a few critical milestones, such as the start of registration of studies for lemzoparlimab and pre-BLA milestones for TJ101 and felzartamab second-line treatment. We're determined to meet these goals and set a solid foundation for even more advanced pipeline development in 2022, next year. Let me switch gear to talk about how our pipeline will create share value and how we're going to build our future. On slide 18, while we focus our efforts and resources to deliver on the pipeline to create short-term value, we have made great progress in building our future to transform the company on a clinical-stage biotech to a global biopharma. More detailed illustration is on slide 19. To achieve this goal within the next few years, firstly, we have been upgrading our global R&D and established a new R&D facility in San Diego to focus on translational medicine and formulation to support and facilitate our innovative pipeline globally. Secondly, we are on track with the construction of our manufacturing facility in Hangzhou. The pilot plant will be ready by mid-next year, and commercial production by end of 2023. As a matter of fact, our PD laboratory has already started to function to take on our CMC projects in Hangzhou. Thirdly, we have built our initial commercialization capability with [a hoarding] and a commercial strategy to move forward. The team has already started to prepare for the product launch of the felzartamab. Our initial commercial strategy is really to focus on hematologic malignancies by leveraging our unique position with felzartamab as a backbone drug for multiple myeloma, third-line treatments, second-line treatments, and potentially first-line treatments. Lemzoparlimab as a backbone drug for leukemia, AML, MDS, as well as lymphoma when combined with a CD19 or CD20 antibody. Currently, we are actively seeking commercial partnerships and in-licensing opportunities to further enrich our initial hem/onc focus commercial portfolio to potentially become a leader in the hem/onc therapeutic area in China. The commercial portfolio for solid tumors will follow after 2024 with the uliledlimab and other innovative assets moving from clinical trials towards BLA. Now I will ask Dr. Shen to discuss about some other items related to awards, recognition, and how we made efforts to strengthen the company's corporate governance and social responsibilities. Dr. Shen. Yeah. Thank you, Dr. Zang. I just want to expand it a little bit on how we, as a company, continue to grow, to take on the responsibilities as a reputable company. Because of that, we have obtained numerous awards for our innovation and then our growth. On this slide, just to mention a few, as you can see. The first one is the Institutional Investor Award for top ranking and top CFO, and secondly is the T+ Excellent Employer Award, and then thirdly is the Top 50 Enterprise of Technology Power. Those are just representing of our recognitions by the industry and the society. Next slide. As Dr. Zang also mentioned, as we take on the steps for advancing our company, we also need to become a diversified and highly governance centered and socially responsible corporate. We received the highest first-time ESG rating among China-based biotech companies from MSCI 2020, as you can see from the first one. We also build a woman leadership councils to promote female leaders' career development. We now have 2/3 of female employees and over 30% of woman board of directors. We have also newly formed the independent ESG committee with me and two other independent board members as a committee to set over the ESG strategies. We also made multiple donations for disaster reliefs, including donations of medical supplies at COVID-19 outbreaks, and donations to Henan Charity General Federation for the rescue and restructuring of the flooded regions in Henan Province, and et cetera. Our company continued to build the infrastructure as well as the overall organization and governance to become a more reputable and representative of our societies. From there, I will list to Jielun to continue the financial report. Jielun, please. Thank you, Dr. Shen. Let me turn to review our financial results for the six months ended June 30th, 2021. That is on slide 23. First of all, as of June 30th, 2021, total cash, meaning cash equivalents, restricted cash, and short-term investments totaled RMB 4.8 billion, or $739.2 million compared with RMB 4.8 billion as of December 31st, 2020. We are very well capitalized for the size of the opportunities in front of us and our vision to become a fully integrated biopharma company. Our strong cash balance provides sufficient funding and the strategic flexibility through major value-creating milestones in relation to TJ202, TJ101, TJC4, and TJD5 over the next one to two years. Let me turn to the revenue side. For the six months ended June 30th, 2021, net revenues were RMB 17.8 million or $2.8 million compared with nil for the six months ended 2020. Revenues generated for the six months ended June 30th, 2021, solely consisted of revenues recognized in connection with I-Mab's strategic collaboration with AbbVie. Our collaboration with AbbVie has been going very well. Let me turn to the R&D expenses. Total R&D expenses, meaning the core R&D expenses plus the ESOP-related share-based compensation, for the six months earlier this year were RMB 593 million or $91.8 million, compared with RMB 442.3 million for the same period in 2020. The increase in total R&D expenses was primarily due to the increased CRO service fees to advance the company's broad pipeline, especially for key assets including lemzoparlimab, TJ-C4, uliledlimab, TJD5, and eftansomatropin alfa, TJ101. Within the total R&D expenses, as you can see, we have broken down for you the cash versus non-cash expenses. The non-cash share-based compensation expenses accounted for RMB 112.7 million or $17.5 million for the six months ended June 2021, compared with RMB 132.7 million for the six months ended June 30, 2020. The overall growth in R&D expenses for the six months earlier this year reflected the rapid growth or progress of the company's pipeline assets. Now let me turn to administrative expenses. Total administrative expenses for the six months ended June 30th, 2021, were RMB 451.5 million or $69.9 million, compared to RMB 171.4 million for the same period in 2020. The increase was primarily due to higher share-based compensation expenses, which we have broken out for you here, increased professional service expenses, including one-time expenses, and the expansion in payroll as a result of increased headcount driven by new hires we've made in preparation for the company's future commercialization and product launch in China. Within the total administrative expenses, share-based compensation expenses accounted for RMB 222 million or $34.4 million for the six months ended June 30th, 2021, compared with RMB 97.1 million for the 6 months last year. One-time expenses, which consisted of listing related expenses and other expenses, were RMB 69.9 million or $10.8 million for the six months ended June 30, 2021. There were no one-time administrative expenses for the same period last year. If you look at the core administrative expenses without the share-based compensation and the one-time fees, they track the growth in our non-R&D staff base and the operating footprint very well and demonstrate the necessary investment we are already making for commercialization in China. One more point, the last point on expenses. I would say that the broad expense profile with the core IND and the administrative expenses is highly consistent with our strategic ambition of transitioning into a fully integrated biopharma company built on strong internal R&D, partnership, manufacturing, and commercialization capabilities. We are investing for the future. Last one on the P&L. For the six months ended June 30, 2021, I-Mab reported a GAAP net loss of RMB 1.07 or 1.08 billion or $166.7 million, compared with a GAAP net loss of RMB 582.9 million for the same period in 2020. Non-GAAP net loss, which excludes the share-based compensation expenses, was RMB 729.4 million or $113 million, compared with non-GAAP net loss of RMB 353.1 million for the same period in 2020. Next page. This is the last page in the prepared remarks section. In this page, I want to give you a quick update on where we are in preparing for the dual listings in Greater China. Our board approved the preliminary listing plan on the STAR Market in Shanghai in late July, and we subsequently entered into a tutoring agreement with CICC, one of the most well-known investment banks in China, to kick off the process. The tutoring application package was accepted and registered with the Shanghai Bureau of the China Securities Regulatory Commission on August the 20th. In the meantime, we are also taking steps to plan an additional listing in Hong Kong's Chapter 18A market. We strongly believe that the dual listings will broaden and diversify our existing shareholder base, de-risk some of the geopolitical concerns, and potentially bring down our overall cost of capital. We expect these dual listings to be completed by the end of 2022. With that, we'd like to end the prepared remarks for this call and start the Q&A session. Please ask your question by pressing the Raise Your Hand button in the Zoom panel. We'll take your questions one by one. Thank you. Thank you for the detailed in-depth update. Now we'll start the Q&A session. If you have questions, please use the raise your hand function via Zoom, and we will unmute you in order. Our first question comes from Kelly Shi. Kelly, please. Congrats on the progress and thank you for taking my questions. On the lemzoparlimab, what level of details should we expect for the top line readout of the early trial at ASH, and what is the efficacy bar for this program to move forward? My second question is for the partnership with AbbVie, when will you expect the next milestone payment, and also any solid tumor trials in discussion with AbbVie in the U.S.? Thank you very much. Yeah, thank you, Kelly. This is Jingwu Zang. Let me first address your first question. Now, our U.S. trial of the lemzoparlimab in combination with rituximab in patients with non-Hodgkin's lymphoma showed really excellent clinical results. Firstly, it has further confirmed the safety profile of lemzoparlimab. Again, in this trial, the safety is very good, and we did not give patients a priming dose because it was not needed because of the safety profile. Secondly, we observed very encouraging clinical efficacy signals. Although at this time, I'm not in a position to give you all the details, but as I mentioned, the past few months, we submitted abstract to ASH this year. We're prepared to release the clinical data at ASH in November. Hopefully, if possible, we will find an opportunity to release the data earlier. Now, Kelly, let me emphasize three points regarding lemzoparlimab. First of all, in terms of the speed of clinical development, as we discussed, our ambition is to launch lemzoparlimab as the first CD47 antibody product in China, and also help AbbVie to achieve the global registration. We have been accelerating multiple clinical programs by leveraging the advantages in both U.S. and China. As a result, we have three parallel lines of clinical development, non-Hodgkin's lymphoma, AML/ MDS, and solid tumors. We have made remarkable progress on all three lines. Most importantly, we're very excited that the current progress may potentially lead to registrational trials in 2022, next year. This is a really good speed to move this asset into a late stage or pivotal stage of development. Second point is that in terms of safety advantages of lemzoparlimab, so far there are a total of 86 patients have been dosed in the trials in the U.S. and China. The safety profile remains very good, and no priming dose is needed in our clinical trials. Together, they are important clinical differentiation. Thirdly, the third point is in terms of clinical efficacy. We've seen good clinical efficacy signals in solid tumors with monotherapy of lemzoparlimab as we reported last year. We expect to see even better efficacy signals in selected tumor types from our current clinical trials in combination with pembrolizumab. This is a combo study, and we hope to see a better clinical efficacy signal. We have also seen a very encouraging clinical efficacy signals in non-Hodgkin's lymphoma in combination with rituximab, as I mentioned earlier. We submitted this abstract already. At the same time, in our abbreviated phase II clinical trial in China, we've also seen very encouraging clinical efficacy signal in patients with AML/ MDS, in combination with AZA. At this point, although the efficacy data are preliminary at this time, they are among the best efficacy signals seen so far with clinical stage CD47 antibodies around the world. For the second question, I would direct to Jielun to talk about the expected payments from AbbVie. Thank you, Dr. Zang. Thanks, Kelly, for the question. Let me address your question regarding the AbbVie payments. We expect to receive three additional milestone payments in the next 12- 18 months. The next milestone payment we expect to receive second half of this year, that's a $50 million payment. The following two payments successively will be received sometime next year. Those two are related to the initiation of pivotal trials to be initiated by AbbVie in the U.S. The total from the three payments will be $175 million in total. In addition to that, as Dr. Zang alluded to earlier in the presentation, we also have the bispecific program, which is part of the scope of the partnership we signed last year. They will also, if we move forward with AbbVie on that, they will also bring additional upfront payment and milestone payments. Let me broaden my answer a little bit. In addition to our continued payment streams from AbbVie, we also have existing partnerships with other players like CSPC in China. In addition, we are also, as we discussed in the earlier part of the presentation, we're also looking at potential partnerships for TJD5, uliledlimab, and the commercial partnership in relation to the long-acting growth hormone and perhaps other innovative assets in our pipeline. Those additional milestone payments from existing partners and also new milestone payments and upfront payments from potential new partners will bring hundreds of millions of dollars over the next one or two years, if things progress well. We are very confident about the visibility and the stability of our top line and the earnings as we move forward, because we have a model where we can realize significant value of our pipeline assets before they are even brought to the market by doing the POC studies in the U.S. and striking very good partnerships with big players outside of China. I just want to emphasize that, and it's important to look at that as we move forward in our next few reporting cycles. Thank you, Dr. Zang, thank you, Jielun. Our next question comes from Louise Chen. Please go ahead, Louise. Hi, this is Jen Kim on for Louise. Thanks so much for taking our questions. Congrats on all of the progress. We had one broader question. There have been a lot of headlines regarding, I guess, regulatory uncertainty around China. Can you walk us through how you're navigating through this uncertainty and how you think about your fundamental value as an innovative player in the biotech space? Thanks. Thank you, Louise. I would ask Jielun to elaborate on this question. Thank you for the question. A very good question. I'll try to answer your question perhaps on three to four different levels. First, let me start with the broad macro picture, which we have no control over, but it's important anyways. I think the regulations in China, they are targeting the internet giants that show the tendency to monopolize, as well as sort of sensitive industries like the tutoring industry and the food delivery and so on and so forth. Based on our own experience dealing with regulators and different levels of government in China, we strongly believe that biotech is not only in the industry that they will not target, but is actually one of the industries that they are actively promoting. It is very important to realize that biotech industry is one of the hard tech industries in China, which will help create a lot of social benefits and externalities for the government in China. It's important to realize that. Also because biotech industry is not an industry where foreign ownership is banned or restricted, as far as I can remember, all of the biotech companies do not need to adopt a VIE structure, which is also, I believe, one of the topics that brought some concerns from investors. Short answer on the macro picture is, we think, and I think most of our peers would agree that biotech industry will actually receive increasingly more support from different levels of government in China. I would add to this point that recently, if you look at some of the Western KOLs, for example, Ray Dalio from Bridgewater, the head of MSCI China, and the Capital Group, they've all made relatively optimistic remarks about what's called the investability of Chinese stock market, and also overall, the picture about regulation in China. I would encourage you to look at that as well. I think the second point is in relation to our own business model and the quality of our assets. We have a very highly differentiated pipeline. Our pipeline has either first mover assets or highly differentiated, potentially best-in-class assets, both in China and globally. We think that some of the issues you may be seeing in China, for example, the cost containment from the NRDL, perhaps in relation to sectors like PD-1. We think we're relatively isolated from that because, a, our assets, for example, CD47 lemzoparlimab, most of the value, we think, will be coming from territories outside of China, for example, by our partnership with AbbVie. We'll continue to do that for other assets like CD73 and other assets down the road. If you look at a life cycle of assets like that, we think the economic value of these assets will not be limited. Most of the value will not be limited to the market in China. Secondly, even in the Chinese marketplace, because we're not in crowded or super crowded sectors like PD-1 or PD-L1 and maybe others, our experience and estimation is that because of the highly differentiated nature of our assets and the less crowded competition structure in these segments, we think we'll face a less harsh or more accommodative pricing structure in China, even in the Chinese marketplace. If you combine these two points, we think we're relatively well-positioned in terms of dealing with some of the potential headwinds you may be seeing in the NRDL tendering process. The third point I want to make is as I discussed the financial section in the early part of this call, we're actually actively diversifying our listing venues. We have kicked off the stock market listing process in Shanghai. We're also considering an additional dual listing in Hong Kong. All of that will also help us to manage some of the geopolitical risks and also diversify our shareholder base. I think potentially, it probably will also lower our overall cost of capital. Very good. We think we're making very good moves to manage that part of the risk space. Lastly, the biopharma sector or biotech sector in China has seen some relatively big volatilities in the last few weeks, and we're probably no exception to that. I want to emphasize that the volatility in the stock price has nothing to do with our fundamentals. As you can see, we're making so much progress in the first six months of this year. We're actually making significantly more progress than we thought when we did the business planning at the end of last year or beginning of this year. We are very happy with where we are, and we're optimistic about the future of this company. We had been in close communication with some of the major shareholders of the company, and they share the same view with us, and they remain long-term supporters of the company. I want to end on that note, and give the floor back to the host. Thank you, Jielun. Due to time limitation, we will take one last question. The last question comes from Joseph Catanzaro. Joe, please. Great. Thanks so much for taking my questions, and congrats on all the progress. Maybe two quick ones from me. You guys are pretty active on the BD front with a number of platform-related deals in the first half of the year. Jielun, you maybe alluded to it, but what other deals could we expect in 2021? I guess I'm specifically thinking about uliledlimab and what partner deal terms you're interested in there, and maybe whether we could see a potentially similar deal term and structure as the AbbVie-lenzilumab partnership. As a follow-up, Dr. Zang, you mentioned longer-term value creation coming from the growing early-stage pipeline. Maybe as we look beyond some of the mid later-stage assets, what programs do you see as having significant opportunity for value creation with some early proof of concept data over the next couple of years? Thanks. All right. Thank you, Joe. Great questions. Let me first address your first question on the BD side of things. We're actively working on several assets for potential BD partnerships globally and also domestically in China. On the global front, we've been discussing with potential global partners for partnerships for TJD5, uliledlimab, as I mentioned earlier. We're actually in discussion with several other companies for bispecific antibodies or even newer assets coming from our pipeline. Those deals are very similar to the deals we made last year with AbbVie on lemzoparlimab. We're very excited and moving forward, continue moving forward with those discussions. At one point, we will feel comfortable to release the terms and discuss those deals. That's one. On the second front, we are in term sheets with several companies, and we are about to select one company to solidify our commercial discussion for TJ101, our long-acting growth hormone. This is going to be a big and visible deal in China. It exemplifies or signifies how biotech companies like I-Mab, working together or partnering with big pharmaceutical groups in China in order to maximize the value of our commercial products, like long-acting growth hormone. At the same time, this year we have successfully closed seven BD deals, and those are relatively early-stage assets. I talked about messenger RNA platform. I talked about complex intracellular platform. Those deals will help us to build the third wave innovation with the super antibodies, as mentioned earlier. Altogether, we are very active on the BD fronts globally and domestically in China. Hopefully, before the end of this year, we might be in a position to close a few deals. If not, it will be early next year. We're quite excited to look forward to it. Your second question. As discussed today in our presentation, our pipeline is very innovative and clinically advanced and quite rich with the three waves of innovation. In addition to lemzoparlimab, uliledlimab, and plonmarilmab that are highly visible in our pipeline, there are actually a few other exciting assets that are making their ways towards a late stage, and to the same level of excitement. One i s TJ107. We discussed a little bit about this particular asset. This is a phase II asset we are working on in China. We have already started a phase II clinical trial in patients with GBM. The other clinical trial, we're about to start a phase II trial in combination with Pembro for cancer treatments. This is a very exciting asset now moving towards late stage. By next year, we shall have more data to report. It's important to mention that our partner, [Transose Korea], has generated quite a lot of data in relation to the role of TJ107 in the treatment of cancers in terms of combination therapy with Pembro in patients with triple-negative breast cancer. They have seen a pretty good ORR, way above monotherapy with Pembro. They have also seen very good efficacy signals from their trials in patients with GBM. This is an important asset moving toward late stage, and it becomes more and more visible. The other asset is enoblituzumab, the B7H3 asset. It's also a phase II asset we in-licensed from MacroGenics. We have done quite a lot of the internal work with a pre-clinical stage, we pretty much based on all the data, we pretty much figured out how to move forward very quickly to get through phase II, phase III, and to launch the product. The strategy is quite clear. People will hear more about the progress on this particular phase II asset. Since we have a few minutes, maybe I would ask Joan to see whether you have additional points to add. Thanks, Dr. Zang. I just want to probably elaborate a little bit more on both compounds, which are both in the phase III stages. For our efineptakin, which is being produced a lot of data from our partner, Genexine, and its subsidiaries, and NeoImmuneTech. In particular, on there, you can check that out from their webpage. At their report on the GBM studies, the ALC increases by one to four folds, and a one-year survival rate of 83.3%, which is definitely above the standard of care. Another important data they also presented on last year's SITC showed a combination treatment with Pembro achieved an ORR of 28% on the TNBC. We have submitted the IND to pursue the basket trial design on this TNBC, as well as head and neck cancers, and also a few other tumor types guided by our translational medicines. This is one study. The other one in [Nobning], which Dr. Jingwu Zhu mentioned earlier, we had quite a few exciting data coming out of our translational medicine work. In addition to MacroGenics' phase II data, we believe it has great potentials for combination treatments for solid tumors, especially its combination with checkpoint inhibitors as well as other chemo combos. We are also submitting the IND, actually September, this month, for a basket trial design for pursuing the solid tumor types, including lung cancers. These two are also in full speed for phase II. Hopefully, in the near future, we can accelerate it to the registrational trials. I want to stop from here. Thank you, Dr. Zang and Dr. Joan. Thank you everyone for joining our meeting today. If you have further questions about I-Mab, please feel free to reach out to the IR team, and we hope to connect with you in other formats soon. Have a good day. Bye-bye. Thank you. Thank you. Bye. Thank you, everyone. Have a good day or good night. Bye-bye. Bye.