Ladies and gentlemen, thank you for standing by, and welcome to the 360 DigiTech fourth quarter 2020 earnings conference call. Please also note that today's event is being recorded. At this time, I'd like to turn the conference call over to Ms. Mandy Dong, IR Director. Please go ahead, Mandy. Thank you. Hello, everyone, welcome to our fourth quarter and full year 2020 earnings conference call. Our results were issued earlier today and can be found on our IR website. Joining me today are Mr. Haisheng Wu, our CEO and Director, Mr. Zuoli Xu, our CFO and Director, and Mr. Yan Zheng, our CRO. Before we begin the prepared remarks, I'd like to remind you of the company's safe harbor statement. Except for historical information, the material discussed here may contain forward-looking statements based on our current plans, estimates, and projections. Therefore, you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution that a number of important factors could cause actual results to differ materially from those in forward-looking statements. For more information about potential risks and uncertainties, please refer to the company's filings with the SEC. This call includes discussion of certain non-GAAP measures. Please refer to our earnings release for a reconciliation between non-GAAP and GAAP ones. Last, unless otherwise stated, all figures mentioned are in RMB. I will now turn the call over to our CEO, Mr. Haisheng Wu. Hello, everyone. I am very pleased to report another exciting quarter. We closed out the year with another set of record-breaking results and continued the growth momentum since 2020 Q4. For Q4, total loan facilitation was RMB 69 billion, up 29% year-over-year. Outstanding loan balance increased by 27% year-over-year to RMB 92.1 billion. Total revenue was RMB 3.34 billion, up 39% year-over-year. Non-GAAP net income was RMB 1.31 billion, up 155% year-over-year. For the full year, total loan facilitation was RMB 246.8 billion, exceeding the upper end of our guidance range, which was RMB 242 billion-RMB 244 billion, by RMB 2.8 billion. Total revenue was RMB 13.6 billion, up 47% year-over-year. Non-GAAP net income was RMB 3.8 billion, up 38% year-over-year. We delivered outstanding results despite a challenging year clouded by the COVID-19 pandemic. This is an important testament to the resilience of our risk management systems and the efficiency of our overall operations. We are more confident than ever that we will be able to maintain sustainable and solid growth. This result speaks to the effectiveness of our strategy as we expand to a diversified customer base and admission channels. We are expecting accelerating growth in 2021. Achieving strong growth in key operational and financial metrics, the quality of earnings and our overall business also improved meaningfully. Capital-light and other tech solutions set new milestones, contributing 34.1% of total loan facilitation in Q4. This ratio reached over 50% on a monthly basis. Moreover, the quality improvement of our earnings indicates that we have succeeded in our milestone stage of tech-driven strategy upgrade. [Non-English content] Despite the rising contribution from consumer loans, we have successfully maintaining the overall take rate around 4% by optimizing the contractual terms with our partners and boosting operational efficiency. Going forward, we are more determined than ever to further advance this strategy to build our business on technology-driven models. [Non-English content] As we enter 2021, on the macro level, we are seeing tailwind from both the macroeconomy and industry policies. The macroeconomy recovery has continued and we saw strong demand at operational level. In particular, our business significantly outperformed the normal seasonality during the Chinese New Year holiday as the government's stay-put guidelines increased business activities across the board. [Non-English content] On the regulatory front, we believe that the regulations rolled out recently either have minimal impact to our business, or in some cases even created a favorable environment for platforms like us. As you may already know, the new ruling from the Supreme People's Court removed the more restrictive lending rate cap for our business. The new guideline on joint lending and micro-lending have a minimal impact on our business as our exposure to both is quite marginal. On the other hand, China's antitrust and deleveraging push may sweep some market share away from the industry giants, which will bring us spillover market opportunities. [Non-English content] Next, let me share with you some of our plans for this year. [Non-English content] With the pandemic well under control and the economy expanding, we will take a more proactive growth strategy this year. In the past, we deployed a large team of senior AI engineers to build our online marketing system, which boosts the efficiency of our interaction with online channels to acquire target customers. We have also built up an experienced offline team. Currently, this team has contributed roughly 15% of the total transactions of new borrowers. Compared to 2020 Q3, WePocket, our virtual credit card product, added over 620,000 new merchants and processed 4 million transactions per month. Our customers use WePocket in high-frequency consumption merchants such as McDonald's, KFC, Ele.me, Meituan, Taobao, Tmall, JD.com, etc. [Non-English content] We notice that the embedded finance model has enhanced our competitiveness and provided strong growth. We are becoming the partner of choice of this area for leading consumption traffic platforms in China for several reasons. First, compared with other platforms that only serve a specific customer base within a narrow price range, we have been serving broader-based customers with low, medium, and high price options. This has allowed us to build capacity to operate under a wide spectrum of product settings. Second, the fact that we do not operate a scenario-based consumption platform by ourselves allows us to work with other consumption platforms without potential conflicts of interest. Third, those traffic platforms typically have strong needs for monetization. Our outstanding risk management capabilities can generate superior returns for them. This also makes us an ideal partner. We believe the need for embedded finance service will increase among consumption traffic platforms in the future, and we are very optimistic about the growth prospects of this business and our competitive edge. So far, we have cooperated with 18 leading platforms, including [Non-English content], Didi, [Non-English content], Xiaomi Finance, 58 Finance, [Non-English content] and FinVolution, with a few more in the pipeline such as JD.com, China Telecom, and China Unicom. Monthly transaction volume under this model reached RMB 1 billion recently with some 150,000 new borrowers with approved credit lines. Both operation metrics showed about 100% growth compared with the number in October 2020. [Non-English content] In addition to consumer finance, SME loans have gradually become a new growth engine for leading fintech platforms. This is a blue sea market with an estimated RMB 90 trillion market size and nearly 50%, of demand is unmet. Serving the SME market is also consistent with the government's policy of promoting financial services and accessibility to the SMEs. Alibaba's MYbank and Tencent's WeBank have developed some best practices in this market already and created considerable barriers of entry. Leveraging our deep-rooted partnership with KCB, we become one of the very few players that are capable of serving this market on a large scale. In addition to outstanding risk management capability, our robust capacity in funding customer acquisition allows us to quickly establish a competitive edge in this market. For SME lending, we have developed three customer acquisition channels, including through SaaS service partners, offline customer reach, and online traffic acquisition. So far, we have covered around 20 leading SaaS service providers, including [Non-English content], [Non-English content] and [Non-English content]. For offline channels, we now have a sales team of about 1,000 and plan to expand it to around 2,000 this year. As you can see, we have established a set of diversified customer acquisition channels in the SME business. Currently, we are pilot running these channels and monitoring the loan performance through the process. Once the pilot is complete, we will rapidly scale up the business with our well-designed products and readily available funding. So far, a total of 540,000 borrowers received the credit lines for SME loans, with total accumulated loan facilitation over RMB 27.3 billion. Outstanding SME loan balance increased by about 200% from October 2020 to RMB 7.4 billion. [Non-English content] As we mentioned earlier, there might be some spillover market opportunities for us as a result of the ongoing antitrust and the leverage pushed by the regulator this year. Currently, our team is exploring some new products catering to a broader customer group. We hope to share more updates with you later this year. [Non-English content] This is our growth strategy for 2021. Now into our long term business model upgrading. Our origin was an internet company and our transition into a tech-empowered credit platform where we take little credit risk is a natural evolution in our corporate development. Under the capital-light model, we are currently working with 39 institutions and have another 22 in the pipeline. In Q4, loan facilitation within this model accounted for 34% of the total, and recently this ratio exceeds 50%. We expect this trending of capital-light ratio to continue throughout this year. Meanwhile, we also aim to keep our take rate at around 4%, even with the mix change. Intelligent Credit Engine, ICE, our smart marketing service product for financial institutions, also experienced rapid growth in terms of the number of customers and transaction volume. Our RM SaaS product provides smart risk management service, and we have already signed contracts with 19 institutions, supporting accumulated transaction volume about RMB 16.7 billion. As this service grew, our income from non-financial service exceeded 50% out of the total. [Non-English content] With regard to our strategy partnership with Kincheng Bank, we believe there are significant synergies in key areas of our operation. First, through the partnership, Kincheng Bank may help us expand the reach of the capital-light model. This will not only increase the overall scale of capital-light, but also help us obtain better contractual terms with other partners. Second, our RM SaaS may provide much needed risk management capability to Kincheng Bank in their non-QFIN-related business. Currently, Kincheng Bank is applying our RM SaaS in their working with a couple of major platforms. The success of RM SaaS at Kincheng Bank will not only drive the growth of our tech-driven volume and income, but also set a good example attracting other potential RM SaaS clients. Third, Kincheng Bank provides us a unique competitive edge in SME loans with the access of certain proprietary data. To sum up, our synergy with KCB will bring significant value in the areas of capital-light model, RM SaaS and SME lending. Since we began working together, the outstanding loan balance under our partnership has reached RMB 4.25 billion and accumulated loan volume reached RMB 5.65 billion. We are actively advancing collaboration on other fronts as well. 2020 was a highly unusual year. After a year-long extreme stress test, we emerged even stronger than before. Our partners trust us more than ever, and our relationships have expanded. We are now in a stronger market position than ever. Looking ahead to 2021, we will capitalize on the unprecedented market opportunities, and then return to our shareholders with better business scale and quality. Now, I will hand over to our CFO, Alex Xu. Thank you, Haisheng. Good morning, good evening everyone. Welcome to our quarterly earnings call. For the interest of time, I will not go over all the financial line items on the call. Please refer to our earnings release for the details. Strong business momentum continued in Q4 and into the new year. As consumer confidence and economic activities remain on a steady upward trend. We have experienced robust consumer demand for credit, along with a further improvement in asset quality. Total net revenue for Q4 was RMB 3.34 billion, versus RMB 3.7 billion in Q3 and RMB 2.4 billion a year ago. Revenue for credit-driven service, tech-heavy, was RMB 2.56 billion, compared to RMB 2.96 billion in Q3. The sequential decline was in part due to facilitation volume mix change as tech-light contribution increased significantly, and a decline in take rate as we lowered our average interest rate in Q4 to 25.3% from 25.9% in Q3 following the Supreme Court ruling in late August. We are expecting interest rates to gradually recover somewhat throughout 2021 as the 4x LPR rate cap is no longer applicable to institutional lending, according to the Supreme Court's latest judicial interpretation. Revenue from credit-driven service was also negatively impacted by a one-off reassessment of early repayment discount. Revenue from platform service, tech-light, was RMB 782 million, compared to RMB 748 million in Q3. If you recall, in Q3, there was a RMB 150 million one-time reversal of previous charges related to certain loans risk performance versus performance benchmark set by the revenue sharing agreement between us and our partners. Aside from this reversal charge in Q3, for apples-to-apples comparison, the sequential growth of platform service revenue in Q4 was approximately 33%. The growth was mainly due to higher volume under tech-light Model, as well as better contribution from the ICE model. The underlying take rate for the platform service also improved in Q4. For the full year 2020, platform service revenue grew about 80% as tech-light percentage contribution to total volume nearly doubled. Total non-GAAP operating expenses, excluding provisions, were up 5.6% quarter-over-quarter, and essentially flat year-over-year. The sequential increase was mainly due to increase in facilitation volume and sales marketing expenses. Average customer acquisition cost per user with proven credit line was about RMB 198 in Q4, compared to RMB 172 in Q3. As the macroeconomy recovered, demand for online traffic increased significantly, and Q4 was a seasonally high demand period for online traffic, particularly around intense online shopping events such as Double 11. For the full year, average customer acquisition cost was about RMB 175. We will continue to use lifecycle ROI as a key metric to determine the pace and scope of our customer acquisition process. This approach has enabled us to generate satisfied return and mitigate major potential risks. Non-GAAP net income was RMB 1.31 billion in Q4, versus RMB 1.29 billion in Q3 and RMB 516 million a year ago. We once again set a new record in quarterly profitability, driven by higher facilitation volume and a noticeable improvement in asset quality and the subsequent write-back of the previous provisions. For the full year, non-GAAP net income was RMB 3.8 billion, up 38% from 2019. We are very proud of the achievement, particularly given the challenging market condition in early 2020. This has further demonstrated the resilience of our business model, the effectiveness of our risk management, and the consistency of our execution. Please note, as we transition towards a more technology-driven business model, the structure of our financial model will also gradually change. With increasing contribution from capital-light and other technology solutions, total revenue growth may be not as fast as the facilitation volume growth, given the different revenue booking methodology between capital-light and cap-heavy. However, the quality of the revenue will improve, and operating margin should gradually expand along the way. As such, overall profitability growth should more or less keep pace with the facilitation volume growth. With strong operational results and increased contribution from capital-light model in Q4, our leverage ratio, which is defined as risk-bearing loan balance divided by shareholders' equity, further declined to 6.6 x from 7.4 x in Q3 and 9.5 x in early 2020. We expect to see continued de-leveraging in our business, driven by accelerating movement toward capital-light model and solid operating results. Meanwhile, our provision coverage ratio reached 470% in Q4 compared to 436% in Q3 and 401% in early 2020. This was the highest provision coverage ratio in our corporate history, reflecting significant improvement in asset quality and our prudent approach in estimating provisions. During the fourth quarter, we continued to generate strong cash flow from operations at approximately RMB 1.4 billion. Also during the quarter, we deployed approximately RMB 1.7 billion cash to fund loan origination under our micro-lending operation and additional pre-ABS assets. As such, total cash and cash equivalent declined slightly to RMB 7.7 billion in Q4 from RMB 7.8 billion in Q3. Non-restricted cash was approximately RMB 4.4 billion in Q4 versus RMB 4.8 billion in Q3. As you know, a significant portion of our cash was allocated to security deposits with our institutional partners and the registered capital of the different entities to support our daily operation. While we continue to generate strong cash flows through operations, we will also proactively deploy cash to extend our business, invest in key technologies and satisfy potential regulatory requirements. We believe that sufficient cash position will not only enable us to compete in an ever-changing market, but also position us to capture potential growth opportunity in the market recovery. Finally, let me give you some color about our outlook for 2021. While we intend to keep our tradition of prudent decision-making and business planning, we are encouraged by continuous strong business momentum so far in 2021, as macroeconomy continues on a steady growth path, along with some regulatory clarity emerges. As such, we now expect total loan facilitation volume for 2021 to be between RMB 310 billion and RMB 330 billion, representing year-on-year growth of 26%-34%. As always, this forecast reflects the company's current and preliminary view, which is subject to change. With that, I would like to conclude our prepared remarks. Operator, we can now take some questions. Thank you. We will now begin the question and answer session. For those who can speak Chinese, please kindly ask your question in Chinese first, followed by the English translation yourself. In addition, in order to have enough time to address everyone on the call, please keep to one question and a follow-up, and then return to the queue if you have more questions. Thank you. All participants with questions to pose, please press zero one on your telephone keypad and you'll be placed in the queue. To cancel the queue, please press zero two. Once again, zero one on your telephone keypad now. First we have Jacky from China Renaissance. Jacky, your question please. [Non-English content] So let me translate my questions. So congrats on the strong results. I have three questions to ask. Number one is about our long guidance. We gave a very strong full year guidance. I just want to try to understand the rationale behind the guidance. Do we expect a larger budget for sales marketing? How much contribution were from the SME lending? What is the run rate for the first quarter so far? Second question is about the customer acquisition channels. Try to understand, in terms of the channels, how much will be from the cooperation with leading internet platforms, as well as the offline sales, and also the traditional online traffic channels? Third question is about our take rate. I observed that the capital-heavy model, our take rate was a bit lower in the first quarter. Probably the impact is from a lower APR and also early repayment impact. I just want to understand the rationale about the lower take rate and what's the outlook for this year 2021. Thank you. [Non-English content] Thank you Jacky for your question. For the first question, I will handle the first two and then let our CFO answer your third question. For the first question, as the fundamental logic for our long guidance, we are building this guidance on considering in the past few years, we have successfully achieved a decent growth. Considering the macro environment and the industry policy will tailwind for the whole industry development. That's how we developed this 24%-36% year long origination guidance. [Non-English content] Well, for first point, for the existing customer acquisition channel, which is online traffic channels, this year, we will increase largely in terms of scale while maintaining stable customer acquisition cost. If you benchmark across the whole market as some of our peers disclose the CPS cost, we have very strong competitive edge on this front. [Non-English content] Second point, as we mentioned in my remarks, that we will spend more assets on embedded finance customer acquisition channel this year. Thanks to our input. Last year we will embrace rapid growth on this channel in this year. We expect the new customers from this channel will contribute 30% this year. [Non-English content] The third driver for our growth strategy this year is SME loans. There are two parts of the growth. Number one is our transition from existing high quality individual consumers from our existing customer base. Second part is the newly acquired SME entrepreneurs. In total, these two parts adding up will contribute around 10% of total loan book this year. [Non-English content] The fourth growth driver comes from the RM SaaS service products. As we mentioned in the remarks, we are expanding the cooperation with KCB and ramping up this kind of smart risk management service to more and more financial institutions. [Non-English content] As for our diversified customer acquisition channels, number 1 is the online traffic customer acquisition. Number 2 is the embedded fintech, embedded finance customer acquisition. We said these two contribute 30% this year. Number 3 is the offline team. Currently, this offline team contributes 15.5% of new customer acquisition. The SME consumption scenario will be an additional channel. [Non-English content] Our CFO, Zuoli Xu, will address your third question. Okay. Thank you, Haisheng. I just want to add one small color to the early questions regarding customer acquisition costs. Some of the peers disclose the CPS cost. We look at it at the same logic and the same methodology to calculate it. We are running roughly 40% below that number. That's just a small color on that customer acquisition cost. In terms of take rate for Q4, yes, the Q4 take rate, particularly on the tech-heavy side, was impacted by basically three or maybe two major items. One is really the interest rate cap causing the lower rate, as I mentioned in the prepared remarks. We lowered to 25.3 versus 25.9% in Q3. That hurt the take rate on the tech-heavy side. The other one is more like a one-off item. If you recall, around November of 2019, the regulator put out a ruling or requirement to basically allow customers to make early repayment without any meaningful penalty in there. We start to change our practice along with other companies in the industry to adopt that. At the time, when we get into the Q1 and Q2 of 2020, we don't know exactly how many or how much of the impact this early repayment will be. From a financial planning or accounting perspective, we have to put out a best estimate in there. Back then, the estimate was about early repayment discount ratio, we put in as about 12%. We need to wait for the full long cycle finish for this batch of particular customer to fully understand what the real impact of the discount will be. Once we get into the fourth quarter, keep in mind our average long term is somewhere around nine months. Once we get the fourth quarter, we saw the whole performance of the entire batch of a customer. Back then, we realized the actual early repayment ratio or discount ratio was higher than our estimate in the previous quarters. From accounting perspective, we need to basically almost take a charge to reflect the actual repayment discount ratio. This charge amount in Q4 accounts for roughly RMB 170 million-RMB 180 million. I would say it's a one-off hit to the top line there. The third overall impact to the top line is really the mix change, meaning the increased contribution from capital-light and the decreased contribution from capital-heavy. We do a back to envelope kind of a calculation. For every RMB 10 we facilitate under capital-heavy model, we roughly can make about RMB 3 in the bottom line. If we want to make the same RMB 3 in the bottom line, we only need RMB 6 in capital-light facilitation. If you do the quick calculation, if we can get, let's say, 30% earnings growth for 2021, we only need 10% revenue growth to reach that. It's just because the mix change will continue throughout this year and actually pretty fast. That's why, in my prepared remarks, I asked all the analysts as well as investors to change your financial model gradually move toward a more capital-light driven model with relatively slower revenue growth versus the loan volume growth, but improving margin that drives the comparable earnings growth versus the volume growth. That's very clear. Thank you. Thank you. you. Thank you. Thank you, Jacky. Next we have Xu from Morgan Stanley. Xu, your question, please. Basically two questions. Basically with the clarity on the interest rate environment, I just want to know whether the interest rates and how much the interest rates will rebound. What will be the proper level for the interest rates, given there's still some window guidance and stuff like that? Secondly, on the loan volume growth, what will be the long-term thinking? There's also some regulatory focus on the pace of consumer credit growth. What will be the more sustainable proper pace for the longer term? Thank you. Thank you, Richard, for your question. I will answer your first question. Yes, after new ruling from Supreme Court at the end of last year 2020, we did see a little bit rebound of the interest rate on our product level. As you mentioned, considering the whole regulatory environment and as a company with social society responsibility, we will intend to carry out the long-term downward trending price. Yes, it can be showed on our several new business initiatives. For example, we are exploring products covering better quality prime clients as well as we are tapping into the SME loan business. Both new products have a lower interest rate compared to the existing products we are operating. Yes, we will take a comprehensive consideration when operating our business. The price is just one branch. Actually, we take more focus on the lifetime value of a customer. [Non-English content] Yes. Considering the diversification of geography range and different attitude of local regulators across China, as a loan facilitation platform, our purpose is to facilitate the demand and need between the borrowers and the financial institutions. There are some financial institutions, they have the demand for higher pricing range. That's why we cover more broader price range products. [Non-English content] Well, as for your second question, compared to the industry giants who has already RMB trillion loan balance, we are still at a comparatively early development stage compared to them. Therefore, in the view of regulators, we are not the target they will regulate in terms of the antitrust purpose. [Non-English content] As we mentioned in the remarks, SME loan is a very important business driver for us this year. This is very consistent with the government's promoting policy to provide the accessibility and the financial service to SMEs. [Non-English content] Thank you. Thank you. On the line we have Steven Chan from Haitong. Steven. [Non-English content] [Non-English content] [Non-English content] My question focus on two things. One is about there could be potential big increase in cash position, especially now we are moving towards capital-light. I believe that probably the demand for restricted cash may likely to reduce. If that's the case, with increasing balance of cash position, what will be our plan in the coming years? Will we consider to pay out some of the cash as dividends like our peers did? That's the first question. Second question is, what is your current plan of returning back to Hong Kong for listing? Thanks. [Non-English content] I'll answer your first question. In terms of the use of that cash, the number one very important aspect, as we are still growing our business aggressively, we will invest in the new business areas. For example, the product development and new customer acquisition. [Non-English content] Well, in the long term, we expect there will be a balance mix for these fintech players. The mix will be majority loan book comes from the capital-light model. There will be a portion of the traditional loan facilitation model, and as well, there will be a portion for the own balance loans applying self-finance. [Non-English content] There are a few reasons to increase the own balance sheet business. Number one, it returns with very high ROE, about 40%. [Non-English content] The third important use of cash is some major equity investment. For example, one of our affiliates, the international insurance company with rapid growth and a promising prospect. Secondly, we are actively looking at some investment targets with great potential synergy. [Non-English content] The third aspect of cash use is regarding the license. There might be capital injection into our micro-lending license or guarantor license, as well as we may consider to purchase more licenses. [Non-English content] We will see if our Yeah, okay. Sure. Basically, Haisheng has already covered the cash usage throughout this year, supporting our business growth, get the proper license, get the sufficient registered capital under certain license, and also some potential M&A, although mostly most likely relatively smaller size. With all these considered, of course, we are also looking at the operations because we are expecting operations to continue to generate a very strong cash flow throughout this year. At some point, at some time, when we look at the cash position and when we satisfy all these needs, if there is still "free cash" available to us, we are not ruling out any other sort of return to shareholders kind of activity down the road. Right now, the priority, like we always said, is focused on expanding our operation, get ourselves ready for this market. Then in terms of the Hong Kong listing, we are still in the process of dealing with some technical kind of problem-solving. As you know, the requirements by Hong Kong Exchange on VIE structure, voting power and everything is slightly different than the U.S. We need to make some changes, in some cases, some small restructures under these new requirements. We are doing it as we speaking. Those processes take time because some of them need government sign off on that. Once we finish these technical issues, we will be more kind of the official push for the listing. Right now, it is still in what they call the Pre-A1 stage there. I think we are almost running out of time. We can take one more question. Thank you. We will be taking a last question from Ethan, from CLSA. State your question, please. [Non-English content] My question is on the 90 days delinquency ratio. It will be helpful if management can help us break that down into capital-heavy and capital-light models so we can observe the trend there. Thank you. [Non-English content] I will hand this question to our CRO Yan Zheng. Yan Zheng, Yan Zheng, please. [Non-English content] Sorry, this is Alex. We heard a little bit breakdown on the voice. I just do the translation again for the audience. Basically our D1 delinquency at this point is stands at about 4.8%, which is obviously the best level in our corporate history. Then the 30-day collection rate in the first quarter we were above 90%, right now we are continuing to improve slightly from that level. The difference between capital-light and capital heavy, by definition the capital-light we try to offload relatively lower quality assets out. The capital-light delinquencies was slightly worse than the capital heavy, but not a huge difference there, basically. [Non-English content] Well, I just want to add some color to our asset quality. Yes, the market or the investor will look at the risk management metrics, for example, the D1 delinquency or the M1 delinquency rate. I want to point out that maybe you better look at the whole picture of business together with the asset quality operating metrics. Considering how much customer we acquire from customer acquisition channel, how many customers got approved the credit line, plus considering the asset quality metrics. In short, we acquire more customers, we have a higher approval rate, we still maintain very stable, superior risk management performance. Compared to some of other peers, because they acquire less customer and they have lower approval rate. That's in logic. I think in logic naturally they have better risk management performance. [Non-English content] You Ethan. Okay. Thank you. Thank you for everyone join us for the conference call. If you have additional questions, please feel free to contact us through our IR team and thank you. Have a good day. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.