Unidentified Company Representative: Well, the topic of monetizing traffic is one of perennial interest, of course, to it — to investors, and we’ve taken many questions on this topic over the years, but it’s not a question that we look at alone in isolation to really — it’s all really about — more about how we help merchants and how we create value for merchants, enabling merchants to achieve ROI and then we can share part of that ROI. That’s our basic take and our basic objective on this. Secondly, when you look at our, for example, Taobao Mobile app, today, there’s more diversity in terms of the way consumers are interacting through that app with different routes to purchase. As I mentioned in my earlier remarks, you have, of course, search and now you have a recommendation feeds that are becoming smarter and smarter as well as other kinds of discovery functions, including live streaming and short-form videos and all of that.
So these represent new formats or new scenarios for consumption. And of course, we are monitoring structural changes that are underway in terms of the frequency and concentration and traffic around those different kinds of interactions on the consumer commerce side. But at the end of the day, it’s still about us helping to create value for merchants, helping them to connect with the consumers, be it by a search by a recommendation, via videos or in other formats, but we are tracking behavior around those discovery-related formats looking at consumer behavior of PVs and can and will, going forward, consider ways to change the monetization model in line with this kind of evolution. But at the end of the day, it’s really about providing a reliable and effective service to merchants to help and serve the consumers.
Rob Lin: Next question?
Operator: Thank you. The next question is from Alicia Yap from Citigroup. Please go ahead.
Alicia Yap: Thank you. Good morning, management. I’m wondering, first of all, if you could talk to us a little bit about advertising, marketing budget allocation and changes that you may have seen there in the past few months, in particular, compared against the period before the pandemic in terms of big brands, large brands and then the long-tail merchants. For example, what proportion of the marketing budget or big brands versus smaller merchants allocating to different formats, for example, to paid search versus recommendations. And then, by the way, of follow-up, I was wondering, if Daniel could tell us a bit about the take rate for live streaming versus search and recommendations if the take rate for live streaming would happen to be lower than those other formats because you were talking about live streaming as one marketing format that can bring more convenience to merchants and be one more format. But I’d like to know on the take rate? Thank you.
Daniel Zhang: Thank you. Let me divide this into a few pieces. When it comes to marketing budgets. And I think this is true of all kinds of merchants, large, medium or small in the context of the pandemic and considerable uncertainty. I think that all categories of merchants have become more prudent with regard to their spending on marketing, because any company, regardless of its size, small, medium, large, is certainly going to be allocating a marketing budget as a percentage of its expected future revenues, be it in a quarter or be it in a year. So in the context of the pandemic, with heightened uncertainty around expected future revenue, of course, there’s going to be an impact on marketing budgets for all kinds of companies alike.
