Jerry Liu: I have a couple of questions. My first has to do with take rates, looking at GMV and CMR growth on Taobao and Tmall over the past few quarters, we understand that there will be special circumstances that have changed the relationship between the 2. But looking forward to this quarter or even the few quarters to follow, do you think we will expect to see any change in the relationship between the growth rate of GMV and CMR and could CMR grow faster than GMV in the next few quarters? Second question to Daniel has to do with your assuming the position of interim or acting head of Alibaba Cloud Intelligence. I’m wondering since you’ve taken up that role. What new strategies or new initiatives have you put in place for the cloud business? What changes have you made to the strategies and initiatives of that cloud business?
Daniel Zhang: Well, on your first question regarding the relationship or the ratio between CMR and GMV. We discussed this issue previously. And just to recap briefly, the issue of late really has been the high rate of order returns due to, among other things, logistics disruptions because when we talk about GMV, we’re talking about paid GMV, but after the consumer has made payments and after logistics and fulfillment, the consumer well, logistics don’t work out. There’s a logistics problem, the consumer will return the good. So overall, what we’re seeing now is, of course, recovery in logistics and declining return rates. So I think what we’re seeing now, it’s fair to say that the ratio or the gap between pay GMV and the CMR is narrowing.
Secondly, on the question about cloud. We see the development of this industry, not only in China, but worldwide as an absolutely historic opportunity. And this is an opportunity of extreme strategic importance to Alibaba. So I’m extremely excited to take up the helm and be personally in charge of Alibaba Cloud at this important juncture. This is something I’m extremely passionate about, and we absolutely must not fail to seize and capitalize on this crucially important historic opportunity. We have an excellent foundation in Alibaba Cloud today, thanks to the hard work of the previous president of that business unit over the past 10 years or so. We’re already now #1 in China and 1 of the top cloud vendors indeed in the world with an excellent market position and a strong foundation to build on.
Building on that foundation going forward, I think one of the first things we have to do is get back, if you like, to the essence of the cloud, the fundamentals of the cloud, which is leveraging cloud to make available computing power. We need to ensure that we’re doing that with extremely high availability, high security, make sure that we’re consistently exceeding customer expectations around stability and security. So that’s point one. Point two, I think we need to place emphasis on public cloud offerings. When we talk about cloud, it’s not often clear that we’re all necessarily even talking about the same thing. There are so many different definitions of cloud out there. What is cloud computing? Well, I think for Alibaba, we need to be firmly rooted in China, but also have a global vision and ensure that we’re making great in fundamental core capabilities around IS and PaaS, so that we will not only be a leader in China, but be a leader worldwide.
