Alan Lau: So another question is, since the average selling pol price in Q2 is lower than the average market price in the market, so I would like to ask how — is the company selling more in July — June instead of April? And what is this — what is the split between the different months because the prices have been declining also?
Longgen Zhang: First of all, I don’t know where you got the ASP — market ASP, then you can make a decision we are below ASP. But I can tell you because we are as a company digest all the inventory. So basically, yes, we’re sliding — our price is very competitive, but compare our quality, I still think is challengeable. We still is very profitable. So if you look at Tongwei, I think their whole industry together, I think the increase — the profit in the second quarter almost cutting half less than half. We still have more than 50% increase hail — couple of half, more than high than the half. So I don’t think you — it’s apple-to-apple. I still think we’re selling pretty good, I think, ASP to the good clients, yes.
Alan Lau: Because they are guiding that they are selling at around RMB 120 per kilogram, so I saw our numbers around 97 or 98, including tax. So that’s why that’s a question. Maybe there’s some timing difference. I’m not sure.
Longgen Zhang: Yes. It’s maybe not apple-to-apple. Really, we’re not to comment another company, but that’s a factor. We are — I think the figure we tell you.
Alan Lau: Understand. So how about the share buyback pace because — since the buyback in Q2 was not very aggressive. So can I assume the company will accelerate the buyback in Q3 because you have more than $500 million left?
Ming Yang: So yes, I think we still have $500 million — more than $500 million left on the company’s — the parent company’s balance sheet in the offshore account, which we will use for the share buyback program. And the share buyback program continues to be in place and has not been changed. And certainly, we will look forward to support the share price especially now with the new Chairman and CEO onboard. And I think as well our new plans for the company. And certainly, I think and obviously subject to for some market conditions, our share price and other factors, things like that, but we will continue to execute on our share buyback program.
Longgen Zhang: But we assure I think we’re going to finish the $700 million purchase program, right, by the end of the year.
Ming Yang: That’s the current expectation.
Longgen Zhang: I think that’s right.
Alan Lau: So yes, that’s quite positive. And my last question is — what is the view on aggressive expansion by others? Because some of the peers are actually having concrete due diligence in Saudi. So I wonder if we are also investigating the expansion plan in Saudi or other places where we see more relevant or more feasible for us?
Ming Yang: Okay. We did investigate in overseas expansion in the past, actually quite actively, and we did actually even sent our teams overseas to do due diligence. And we continue to think and there are a lot of challenges to overseas expansion, particularly, for example, around the higher production costs and the sustainability of the price premium and as well as the market opportunities. So we certainly are continuing to monitor the various opportunities, but I think as of now, the company has no plan to do overseas expansion right now.
Operator: The next question will come from Ji Chao of Goldman Sachs.
Ji Chao: Can I ask what’s the portion of the N-type poly for the first half this year? And how — what kind of a portion would you expect for the full year? And also, we note that the second quarter operating cash flow is actually negative. Can you also share why is that?
