We can sell the Asia to get the money then back to U.S. market to buyback the U.S. shares. So basically, we think in the future, if the valuation is so different, you see, we can sell that to [indiscernible] definitely we will reduce the circulating shares, you see. And that’s, I think, to push in the market, right? But with privatization, I don’t think so for long-term because we also want to U.S. shareholders to get — to share our benefits.
Operator: Our next question will be from Leo Ho [indiscernible].
Unidentified Analyst: This is Leo Ho from Daiwa Capital Markets. A couple of questions. I would like to ask one by one if I may. The first question is regarding share buyback. I just would like to confirm that, so our current plan is that we are going to spend the entirety of the USD 700 million within this year. Am I correct?
Ming Yang: I would say — let me just say that I think with some $700 million program is in place. And I think there has been no changes to that. I think certainly, the company and the management team will continue to monitor the market and repurchase the shares. Yes. I think based on the share repurchase program, yes.
Unidentified Analyst: My second question is regarding the second quarter production number. I noticed that we have produced 45,000 tons eventually. But according to your first quarter guidance, we should be producing around 55,000 tons in the second quarter. May I know what is the reason behind the 10,000-ton discrepancy? Are we doing like any retrofit for our old or new capacity? What’s the reason behind? And if we are doing retrofit, can you briefly tell us what capacity or which — in which provinces that we are doing?
Ming Yang: I think I’m just looking at our previous guidance. I think we guided to 44,000 to 46,000 tons of production for Q2. So we actually produced more — pretty much in line with our previous guidance. So it is basically in line. I think as we ramp up our Inner Mongolia as we expected. And then it’s for the Q2 that was not what we’re expecting, in, I think, 55,000 to 57,000 metric tons. So that’s reflecting the full ramp-up of the Inner Mongolia facility.
Unidentified Analyst: So are we doing any like retrofit in the second quarter?
Longgen Zhang: I think if you look at the end of Q1, we have inventory almost, I think tons. So in Q2, we produced 45,000 tons. So then we’re selling 51,000 tons, almost 52,000 tons. So we still have some — an inventory in Q2. It’s 10,000, 450,000 — yes, it’s a 10,550 tons. So I think the figure is correct.
Unidentified Analyst: Okay. Okay. Just a few more question. I just want to know; do we have any forecast for the N-type product within our total production mix for 2024? And also, I would like to know at this point in time, aside from us how many producers in the market do you see are capable manufacturing N-type polysilicon at large scale?
Ming Yang: So I think for 2024, we expect N-type to be greater than 50%. I think, in fact, I think once we’ll fully ramp up in terms of our updates to our optimization of our process, we should have N-type in the range of 70% to 90% for the company, especially for next year. The internal number of producers, I think right now, we are one of the largest producer of N-type and supplier of N-type producers in the market. I think the other main producers include Wacker and then some from Asia silicon and then some from [indiscernible], but I think they are the main ones.
