Longgen Zhang: I think right now the impact on the P type, the price, I think is not too much a difference. The reason is because the selling price is higher. like last year $72. Right now renminbi is around 220, 230. So the impact maybe RMB3 per kg higher. But I think the silicon price back to normal and then as the demand continue for high quality, high purity of N type, I think the difference become larger. So when silicon price go down, let’s say to 100, I think N and P type will be more than RMB10 per kg difference. That mean, maybe $1 or $2 difference is there.
Unidentified Analyst: . Thank you so much.
Ming Yang: Okay. Thank you.
Operator: The next question comes from Alan Lau from Jefferies. Please go ahead with your question.
Alan Lau: Congratulations to the and also thanks a lot for taking my question. So my first question is about the progress of your Inner Mongolia . It is supposed to be completed in April, right, 3 months to ramp up. Is it correct? And I would like to know you have also mentioned that supply addition. So we’d like to know if you may share with us more color on those because there are a lot of peers on new players scheduled to have their to be completed in 2Q.
Longgen Zhang: I think on Mongolia, I think we — I think Phase 1 we call 5A. We are planning I think April this year. We believe we can I think in May of this year. So these were adding for this year, I think more capacity to our total guidance. So we’ve given guidance is 190,000 to 195,000. So it’s around that I think we already calculated, I think 60,000 ton this year, maybe adding to our total guidance. For the Phase 2, I think we are starting, I think we already announced that we are starting design. And for this month, we’re also starting I think, field work. So we are planning to early, maybe end of this year or early next year starting to try production. So that will help us I think next year capacity. Then total together, I think in Mongolia is 200,000 ton that for N type, okay.
For the P type will maybe produce a little more, maybe 5% to 10% more. So the Mongolia capacity, I think, besides that 200,000 metric tons of polysilicon, we also I think in silicon metal. Silicon metal because I think we are waiting for the pool, supplier pool. We believe maybe by the end of this year or next year, I think 150,000 or 200,000 metric tons were put into production. Meanwhile, the semiconductor I think 1,500 tons I think in the 5A we are starting maybe production — semiconductor in this year, September of this year. So this is our total planning for I think, Mongolia.
Alan Lau: Thank you. So would just share updates on your peers, like some of the peers like or other players because they are supposed to have their completed in 1Q and 2Q. So do you think that will add to the poly supply and may cause poly prices to drop or ?
A – Longgen Zhang: We will not comment on peers, especially those , right. So we’re not doing any comments. But as you will see, I think the — as the timing continue going, we believe, I think newcomer some challenge is there, both, I think product quality, and on time schedule delivery et cetera. So, we’re not going to comment on peers.
Alan Lau: Thank you. Thanks. So we’d like to check on the dividend ratio, because the company has posted a excellent return and also the company has also announced the $700 billion of buyback level. So wonder if it implies what level of dividend ratio in order for the U.S ADR to have the required amount of cash to carry out the buyback?
