And of course, because of these IPs are different, the world’s views are different. So the type of games we can create on the different IPs are different. For example, in the oriental world, you have cold wars such as swords and knives. And in the Western world, you have firearm. So this will actually lead to a very different game experience like an MMO for our rental base versus FPS game in a Western setting. So therefore, the reason for having all those IPs is to further enrich our game pipeline and create different gaming experience for our gamers. Thank you.
Operator: Our next question today will come from Lincoln Kong of Goldman Sachs.
Lincoln Kong: So the question is about overseas expansion. So we can find that NetEase has been investing in the overseas markets since the beginning of the year, especially including investing or acquiring a studios. So when we think about 2023, how should we expect our growth plan and the growth catalyst in — particularly in the PC and the mobile game market?
William Ding: So in short, there were basically 2 core strategies for overseas market. One is through sales development and another is through investment. So in the past few years, you’ve actually seen a number of very successful titles from — that we’ve self-developed in innovative regions, such as Identity 5, Knives Out in Japan. And also, we’ve seen some very successful PC titles in the global market as well, like Naraka: Bladepoint that we launched last year. I think overall, if we look at the overseas market, I think PC, console probably be the main mainstream format. And secondly, it’s our investment of fees. As you’ve seen more recently, we actually announced a number of studios that we have invested overseas. So over the long term, we would hope to work very closely together with its global studies to create global blockbusters for our worldwide game players.
Operator: Our next question today will come from Charlene Liu of HSBC.
Charlene Liu: I would like to ask about the gaming market outlook. So we observed that both the domestic and overseas mobile game market revenues declined further year-on-year in the third quarter. Obviously, there are some short-term headwinds of weaker consumption but we — also the latest backdrop on how came through. With that positive development, how should we think about the timing and magnitude of recovery of the market as well as the long-term outlook for the domestic market?
William Ding: Our that the gaming market is driven by content. So whether in particular time whether the market is driving, it depends on whether the — it depends on the game quality themselves. In a certain time, we will have a number of high-quality games available for games to play that will be the market driving. At the same time, if the gaming content available, it’s not interesting, is mediocre, is a duplication of previous games then the market is slow. So in our view, is right now, we not about mortgage situation but rather that’s been black high-quality games.
Operator: Our next question today will come from Alex Poon of Morgan Stanley.
