Peter Chung: So, I have a follow-up question on government subsidiary, because Mr. Pen just mentioned that the year-to-date amount has been stable from previous level. Can I say that going forward, the annual amount likely to be stable, while there can be a seasonality in quarter-by-quarter? Thank you.
Qing Pan: Peter, I think for 2023, it’s probably the right way to put it. Going forward, I think it’s very hard to say in terms of the government subsidies, which is a form of refund of taxes or actually some of that is associated with the job creation. So depending on the structure going forward on the RMB revenue and income that we actually make domestically, I’m not sure whether or not safe to say that it will remain consistent, pretty hard to predict. So if we do have increased revenue going forward on the domestic side, we’ll probably see a higher subsidy, but if not, we’ll see a little bit volatility in that. But I guess from what we have seen, I believe at least this year, the government is still honoring other subsidies to us.
Operator: Thank you. Next question will be from Chiyao Huang of Morgan Stanley. Please go ahead.
Chiyao Huang: The first question is follow-up on the black card data that took place in several cities recently just wondering what’s the progress in terms of the transaction value generated and would you provide quite strong support to the 4Q revenue? And the second question is regarding the insurance commission rate. We saw some adjustment, actually quite notable adjustment on the [advanced insurance] (ph) commission rate, so the management expects the commission rates in new year would also based on potential changes going forward and that the potential impact the net revenue? Thank you.
Qing Pan: I’ll take the first question. We’re actually seeing a very good turnout attendance for the past three stops and we have two more to go for the annual gala, but probably would take place in next year early next year. From what we have seen for our first three stops with the high attendance, I believe the total creation of revenue or placement of financial products, we’re pretty optimistic about what’s going to come. But in terms of transaction value, as much as we understand, it’s a pretty key metric in terms of to measure how much of client’s wallet share you’re taking. We are not aggressively pushing for any specific type of products, but we are mainly focusing on as we mentioned earlier, the total solution for our clients.
So basically, the client prefers to allocate more towards insurance products. You probably wouldn’t see as high as transaction values as in traditional investment products, but we’re okay with that. I think we’re pretty comfortable with the strategy of as long as it caters to clients need as we believe that they are much more sophisticated than before. But with that said, we do have very ample supplies of investment products, especially on the overseas side, we believe our clients are still very globally minded comparing to the past. They are more, I think, more sophisticated and deeper understanding how the global investment products play as compared to years back. I believe there is a second question. Can you remind me what the second question is?
No? That’s the only one?
Chiyao Huang: Yes. Commission rate change. Are there any risk —
Jingbo Wang: So on the insurance commission side, in terms of the insurance brokerage commission declined, right now the regulation is mainly focused on bank insurance channel. So, the independent insurance brokers are not affected yet, but as the regulation should change in the future to include the independent brokerage, then we would have no choice, but to follow. But in terms of a global scale, we’re not seeing any regulatory changes in the overseas insurance brokerage business or market. So that part should not be affected. And in fact, after COVID, the overseas insurance brokerage business has been generating more revenue share comparing to our domestic business at the moment.
Operator: Thank you. That concludes our question-and-answer session and also concludes our conference for today. Thank you for attending today’s presentation. You may now disconnect.
