Michael Fei: All right thanks. Let me talk about the Hong Kong business, I think the overseas business for OneConnect we have two parts. One is the Southeast Asia, which Shen just described, and then the Hong Kong. In Hong Kong, we actually have three different settlements. One is the technology services for financial institutions in Hong Kong. I think that’s very similar to, we get to describe the market, our competitive ag et cetera. So I will not repeat that. The other two supplements of our business, one is the virtual bank, the other is the quite reference agency business. We have two very variable license in Hong Kong. So for POB, I think, Mr. Shen had already introduced in his main presentation that we continue to be one of the best performing virtual banks among the eight.
I think the reason for that was that first of all, we have a very different positioning. We are different from the rest of seven that we dedicated to serve SME. Now, the second advantage is that we had OC at our bank. So we had a lot of the technologies, we had a lot of the lendings that we can actually borrow from OC and as that increment in the Hong Kong market. I think as a next step, we will continue to focus on the SMEs. We will continue using leading technology to help SMEs in the Hong Kong market and gradually to expand to a broader supplement on the supply chain around the GBA Area. We will partner with more and more partnerships to using alternative data to fill the SMEs. If you were in the FinTech Week last week, you would have noticed that during the Hong Kong MA formal launch of CDI, Commercial Data Interchange, POB is actually one of the first, actually we are the largest contributor of CDI usage in Hong Kong.
So we expect to continue to move on. We continue to grow very rapidly. Our revenue continue to improve our bottom-line. The second license, valuable license we had is by the reference agency. We are one of the three companies that brought the license earlier. We formally received the license earlier this week from Hong Kong Banking Association. So we are starting to do the initial data loading, which means we will get all the data from the various banks and we estimate to launch our formal services in the second half next year. I think this is also very €“ we were very optimistic about this one because, I think, given the more and more closer connection between DBA between Mainland China and Hong Kong for OneConnect, I think, one of the mainland based companies that has a license in Hong Kong, we are uniquely positioned to leverage our strong technology leadership and our experience in the mainland and try to connect the private information in Mainland China with Hong Kong.
So that we can provide more holistic, I had to reference AI report to the banks. And also I think our technology advantage with RR not just to providing reports, but we will also be able to provide risk service, risk of management services, services, et cetera, to the banks or the financial companies using our report. I think as a whole, we are very, very optimistic about the growth of our business in Hong Kong.
Timothy Hsia: Thank you.
Operator: Our next question comes from Tien with Orion Securities. Please go ahead.
Unidentified Analyst: I will also do the translation. The first one is the finance question about the cash and what’s our current cash position? And second one is after , what’s the biggest change during the last one year? Thank you.
