Operator: Thank you. The next question is from the line of Thomas Chong from Jefferies. Please go ahead.
Thomas Chong: Thanks management for taking my questions. My first question is related to the main drivers behind this quarter’s revenue growth. If we further break down the revenue to GMV and take rates, can you share more about the trend in these two factors? Also, have you changed the take rate policy for merchants on your platform? And then I have another quick follow-up. And my second question is also related to the first one. Apart from take rate policies. I’m also wondering for merchants and the industry upstream. Can you also help to share, if you have support measures and policies? Could management share more about your progress again in this area? Thank you.
Chen Lei: Hi, Thomas. So let me address your second question around our support for the manufacturing sector and the supply chain, first. From the beginning, we have been leveraging our technical background to help improve the efficiency in the manufacturing sector. And the team purchase model that we pioneered and aggregate order and connect the demand side and the supply side directly. And this helps manufacturers reduce the intermediary layers help them directly reach out to consumers. And in the process, it helps the brands create, their own brands will manufacture. So over the past seven years, Pinduoduo has helped to boot up nearly 1,000 brands through technology. And we are growing up with many manufacturers together.
In addition, we also provide one stop digital solution covering the entire value chain to our manufacturing partners. In order to help traditional manufacturers and factories to go through digital transformation and we cooperate with these manufacturers, prior product designs and adjustment. This significantly lowers the cost and reduces the uncertainty during the R&D and also production processes. And all of these that we have done also help consumers get quality of products with savings and we can generate value for consumers in the process. This in turn can create a virtuous cycle amongst consumers, our manufacturing partners and also the Pinduoduo platform. And this year, we have introduced several dedicated initiatives to support manufacturers with technology.
This includes many industries, such as consumer appliances, apparel, sports, cosmetics, homecare as well as our furniture. And we will continue to invest in this area to improve the efficiency of the supply chain. Thank you.
Liu Jun: Thanks, Thomas. I will take your first questions about the GMV. Well, in the third quarter, we worked closely with our merchants to serve our consumers and improve their shopping experience. As the consumer activities and engagement grow, we think the merchants are actually coming to our platform for growth and opportunities. And for financial metrics such as GMV and revenue, they are mainly the reflection of the value we create. So, for us, the most important thing is to constantly increase value creation. We will continue to invest to deeper use much engagement and for the build up our technology capabilities, this will lay the foundation for our long-term development. Thanks.
Unidentified Company Representative: Operator, we can move to the next analyst in line.
Operator: Thank you. The next questions come from Ellie Jiang from Macquarie. Please go ahead.
Ellie Jiang: Let me translate my question. First, could management talk about the latest industry trends, including what we saw in fourth quarter, quarter-to-date, have we you talk about our performance during 11 promotion? What are the key industry themes have we seen for the 11 if so? And then second question, is only overseas. Could management share with us the financial impact for this initiative? What are the main financial statement line items, does it impact? Could you talk — could you help us quantify the impact for the third quarter? And what level of investment do you expect to make going forward?
