Ellie Jiang: Thank you, management for taking my questions. I have two regarding our overseas product Temu. We saw that you are now introducing Temu to Canada and Australia, although we saw exciting commercials being put out on Superbowl. Can management share with us some latest developments and operational updates? How will Temu differentiate from the more well established players in the current market? The second question is on the relative impact on the fourth quarter financials. How did Temu’s revenue being booked, any operating metrics that management could share regarding the estimated loss levels, order size or unit economics? Do we have any GMV or growth target for Temu going forward? Thank you.
Chen Lei: Hi Ellie. So, let me take your question of our global business. So, for this initiative, we aspire to create our own unique value. For example, using our supply chain knowhow that we have accumulated over the years, we can offer our consumers curated selection of quality goods at shattering prices. And also through evolving our product features, we hope to improve consumers shopping experience. And since we launched this platform in September of last year, it has only been about a half a year and instead of focusing too much on our competitors, right now, we actually pay more attention to our own development and product iteration. We see that different markets, in different regions, they have different €“ many differences.
And we still have a lot to learn and a lot to improve. So, we will remain patient, iterate constantly and create a strive to create long-term value. And, in addition, we also appreciate the support coming from consumers and merchants who have chosen our platform at this early stage of its development. Their support motivates us to do this business well. And they have also given us many valuable advices to improve our services. As for the second part of the question, the financial bookings €“ revenue booking and financial impact of our Temu business, I will hand it over to Jun to further discuss.
Liu Jun: Okay. Allow me just the questions on revenue booking and financial impact of our global business. Well, Temu, it just started roughly half a year ago. And given it’s early stage nature, and financial impact from this business in Q4 is relatively small. And in terms of revenue bookings, this business record as 3P model, we are entering new markets. So, we need to understand customer demand better, and experiment how to meet their demand effectively. Now, we are not driven by financial metrics is that the most essential thing for us right now is to build our own unique value over the long run. Over time, financial metrics are just a reflection of the value we can generate. And in terms of future investment and financial impacts, as always, we will continue to carefully evaluate different opportunities fit to our investment discipline, and keep up with our high ROI standard. Thank you.
Chen Pang: Okay. Hi, operator, I think we still have time to take two questions from one more analyst.
Operator: Thank you. Your next question comes from Yang Mei with BICC . Please ask your questions.
Unidentified Analyst: Hi. Thank you for taking my question. My first question, can management share with us updates on your Duo Duo Grocery business. We understand that online grocery business is slowing down and are you still expanding that business or do you focus more on efficiency and cost control right now? And my second question is about the profitability. We noticed that your profitability margins decreased from the last two quarters given Q4 is yearly strong quarter in terms of profits. Does that mean that you have shipped a pocket or more to growth and what opportunities are you spending .
