Thank you.
Operator: The next question comes from Jiong Shao from Barclays.
Jiong Shao : First, I want to clarify, when you said order growth double digit, I want to clarify, that’s quarter-over-quarter or year-over-year? And if you can comment on order growth, are you seeing higher growth in Brazil vis-a-vis Asia? My question is about the take rate. I think you talked about the — perhaps the higher shipping subsidies has made an impact on the take rate for this quarter. But over the last few years, it seems you have maintained or grew your take rate pretty much every single quarter. Our back of the envelope calculation is showing the take rate sort of was down quarter-over-quarter. Should we expect the take rate now is kind of becoming more volatile going forward? How should we think about the drivers, the reasons behind the fluctuation in the take rate if there is going to be one going forward?
Yanjun Wang : Thank you. In terms of the order growth, double-digit order growth we’re talking about quarter-on-quarter. And Brazil order growth overall is aligned with the group level. In terms of take rate, as I mentioned, our core marketplace take rate continue to increase. However, if you look at the overall take rate, it’s affected by VAS due to accounting netting off between — from top line as we increase the shipping subsidies and VAS revenue is primarily related to logistics. So under GAAP accounting rules, we have to net off shipping subsidies from logistics revenue under VAS at an order level, so that will affect the overall take rates as a result as well as the revenue growth. So this might compound some of the trends you will be seeing down the road.
But I think the general trend should still be that we believe on the core marketplace level, we believe our sellers will continue to engage with us more. And commissions, also we do see some increase in commissions from time to time, but it might not be increasing so rapidly as was in the past period. So we don’t expect significant increase in the take rate but also in the forward periods, there might be compounding effect from VAS, which accounts for a large part of take rate as well.
Operator: The next call comes from Ranjan Sharma from JPMorgan.
Ranjan Sharma : Two questions from my side. Firstly, if I just look at the core marketplace revenues, I understand this seemed to be flat as well, right, from first quarter to second quarter core marketplace revenues of around $1.2 billion. If you have higher commissions, ad revenues and GMV, shouldn’t the marketplace revenues have gone up, if you can help explain what’s behind these numbers? Secondly, if the focus of the management is shifting towards growth again, are we going to start seeing quarterly GMV being disclosed as well?
Yanjun Wang : Yes. If you look at the core marketplace revenue quarter-on-quarter, actually growth rate has accelerated from — in Q2 to 7.4% compared to about 2% in Q1 Q-on-Q. So I think there’s slight increase in the growth of the take rates at the core marketplace level. And in terms of GMV disclosure, I think we’ll continue to make a decision about it quarter-on-quarter. We may provide certain spot disclosure from time to time where we see relevant. Again, no decision has been made at this point yet.
Operator: The next question comes from Thomas Chong from Jefferies.
Thomas Chong : I have a question relating to the fintech side. Can you comment about how we should think about the strategies going forward in terms of the business model as well as digital bank initiative and how we should think about the margin trend for fintech?
