Frank Fuya Zheng: For the next year, I think we still have a great uncertainty regarding next year. I think that’s why you never heard anybody even as end of year, any player give you any concrete forecast for the next year. I think the big uncertainty is still regulatory stuff. And — but for the general feeling, after finishing the 2020 Party Congress, the leadership would be set up. And overall, all the industries expect there will be no more draconian measure — additional measure to be issued. And we will — all the industry regarding to the regulatory will be focused on implementation for the current all the stuff they’ve been issued before. So, we will — fortunately, for us, because we are not in the first year to be kept those rule. And we will definitely follow up like Mali, and we have a hope they will give us some examples. But once again, we are cautiously optimistic for the next year, but no guarantee.
Unidentified Analyst: Okay. Last question and then I’ll drop off. In terms of your stock and the listing here in the U.S., I think one of the big concerns that investors have is that you could be delisted for various reasons. What assurance can you give investors that you’re going to be able to find some way to help remove that risk of delisting? I mean, would you consider taking the Company private if it came to that?
Frank Fuya Zheng: We don’t have an intention to delisting, and we don’t have a plan to do second listing in Hong Kong because we couldn’t do second listing in Hong Kong because our market size is just not big enough. So that’s not option for us. But we are very pleased to know the examiner from , they wrap up their early work in Hong Kong earlier, about two weeks. I think in — within the next two months, I think the SEC will have some kind of revaluation with Chinese Finance Minister. I think that those will, to a large extent, will resolve the issue regarding potential risks — Chinese-listed company in the U.S. to be delisted because of the U.S. law. To be honest with you, the delisting is mainly is a concern from the U.S. side, not from Chinese side.
So if that issue to be resolved, so which means our auditing firms in China, their working paper could be — will be subject to examination by the PCLB in the future. I think most of the Company, maybe except a few state-owned company. There may be exceptions, but all the private company listing in the U.S. will continue to be listed in the U.S. That’s the best I can tell you.
Operator: The next question comes from . Please go ahead.
Unidentified Analyst: The previous caller covered a lot of ground and so probably answered a number of my questions. But let me ask you all this. On the share buyback, you did little, if any, in the ADS because 212,000 times roughly $2 is $400,000, $500,000. I think that’s what you had said you had done last quarter. So the transactions have been done in the Class A or B shares, which reduces your outstanding and increases your earnings nicely. So that’s a positive. But I guess we won’t see a bid in the market here for the ADS because it’s not very liquid. But why do you think your company trades at 1x its earnings, okay? It’s entire capitalization you earn and you also got a cash balance that is almost equal to the entire market cap.
