|Sisi Zhao||Director, Investor Relations|
|Stephen Yang||Chief Financial Officer|
|Tian Hou||T.H. Capital|
|Jin Yoon||Newstreet Research|
|Alex Xie||Credit Suisse|
|Sheng Zhong||Morgan Stanley|
|Lucy Yufrom||Bank of America Securities|
|Alex Liu||China Renaissance|
|Tommy Wong||China Merchant Securities|
Good evening and thank you for standing by for New Oriental’s FY 2021 First Quarter Results Earnings Conference Call. At this time all participants are in a listen-only mode. After managements prepared remarks there will be a question-and-answer session. Today’s conference call is being recorded.
If you have any objections, you may disconnect at this time.