Among the alternatives, we’re evaluating, Mr. Benguo Tang, one of the company’s founders have submitted an indicative non-binding offer to purchase the ELP business and its operational asset. To fully understand the implications and benefits to this offer and to asses and explore other options of the ELP business, the board has established a special committee attached with this undertaking. This committee is fully dedicated to closely examining each option and choosing the route that will preserve the health of our business, the board of future growth initiative, and of course being the best interest of our shareholders.
Jerry will walk through the details of the offer and current process of selecting the most appropriate alternative to the ELP business in a few minutes, but rest assured that even as we work through this transitional period we remain committed to maintaining the financial and fundamental health of our business. We continue to work on our relationship with our distributors and are heavily focused on reducing inventory and account receivable level. And of course, on the education services side our effort to accelerate growth and expansion are unwavering. We look forward to placing increasing attention and focused on our education services business as we believe that our distinct opportunities for us to gain market share, drive growth and emerge as the leading provider in this space.
With that, I’ll now turn the call over to Dora to walk you through our financial performance for the quarter.
Dora LiThank you, Chairman. Starting from slide 3, as you have seen from our release net revenue in the second quarter was down 58.6% year-over-year to RMB64.2 million slightly below our initial guidance due to continued pressures in the ELP space. However, our education service portion of the business continued a strong growth trajectory exceeding our initial expectations. Read the rest of this transcript for free on seekingalpha.com