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In addition to ongoing efforts to expand our hotel network and enlarge our hotel, our product offerings, we launched our cash rebate e-coupon program for hotel reservations, to stimulate the market from the beginning of the quarter. With precise positioning, the program helped increase customer stickiness and drive incremental bookings by encouraging customers to book online and effectively increases online penetration.

Ctrip has always been a pioneer in the travel market. We recently launched our new Smart Choice hotel channel. Ctrip’s customers, especially leisure customers will be able to enjoy great discounts and extraordinary savings without hurting hotels’ pricing system. This new innovation will offer customers a brand new booking experience. Ctrip strategically invested in (inaudible) a hostel booking and review website to explore more opportunities in the leisure travel market. With more hostels headed into our network, Ctrip now supplies a full range of accommodation types for customers to meet fast growing leisure travel demands. Ctrip group buying product (inaudible) during the quarter. We made great efforts to ensure a range of choices and meet an increasing variety of customer needs.

In spite of last year’s high comparison base, air ticketing continued to outperform a market in the fourth quarter. We’ve further expanded our airline partnerships, working closely with them. We’re able to display airlines’ promotional rates on Ctrip air ticketing channel. We also worked with many commercial banks to offer special promotions with special prices for popular loads. All those efforts help us obtain the most competitive air ticket prices on the market.

Train ticketing business brought great convenience to middle to high end of train customers. Through our efforts, we have expanded the geographic coverage of our train ticketing service to 14 provinces and cities nationwide.

Ctrip package tour business has been enjoying strong growth, supported by a healthy rising market and strong market share gain. Our package tour product is the most complicated of all of our travel products. It requires many years of industry experience and knowledge, a strong operation team, close vendor relationships besides market positioning. Ctrip offers thousands of package products in more than (inaudible) destinations. From short distance domestic tours to long distance tours and from FIT packages to middle to high end group packages.

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