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Min, James and Jane will provide a business update, industry outlook and the financial highlights for the first quarter of 2012, as well as the outlook for the second quarter of 2012. We will also have a Q&A session toward the end of this call.

With that I will turn to Min for our business update.

Min Fan

Thanks, Lin, and thank you to everyone for joining us on the call today.

Through solid execution on our business strategies, the Ctrip team has continued outperforming the industry in the first quarter of 2012. Our net revenues grew by 90% year over year, in the high end of our guidance of 15% to 20% year-over-year growth. And net income decreased by 28% year over year.

We strengthened core business sectors, expanded into more new business areas, and intensified sales and marketing campaigns. We’ve further expanded our hotel supply network which cover about 30,900 domestic hotels as of the first quarter of 2012, compared with 18,000 hotels a year ago. The number of hotels with guaranteed room allotment accounted for about 70% of the total hotel supply.

Our hotel reservation e-coupon program has received positive user feedback, helped us attract more lead customers and further strengthened our leading position in the hotel reservation sector. We will continue to closely monitor the development of competition and adjust our strategies accordingly.

As part of our innovative product offering efforts, we upgraded the Smart Choice Hotels platform in the first quarter. Compared with other discount hotel booking models, the Smart Choice Hotels are more suitable to Chinese customers. The transparent pricing information model makes it easy for customers to find a great deal that meets their expectations. The Smart Choice Hotel product has been growing healthily since its launch, covering about 2,000 hotels already. With more hotels to join the network, we expect to see its increasing popularity among leisure travelers.

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