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On the user front, the total internet population in China is now 538 million while watching video on internet has become the most used functionality, with the broadest coverage and longest user time spent by Chinese internet users ahead of search according to iResearch. There are strong functionality for users to watch online video in China and we see there's room for our traffic to further grow, driven by the overall increase in Chinese internet users, easier accessibility for users with more internet-enabled devices, improved products and network infrastructure, as well as enriching our content library to fulfill users' increasing demand of video content.

By focusing on our user experience and continue to elevate our brand as the one-stop shop for internet users to find and watch videos for any internet-enabled devices, we will always benefit from capturing growth areas from the online video sector. Youku continues to be the number one in online video platform across all matrices and is ranked the third largest internet property in China currently and will rank the second after the pending combination of Tudou in terms of user time spent according to iResearch.

In addition, the coverage of Chinese internet users by our platform is already ranked as one of the top five amongst all the Chinese internet properties according to iResearch. The breadth of our coverage will be further strengthened and the combined traffic lead over our competitors will be further widened with the pending merger with Tudou.

Youku's traffic growth in the second quarter remains solid with user time spent increased 28% as compared to the corresponding period in 2011, according to iResearch. This does not include traffic growth from installed applications on mobile devices, internet café and videos viewed outside Youku URL. According to internal traffic data, our installed iOS and Android applications increased more than two times when compared with the beginning of this year, while our total video views from mobile devices in the second quarter increased about 77% when compared with the first quarter. Counting these traffic from both inside and outside Youku URL, we continue to have solid traffic growth above industry average. Starting into the second half of 2012, we anticipate to see solid traffic growth as we are starting to see the benefits of the pending merger starting to materialize, as well as several high-quality content we purchased last year, are scheduled to be shown on our platform later this year.

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