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Dong Li(Chinese language spoken) Nan Hao First, your first question about the network consolidation and the digitalization projects in China. Currently, the cable operator network consolidation, currently we have more than 20 provinces have completed, finished their consolidation. And for the digitalization project, the majority of the city has completed their digitalization projects, and for the following years the digitalization projects will be developed in tier 3 and 4 [counties]. So, go ahead. Do I answer your question, Philip? Operator And once again, if you would like to ask a question, please press star then 1. We do have a question from the line of Philip Wan with Morgan Stanley. Philip Wan – Morgan Stanley Hi. My follow-up question is about your ASP. Nan Hao Okay. Philip Wan – Morgan Stanley Hello? Can you hear me? Unidentified Company Representative Please continue. Philip Wan – Morgan Stanley Sure. Your ASP only declined at 1% in 2011. And what is the reason that you're expecting another 5% to 8% drop in -- coming into 2012? And also, I appreciate if you could share with us your expectation of the unit cost trend this year as well. Thank you. Nan Hao Okay. Dong Li (Chinese language spoken) Nan Hao Okay, Philip, for your ASP questions, there are some reasons cause this 5% to 8% decrease in 2012. The first reason is, as we have already mentioned in the beginning of 2011, we estimated the ASP will have 5% decrease in 2011. So, from the market competition point of view, we have 20% higher ASP price compared to our competitors. So, for 2012, the pressure comes from the price of other competitors. This is one reason. And the other reason, cause of the decrease of the ASP, because after the consolidation of network cable operator, and the cable operator have some price pressures [for the six] suppliers when they purchased the smart cards. So that’s actually the two reasons caused the ASP decrease by 2012.
Philip Wan – Morgan StanleyThank you. How about the unit cost trend going into 2012? Nan Hao So you're asking about the unit cost trends, right? Philip Wan – Morgan Stanley Yes. Nan Hao Well, the unit cost will be decreased by around 4% due to the chip cost decrease. Philip Wan – Morgan Stanley All right. Thank you. And then my last question, you mentioned that the dividend payment is expected to be paid out at the end of March or early April. I wonder, have you already obtained the appropriate approval from the government at this point? Nan Hao Okay, I will ask Mr. Liang to answer this question. Philip Wan – Morgan Stanley Thank you. Zhenwen Liang (Chinese language spoken) Nan Hao We have mentioned the approval progress. The first approval, we need to -- before we pay the dividends, we need to get approval from the foreign exchange authority and -- Zhenwen Liang (Chinese language spoken) Nan Hao So, currently we have already applied for the buying US dollars from the foreign exchange authority. And they will be taking around 30 to 40, no more, working days for their final approval. After that, we can pay the dividends around end of March or at the beginning of April. So, Philip Wan, did I answer your questions? Philip Wan – Morgan Stanley Right. Thank you. Nan Hao Okay. Operator And once again, ladies and gentlemen, if you would like to ask a question, please press star then 1. We are approaching the end of the conference call. I will now turn the call over to China Digital TV’s Nan Hao for closing remarks. Nan Hao Once again, thank you for joining us today. Please don’t hesitate to contact us if you have any further questions. Thank you for your continued support. And we look forward to talking with you in the coming months. Thank you. Operator Thank you for your participation in today’s conference. This concludes the presentation. You may now disconnect. Good day. Read the rest of this transcript for free on seekingalpha.com