Before we continue, I refer you to our Safe Harbor Statement in our earnings press release which applies to this call as we will make forward-looking statements. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in renminbi.Let me now turn the call over to our Chairman and CEO, Victor Koo. Please proceed. Victor Koo Thank you, Ryan. Good morning and good evening, everyone. Thank you for joining us. First of all, congratulations to both Dele and Michael on their promotions. Now let me give you our highlights for the second quarter. During the second quarter of 2012, we recorded another quarter of solid growth in our operation and financial results. Youku continues to be the number one online video platform in China across unique visitors, user time spent and video views, and the recognition of this undisputed leadership from brand advertisers [built a] solid top-line increase with close to triple-digit year-on-year growth in the second quarter despite challenging macroeconomic conditions. Online video industry continues to experience a high growth rate and we are determined to nourish this space with proactive investment in our content, brand, product and technology innovation to continue to drive the scale of our platform. The pending merger with Tudou and the smooth transition period to date will position us on the number one and number two online websites and brands in China, which will further accelerate our virtuous cycle online video industry rationalization, and increase our scalability that will lead to profitable growth as we believe scale is central to the success of our business model. Broadening and deepening the relationship with our users and advertisers have always been our strategic priority. And in Q2 2012, we continue to make solid progress on these fronts. This points to our unrivaled execution ability and understanding of our users and advertisers' demand to further grow our traffic and revenue.