I am generally please with YZJ’s results. Dividend is maintained at 5 cents. Shipbuilding margin is stable. Offshore arm showing progress with YZJ confirming the signing of 2+2 semi-submersible rigs (with PPL), although YZJ did not consider the contract effective since no deposit is received. I consider this prudent management. Some progress made in the property development arm too, with new acquisition made. However,  total cost of RMB256 million was incurred for the Group’s Held-to-Maturity Investments, which were due to tax expenses mainly consisting of sale taxes and its related levies on interest income. A result of the clampdown on shadow banking? I am ok with HTM supplementing YZJ revenue stream, but not very comfortable with it increasing, it is 14 billion rmb now. Also, it makes a lot of difference if such costs is recurring yearly or worse, quarterly. I hope the subsequent investor briefing will shed some light on ......