Chen Lei | Chairman & Chief Executive Officer |
David Liu | Vice President, Strategy |
Tony Ma | Vice President, Finance |
Thomas Chong | Jefferies |
Natalie Wu | Haitong International |
Robin Zhu | Bernstein |
Jialong Shi | Nomura |
Alicia Yap | Citigroup |
Jerry Liu | UBS |
Piyush Mubayi | Goldman Sachs |
Good day and thank you for standing by. Welcome to the Pinduoduo First Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference call is being recorded.