|Warren Wen||Financial Controller|
|Zeng Xi||Co-CEO and Director|
|Pan Jiaorong||Director & CFO|
|Lisa Thompson||Zacks Investment|
Ladies and gentlemen, thank you for standing by, and welcome to FangDD's Network Group Limited Fourth Quarter and Full Year 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the managements' prepared remarks, we will have question-and-answer session. Please note that this event is being recorded. I'd now like to hand the conference over to your speaker host today, Mr.