Matthew Zhao | Director Investor Relations |
Stanley Peng | Co-Founder & Chief Executive Officer |
Xu Tao | Chief Financial Officer |
Elsie Cheng | Goldman Sachs |
Binbin Ding | J.P. Morgan |
Steven Tsai | Morgan Stanley |
John Lam | UBS |
Thomas Chong | Jefferies |
Hello, ladies and gentlemen, thank you for standing by for KE Holdings Inc.'s Fourth Quarter and Fiscal Year 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. Today's conference call is being recorded. I will now turn the call over to your host, Mr. Matthew Zhao, IR Director of the company.