According to the Euromonitor report, in terms of retail sales value, we were the largest toy retailer in China in fiscal year 2016, accounting for approximately 14% of the market share. The Group is mainly engaged in retail and wholesale of toys and baby products in China, and retail sales of toys in Hong Kong. Our toy products generally include assembled toys, wooden toys, electronic toys, anime figures, and collectible alloy car models, while our baby products generally include strollers, baby high chairs, baby car seats, toddler products, and infant clothing and accessories. On December 31, 2016, we purchased a variety of toys and baby products from 26 international brands from 23 brand owners. We have had stable business relationships with international brand owners for 2 to 16 years. During our track record, we have been granted exclusive distribution rights in China for specific products by most brand owners. With our leading position in the Chinese toy retail market, strong distribution network, excellent track record and diverse brand portfolio, and experienced management team, brand owners are willing to consider us the preferred business partner to help them enter the Chinese market (and then develop together). As we seek to diversify our brand owner base and increase the products we provide to end users and wholesale customers, we have entered into distribution agreements with 10 new brand owners during our track record. We conduct retail sales through a diversified retail network covering selected strategic locations (including 216 retail stores in shopping malls, 526 consignment counters in department stores and a well-known toy chain, and nine online stores in Tmall and Jingdong). We retail products under our own brands (i.e. Kidsland and Babyland) and brand owners' brands (such as LEGO and Chicco). We have a strong position in first-tier and second-tier cities, and had 564 retail outlets on December 31, 2016. We are also strategically establishing retail outlets in China's third-tier cities, which we believe have high growth potential.