Good afternoon, fellow analysts. Welcome to the 2016 annual results announcement of China Construction Bank. First of all, from our heart, we thank all of you for your support of our bank all along. Our announcement is held in both Hong Kong and China, in Beijing, simultaneously. First of all, may I introduce to you those management who are in Hong Kong. Our Principal, Mr. Wang Hongzhang. Our Vice President, Mr. Zhang Gengsheng. Mr. Huang Zhiling, our Chief Economist. I am Chen Caihong, the Secretary of the Board. First of all, allow me to walk you through the results of 2016, and afterwards, we can move into question and answer session. I would start to talk about our circumstances in 2016. 2016 was a very special year. Simply put, it is a year full of black swans. How many of those black swans are there?
One can say that they are not like white swans anymore. For example, Brexit, the U.S. president election results, and also the interest rate hike. All of the economies and political situations seems to be very hard to master. Under such a context, Chinese economy continues to grow steadily. We all know that last year we grew at 6.7%. Therefore, the Chinese economy has contributed significantly to the stability of global economy. Our bank, in 2014, through the approval of the board, we have started the CCB transformation plan, and the transformation trend looks good. 2016 is somewhat different from previous years. Just like our Principal, Mr. Wang, has said, we have paid an installment of transformation in 2014. In 2016, we are in the middle of everything. We have to step up on our energy and our acceleration. Also facing complexities from outside markets.
Basically, we have been able to develop steadily in 2016. What are the results? Let us just say that in a stability environment, we are becoming better and stronger. Let me invite you to take a look at our key financials. Our total assets grew at 14.3% last year, and our total loans, our deposits from customers grew at 12.7%. Our loans grew at 12.1%, and also efficiency-wise, we grew at 12.5%. Our net profit grew at 1.5%, which is very difficult to come by. As far as quality is concerned, we are growing better and better. Our NPL ratio as of last year was 1.52%, which is way better than 2015. These are the three ways that we evaluate a bank, scale, efficiency, and quality. These three things constitute the evidence of our transformation we started in 2016.
Let's look at our profitability. As you can see, in this year, we have undergone five rounds of interest rate cuts, which started in 2015. We have been able to take the impact of all five rounds of interest cuts, and our profit grew at a faster rate than 2015. Also, the income structure has also changed. For example, we stepped up on our fee and commission income and also our investment income. Our non-interest rate income ratio has reached 26.67%, which is a 0.35 percentage points increment year-on-year. We can also see that there are some optimizations in the structure. If you can look at the PowerPoint in the page that says stable growth in net fee and commission income, you can see the pie chart on the right. 37.6% would be our credit card fees, our bank card fees.
As you can see, this is a betterment of the structure. As far as cost control is concerned, our operating expenses dropped by 12% year-on-year. Many of you are clear that being impacted, there is an impact when business tax turns to VAT. If we take that out, we were at 26.67%, which is a 0.35 point betterment over last year. The key thing is to be profitable, of course. On the one hand, we control cost, and on the other, we stepped up on our investments in strategic and IT projects. You are very aware that fintech, namely blockchain, is now becoming the hot spot of all industries. We have been stepping up on our investment in these areas.
If you look at our provisions, based on the policy of prudently and also a deep consideration of macro economy, we have been providing sufficient provisions and our impairment losses, and its impact on NPL ratio has all along been in line with regulatory requirements. As you can see, what does it mean by being above or below 150%? This is something important. Return, also important. This year, we continue to create a return for our shareholders. Earnings per share is CNY 0.91 . Today, while we just landed in Hong Kong, I have received, we checked that Hong Kong media attaches a lot of importance to our dividend payout. If we calculate last year, it was a return of over 6%. Given such an economic circumstances, a return of over 6% is really excellent.
I also would like to talk about our transformation and development. We have been talking about 2016 being a year where we accelerate with stability. Where did we accelerate? You can see this list here. We have listed some of the highlights that has developed quickly. Our subsidiary net profit grew at 35.8% for net profit of integrated operation subsidiaries and transaction volume through ccb.com grew by 120.4%. These are the highlights. However, with the others, you can go through it yourself. Those results also very pleasing. As far as asset is concerned, last year, our assets grew stably at 14.3% and our loan increased by 12.1%. This is not all of our increment in asset.
Through asset management trustee and debt equities and other financing channels, we have provided close to CNY 1 trillion of capital, and that serves as a buffer for the sharpening credit financing. Let us take a look at liabilities. As we can see, volume is not important, structure is important. Last year, we stepped up on low-cost capital, which grew demand deposits as a component of our overall volume, has grew from 49.7% in 2015 to 52.8% in 2016. Our traditional businesses, which means infrastructure loans and mortgage loans and residential mortgages. These grew as infrastructure loans grew at 7% at CNY 2.9 trillion as advanced. It composes 49.4% to domestic corporate loans and advances. We will also talk about quality. Another traditional business advantage would be our residential mortgages. In 2016, we grew at 29.3%.
Balance as well as new loans were both ranked as number one of our peers. The personal residential mortgages and real estate loans can to a certain extent be treated as an index of macroeconomic growth. These couple of years, we have been providing loans to consumer housing, meaning that this confirmation was witnessed from public housing to private housing. It has been witnessed by the mortgage structures of CCB. Let us look at small and micro enterprises. If we are properly prepared that small may be beautiful, this actually is written by an economist not a poet. The small and micro enterprises can bring in a lot of efficiency for the economy as well as the banks. Therefore, our 2016 loans to small and micro enterprises went up by 12.8%, which is higher than our overall average.
Let us also take a look at the fast development of our consumer finance. Some may pay attention to the balance, some may pay attention more to the structure. I would like to talk about our rapid personal loan online. People were asking me how fast can it be? With personal consumers, my colleagues told me between several seconds to several tenths of seconds, you can complete that application from thousands of dollars to hundreds of thousands of [inaudible] . You can imagine the technology behind, the choices behind, the procedure, during the reform that we did that has enabled this. We focus on a mobile priority strategy. As of the end of last year, our corporate online banking transaction volume increased by 20.3%. As of the end of last year, our mobile banking transaction volume increased by 98.2%, almost double.
E-banking and automatic channels transaction volume has also increased by 97.8%. Everybody is doing it digitally these days. With asset management, last year we have been actively pushing wealth management products as well as financial institution assets and custody business. As of the end of last year, our wealth management balance increased by 31.2%, income by 42.1%, meaning that income increased faster than balance increased. Our custody volume has broke through to [inaudible] and 29.1% in increment. Our underwriting of non-financial corporate bonds were ranked number one for consecutive six years. I would also like to talk about our integrated operations. We have obtained all kinds of licenses. This year, we added on property casualty insurance as well as pricing consultation licenses. Pricing consultation, CCB's pricing consultation business is the one and only within the bank business.
We can also look at the intensive. Look at our subsidiary, the market making and competitiveness. Total asset increased by 39.1%, net profit by 35.8%. As far as overseas business is concerned, we have established 31 Tier 1 entities in 29 countries, and total of 451 entities overseas. Our Zürich and London branch has been titled as RMB settlement banks, of which the London branch, the settlement volume was as large as CNY 12 trillion. This is a huge amount. That means that in London, the largest RMB settlement bank authorization, and also income from international settlement ranked first amongst the Big Four. Let us also look at multifunctional service and intensive development. This is an important area of our transformation. I am just listing some related areas, from livelihood of people to agriculture to healthcare.
Some of the people think that the CCB is only active in the cities. However, we are also into the countryside. If you go to Hubei province, you will see our network, our outlets in the villages working with cooperatives. Our intensive development and our network deployment is fully developed in accordance to the intensive reform. As far as innovation, innovative banking, and smart banking, last year we have completed 1,900 items of innovation or innovative banking items. As saying that for Descendants of the Dragon, which is Long Pay, which is also called Long Pay, which is an omnipresent online payment platform, which is very welcomed by many people. Let me comment on risk management. Let's take a look at the overall position. Because we continue to reinforce our asset quality management, our asset quality is improving.
I think analysts will know that every quarter we announce results, and we present the NPL per quarter, and we do quarter-on-quarter comparison. You can see that it is improving. At the end of last year, NPL balance, the increase is smaller by CNY 35 billion on a year-on-year basis. There is another indicator when it comes to the foundation of asset quality, it is very sound concerning overdue loan and the NPL. There is a difference in the shape of a negative figure, and it is a negative number. If you have to explain this negative figure, I guess it takes quite a lot of time and effort, but you know that this is the negative figure concept, and it shows that our asset quality foundation is very sound. Let's take a look at this chart on credit structure. So it shows continuous optimization of credit structure.
This is a very classic PPT. Here you can see a clear contrast
Between different industries, infrastructure, residential mortgages, these are our focus in lending business. Property development loans, manufacturing, mining, and industries with excess capacity, for example, steel and iron, cement, and so on. For these industries, our scale of loans business is decreasing. Just now I talked about infrastructural loans. You can see here the NPL ratio at the end of last year is only 0.41%. Then retail loans, personal loans. If you look at our credit cards NPL ratio, it has come down by 10 basis points. Among our peers, our asset quality is leading. Liquidity and market risk management. The quality is on the rise. In the past years, there are severe changes in the market, so liquidity management has become an important dimension for commercial banks.
For our group, we have stepped up liquidity management, and we make sure that liquidity level is on a reasonable level. We pay close attention to changes in interest rates and exchange rates, and we introduce more management measures. In terms of market risk management, we have seen big improvements. Assets. I would like to share with you an indicator that is very encouraging. Our CAR at the end of last year was 14.94%. We are leading among our peers. I would like to highlight one point concerning the quality of our capital. It is very good. For core capital adequacy, it is 12.98%. Social responsibility. I won't go through all the details. Please refer to our PPT. Outlook. Some analysts may ask whether your outlook is for one day, one month, half a year, or one year.
You can take a look at our five opportunities and five challenges. It seems that they are quite balanced because there are five on each side. In fact, challenges are actually bigger than opportunities. If we can seize the opportunities, these challenges will no longer be challenges. This is true. How can we face up to all these challenges? We will insist on the direction of our transformation. We will make sure to capitalize on the advantages of CCB, and we will continue to put an effort into transformation to create good returns to our customers and shareholders. Of course, we will be socially responsible, and we will bring more welfare to our employees and society at large. That's all in my presentation. Thank you very much. Now let's move on to Q&A. Well, ladies first, I suppose.
Thank you for the opportunity. My name is Li Lili. I am a JP Morgan analyst. I think this quarter's performance is indeed much better than expected. Especially, I think asset quality is a bright spot. I will leave the question about this bright spot to my peers. I have two small questions that may be quite sharp. The first is about the NIM spread. Because I noticed that Q4 NIM spread may have dropped more than the industry. Could you give us some outlook on this, especially since credit card loans may be subject to market interest rates this year? What impact will this have on us? The second question is related to liquidity. With the new assessment system under the new macroprudential assessment mechanism, I think this bank will not have a problem. How do we assess the counterparty risk?
For example, some smaller banks, their risk may be higher. How do we manage that risk?
Thank you. Well, perhaps we will ask our business leader to respond to that. His answer would not be a projection.
Thank you for two very sharp questions, very challenging questions. They are also some of the points that the industry is paying special attention to when I discuss with them. First, relating to NIM spread, and I think you understand what I am trying to say. NIM spread is related to interest rate marketization transformation. In that transformation process, NIM spread continued to narrow as a natural phenomenon. All of those economies that have went through this process showed a similar pattern. This is a natural trend. I think China, since 2015 and 2016, when we stepped up on interest rate marketization, we have also been experiencing NIM spread narrowing, and that is natural. As to the specifics, you asked about the narrowing of NIM spread last year. Well, I think this is a similar phenomenon.
On the one hand, it has some similarity with our peers, for example, the central bank lowering the rates, et cetera. These are similar. These are the common impact to all the banks. However, I would like to share a personal view with you. I think CCB's NIM spread narrowing is related to two factors back in 2015. One is our revenue structure, our income structure. As you can see, the NIM-related income as a proportion to all is coming down, whereas non-interest rate related product ratio is going up. Therefore, the impact of the NIM spread narrowing is not something that will impact us in a bigger and bigger way. Secondly, I also like to talk about credit structure. Just now, on page 25 of our PPT. Can we show that page, please? We can see the structure is very interesting. The pattern is very interesting.
As you can see, in 2016, in the new credits growth, personal mortgage increased by CNY 811 billion. Infrastructure loans grew by CNY 118 billion. These, for manufacturers and real estates, all of these are dropping. Why was that? That is because for micro corporations loans, it is considered as a good quality asset coming with a smaller risk, therefore would be causing smaller provisions, and therefore its loan interest rate would comparatively be lower to the other sectors. Also infrastructure loans. Its credit rating definitely is higher coming with a smaller risk, and therefore the pricing for the loan would be relatively lower than the other higher risk loans. Therefore the NIM spread shrinking has to do with this asset structure. However, such an asset structure change would mean that the asset structure, the quality of the assets of the bank are improving.
From this perspective, I would think a smaller NIM spread is actually healthy for the bank. As far as counterparts and liquidity risk is concerned, this is something that we have always been paying attention to. Especially in the last couple of years, we have also disclosed that in the equities reform of CCB, or ownership reform of the CCB, we have been stepping up on the transacted liquidity. Definitely. We not only have to look at market risk, but also counterpart risk. The transaction party risk is, on one hand, an advantage of ours and also a challenge. We have been working with international companies, especially on counterpart risk technology preparation.
I would say that our counterpart risk management at the moment, if we look at the policy, the quality, as well as daily risk operation monitoring, I believe CCB, compared to its peers, I think we are in a leadership position. Well, I think all has been answered.
How about credit card? At 18%, how much would it drop? Well, is there any room for decline?
I think for credit cards, it's like this. You can consult the American banking industry data as well as the EU data, and compare it with our data. The trends are in line with each other. The biggest characteristic is that NPL ratio, despite it can be high i t's provision therefore would also be high. In the future, what kind of impact would it have would really be dependent on the market and also on our ability, meaning our risk management capabilities. If we are better at this ability, then I would be able to move into more diversified products. However, if our ability is not as good, then we definitely would go for the higher rating products. This is in line with our ability as well as market situation.
The one on the second row.
Thank you for giving me this chance to ask questions. My name is Huang Jie. Last year at this time, I asked a question. I asked the Chairman a question, and I asked about the operations in 2015. At that time, the Chairman said that there were a number of peaks and a number of troughs. NPL would see a bottom and credit costs will see a bottom, and profit growth rate. This is the peak. This can tell us that the Chairman is really very smart. There is one point. The stock price has also seen the bottom. There are no representatives of the media here. It does not matter. Last year, Chairman, you have presented such an accurate projection. At this time, if you look at 2017, can you again do a forecast for us?
Your company is one of the eight investment banks in China. I normally do not do any forecasts. This year our guiding contract, and we have some targets to put in place some measures. Otherwise, why are we doing transformation? I would like to share with you analysts one thing. Just now, our secretary also said in 2014, CCB started the comprehensive transformation and some media, some investors have asked me about the highlights of the transformation. Actually, all the highlights are in the figures presented by our Company Secretary. There are less than four years to go before 2020. After two years of transformation, at the end of 2016, for our six major tasks, we have completed them. Our overall strategic layout has been completed. Secondly, we are now customer-centered concerning retail customers and corporate clients. The multi-function service platform has also been built.
We set up an ecosystem. The technological system has been in place. Last year, I said that our back-office service center is such that there are 10 service centers, five to six lines. They are now being integrated, and by the end of 2017, the overall integration will be completed, and we are able to significantly lower stock costs. For our operation center, last year, we have set up a financial markets transaction center and a market management center, an interbank business operation center. This year for assets business, we will separate this business to create an operation center. The second is, and this has been done. Our overseas layout has also been completed. 31 Tier 1 organizations in 38 countries, 250 outlets all in place. For the new generation core system building, it has been completed.
It has taken seven years, and it is now worth CNY 20 billion. The effects are very good. Our system is actually world-class. The sixth point is the building of a team comprising the best talents. The plan has been completed. We have the 213 talent plan. We have selected 200 elites or outstanding talents and 1,000 leaders, 3,000 backbone staff members, 4,300 altogether. For different levels of leadership and different professional areas, we have already built the teams that we require. After 2017, we will be able to serve customers better and participate in competition better. There are two more things that have been completed basically. We have 300,000+ staff members, and we have every year for innovative products, there are 600 or 700. As Mr. Zhang said, more than 1,600. For smart banking
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Thank you for the opportunity. I am from Morgan Stanley. My name is Xu Ran. Two questions. First relates to the asset deployment emphasis this year. Last year, we have seen that we have been doing the lowest items, and with the economic change, would there be any change and would there be any change to the NIM? With fees increment, with next year's growth trend, the commission and fee growth mainly would come from which particular sector? Thank you.
Loans deployment. Well, we can break that down into corporate loans and private loans.
This year, private loans as a ratio to home may slow down a bit. As you can see, there are some policies, including the first home or the second home policies are also straightening. There are also other further requirements. As far as corporate loans is concerned, we have a lot of reserve for CCB, a lot of applications. However, the scale continues to be tight. This year will continue to be like this. Infrastructure would continue to be our direction and focus, and also the new industries. For example, in Guangdong province, we have established this special branch servicing the IT sector. The third piece would be One Belt One Road. When corporates try to extend beyond the Chinese border, we would provide services to them. Also the three agricultural emphasis. These would be a part of our social responsibility.
Another focus would be small micro entities. For a bank, small enterprises can actually become a big and important segment. CCB, however, starts from big project business. For small business, we are very pragmatic and practical. We are trying to accumulate our experiences in this particular segment. The culture is that we get a big project and a lot of excitement. However, with small businesses, you have to do maybe thousands of them in order to make up the number, and it is hard work. As you can see, the NPL ratio of small and micro enterprises are quite high. However, we have analyzed why was that. Small enterprises, can they perform well? Can they be profitable? After study and analysis, we have come up with a systematic methodology. We are confident that small and micro enterprises would be our new source of growth.
In the past, we are looking at a 20/80 ratio. That was correct. Why? Information was not transparent. That is because information was not transparent. However, the internet completely turned that over. As you can see, sesame is very, very small size. You can make a hill out of sesame. Through internet finance, it is definitely possible to do that. What Alibaba has shown him is, in fact, this particular space. Not in the future, actually today, small enterprises is a focus for us, making use internet and technologies. If you go to Shenzhen, you can understand for yourself. In 2016, Shenzhen branch has focused on the small and micro business through internet technologies, including market information, tax information, commerce, customs, legal, public security, and also PBOC information.
All of these information put together, and therefore solve the information lacks or information needs of small and micro enterprises. Last year, we put in about CNY 17 million there. The NPL ratio is very low, and value added was extremely high. They have created close to CNY 900 million of profit. What I mean to say is that small enterprises can become big business. To me, being responsible for this particular piece, I am highly confident. I have talked to our Chairman saying that we will have to make this into a new revenue source for CCB. Not to mention that CCB has a lot of different revenue sources.
How about fees and commissions? 2017 trend.
I think 2017 fee trends, I would like to share my own judgment and analysis.
We see that just now the Secretary has already reported that our growth in 2016 in this area is somewhat ideal, is quite good. We have a year-on-year increment of 14.39%. I would say that fees and commissions income growth to a very large extent has buffered the impact of the NIM spread narrowing on our bank. 2017, you may know that you may be aware that there are a lot of negative factors that will impact fees and commission income, regulatory changes, demand for commercial banks as well as competition from our peers being very keen. All of these will have an impact on our 2017 fee and commission income. They are negative, which I do not think I have to go into detail. However, I would like to share here one view of mine.
In the future, in the Chinese banking industry, fee and commission income, the space for growth is huge. Why do I say that? Fee and commission income as a whole, as a ratio of our total revenue. When compared to international banks, I think there is still a lot of room for growth. From demand perspective, this is also an area that CCB has been keeping a close eye on. On the one hand is if we want to increase our fee and commission income, we must be able to provide material and tactical financial services instead of just charging randomly in accordance to regulatory requirement. The key then becomes how do we be effective and efficient and provide the services that our customers need in order to add on to our fee and commission income? This is something that the board has been looking at.
Another area is with the development of a multi-tier capital market in China. The room for providing financial services is huge, especially in the private segment. Just now, we have been talking about the 20/80 rule. Actually, 80% has become more and more valuable because the demand for financial services has become bigger and bigger with internet and big data technologies.
Our service to the 80% in order to enhance our fee and commission income is indeed more probable than working on the 20%. Customers are also changing, especially high-quality corporate customers. They are more and more looking into the capital market for financing. In Western markets, corporate finance customers has already turned from corporate debt to corporate financing. That means that from corporate customers, our fee and commission income from these customers would be on an upward trend in the future. My personal judgment is that given the deployment that CCB has already done, 2017, despite that there are all kinds of negative influence on fee and commission income, there still remains a lot of room for improvement. I would feel that in 2017, fee and commission income would steadily grow. In other words, we expect it to continue the trend that we saw in 2016.
I don't know whether this judgment of mine would be verified in our next year's annual results presentation.
Let me supplement. Now, this is an economist response, studying macroeconomics. With fee and commission income, we have our advantage products. As of 2017, we used to be able to collect fees, but we cannot anymore. Some of our core products, however, have not been impacted. In 2017, our credit card products, our custodian products, as well as our wealth management products, these are all our highlights. In the new year, these segments or businesses would be, like the Chief Economist has said, the support for our steady income growth.
Because of time constraint, we can only allow one more question. Let us invite the lady at the last row. So after discussion, just pick one out of you two.
She can tell her your question, then she can ask for you.
Thank you very much for giving me this last chance of asking a question. I am Chen Shujin. I am more interested in buying into equity. I think you are like a pioneer or leader in the industry in this regard, and this is of concern to the market. First of all, management, can you share with us sometimes ago when you started this work, how did you choose the companies involved? I am concerning the equity arrangement. How did you make the arrangement? How could you make sure that at the end of the day, the companies could enhance their efficiency and that they can become profitable in order to make sure that you can get some benefits? This year, what is your plan and what is your target?
What about your question?
I am from Everbright. My question was discussed just now. in 2017, you may increase the infrastructure, Belt and Road, and corporate business. Concerning the asset quality, what do you think? In the choice of assets, how can you make sure that there won't be a rebound in NPL? What is your consideration?
Concerning this shift from debts into equity, the information is quite transparent. We adopt a market-oriented approach, and we have already designed a roadmap and our own method. We are in line with the regulator's requirement in injecting capital into the companies. In fact, the State Council and regulator had given us a high degree of attention to our approach. Concerning the equity arrangement, it depends on the gearing ratio of the company, how low it can drop to. Now we
In 20 odd enterprises, CNY 300 odd billion, 10%-odd of capital being injected, and decline in leverage ratio is 5-10 percentage points. If you talk about capital injected, and also shareholding ratio, all these are results of deliberation and negotiation. Of course, we have to maximize benefits, and the solution has to be accepted by all parties. There is not a fixed model in terms of size of shareholding of CCB and the other parties. There is not a fixed model. Secondly, concerning enhancing effectiveness and efficiency. As you know, we are talking about companies with high gearing and companies facing operational difficulties. When we enter those companies, the gearing ratio will come down and then the return is acceptable. Right now, it is more than deposit interest rate, so there is profit. It won't be lower than this standard.
When we select companies, we will choose those companies with good room for development and those that can be rescued. If there is not such a high return, then in the future, when we try to absorb, when we try to select investors in the market, there won't be a market for us. All these will have to be considered. There are potential problems. For example, legal problems. We have to choose qualified accounting firms to sort out the accounts. In the future, we have to think of the way how we are going to make an exit. We have to do a serious assessment. We have to do differentiate management. It all depends on the capability of the managers and the talents. We have to build them. When you make the first step, you have to be in line with commercial bank laws.
There are things that commercial banks cannot invest in. We have to make sure that we get the policy support from all the related departments and authorities. Anyway, we have made a very important step and the progress is solid. 2017, comparing with 2016, will be such that the companies that we are serving, companies that will be incorporated into this exercise will be bigger in number. Investment in corporate business, in corporate loans, and also quality. In order to assess whether a bank's business is good or not, one of the important criteria is to look at whether its business and its interests can be aligned with the state interests. In other words, both parties must be able to benefit. If something is beneficial to both the state and the enterprise, then it will also be beneficial to the majority shareholder and investors.
We have chosen infrastructure loans, including projects on the Belt and Road, where most of those projects are infrastructural projects. The reason is, one, safety. Secondly, we consider both direct and indirect interest, and the projects are appropriate. For big infrastructural projects, they are beneficial to the state, to Beijing, and to the SOEs. When we cooperate with them, on one hand, we also benefit on the other hand, because support is given to them. There will be bond issuance giving us income and return. That is why we have selected this business. First of all, assets must be safe, and secondly, there must be direct and indirect benefits. We want to maximize the overall benefit. Thank you.
Because of time constraints, our results announcement will be concluded here. If you have further questions, please feel free to contact our investor relations department. Thank you.