Today's interim result will be jointly presented by William Yeung and NiQ Lai. Without further ado, may I invite William Yeung, Co-Owner and Executive Vice Chairman of the HKBN Group, and NiQ Lai, Co-Owner, Group Chief Executive Officer of HKBN.
Thank you.
Over to you.
Thank you.
You can have a clicker.
First of all, I must thank wholeheartedly our 5,000 talents, without whom these results will be impossible today. It's incredible to work with these colleagues throughout the lockdown and really build the company so that we're ready to unleash the full potential of our network today. This is my 19th year in the company, I would say that this set of presentation coming up is the most exciting presentation that I am giving because you will see the upsprout of our major transformation from a telecom company to a full ICT powerhouse. You will see very clear signs of that coming through today. Today, we are by far the second-largest carrier at over HKD 13 billion. In the enterprise space, we will offer seamless telecom and system integration services.
As the world becomes more complex, CIOs want to talk to a single point of contact rather than have multiple points of contact. That is what we are offering today. In the residential space, we're proud. We are proud to be Hong Kong and make Hong Kong the first place in the world to see a dual guarantee, money-back guarantee on speed and latency. In William's section, we'll go into depth about what that means for the population in Hong Kong. We have a solid set of results. If you consider that our business is actually a two-year forward contract business. Typically, we sign two years contract. That means there's a 1-2 year lag of our business in terms of the revenue recognition versus the, say, the OpEx today, which is recognized, you know, monthly.
These results are a little bit of kind of rear-view mirror looking. Yet, despite this fact, they're a very solid set of results in the conditions that we operate in. Revenue was actually up 2%, EBITDA down 6%, AFF due to the interest in due to the interest increase. HKD 0.20 dividend is the same as the second half of last year. If you look at where we are, We are in the middle of an incredible journey. I would say this is beyond our wildest dreams six or seven years ago, to have a 6x increase in our company from HKD 2 billion - HKD 13 billion today. To put it in context, what does HKD 13 billion mean? HKD 13 billion means that we are more than 2x our biggest trailing competitor, HGC.
HGC, we are bigger in every respect by more than double, whether it's residential revenues, whether it's enterprise telecom revenues or SI. This industry is all about scale. If you don't have the scale, you will not survive. We have the scale, and that is what you will see in the numbers coming through. This is world-first. I am so proud to be representing my 5,000 colleagues today to launch this world-first that would put Hong Kong at the forefront of a network for the masses. On the enterprise side, we will show you how we have commercialized our three networks that we have combined together from HKBN, New World Telecom, and Wharf T&T. Today, we have weaponized the capability to take market share. On the residential side, I talked about the latency breakthrough.
What we are doing now is that we are transforming the company from a discount to the incumbent, our price positioning, to over time, we aim to be a premium to the incumbent because of these world-leading, world-first innovations that our team has put together in the last couple of years. The J curve, people talk about it, we execute it. If you look at this, it's obvious. What's more important to emphasize is that this turnaround is still lagging by 1 to 2 years because, you know, the slowdown in business from 2 years ago is only detoxing through our numbers now. The increase in the order book will come through in the next year or 2, and we have more slides to walk you through that process. That is why we are more than optimistic.
In fact, we know the numbers, we know the revenue backlog in the coming year or 2. Enterprise Solutions. This is now 80% of our business. It used to be 20% of our business. We have already transformed in that respect, we will continue to transform with system integration or ICT pulling up the growth rate of our fixed telecom services. Weaponizing our tri-carrier advantage for the benefit of Hong Kong. Traditionally, large multinational financial institutions, banks, would typically actually double pay their telecom needs and use 2 carriers and then patch it together so that you have carrier diversity. That means only the biggest companies can do that. What we are doing is democratizing this for Hong Kong. We have tri-network.
Backend is all integrated seamlessly so that we can offer you true tri-versity carrier with dual link, redundant access to your point for a Hong Kong company on 1 single bill. Think about that. This is a global first. That's kinda dramatizing things because there's not that many networks around the world that are the aggregation of 3 overlapping networks. We have an incredible LUCA. In our company, we always talk about LUCA, Legal Unfair Competitive Advantage. We have a massive LUCA in terms of how we can deploy for local companies, not just, you know, for the upper echelons of the mega multinationals. I would challenge you to do 1 thing when you finish this presentation today.
Go downstairs and walk about 100 meters, and then count the number of manholes and note which are ones are HKBN, New World or WTT, and that would be a multiple of the incumbent and a even bigger multiple of the next player, say a HGC. That's why we can do incredible things that other carriers cannot do. That is our differentiation point. When we talk about SI, let's move to the SI side, system integration. SI is a bit of a dirty word when it comes to financial performance because most people think of SI as a very low barrier of entry. You know, 10 people can come together and set up a SI shop. That is true, but that is traditional standalone system integration. We are not in that space.
The analogy I would use is if you're a GP, you can easily set up a GP clinic and be it small or large, offer general practitioner medical care. The barriers of entry are very low. That means your profit margin are very normal, unlikely to be exceptional. We're different. Imagine there's only 2 LASIK machines in Hong Kong of, say, HKD 30 billion and above investment. In our case, we spent 25 years building this LASIK machine, and there's only 2 of them in Hong Kong. Talk about the scalability, a very high 80% type gross margin that you can generate, and as long as you can load it up, then the returns are phenomenal. That's what we're doing.
We're loading up a fixed cost infrastructure that took us 25 years to build a very seriously high wall, both in terms of time and in terms of money. Arguably, it'd be very difficult to do even if you have both today, because under Hong Kong is so congestion. It's so congested with all the various ducts overlaying each other. Even if you have the money, it'd be very hard to replicate. That's why we are a strategically important asset. If you talk about the OSI 7-layer model for networking, we can offer services from 1 to 7, but where our sweet spot is on the lower levels, where the infrastructure heavy returns are most prominent. Layers 1, 2, 3, 4, and a bit of 5, right? This is where the LASIK machine comes into play.
This is if you start a GP, you'd be playing in the middle level, and there's no barriers of entry. We do not really play at the heart surgeon level, at the Layer Seven, where it's very specific, it's very specialized, and it's not scalable. You can make money, but on an individual basis, you cannot scale it. In our case, we look for repeatable business that can be easily modeled key. Something that when we do something for one major bank, it's 90% the same as the next 8 major banks and 80% the same for the next 100 financial servicing institutions, FSI. That's the kind of scalability we're talking about. Mass product, scalability, moderate modification, but great profits protected by a HKD 30 billion moat over 20 years, 25 years.
That is our sweet spot, and it's a big sweet spot. In fact, if you look at the within the ICT sector, telecom is only less than 10% of the total ICT space. The SI space is more than 10 times the size of telecom only. Just go to your CIO of your company today and ask them how much they spend, what's their total budget? Ask them to separate what do you spend on actual telecom services is actually less than 10% of his total budget. Think about it. If you're in a financial bank, you talk about security, you talk about, you know, productivity, you talked about the access everywhere. That's the area that we are growing into. Having shared the concept, let me show you a more specific example.
This slide is not intended to be read, so don't try and squint your eyes and read line by line. Just focus on the two bubbles. The, this is a typical mid-size financial institution, 20 branches, say 1,000 people. Or 1,000 laptops. That would probably span at least $40 million on the system integration portion, versus, say, less than $10 for the telecom side. That's how we're moving up the funnel. For us, it's highly integrated.
If you're a CIO, you would prefer to speak to a single responsible party that can sign off on a service level agreement, SLA, from end to end, rather than if you have a problem, you call one guy for the SI portion, system integration portion, and you call another guy, another carrier for the connectivity portion, and typically they're arguing about whose fault it is. We will have a single point of contact for your end-to-end connectivity. This is a brilliant business because it's ongoing. There's a very long tail. If you do HKD 40 million of project, that's typically 10%-20% of annual recurrent maintenance on top. That is just kinda rolling revenue. It's actually a great business.
In the past, when we're selling just telecom services, our primary point of contact is actually the procurement manager. Today, we are sitting down, often workshopping with the CIO and helping the CIO plan their three-year budget. We help them set their budget. In the past, we're fighting for a small portion of their allocated budget. This is a game changer. What we do now is a telecom service, rather than separating it out and having a separate RFP, request for proposal, it's bundled into the whole package so that the pricing is not the most relevant point. If you ask what keeps a CIO awake at night, it's about failure, service failure, right? It's not about paying 10% more for the cheapest cost network.
This is why I say this is the most exciting presentation I've made in 19 years. This is orders. These are new orders that we have signed that will come be converted into revenue. For example, if we sign a, you know, a HKD 2,400 contract over two years, it would take two years booked at, say, HKD 100 a month for two years to fully recognize the revenue. These are contracted orders, so this is essentially money in the bank. This, the flow-through rate from orders to revenue is close to 100%. We spent a lot of time on our core telecom, tri-carrier network. We spent a lot of time on the transformation to ICT.
Let me spend a little bit of time on the Greater Bay and China in general, Mainland China, because this is a business that we bought as part of our acquisition of JOS. JOS was an acquisition we did two years ago. We are growing the business. In China, we have over HKD 1 billion of annual run rate today. Today. We think we can double that within the next three years. After doubling that will still be low single digit market share. The sky, literally, the sky's the limit. We are not aiming for the sky, we have a specific focus in China. We will start by targeting Hong Kong-based companies with a strong presence in China. There are many Hong Kong retail brands that actually have more shops in China than in Hong Kong.
That headquarters where they make the decision is in Hong Kong. That's our ideal base. We will follow these customers into China. There is a clear path for us, this is one of the big growth areas for us. The advantage that we have over SI-only company is that we can essentially barter capacity. We have 75% gross margin network, you know, fixed network business in Hong Kong. We need capacity in China, we go to the three Cs, China Telecom, China Mobile, China Unicom, we essentially exchange capacity. I buy some of theirs, they buy some of us. Effectively, we have a virtual network in China, pan-China, at 75% gross margin because we bartered it back. We didn't write a check, just a raw one-way deal.
We can use the same kind of economic model we have in Hong Kong throughout China. An SI-only company cannot do this. We can. This is a dream team. We have an incredible team of... During COVID, nobody really wanted to move. You know, good people, bad people, didn't wanna move because people were just happy at home, right? In the last 10 months alone, look at these superstars that we have attracted into our company. In the process, we have also expanded the opportunity and the growth for our existing talent base so that we can do much more. Where did they come from? This is the all-star list. I would say this literally is the dream team. I don't think you can build.
Even if you had, you know, unlimited draft, resources, I don't think you can build a better team than this. This is what we are super proud of. These teams are in addition to the existing talent we have. Now, hiring people in SI is basically a circular function. Either you're on your virtuous cycle up or you're on a virtuous cycle down. The reason for this is, if you're a very good salesperson in system integration, in ICT, you want the best support function. We call it the kitchen. You have the most to sell, and when you sell a product, you can look the CIO in the eye and say, "I will deliver it, and I would way exceed my service level agreements with you." The best salespeople want to come to our company 'cause they make the most money. Simple.
The support team wants to join our company 'cause they get to play with the latest toys. You know, if you're in the kitchen, you want the best ingredients. As you saw with the video, in the opening, you know, the ingredients that come from the likes of Cisco, VMware, Huawei, et cetera, we play with the best ingredients. It's that magical combination that spirals us up. Having said all that, let the numbers do the talking. In conclusion, just look at our numbers. These are incredible numbers. Our pipeline is 3 times our revenue. That's a very healthy number. Now, we're not gonna convert 100% of our pipeline, but we will convert probably at least 1/3. The good thing about having a healthy pipeline is that we can start being choosy.
We can start focusing on the customers that we want to do based on their scalability. Is this a modular customer that I already know the blueprint for and that I can repeat again? Or is this a one-off? If it's one-off, we push it to the back of the queue. We can also be more price setting. We have a backlog, we got more work than people, we can start to discriminate in terms of prioritizing which customers we want to deal with. That's why the outlook is very positive. Just look at the number of HKD 20 million deals. We have more than doubled that, say, over a versus, say, a year ago. These are the showcase deals that will cascade into mass deals.
With that, I'm happy to pass over to William. Thank you.
Thank you, NiQ. Thank you. NiQ has shared with you the exciting story in the enterprise market. For the residential market, with my close to 18 years of experience at HKBN and my background of growing the residential market, I think I'm the only one, or the big brother in the telecom industry, in Hong Kong to talk about the residential market. If our enterprise market is getting, like, 5 stars, I think I can still get 4 stars. Residential markets for the last 6 months, all kinds of subscriptions are on the uptrend. The broadband subscriptions grew. The high bandwidth over 1,000 Meg also grew. Also the paid premium, OTT entertainment contents, the subscribers also grew. You will see that all this will result in increasing revenue on the residential market.
Of course, when we say we have these subscribers, some of them are signing advance order from us. That means we may start appearing, like, 3 months or 6 months later, starting from back from first half of financial year 2023. Starting from mid-midnight tonight, we will have a heavy advertisement to bring the residential market to another higher level as a leader in broadband. Our name is HKBN Hong Kong Broadband Network. Broadband is our core. Fixed broadband is our competitive advantage over all the other players. While some of the, our players are certainly selling 2 Gig or above in just, like, maybe 10% or 15% of Hong Kong's area, we are providing 2 Gig service to 100% of HKBN's coverage.
That means, starting from midnight, there will have 2.5 million households able to enjoy the service of 2 Gig speed and also latency with the money-back guarantee. Let me remind some of our friends that money-back service guarantee is not new at HKBN. Back to more than 10 years ago, when we're selling the 100 megabits broadband speed, we also have this money-back guarantee or refund. Whenever customers cannot achieve, like, 80%, i.e., 80 Meg of their 100 Meg speed, then we refund double the provided monthly fee to them. That is more than a decade ago. Today, we are even more demanding. We are talking about putting this speed layer to 2 Gig and then the low latency.
It is talking about money-back, i.e., 2 times of provided monthly fee on both speed and latency refund. I guess, we should be the world number 1 to launch this. If, if this is different from the fact or the or anything that you know, please share with us and we will even bring the layer even higher. Instead of doing the talking, let's do a small demo showing that the high latency and low latency is very, very important for people like the gamers or the young population in Hong Kong. For the high latency, you shoot the wrong 1. Low latency, hits at the same time. You will notice the difference.
Go back and ask your friends or your kids who play games, then they will know who's the winner or who can, like us, over-guarantee or money-back guarantee on this. The curve going up. Last but not the least, is talking about sometime on the ESG. With our core purpose, make our home a better place, make our home a better place to live, HKBN is very serious on ESG. Unlike some other people, they are doing just ticking the box because of the regulatory requirement. We do need to exceed the target. Really doing something better with passion. We, HKBN, is the number one in Hong Kong's telco and top 9% among the global telco players in the ESG performance with the third-party benchmarking agents or organizations score.
Like MSCI, from AA last year to AAA this year. We are also leading in some other areas. While the incumbents or other players, they are in the red, doing much worse than us. That is not enough. We are really very demanding. Not doing any talking, just walk or run. We set our ESG KPI. In financial year 2024, that means, we still have about 1 year and 3 to 4 months from now. We need to have electricity reduction of 14%. Financial year 2024 versus financial year 2022. This percentage, or electricity reduction, KPI, is an aggressive one.
From what we know, when we talk with those guys with international benchmarking standard or with our consultants' view, that will not only help the environment, but also help our finance with saving of about HKD 21 million OpEx. They're virtually going into our EBITDA or our AFF. Like our Co-Ownership, our DNA is skin in the game. Don't just talk about the KPI. You need to have skin in the game. You need to tie in. We will propose a pain/GAIN to our board to approve, subject to the approval. Of course, when they approve, they will check whether this 14% is aggressive one, what we are doing is really recognized as global, something like that.
Once they approve, NiQ and I and the ES team will have our part of our salary on the pain/GAIN. For NiQ and I, if by financial year 2022, we cannot achieve this 14% saving on electricity, we will have 10% of our annual salary deducted. That is our work we intend to propose to our, to our board. I hope that, if there's competitors viewing us online, please join us. Okay. Simply today, both ES enterprise service or the extensive solutions, both areas, I will say, we are entering into the growth path. The worst is behind us.
We just make sure that in our execution, we will deliver faster than others, such that we will deliver good results to our shareholders and our co-owners. One point what I want to highlight is that last time I did share with you our Co-Ownership floor scheme. That is the EBITDA of financial year 2023, 2024, and also 2025. Now we have passed 1 in 6 of them. I strongly believe with confidence that we are on the right track of meeting or exceeding our CO4 EBITDA targets, covering financial year 2023, 2024 or 2025. With what we are doing, including the pipelines, the orders, the backlogs on hand, something like that.
In the markets, I believe, NiQ and I, our experience, our hands-on, management will make things happen. Thank you.
Next, we will move on to the Q&A section. If you have any questions, please raise your hand. For those attending online, please click on the Q&A button at the bottom left corner of the page. Yes, Neil.
Thanks. Neil Anderson from HSBC. I've got three, if that's okay. They'll be quite quick, though. The first one is Enterprise Solutions. Compared to the first half of last year, it was up 3%, but I thought that might be a little bit higher, 'cause presumably the business conditions last year in the first half were quite tough, and you've seen some reopening in this half. If you could address that. The second one is
Should we take one at a time?
Yeah.
The first one I mentioned, there is a lag. The slowdown from 2 years ago is playing through to the revenue line today because of the two-year contract. You imagine if business slows down 2 years ago, you recognize it today. Also the business that we're picking up in the last 6 months takes 2 years to recognize. There's a 1-2 year lag, latency. You can say that latency guarantee is not part of our money back guarantee.
Got it. Okay. Thank you. The second one, the EBITDA declined 6% year-on-year.
Yes.
I assume that's higher costs relating to the expansion in the enterprise business, but can you clarify that? 'Cause it's a little bit hard to see in the, in the results.
Yes. Once again, it's a combination. If the revenue is not coming through because of that two-year program, one to two year latency, right? The expenses are coming through every month. We've been building the team, we've been investing in the network. We saw the last 3 years it was hibernation for the world the last 2 years, we were working very hard behind the scenes to make things happen.
Thank you. The last one on the interest cost, so a big increase there. I think your hedge expires at the end of May. What's the outlook for the next six months? If you assume a sort of similar HIBOR rate , what do you think your interest costs are gonna trend to?
I think our interest cost is quite transparent. It's high ball plus a couple hundred basis points. We have HKD 11 billion outstanding. We are in open discussions with banks today to do an extend and amend. As part of that process, we will probably consider lifting our hedge ratio to about 50%. Currently it's at one-third. I think we really don't want to take a position. I mean, taking a 100% is also taking a position. We really wanna focus on our core. We think a 50% hedge ratio is a fair number.
Thanks very much.
Any other questions from the floor? Actually, I would like to take this opportunity to introduce William. William, you don't have a mic. Can we have William Ho. Perhaps you can just add some color to what we're doing in terms of the transformation. Please come up.
Yeah.
Okay. I think NiQ actually highlighted in some of the slides, you know, talking about what we've been executing in the past 6 months and also, you know, the forward looking for the upcoming 6 months. Looking at what we have changed, if I look at the organization, if I look at the, you know, the overall team structure and also the business structure, what we have seen is, number 1, again, you know, the question about looking at the number, still haven't seen a very strong rebound onto that. What we really measure in the first 6 months is really about, you know, the orders and bookings that we can do, so that, you know, once you win the contract, you translate that to the revenue.
We see that. We see that we're getting really strong momentum in that space, meaning that we're winning a lot more business, and that business is gonna be translating to revenue in the next second half. That's why, you know, William and NiQ are very confident about the second half, because we do have the pipelines that we see, as well as orders that we want. That's one thought. The other one is, I'm not sure if you guys actually saw the slide, you know, highlighting our core business. I look at my core telecom business, we have about 6% growth in, you know, comparing to the previous 6 months. I think that's substantial because a core telecom business connectivity is primarily a flat market.
If I look at my peers, you know, they're looking at -1%, -2%, and we're doing approximately 6% growth. I think the team has done a really good job on, you know, keeping that business going. The second piece that I look at is the, what we call the SI business, right? The system integration business. That's primarily what we have acquired from JOS, and we see a 7% growth for the first go. I think as much as we say, "Hey, 7%, single digit," that's really the start of the, what we call the sales transformation journey that we're running right now. Having more people joining us, having a very different go-to-market strategy, focusing on a, you know, not just the box moving or managed service, but more on the data center.
We're gonna focus on cybersecurity, we're gonna focus on cloud, you know, all the growing areas that we focused on. We see the pipeline coming up, and I don't think we have that number show here, but it's a absolute double-digit growth that we're seeing already. The momentum of the pipeline for the second half is even better. I would say the core business in terms of core telecom and SI, I think we're doing a pretty good job overall. The China business is about 2% year-over-year growth. And most of you can imagine that in the past, you know, if you look at the past six months, Q1 is actually a very tough quarter because part of our operation is actually based out of Guangzhou.
Guangzhou had a shutdown for, you know, almost a month and a half, impacts the overall, you know, productivity, as William mentioned a bit earlier. What we also experienced during that time was we have contracts that we're waiting for customers to sign, but they got locked down. They were not able to go to the office and sign it. A bit of a delay in Q1, but we saw a pretty good rebound in Q2. Looking at the forecast for Q3 and Q4, I think we got a pretty good pipeline on that as well.
The core 3 areas that we try to execute, you know, the work that we put in the past 6 months, I think we've done a really solid job, in terms of, you know, to grow the business, restructure some of the content of the business, as well as bringing in, you know, extra resources and skill sets to help us to go moving forward. A bit of a sharing pipeline is about HKD 6 billion. If you look at that, it's a very healthy 3x of our target for the next 2 quarters, meaning that we do see those projects in the pipeline. We are engaging those projects, right. A 3x pipeline is actually a pretty heavy, you know, it's a pretty healthy number.
HKD 20 million dollar project, that's really reflects to the results of how we engage the strategic accounts in Hong Kong. The biggest account, the top 20 accounts in Hong Kong, last institution, can't mention the name, but typically CapEx over HKD 1 billion dollar, we're winning a significant amount of those projects in the first six months. Comparing to last year, we're at about 4 project-ish. This year we have more than 10. The pipeline shows that we have even gonna double the numbers of projects that we've won. Really good momentum there. Happy about the team that we're getting some really good executives joining us. They bring their team to us.
I think overall, if I have to wrap up core business, very solid. You know, China, I think we're solid. We're gonna have some good numbers in the second half. Pipeline, HKD 6 billion, 2.89-ish, you know, good number. Large projects for strategic accounts, also very solid pipeline. You know, I hope this give you guys a good, you know, high-level view on where we're heading. I think Q1 or first half, still a bit struggling 'cause, you know, we see the border open, you know, in the past two months. We're seeing a lot more activities, but the result of that is gonna be show in the second half. You know, very confident about how we're gonna execute and deliver in the second half.
There is actually a follow-up question regarding on China. The question is about what's the growth plan and timing in the coming years for mainland China market, especially the Greater Bay Area?
Mm.
How is the contribution of mainland business to the overall revenue?
Okay. The China business is approximately 15% of my, you know, the overall enterprise business. I previously announced that, you know, we're gonna double the business in three years. We're expecting 25%+ year-over-year. Now, this first year is 2% growth, you know, is a bit, you know, a bit, in my opinion, you know, a bit lagging, comparing to what we like to do, because of the shutdown and because of the challenges. We see that the market is actually opening, so we see a, you know, a very solid second half. For the next two years, we're looking for 25%+ for the upcoming 2-year growth. That's the outlook. GBA, you know, our strategy is actually like twofolds.
One is to work with the Hong Kong companies investing into GBA to help them to growth in the area. We have a list of customers lined up. Some of them is actually in retail, some of them are MNC. We're gonna go there and help them to set up and expand their business. The second part of the business is actually working with the MNCs, you know, like the big auto players, for example, Volkswagen, BMW, and then, you know, the KPMG, the Big Four, McKinsey. I mean, They're our partner... They're our customers in China, We see them reinvesting into China. I mean, I've been talking to their MDs and CEO of some of the companies, they all have very solid plan to invest into China.
We see that, you know, as part of our growth in China as well. The third piece is, you know, if I look at the JOS China business, we primarily resell some of the box moving and resell a lot of our network equipments, especially the rackmount switches that we've been selling into the manufacturing, high-tech manufacturing space. In the new year we're actually getting a lot more support from the global vendors. You know, can't name them, but, you know, tier-one technology companies that as part of our, you know, part of technology vendor and partner enable us and help us and do joint go-to-market to grow our business in China. I would say we have a good plan. We have a good, you know, plan for China. We have a very solid foundation.
It's already a billion-dollar business, we have more than 1,000 people, have 10 offices across the board. You know, we're very well set, to, you know, to grow the company to the next level.
Is there any other questions from the floor? If not, that will be the end of our presentation today. I'm sorry.
Right. Let me take this opportunity to introduce our team. Would our MT members please come and join us on stage? Please.
Go ahead, John.
Come on up.
Come on up. Yeah, yeah.
Come on. Come on. We're gonna need a couple of rows so some people.
I wanna get everyone in this. Please don't look at our faces. That's not what's important. Rather, look at our shoes because pull up your trousers, and these are specific to our company socks because they represent the dual path that we are democratizing in Hong Kong. They represent the dual speed and low latency money-back guarantee that we are launching as a world first for Hong Kong. It's with great pride that I share this team with you. We are the team that would deliver the shareholder returns in the coming years. Thank you.
Thank you.