Thank you for standing by, and welcome to Fubon Financial's first half 2021 financial results. At this time, all participants will be in a listen-only mode. Questions will be taken at the end of the presentation. This call is being recorded. If you have any objections, you may disconnect from the conference. Now I'll hand the call over to your host, Ms. Amanda Wang, IR officer of Fubon Financial Holdings. You may now begin.
Thank you. Welcome everyone, and thank you for joining Fubon Financial's first half results call today. In the call, we will preview the first half performance, followed by the Q&A session hosted by the president, Mr. Harn, and the senior management team. Firstly, please turn to page four. In the first half results, we can see the earnings performance has been strong, and the net worth and asset all reach record high. From Fubon Life, the net profit shows meaningful growth, up by over 180%. That mainly comes from the investment return and also from the hedge cost improvement. Meanwhile, the net worth hit a record high, and the premium continued to rank top two in the market. For in overseas development, Fubon Hyundai Life completes capital raising in June, and our shareholding increased to 77%.
Taipei Fubon Bank, the loan growth of 9.5% is the key driver for the interest income growth. Strategically, we have three focus areas. Firstly, we can see the growth in the credit card, which is a strategy to gain our cross-sell opportunities. Secondly, in the overseas development, the approval of the wealth management business by the MAS for the Singapore branch to operate wealth management business, that will give us more room to play a role in the Greater China platform going forward. Thirdly, in terms of digitalization, the customers and the online trading volumes continue to see strong growth momentum during the pandemic period of time. In page five, Fubon Insurance. We see the premium and also the profit shows growth, while the earnings mainly come from investment return improvement.
In Fubon Securities, the net profit shows strong growth on back of the strong market turnover and also increase in our brokerage market share. In terms of ESG achievement, under the pandemic in Q2, Fubon is committed and be the first corporate in Taiwan to set up a screening station to protect the health of our employees and also the workplace safety. We also take the opportunity to develop the cross-sell potential about Fubon Insurance offering of the product that reach over 2 million of insurance policy, and that's over 60% cross-sell through Fubon Life. In our latest ESG report, we set up long-term goal to achieve a low carbon business model and focus on digitization. For further details, please turn to page 46 or our ESG report on the website. We also published the first TCFD report.
In page six, in terms of the fundraising and mergers timeline, there is some adjustment following FSC's announcement that shareholders meeting should be postponed due to the pandemic. Therefore, the schedule is updated as this page shows, including the fundraising schedule to determine the pricing announcement by end of this month, and we aim to complete the fundraising by end of October. The merger between the two holding companies is scheduled to complete by first quarter next year, and merger of subsidiaries is expected to complete by end of next year. In page seven, the profitability growth as a result, we see not only the first six months strong result, and also for the first seven months, it continued the strength and reached over TWD 106 billion net profit and translate into EPS of over TWD 10 per share.
In page eight, among the earnings contribution, we can see Fubon Life's contribution is the highest, that is 77%, to the group, and also the net profit growth from Fubon Insurance, Fubon Securities, and Fubon Bank (Hong Kong). In page nine, in terms of the asset and net worth, the total asset exceeds TWD 9.9 trillion by June, and it further go exceed TWD 10 trillion by July. At the same time, the net worth and book value per share also increased, and book value per share go beyond TWD 75 per share on a common share basis. That also hit a record high. In page 10, the ROA and ROE therefore increase along with the earnings improvement. Next, let's move on to Fubon Life in page 12. The total premium declined mainly due to the renewal premiums fall.
That is because of the paid-up of the policies with a shorter payment period. While the first-year premium continued to increase at 4.9%. In terms of our market ranking, we continue to take a solid number two market position. In page 13, the first year's premiums growth, we can see here mainly come from investment-linked and also annuity policy. Meanwhile, the foreign currency policies contribution also increased and accounts for 47% of FYPE now. In page 14, the FYPE and VNB shows a decline here. They're mainly due to the rise of the single-pay policy product among the investment-linked and interest-sensitive annuity. Along with the product mix adjustment and the more stable situation from the pandemic into the second half of the year, we aim to see the gap with last year's performance will be gradually narrowing down.
In page 15, in terms of channels, the first-year premiums contribution mainly comes from bancassurance, which is go up to 62.8%. On the right-hand side, the FYPE mainly comes from internal channels, including the tied agent and also Taipei Fubon Bank. They together account for 68%. In page 16, the investment portfolio reflects that our total investment asset grew by 10% from the new allocation and also the value appreciation. The cash position decline in Q2, that mainly reflects the increase in overseas fixed income deployment and also domestic equity. In page 17, the deployment more toward investment-grade corporate to enhance our recurring return from overseas fixed income portfolio. In terms of geography, the new allocation mainly comes from North America. In page 18, in terms of the investment income, we can see the return shows improvement on both before and after hedge basis.
In the bottom of this table, we can see that it reached 6.4% before hedge and 5.9% after hedge. The improvement mainly due to the capital gain and also the hedging cost improvement. The recurring investment income, however, declined Y-o-Y. Our team will continue to seek opportunities to deploy assets to enhance the recurring return. In page 19, the hedging cost in the recurring hedging cost basis actually continued to improve, while the appreciation of NT dollar in second quarter accelerated. That make our FX loss turn higher. However, the total hedge cost in the first half continued better compared to the same period last year. In our lower left-hand side, we can see the recurring return on before and after hedge basis are both declined. That reflects the capital gain realization, therefore higher cash position in the second quarter, and also NT dollar appreciation factor.
In page 20, the cost of liabilities improvement also shows our positive spread improvement here. We can see the positive spread widened compared to the same period last year. For the break-even point, also show improvement. That mainly comes from the product composition. Again, here we deliver a positive spread between the break-even point and also the after-hedge recurring return. In page 21, the mark-to-market value from the fixed income and equities continued to increase and led to our unrealized balance improve along with the realized gains. That also bring up our shareholders' equities balance. In page 23, let's move on to Taipei Fubon Bank. The net interest income grew 5.9%, mainly due to the asset growth. The total revenue decline mainly come from, number one is the net fee income, and number two is treasury business.
The net fee income, mainly due to the size of the sales team in our branch actually reduced in response to the epidemic. Also the marketing expenses from the credit card led to a lower net fee in our credit card business. While in the treasury, revenue down mainly reflects a lower swap revenue business. In page 24, the corporate and the retail loan continued to grow steadily, and total credit balance increased by 9.5% Y-o-Y. In page 25, the corporate loan grows by 3%, mainly driven by the NT dollar business. While in overseas, given we are taking the more cautious approach, therefore the foreign currency loan decrease. The SME credit, on the other hand, is up by over 20%, and that accounts for now over 49% of our corporate business.
In page 26, retail credit highlights mainly come from the mortgage and also personal credit loans. That will continue to be our key growth driver. In page 27, in terms of the funding structure, we see the demand deposit ratio shows improvement, both from NT and also from the foreign currency. The LDR in NT dollar book was further improved to over 89%, while the foreign currencies deployment was down mainly due to a more cautious approach in the foreign currency's loan business. In page 28, due to the market rate cut and also the foreign currency loans mix change, therefore the net interest spread was down by 2 basis points quarter-over-quarter, while the net interest margin, in fact, was up by 1 basis point. That reflects the increase in our foreign currency bonds deployment. In page 29, the asset quality of the bank continued to be stable.
In the further breakdown in page 30, we can see across our business lines, we continue to deliver a stable asset quality, while on the right-hand side, the provisioning cost increased, mainly driven by the general provisions on the loan growth. In page 31, credit card business that is a continuous focus that Fubon intend to grow to increase the market share and also to bring in further cross-sell opportunities. The credit card gross fee also increased by 20%, and the per card spending continued to be top one among the top five players. In page 32, the fee income on net basis was down by 15%, mainly due to the wealth management fee and also the credit card's marketing expenses. On the right-hand side, we can see the wealth management fees composition, while the sales volume actually was grow by over 20%.
Because of the epidemic that we adjust the sales team and also the product mix, therefore we see the decline, while we already see recovery already take place in July. In page 33. In terms of Fubon Bank's overseas operation, the revenue and profit share came down, mainly due to a more cautious approach. Along with the wealth management license newly granted from Singapore branch, we aim to develop the Greater China platform with a more balanced source of revenue going forward. In page 35, let's move on to Fubon Insurance. The direct written premium grew by 9%, mainly led by the personal line business. We reached the market leader position for another top one leading performance with a combined ratio at 88.9%. In page 37. In Fubon Securities, the top- line and also the bottom- line both shows meaningfully growth.
That is driven by the brokerage business and also on back of the higher market turnover and our market share gain. In the meantime, the wealth management is also a key focus, and we can see our sub-brokerage market share also grow. Next, in terms of the overseas banking operation, in page 39, in Fubon Bank (Hong Kong), as the pandemic is easing, we see the balance sheet and also the profit shows a recovery. The loan growth of over 7%, that's mainly driven by corporate business. In page 40, we also see the net profit grow quite substantially. It actually comes from revenue across business lines and also a lower provisioning cost. The net interest margin also show improvement come from the funding cost side, while the asset quality largely remain at a stable level.
In page 41, in Fubon Bank (China), we continue to leverage the group resources for cross-sell and to cultivate a Taiwanese customer base, and that led to the asset growth of over 9%. As we complete the capital raising of CNY 1 billion in June, the shareholdings of Taipei Fubon Bank now reach 58%, and 42% held by the holding company. We aim to deliver further growth with the capital injections. In page 42, in terms of the profit, it came down by over 20% Y-o-Y, mainly due to the rise of the swap cost and therefore lead to a lower treasury income. While the bank's interest margin continue to improve, that's a beneficiary from the funding cost and also loan structure improvement. While its asset quality remain at a stable level. Okay, this will conclude the presentation today.
Next, we will have the President of Fubon Financial Holding Company, Mr. Jerry Harn, to host the Q&A session. Thank you.
Yeah. Good afternoon. We welcome any question, please.
Operator, we can open the floor for question now. Thank you.
Thank you. We will now begin the question- and- answer session. If you would like to ask a question, please press star followed by the number one. Please unmute your phone and record your name clearly when prompted. Your name is required to introduce your question. To withdraw your request, you may press star followed by the number two. One moment, please, as we wait for the first question. We now have questions on queue. Let me just get the name. One moment, please. First question comes from the line of Chung Hsu. Your line is now open.
Hi. Thank you. This is Chung from Credit Suisse. I have a few questions. First on a few numbers. On the bank credit card fee, it seems that the faster you grow spending, the smaller your net fee income. Can you give us a better sense of how your credit card business and fee income will evolve into 2022? I presume you're subsidizing your credit card spending and business now for a bigger fee income in the future. At what point we will start to see that fee income recover? Is it 2022 or is it something that you have a bigger or longer-term plan, you're going to focus more on market share for the next 12 to 18 months? My second question is on FX hedging cost.
On the second quarter, I just want to clarify, that increase in hedging, the non-swap increase in hedging cost, is it just purely because of the NT dollar strengthening or did you increase your unhedged positions in the second quarter? My third question is on the Jih Sun M&A acquisition. Understand you are finalizing that deal. Can you give us a sense, what are the first few things that you plan to do to integrate the business? I understand there's a cost saving. There's a capital upstreaming or capital management. What should we expect the first one or two things that you plan to do on Jih Sun integration that could have visible financial impact as early as 2022? Thank you.
Okay. This is Jerry Harn. Concerning the upcoming mergers with Jih Sun. At the moment, the priority for us really is actually to manage employee and manage the customer into the bigger Fubon family. That is the top priority, customer and employee. As to the synergy, there will be three step in our plan. The first is, you will see that in next year, is actually we merge Jih Sun Holding and the banking and security operations into Fubon's operation. We are expecting capitals reductions through the process. We will see a capital efficiencies synergies in year 2022. Following the actual mergers, we will conducting a exercise to optimize our branch network for both banking and the security operation, and also consolidating all the back- and middle- office operation. Through that exercise, we are expecting further cost synergy from that.
At the same time, if not laters, we are hoping to see the revenue contribution through a much bigger scale, in the security operation and the cooperation with further cooperation between the security side and the banking side to further develop our brokerage and wealth management business through the common customer base. That is roughly our idea and thought and plan. Okay. On banking side, Roman will answer.
This is Roman Cheng from Taipei Fubon Bank, thank you for your question about our credit card business. Our credit card business in the past 18 months, we have registered significant growth of our new credit card issuing. Using the numbers from the March 2019, our total credit card increased by 2 billion cards, around 50% of them are new customer to us, which means we bring in about a million new customer to the bank. Compared to the numbers in 2020 and the first half of 2021, the cardholder application through the online channels increased from 40% to 75%. The total credit card spending amount year-on-year growth in first half is 15%, which bring our market share from 9.4% in Taiwan to 10.3% in Taiwan. Our per-card acquisition cost reduced from TWD 330 to TWD 195 in the first half of 2021.
For the purpose to increase our market share, we provide a subsidy or we provide customer reward program in the first half, which are highly welcomed by the customers. Particularly the customers, they spend money through online in, for example, LINE Pay channel. The total reward cost in first half, close to TWD 800 million. We also see a significant growth in our credit card holder unsecured lending. In the first half, the interest earned from this unsecured lending also close to TWD 400 million. Starting from July, we carefully modify the reward program. We provide 3.5% reward to the new-to-bank customers, the remaining 3% unlimited reward to the customer who spend money on the LINE Pay channel. We reduce the reward from 3% to 2% to those spending in physical channels.
We see the spending on LINE Pay channel grow in July, registered 42% month-on-month growth. Also giving us every month, more than 1,200 every day. We have about more than 1,200 new customer to us. The purpose is clear here, is to increase our market share to get more customer. Those new customers with us, for example, they will open digital deposit account with us. When they place money in the deposit account to repay their credit card liability, they will also buy online wealth management and may also consider our mortgage loan. Those cross-sell in the past two year are quite satisfactory. That's the purpose for all the credit card strategy.
About the negative position on page 19. If we see the NT dollar against U.S. dollar, it actually appreciate from TWD 28.55 per $1 to TWD 27.87 per $1 during the second quarter. Therefore, we decrease our negative position about 3% in this period. Therefore, you can see the PowerPoint in page 19, that non-swap cost portion, which is about 81 basis points, which most came from the FX losses.
Okay. Understood. If I may ask a follow-up question on the hedging, is there any plan to take extra FX reserve, given that you have made so much more money elsewhere on the investment side, and hence put a stronger buffer against any capital market volatility into 2022?
Sorry, at this moment, we only consider if the NT dollar keep appreciating in the second half of this year, we may consider taking additional reserves if necessary. We will continue evaluating this need for extending the buffer. It depends on the market condition.
Okay. Got it. Thank you.
Thank you. Our next question comes from the line of [Ken Yu Kwang]. Your line is now open.
Yeah. Hi. Thanks for taking my question. Three questions from me. The first one is also for the Jih Sun merger position. I think previously when you made the tender offer, you actually didn't have the chance to do any detailed due diligence. After you becoming the controlling shareholder after end of March, not sure whether you have a better chance to take a detailed look on the operating condition for Jih Sun. Are there any aspects that you find better than you expected or worse than expected, that you can provide additional color? The second question is for Fubon Life. I think if we assume the market yields won't change for the rest of the year, I know this is against your expectation, but if we assume there is no major changes on the market yields, then have you done any scenario analysis?
What's the magnitude of the decline on recurring yield on the year-on-year basis? The final question is, I think Taipei Fubon Bank is the second-largest shareholder for LINE Bank. Just trying to get some idea, after a couple of months of operation at the LINE Bank, anything that you have observed from that operation, and then any implication for you in terms of the Taipei Fubon Bank segment? Yeah, thanks.
Okay. With regards to the Fubon's understanding about Jih Sun's operation. Yeah. After the settlement at the end of March, we have collected some primarily financial information from Jih Sun. Unfortunately, there is some resistance from part of the existing management team of Jih Sun, particularly on the security side. We haven't been able to get enough information as we would expect it. On the detail of the operation, we are still not reached the level that we desire for. I guess after the Shareholder Meeting to be held at the end of this month, we will get control and get to know the entire operation very quickly. Well, you know that we pay a small premium at the time that we offer, or we make the cash offer to the market, and we actually settle the deal. The book value of Jih Sun actually has exceeded our purchase price.
Therefore, we have booked a what?
Negative goodwill.
We have booked a negative goodwill on the earnings on our books. That is a good surprise. Their operations is better than our original plan in the first half of this year, actually. Purely on financial side, we are happy about their performance, although we haven't really actually have done anything on them yet. Okay. That's the only thing I can provide, unfortunately, at the moment. We'll probably be able to give you more color in the following months. Okay. LINE Bank.
Okay.
Okay. This is Roman Cheng from Taipei Fubon Bank. Regarding the question about LINE Bank. In the first place that Taipei Fubon Bank invest into LINE Bank as 25% shareholder. To us, we just participate the Board discussion and leave the management to run the bank on a standalone basis. Their focus is to provide the banking service within the LINE ecosystem. All the Taiwanese with LINE can easily find LINE Bank on their LINE-
On their LINE over their mobile phone without downloading APP. That's the privilege of LINE Bank. Starting from this April, LINE has grand opening. Now they provide deposit, debit card, and unsecured lending business. By the end of June, their digital account opening accumulate to 160,000 accounts. Starting from the middle of July, they provide more benefit to their account holder. For example, 3% payment reward for their customer using LINE Bank to spend on LINE Pay. They provide 3% LINE Points reward, which is also very highly received by their customers. By far, based on what I know, their account members has over 300,000. We see that they may increase their account opening 50% a month for the time ahead.
Comparing with LINE Bank and other traditional bank like Taipei Fubon Bank, I think they provide service on different channel, and each player can provide customer, I think, much better digital experience for their account holders and users. I believe that they will provide more service online to their ecosystem customers.
Okay. About the recurring yield, I would say at this moment, we did not calculate the scenario of the no change in the market yield. Based on the current asset allocation, our new money actually is quite low, less than 10% of our asset need to replace. Also consider we can also reallocate or rebalance our asset allocation. We think the new money rate, I would say yes, right now it's only 3%-3.1%, but the impact should be is not material. Given the improvement in our hedge costs are significantly, we think it will keep compensating for the decline in the pre-hedge recurring yield. We would say, actually, we are quite confident at this moment.
Okay. Thank you.
Thank you. Our next question comes from the line of Steven Lam. Your line is now open.
Hi, can you hear me? Hello?
Yes.
Yes. Hi. Thank you for the opportunity to raise questions. Good afternoon, management. I have about three areas of questions. One on investment, one on the life products, and the last one, it's on your strategy in Korea. For the first one, I was just curious to hear your thoughts on, I know this is a trillion-dollar question, but what do you think the U.S. bond yield outlook would be, say, for the next 6 to 12 months? Are you on the camp where it can shoot back up again, or it's pretty much sideways, or there's a lot more downside risk? That's the first one. Within that, just some numbers I just want to confirm. I see your asset allocation on a quarter-on-quarter basis, or even from half- on- half.
There's a consistent decrease in the allocation to European bonds, your allocation to North American bonds increase. You might have mentioned this before, but would you remind us any specific sectors that you're switching or changing in the period? Also within the investment area, what's your take on your appetite between overseas stocks versus overseas bonds for the next six months or so? On product, it's a very quick one. Notice, of course, the big change in the investment link and the interest sensitive annuity. I'm just curious from a product margin standpoint, what is the give and take after the consideration of, say, RBC or IFRS 17? Is there a big difference versus the other products? Is there even motivation for you to move towards investment link and interest sensitive annuity?
Lastly, of course, you have made quite some substantial acquisition in the past in Hyundai Life, if I'm not mistaken, you've also spent a few hundred million U.S. dollars to acquire a 20% stake in Hyundai Card recently. Do you mind to update us your strategy in Korea, what do you expect to achieve, say, within the next couple of years? Thank you. That will be all.
Hi. It is [Risker Ulour]. Since the pandemic is not fully under control, the Fed will keep the current policy rate at the current level this year. However, the Fed is likely to announce the QE reduction plan by the end of this year and start a gradual withdrawal from the bond-buying program next year. When they make the announcement, the U.S. bond yield will start increasing, which will be quite different from the current level.
I see. Could I read it as you may not accelerate the purchase on overseas bonds yet, and rather would wait a little bit until the yields actually go back up again?
Yes.
It's more like a timing thing. Yeah. Okay. Thanks.
The second question is about the decrease in the financial bonds in Europe actually is due to the redemption or call back of the OTC international bond issued by the European financial institution. This also mirrors the continued decline in the European regions on page 17, right chart. It's the second question. The third one is about the appetite on overseas stock. I would say that actually, we are expected to maintain it at a senior level right now of the overseas stock. About the bonds, just as we mentioned earlier, that we will seek the opportunity when interest rates increase further. That's my answer.
Thank you.
With regards to our proposed post-purchase of 20% stake in Hyundai Card. Actually, we're still in the process applying to the authorities. This is not a done deal yet. If it moves smoothly, we are expecting to close it, at the earliest, the end of this year, and probably in the first half of next year. All we can say about Korean market is we have invested a couple of years. There are some up and downs, but the good thing is we know the market better, and we know the people there better, so give us a more in-depth understanding in terms of evaluating the business opportunity from the markets. I would tend to say we will continue to review the overseas investment opportunity from a case-by-case perspective. We would also consider the concentration, particularly from a risk overall.
That's a little bit of our thought on that for your information. Insurance product strategy.
You talk about the investment-linked and interest-sensitive annuity product we sold many in the first half period. The VNB margin for this kind of product, because of the single pay feature, the VNB margin is single-digit. During the pandemic, I think the interest-sensitive annuity product is something that is easier to explain to the customer, and also because the stock market is very promising during the pandemic in Taiwan market. This is also result the good sales for investment-linked products for this year. In terms of the capital RBC side, investment-linked product, because the investment risk is mostly transferred to our customer, so it's very capital light.
In terms of interest-sensitive annuity, the capital charge is slightly higher for this kind of product, but it's not a big concern for our company capital position, because as you see, our RBC ratio is well above 300%, this will not be a concern. In terms of IFRS 17, you mentioned, this is a financial reporting standard. For the investment product sold on our book, many of them are variable annuity, which is investment product type. It's not related to IFRS 17, which was meant for insurance contract. For investment product, this is not much related. For interest-sensitive annuity product, I think the impact on IFRS 17 would not be subject to certain type of product, but in the sense of total company portfolio. I'm not sure whether I answered all your questions, or I can make some more statement for further explanation.
Thank you very much.
Oh, thank you. That's very helpful, very comprehensive. Sorry, I sort of missed one within the investment side I forgot to ask. Could you remind me the trends of your investment in the bond ETFs? Those are classified within the domestic stocks, if I'm not mistaken. Have those changed quite a bit in the past couple of months or quarters?
Actually, the bond ETF exposure, we have disposed some position during last quarter because we consider the NT dollar may go stronger further, so it will make the holding suffer. We actually dispose. Also, for your information, we give some color of our outlook of our recurring yield forecast. Considering the stronger New Taiwan dollar and also slightly lower for the new investment compared to last year, we predict our pre-hedge recurring yield could be decreased 20 basis points to 30 basis points at this moment. Also, if the hedge cost is likely to improve or maintain the current loss levels, it will compensate our investment yield. We predict the whole year after hedge recurring yield could be slightly lower than the last year, than maybe just 10 basis points to 15 basis points compared to last year. Slightly lower.
Got it. Great. Thank you so much.
Thank you. Our next question comes from the line of Brooksley Kang. Your line is now open.
Hi, it's Brooksley from Bank of America Securities. Good afternoon. Just one question, more on the long-term perspective that on Fubon Bank (China). I think the exercise has grown like two times from five years ago. Do we have any planning to grow Fubon Bank (China) to what feasible size in a long-term perspective? And going forward by currently high teens of loan growth, if it's fair to expect that maybe once in a few years, Fubon Bank (China will need capital injection to refuel the growth again? Thank you.
Okay. We don't have a perfect world. On the one hand, we are hoping them to grow fast and healthy. At the other hand, we are hoping that not demand too much capital from home market. That's always the dilemma in between, and we're trying to balance these things. At the moment, based on our forecast, the Fubon China probably do not need the further capital injection from Taiwan in the next two to three years. You never know. That's our forecast. If you ask me our longer-term perspective, China is a very big market, and we're hoping in the foreseeable future, the size of Fubon Bank China has to grow to a level at least equal, if not more than, the size of Taipei Fubon Bank. We're pretty much expecting the son will grow bigger than the father.
That is our expectation, if you like. Okay.
Thank you.
That's my short statement.
Thank you. That is very informative.
Thank you. At this time, there are no questions over the phone. Once again, for the participants, if you would like to ask a question, you may press star followed by the number one. Please unmute your phone and record your name clearly when prompted. Your name is required to introduce your question. If you would like to withdraw your request, you may press star followed by the number two. At this time, speakers, there are no questions over the phone. You may proceed.
Okay. Well, if there is no further question, we thank you all for your participation today. Please feel free to contact the IR team if we can be of further assistance. Thank you again.
Thank you very much for your participation.
Operator, we can call the call off now. Thank you.
Thank you. That concludes today's conference. Thank you all for joining. You may now disconnect.