Andy Bao, our Executive Director of the Value Creation Team and Investor Relations, saw a strong rebound in the Chinese consumer sector and numerous new opportunities emerging since the beginning of 2023. During the past Spring Festival, retail sales rallied, domestic travel recovered, and the sharp spike in shopping mall traffic has given many offline businesses a strong tailwind. We are confident in our portfolios, including Xueji Pastries and Snacks, M Stand Coffee Shop, Himo Photography, to harness the coming upswing.
