American Securities and Exchange Commission (SEC) just approved Shibor securities clearing company registration, which will help our market follow the rules set by CIC about bond trading and repurchase. Shibor announced on Dec 2 that this new clearing institution will start operating in mid-2026 and provide necessary support for market participants. These new rules will take effect on Dec 31, 2026, and June 30, 2027. I think it's good news for our market to have a professional clearing company like Shibor, it will definitely improve the transparency and stability of our securities trading system