when could we expect a turn around for 10 thank you for having me here i think for the fourth quarter tenses annie is still going to face a little bit of pressure because of the lingering cold it impacts but what were really looking at is the 2023 earnings we think its gaming revenue is going to turn around because of the normalization of gaming license approval as we just saw two days ago tencent received a one additional imported game approval so we think this segment is going to turn around and then again in a short form video space and we are going to expect tencent to see continued monetization in the statements and of course with covid reopening and improving of domestic economic activity we are expecting to see both the online and offline commercial payment activity to pick up which is also positive for and tencent earnings in 2023 lets discuss the latest batch approval in china of those gaming developers are companies like tencent the big player is going to benefit more than the small ones and what does that mean for tencent in terms of competition then in the market i think the latest batch it really benefit the bigger players not only 10 cent but we are also seeing that ease and billy billy getting pretty big gaming approvals thats compared to at the very beginning of last year most of the approval was power ties in the smaller player so i think this is beneficial for tencent we really expect a company to steadily launch new games and this is going to translate to a quite steady stream of additional gaming revenue income for the company how much benefit do we see from the reopening in terms of advertising i think reopening is definitely supportive of the ad spending and there is additional layer for 10 cent because now the gaming approval has resumed we expect a gaming publishers and manufacturers they will have higher willingness to spend and expand their ads budget a little bit so this is going to be beneficial for large advertising platforms for gaming such as tencent and baidu beyond the third quarter do we see a little bit more volatility potentially or certainly less less a guaranteed return to growth given a lot of the volatility and uncertainty associated with the broader macro outlook yeah i think right now for tencent the pressure might be coming from the overseas market because after a covid activity as normalizing and people might spend less time playing games we might see this case as well in a domestic market so that could put some continued pressure on tencent other than that i think in the past couple of years because of macro difficulties a lot of the online platform companies in china they are cutting costs they are not engaging in very intense competition but with the macroeconomic improving we expect on a lot of the players to work on again engaging in some of the competition competitions so dad and i also put some pressure on the margins of the internet platform companies its early now so what will you be watching out for in tencent statement today and what are the indications that we might get for the broader tech sector i think a few things we are really watching closely the first is about the management guidance on the ads revenue post cold recovery as well as the guidance for 2023 and 2024 as we know it in the past few current earnings from jd and ali baba the management guidance was less bullish than we expected so this is one area to closely watch out for on the second one is about domestic regulation especially in terms of the theme park scene tac license approval and the third area as about their overseas market what theyre going to do in terms of investment outlay selena when you take a look across a broader chinese tech obviously theres a lot of geo political pressure coming from these us chip curbs but do you see what is your broader outlook on where do you see strengths and weaknesses i think for credit investors i would see the last few weeks a sell off is actually quite good an attractive entry points because from a credit investment point of view if you were cutting down your oldest used them in an investment in a way its preserving cash and its good for the bond holders of course we are going to see some price volatility because of all the geopolitical risk the hotline risk but overall i think the china tax factor especially this high grade a rated tax factor or the credit profile is very resilient and we are going to see an earnings rebound this year so overall the outlook is still quite positive