In recent years, CMSI has achieved stunning progress in capital markets, through its' subsidiary company China Merchants Securities (HK) Co., Ltd ("CMSHK"). In terms of IPO underwriting amount from 2016 to 2018, CMSHK ranked top 3 among Chinese securities firms and top 5 overall in the market, and furthermore, CMSHK has established the first-mover advantage and dominant position in the "New-Economy" companies' HK IPO market.* Through our subsidiary China Merchants Futures (Hong Kong) Co., Limited ("CMFHK"), we have become the first Chinese securities company as a Chicago Mercantile Exchange (CME), Chicago Board of Trade (CBOT), New York Mercantile Exchange (NYMEX) and Commodity Exchange, Inc.