Karen Ji: In terms of the quarters pace, we expect it will ramp up throughout the year, which means the loan volume will grow quarter-by-quarter because we believe the credit needs will benefit from the recovery of the consumer’s behavior. So the loan volume in second half of this year will be increasing compared to the first half.
Wu Haisheng:
Karen Ji: Okay. In terms of the contributions from our asset light or the platform service business model. First of all, we believe this €“ our long-term strategy to develop our platform service business model because we always position ourselves as a fintech company. So in the long run, we believe the loan volume contribution from the capital light will further increase. But if we look at the short-terms, we will actually adjust to the loan volume contribution from the asset light business model based on our assessments of the macro environment and credit risk associated with the macro. In terms of €“ and we want to €“ we will adjust the contribution to balance the risk and the profitability of our business. We believe this year will be a stable year, and we want to achieve a healthy profitability for our business.
So this will be overall judgment. We expect the overall contribution from the capital light business will remain stable in this year. But in the next step, we will better develop our tech solution business because it’s a pure tech business model. So as our customer base grow, our loan volume will also increase, and we expect the contribution from the capital light or platform service will further increase in the future.
Alex Xu: Hans, I just want to add a couple points regarding the gross rate for this year. We noticed that in the recent few days, some of the companies related to consumer market report their earnings. They gave a pretty €“ somewhat disappointing outlook for the first quarter in terms of year-over-year growth. And we look at it €“ although last year Q1 was a relatively normal quarter, meaning there’s not really much disruption in operations in the last year’s Q1, the comp is not that easy. But even with that kind of a not so easy comp, we are expecting year-over-year growth in terms of volume of this year. And then along the way, as we move forward for the remainder of the year, as Haisheng mentioned, we may see gradual acceleration of growth quarter-by-quarter on the year-over-year basis. That’s a point I want to add. Thank you.
Hans Fan: Got it. Thank you.
Operator: Thank you for the questions. In the interest of time, we’ll now take the last question. Lastly, we have the line from Alex Ye from UBS. Please go ahead.
Alex Ye: I’ll translate my question. I have a two follow-up on your loan guidance for this year. So if we look at the midpoint of your guidance of 15%, can we ask what are the underlying assumptions here? For example, would you still frame the consumer credit recovery as the modest one? And do you need to increase your risk appetite in order to achieve this newborn target? And secondly, for the higher end of your target at 20%, I’m just wondering, what are the things or data point you need to see for you to be more comfortable to go forward to that higher end and what are the drivers? Thank you.
Wu Haisheng:
Karen Ji: Okay. I will pass this question to our CRO, Zheng Yan.
Zheng Yan:
