Ming Yang: Hi, Alan. This is Ming. I will discuss the increase in SG&A expenses. So, for the quarter, we had a total of US$46 million in non-cash share-based compensation expenses. And of that, approximately half or approximately US$23 million is related to the resignation of our previous CEO, Mr. Longgen Zhang. And this actually is approximately, again, 330,000 shares of his previous equity grant, which would be vested over the next two years. But because of GAAP accounting rules and we are required to recognize this expense during the third quarter based on his resignation as we saw, and this also would be recognized in terms of at the time of the grant, right, which was around US$17 per share or so. So that’s how we quartered the additional US$23 million in additional share-based compensation costs.
And the remaining is also primarily related to other resignation expenses as well. We do expect this to normalize for the next quarter. And we expect next quarter’s SG&A expense to be in the range of US$35 million to US$38 million per quarter.
Alan Lau: Understood. Thanks a lot. So, because it seems that other than these expenses, because the increase in expenses quarter-over-quarter is like US$46 million. So, probably this US$23 million is one-off. It seems there are also other increase in expenses. So, are those cash expenses?
Ming Yang: Yeah. So, I mean some of it is expenses related to, for example, shipping cost as we ship more volume for the quarter, but the remaining is primarily to his resignation cost.
Alan Lau: Understood. So, the next question, switching gear to our buyback plan, so we have already buyback a major portion of our US$700 million buyback plan, but still we have quite a lot of bullets. So, are we planning to declare dividends or what is our plan to execute the remaining of the — make use of the remaining funds for the buyback or dividends?
Xiang Xu: [Foreign Language] [Interpreted] Regarding the US$700 million shareback, we have a remaining US$380 million left. And because our CEO has just been in the position for a quarter and we’ve been in talks with our Board and our management team, we have decided that we will continue to pursue the share repurchase program that we’re committed to repurchase during the last quarter to whatever the upper limit will be based on what we can do to repurchase on a daily basis. But overall, we will continue to repurchase. We will buy back as much as we can in the last quarter.
Alan Lau: Thank you. So, effectively it means US$380 million in the remaining two months?
Ming Yang: Effectively, yes, as much as we could repurchase.
Alan Lau: Okay. Thank you.
Xiang Xu: [Foreign Language] [Interpreted] Yeah. We see the price as being very low at this point, so we are very committed to repurchase at this point.
Alan Lau: Understood. So, as communicated before, the company may also consider to cancel those shares. So, is this still a plan or when will the company cancel those shares?
Ming Yang: Yes, Alan. So, it is the company’s intention that I think by year-end, we would cancel the shares that we have repurchased. So the company’s intention is to cancel those shares, repurchase shares.
Alan Lau: Yes, that would definitely help a lot in increasing the EPS as well. So yeah, thanks a lot. So I think the last question here is, so what is your view on next year? Like, what do you think will be your production plan? Is it full capacity based on the current capacity? And lastly, what is the progress on your semiconductor grade polysilicon?
Xiang Xu: [Foreign Language] [Interpreted] For the production volume for next year, we forecast around 280,000 metric tons to 300,000 metric tons, but that will also be a contingent upon the progress of our construction. And for semiconductor, we’ll start pilot production at the end of this year. So, for next year, the capacity will just be 1,000 metric tons.
