Good afternoon, ladies and gentlemen. As for this video, we have found some points that really aroused our attention and we really like to share with you. First of all, please allow us to make a brief introduction of the video. So it basically relates to the development of Meituan. It initially dominates the Chinese mainland market, but gradually expanded globally. So today we are going to talk about how Chinese friends can earn a place in this global market and what potential influence which may exert for the success of Meituan is not only a business story, it is also the blueprint of how China rewrite the rules of competition.

Now we may start the case. So, Marco, as for this video, what is the thing that is most interesting for you? Okay thank you for your question Okay thank you first So my audiences for here today I would like to use a very personal story as a starter for my elaborate kind of detailed you know kind of narration You know, I am a person like, you know, normally I would just study and for summer vacation I come back to take care of my two cousins.

Definitely I should cook. So every time when I started cooking, my cousin said, wow, that's monstrous, still cooking, you are doing what? and after cooking we still choose to take the delivery. So I have to say the Meituan as we are going to talk about today have ever just provided unparalleled and unprecedented conveniences to our people of nowadays. So in that video, what attracted me most is not just for its miracle, but at the very beginning, the history for its development.

That time, the Meituan application was just involved from a page, from the website page, nothing special, just common like, like some other pages, yeah, nothing, even a little bit broken. So after that, can we still see that the courage or one of the spirit or the benefit we can learn from the entrepreneurship, the main one the CEO have ever taken is about its courage to get out of the normal, to get out of this limitation.

For that time, all of the applications of food delivery was mainly focused on for its top class clients and even to provide exclusive to the clients, this meals. But for Meituan, just get out of for this, you know, the stress of business or commercialize the loop and try to focus some less prominent cities like, you know, some other small cities like my city, right?

So for here, that is one of something impressing of the Meituan I have heard about. Okay, thank you for your sharing. So you actually review the history of the development of Meituan and as I mentioned before it actually moves beyond that. It actually competes globally, say it actually expanded to Hong Kong and Brazil. And so, Zhang Li, when it comes to your comprehension, what factors do you think that contributes to the success of Meituan.

Well, thank you, Jianli. So for your question, I'd like to say the factor that we have already taken consideration, that's because I think we have three steps. So the first step, I would like to say, is the research. If we want to expand our business in the other country, other city, we have to do the research first. So this is why we choose an amazing and perfect place in China to do the first test, which is Hong Kong.

because Hong Kong is an international city and connects with, it's a bridge connects with the world. So this is why we are doing the test successfully in Hong Kong. After connecting the data and analyzing the data, we find out we have to change our strategy in China. So this is why we have to do the localization. And this is why we successfully expand our business to Middle East, like Saudi Arabia, and South America, like Brazil.

And for the strategy changing, we would like to say we have three perspectives. So the first perspective is from the perspective of the restaurant owner. We have to know why the restaurant owner wants to use your app instead of the local app. Because they want more customers, but with a lower price. If the restaurant owner wants to cooperate with us, he wants to pay a very low restaurant commission fee.

So this is why we only charge them 10% to 15% of the restaurant commission fee of the restaurant. And the second perspective I'd like to say from the perspective for the revenue strategy, we have the higher volume and the network efficiency because there are a lot of local people. So this is why we have to keep up the speed of the production And the third perspective is from the perspective of the users Why does this user want to use your app instead of the Uber or other delivery app Because they want to get the food in a lower price.

So this is why many try and use a lot of coupon to make them can get the food with a lower price. And above all those things are those factors that we have to take in consideration while we are cooperating with the different countries. And I think Meituan not just did it, but are doing it. Okay, thank you for sharing. So you mentioned that Meituan and other apps actually differ in the aspects of the restaurant commission fees and the revenue strategies or what.

And I think these efforts Meituan take actually achieve the localization. So when it comes to your comprehension, do you have anything else to share with us, Marco? Yes, I have to say that. Once upon, I just after ordering such a food, when I excitedly to open that kind of food, what shocks me most is there's a word, a totally new word.

And I just reported to that client, why, how is it? And then, I don't know. And I just send it to that manager of the main one. And that main one's manager just quickly and rapidly to give the money back to me. So I get that is part of relationship for why now there's more and more people are choosing Meituan as one of the convenience way to get the food delivery. And for here, I still guess that is one of the strategic or a kind of business strategy for Meituan can get a success for now this and despite of for the discount.

Adulthood discount is still important. And for another part is running, which still just serves as a gateway to that, right? So ladies and gentlemen, what I want to add most more is about is the shift from the higher class to this middle class. Actually our society can be compared into a pyramid. The top class people can offer a large number of money, but sometimes the middle class and the lower class just takes a great amount of the money and GDP in our country.

And finally, how to mobilize our resources like technology and in that photo shows the drawings that some Uniru projects are using in that time. Yeah. Okay, definitely. So to sum up, the success of Meituan actually relies on the use of advanced technology and proper business strategies. And I think the experience of Meituan is actually replicable. It can also help other Chinese brands to earn a place in this global market.

And the efforts Meituan take not only help it gain and make considerable profits, it also... Okay, thank you. Thank you.