Thank you for standing by for Fanhua's First Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. All lines have been placed on mute to prevent background noise. After the management's prepared remarks, there will be a question-and-answer session. [Operator Instructions] For your information, this conference call is now being broadcasted live over the Internet. Webcast replay will be available within three hours after the conference is finished. Please visit Fanhua's IR website at ir.fanhuaholdings.com under the Events & Webcasts section. Today's conference call is being recorded. If you have any objections, you may disconnect at this time. I'd now like to turn the meeting over to your host for today's conference, Ms. Oasis Qiu, Fanhua's Investor Relations Manager.

Good morning. Welcome to our first quarter 2019 earnings conference call. The earnings results were released earlier today and are available on our IR website as well as on Newswire. Before we continue, please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of U.S. Private Securities Litigation Reform Act of 1995. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause our actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to those outlined in our filings with the SEC, including our registration statement on Form 20-F. We do not undertake any obligation to update this forward-looking information except as required under applicable law. Joining us today are our Chief Executive Officer and Chairman, Mr. Chunlin Wang; Chief Financial Officer, Mr. Peng Ge, and Board Secretary, Lily Lee. Mr. Wang will provide a review of financial and operational highlights in the first quarter 2019. He, Mr. Ge and Mrs. Lee will take your questions after the prepared remarks. Now I will turn the call over to Mr. Wang.

[Foreign language] Thank you for joining us on today's conference call. Here with me we have our Chief Financial Officer, Mr. Peng Ge and our Board Secretary, Mrs. Lily Lee. We will begin today's call by just a brief analysis about recent market developments followed by an overview of our first quarter 2019 financial and operation results. There will be Q&A session after the report. Firstly, an industry analysis in the first quarter 2019, in order to guide China's insurance industry to achieve a healthier and more orderly development, the insurance regulator has started cleanup and ratification initiatives focusing on viewing the life insurance industry back to its fundamental function of providing protection to the society since October 2017. The regulator has issued a series of strict rules and measures and has strengthened efforts to investigate and punished malpractices, which has expect of the corrupt irregularities in the industry. In 2019, the tightening regulatory supervision is expected to deepen. Therefore, we expect that the industry's cleanup and ratification may continue to bring pressure on most of the industry within a certain period of time. However it will definitely lay a solid foundation for the healthy and rapid development of the insurance industry in the long run and bring back clarity to the development of those enterprises, which have CAT Compliance with laws and regulations. In the first quarter of 2019, total personal insurance premiums in China reached RMB1.3 trillion, up 18% year-over-year, while many life insurance companies saw a sharp decline in their first year regular life insurance premiums and a continued drop in sales headcount. It is expected that the life insurance industry may continue to feel pressure to deliver growth and is highly possible that the industry-wide job in first year regular life insurance premiums may continue into…

[Operator Instructions] Your first question comes from the line of Yuan Xue from CICC. Please ask your question.

The question is from Yuan Xue from CICC. Congratulations to the management for its good results and Yuan Xue has one question regarding the recent regulatory development. And later required insurance intermediately companies and insurance companies to prune up no active sales agents and he is wondering what the impact will be on Fanhua?

First of all, this regulation is targeted at the whole industry including insurance companies and insurance intermediary companies and it is possible that it may bring some impact on the increase in total number of agents and in the short term, it will also bring some impact on business development to the whole industry as well as Fanhua, but we believe that in the medium and long term, it will also create more available market environment for the development of more regulated companies and companies that would strong strength.

There are no further questions at this time. I would now like to hand the conference back to Ms. Oasis Qiu. Please continue.

Thank you for participating in today's conference call. If you have any further questions, please feel free to contact the company. Thank you.

Ladies and gentlemen, this does conclude our conference for today. Thank you for participating. You may now all disconnect.