Greetings and welcome to the China Automotive First Quarter 2014 Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to Mr. Kevin Theiss with Grayling Global. Thank you, Mr. Theiss. You may begin.

Thank you for joining us today and welcome to China Automotive Systems 2014 first quarter conference call. My name is Kevin Theiss, and I am with Grayling, China Automotive’s U.S. Investor Relations Advisor. Joining us today are Mr. Hanlin Chen, Chairman; Mr. Qizhou Wu, Chief Executive Officer; Mr. Jie Li, Chief Financial Officer; and Mr. Daming Hu, Chief Accounting Officer of China Automotive Systems. They will be available to answer questions later in the conference call. And we will help with translation. Before I begin, I’d remind all listeners that throughout this call, we may make statements that may contain forward-looking statements. Forward-looking statements represent our estimate and assumptions only as of the date of this call. As a result, the Company’s actual results could differ materially from those contained in these forward-looking statements due to a number of factors including those described under the heading Risk Factors in the Company’s Form 10-K Annual Report for the year-ended December 31, 2013 filed with the Securities and Exchange Commission on March 31, 2014, respectively; and then documents filed by the Company from time-to-time with the Securities and Exchange Commission. The Company expressly disclaims any duty to provide updates to any forward-looking statements made in this call whether as a result of new information, future events or otherwise. I will provide a brief overview and summary of the 2014 first quarter financial results. And then I will turn to management to conduct the question-and-answer session. The 2014 first quarter results are unaudited numbers, and they are reported under U.S. GAAP. For today’s call, I will review the financial results in U.S. dollars. In the first quarter of 2014, our net sales topped to $100 million level for the first time in any first quarter in our history. And we grew by 17.6%…

Thank you. [Operator Instructions] Our first question is from Bill Gregozeski of Greenridge Global. Please go ahead. Bill Gregozeski – Greenridge Global: Hi, great quarter. I’m curious as to what you guys see in the domestic brand market, seems like most of the companies are reporting lower sales such area is down quite a bit again this year and you guys actually reported flat sales, if I missed here, so I’m curious if you can talk a little bit about, what you see in the domestic brand market and how you are gaining sales, you’re staying flat in those markets? [Foreign Language]

Okay. So to answer your question, yes overall domestic brand showed some weakness starting from last year, still over to the first quarter of 2014. Let’s look at it a little detail, if you look into the different brands in the first quarter and in some parts of the last year, Chery Auto has – has been weaker than the other peers. Geely, BYD has done, they have their graph they’ve done okay. But Great Wall has made lot of progress towards market share and grows too. So, but there are other brands we should look at it, they are also domestic brands such as Shanghai Auto and all you know in the past as mostly Shanghai Auto into Volkswagen and General Motors. But Shanghai Auto has their own brand too, that area they want to grow it, we are here to support them. Beijing Auto, we have a joint venture with them, Beijing Auto they are introducing some of the soft vehicles like Soft 94, Soft 90, Soft 96 models. And they are definitely some efforts on their part trying to penetrate into the domestic brand market. Then you have Brilliance Auto, through their JV with BMW and they have improved a lot technology front. So now they are also looking to rely more aggressively on own brands. They own their products. And so that’s some area we’re also working with them. And then Shanghai first auto SAW and they have their own [indiscernible] models has done well, reasonably well. So we’re working on that, trying to get into. So overall we see there are brands are traditionally strong in the marketplace, they are relatively losing ground to others brands. But we are more diversified, we are working with just about everybody that help us to continue to grow even with some of the customers, larger customers in the historical large customers has experienced some weakness in the recent year or quarter. That’s how we continue to offset the weakness. Bill Gregozeski – Greenridge Global: Okay, all right. Are you doing more with some of the JVs, you mentioned the launching their own brands for some of these companies that had the partners, are you selling into any of those JVs, I know that was something you talked about previously? [Foreign Language]

In general that we’re still – we’re working with those big – bigger OEMs, we just closed in the past with GM-Wuling and Peugot Citroen have a joint venture with Dongfeng, the VW Volkswagen they have joint venture with FAW we are supplying to them. And then internationally we are shipping to Chrysler North America, we are working with another global name outside of China; we’ll make announcements when it’s ready. And also the other thing, Mr. Wu mentioned earlier, even the ones that Chery and Geely know well, they are working hard to upgrade their product line, for instance Chery is traditionally making economy vehicles. Now they are introducing a high-end model too. So we are working with them, supplying to their model. And Geely grew their relationship is wonderful and they have done a lot of technological upgrade. And so we are working with them trying to click into their some of their high-end vehicles, be for instance we’re supplying to them. Bill Gregozeski – Greenridge Global: Okay. And can you provide what the EPS sales were in this year versus the year ago period? [Foreign Language]

Yes. We had almost doubled our sales and that’s the year where you should get about 400,000 units and this quarter we had about 100,000 units shipment here.

So, last year its 400,000, this quarter alone we shipped 100,000 units in the first quarter. And as you know first quarter it’s traditionally seasonal, low season, weak quarter.

Last year’s first quarter was 40,000 units, not 400,000, 40,000 units.

I’m sorry 40,000. Bill Gregozeski – Greenridge Global: Okay. All right that’s all I have, thank you. Thank you.

Thank you. The next question is from [indiscernible] of Wall Street Wonders. Please go ahead.

Hey good morning, thank you for a good presentation. My query is what foreign markets do you think for the best opportunity for exports in the coming year? [Foreign Language]

Okay mainly still the prospects it’s in North America. We’re working very closely with Chrysler now, we are working; we are developing relationship with other OEMs in North America. And in addition to that we believe South America present one of the transforming opportunity for us. So, Brazil in particular it’s interesting for us as well Argentina. And in Asia other than China we see India an adequate, potential market. And in Europe, we’ve been talking to some of the OEM there in Russia; it’s been couple of years. So we definitely want to break into that market.

Okay, thank you.

Thank you.

Thank you. The next question is from Michael Coble [phonetic] with Independent Research. Please go ahead.

Hi, thank you. Couple of my questions have been answered. In late 2002 the company bought back quite a few shares and currently the stock price is falling, a bit below book value, I was wondering the company could say something about where they stand with regard to buying back shares? [Foreign Language]

We – our Board still had to make a decision on those share buyback, well you know once we reach a decision. On the other hand we are working on some other options to, other ways to our shareholders. So we are working on proposal line out. So we hope we can make announcements soon.

Thank you. [Operator Instructions] And the next question is from Peter [indiscernible]. Please go ahead.

Hi, thank you for taking my questions. A quick question about the weakening UN or Renminbi, could you talk a little bit about how that impacted the first quarter reward and what the outlook is from your perspective and particularly on pricing/ [Foreign Language]

Regarding your question on the weakening RMB, as you know up to now 85% of our revenue is generated in domestic China market. So the currency fluctuation, has – not much negative impact to our business in China. If you look at our export weakening RMB is actually helping us with export business. In terms of pricing, we haven’t made much changes on the pricing strategy; we are going to just stay in the current pricing.

Okay. Thank you. And if I may, a quick follow-up on the electronic power steering production. I understand, it looks like you’re on track for the production target of about 420,000 units for this year, if we can have that reason from and then also what is the target, three year out is it still one million units for production capacity? [Foreign Language]

We are making steady progress, as we mentioned earlier. The annual target for 420,000 units EPS electric power steering product well on track that target has not changed. In terms of three year target for 1 million units EPS product that’s we’re still on track. And just to recap the first quarter of 2014 we shipped 400,000 units that’s up from 40,000 units in first quarter 2013.

Okay thanks. And my last question is just on Brazil, any updates on developments there in terms of that enterprise? Thank you. [Foreign Language]

Okay. We as we announced in the past, we had a LOI in place with the local player. We’re still working on that progressing. We look forward to make a further announcement when we get there. In terms of one of our long-term partner in China customer, OEM customer and partner in China Chery Auto their factory in Brazil is going to have a grand opening in July. We think, when their production starts in July we are going to try to work on that – that business and grow with them, as we have a such relationship with Chery starting many years ago in China.

Great, thank you very much for the updates and congratulations on a solid 1Q.

Thank you.

Thank you. [Operator Instructions] And it appears we have no further questions at this time. I would like to turn the floor back over to management for any additional remarks.

Thank you for attending China Automotive Systems 2014 first quarter earnings conference call. We look forward to speaking with you.

Thank you. Ladies and gentlemen, this does conclude today’s teleconference. You may disconnect your lines at this time. And thank you for your participation.