Hello, ladies and gentlemen, and welcome to participate in IT Tech Packaging's Second Quarter 2019 Earnings Conference Call. At this time, I would like to inform you that this conference is being recorded and that all participants are in a listen-only mode. Joining us today are Mr. Zhenyong Liu, IT Tech Packaging's Chairman and Chief Executive Officer; and Ms. Jing Hao, the Company's Chief Financial Officer. Remarks from both Mr. Liu and Ms. Hao will be delivered in English by interpreters. IT Tech Packaging announced its second quarter 2019 financial results via press release yesterday, which can be found on the Company's website at www.itpackaging.cn. First, Mr. Liu will brief you on the Company's key operational highlights over the second quarter 2019, and then Ms. Hao will review the Company's financial results. Before we start, I would like to draw your attention to our Safe Harbor statement. Management's prepared remarks contain forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts in its announcement, are forward-looking statements, including, but not limited to, anticipated revenues from the corrugating medium paper, tissue paper, offset printing paper and digital photo paper business segments; the actions and initiatives of current and potential competitors; the Company's ability to introduce new products; the Company's ability to implement capacity expansion; market acceptance of new products; general economic and business conditions; the ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. The Company undertakes no obligations to update forward-looking statements to reflect subsequent or current events or circumstances or to changes in its expectations except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that this expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. There is a presentation document featuring management's prepared remarks and it is now available for download from the Company's website at www.itpackaging.cn. Please note that there will be discussions on non-GAAP financial measure or EBITDA, or earnings before interest, taxes, depreciation and amortization. Please refer to our press release for a complete reconciliation of EBITDA to net income. As a kind reminder, all numbers in our presentation are quoted in U.S. dollars, and all comparisons refer to year-over-year comparisons unless otherwise stated. I'd like to turn the call over to Mr. Liu. His comments will be delivered in English by Dan McCarron from Weitian Investor Relations. Mr. McCarron, please go ahead.

Thank you, operator, and good morning, everyone. Thanks for joining our second quarter 2019 earnings conference call. Our second quarter 2019 results highlighted continued recovery of our business as we managed to grow our top line by 1.4% and made a successful turnaround. Despite continued downward trend in ASPs that offset the increase in sales, volume for both CMP and offset printing paper, our second quarter 2019 recorded sales volume of 70,389 tons, an increase of 33% year-over-year, reached the highest level since our first quarter of 2017. Thanks to solid combination, contribution from offset printing paper products and tissue paper products that we commenced production at the end of 2018. Looking ahead, we expect the market demand in ASPs for our paper products will be stable in the upcoming quarters. On June 25, 2019, Dongfang Paper the major operating entity of the company entered into an acquisition agreement with Hebei Tengsheng Paper Co. Ltd. And Dongfang Paper shall acquire 100% equity interest in Tengsheng Paper and all rights titled and interest in to all assets owned by Tengsheng Paper for total consideration of approximately $47 million. Upon the completion of the acquisition, the Company’s PM8 production line will be transferred to Tengsheng Paper as a wholly-owned subsidiary of Dongfang Paper. And Dongfang Paper will hold this on manufacturing and distribution of tissue paper in the future. We believe Tengsheng Paper will optimize a value chain in the paper industry and this synergy will help the Company reduce cost of sales, improve profit margins, and develop more flexible pricing strategies. The acquisition of Tengsheng Paper shows the company's confidence in the prospect of Chinese tissue paper market and we believe it paves the way for the company to further penetrate into the tissue paper market and improve our market share in the North China region. Now I will turn the call over to our CFO, Ms. Jing Hao, who will review the comment of the fourth quarter (sic) [second quarter ] financial results. Her comments will be delivered in English by my colleague, Janice Wang. Janice, please go ahead.

Thanks, Dan and thanks everyone for being on the call. Next, on behalf of the management team, I will summarize some key financial results for the second quarter of 2019. Also I will occasionally refer to specific production lines associated with various products. I will make clear which products I am referring to. For reference, the numbering system for our production lines is provided on Slide number 17. Now let's look at our financial performance for the second quarter of '19 -- of 2019. Please turn to Slide number 7. For the second quarter of 2019, total revenue increased 1.4% to $33.6 million due to the increase in sales of volume of CMP products, offset printing paper and tissue paper products, partially offset by the decrease in ASP of both CMP products and offset printing paper. Turning to Slide 8. For the second quarter of 2019, the CMP segment, including both regular CMP and Light-Weight CMP, generated revenue of $26.2 million, representing 77.9% of total revenue. To any point $9 million of revenue was from our regular CMP products and $5.3 million was from Light-Weight CMP. CMP segment volume increased by 26% to 60,576 tonnes, of which 47,994 tonnes was regular CMP and 20,582 tonnes were Light-Weight CMP. Average selling price or ASP for regular CMP decreased by 28% to $435 per tonne, and ASP for Light-Weight CMP decreased 28.1% to $422 per tonne. Turning to Slide 9. For the second quarter of 2019, our Offset Printing Paper segment generated revenue of $6.2 million, representing 18.6% of total revenue. Offset Printing Paper segment volume increased by 74.3% to 8,559 tonnes. Average selling price or ASP for Offset Printing Paper decreased by of 13.4% to 729 per tonne compared to 4,911 tonnes at an ASP of $861 per tonne in the…

Thank you for attending IT Tech Packaging's second quarter 2019 earnings conference call. This concludes our call today, and we thank you all for listening and goodbye.