Hello, ladies and gentlemen, and welcome to participate in IT Tech Packaging’s Second Quarter 2020 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 2020 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 2020, 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 fact in its announcement are forward-looking statements, including but not limited to, anticipated revenues for the corrugating medium paper, tissue paper and offset printing paper and face mask 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 obligation 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 these 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 measures 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 would like now to turn the call over to Mr. Liu. His comments will be delivered in English by [indiscernible] from EverGreen Investor Relations. Ms. Shi, please go ahead.

Thank you, operator, and good morning, everyone. Thanks for joining our second quarter 2020 earnings conference call. Despite our sales and operations were impacted by the COVID-19 pandemic during the first quarter we made improvements in the second quarter as our people products business recovered as new face mask business launched in April generated revenue of $0.9 million with gross margin of 59.5% in the second quarter. Our tissue paper continued 100 growth in revenue and hit a historical high with sales volume up 2,884 tons. Due to the pandemic impact to downstream industry we experienced a 13% to 21% decrease in ASP over all paper products categories. However, except for offset printing paper we did not see much sales volume fluctuation from our people products during the second quarter. So we believe the underlying demand for our products remains strong and we expect the overall performance will continue to be improved as the ASP for all paper products becomes stabilized when the pandemic economy recovery continues through the whole industry [gene]. Now I will turn the call over to our CFO, Ms. Jing Hao who will review and comment on the second quarter financial results. Her comments will be delivered in English by my colleague Janice Wang. Jenice, please go ahead.

Ms. Wang your line is open. Please go ahead. Ms. Wang?

Thanks [indiscernible] and thanks everyone for being on the call. Next on behalf of the management team I will summarize financial results for the second quarter of 2020. Also I will occasionally refer to specific production lines associated with various products. I will make clear which products I'm referring to reference the numbering system for our production license provided on slide number 18. Now let's look at our financial performance for the second quarter of 2020. Please turn to slide number 7. For the second quarter 2020 total revenue decreased 21.6% to $26.4 million due to the decrease in average selling prices for all paper products combined with a significant decrease in sales volume of offset printing paper, which was also partially offset by the increase in sales volume of tissue paper products. Turing to slide 8. For the second quarter of 2020, the CMP Segment including both regular CMP and lightweight CMP generated a revenue of $21.9 million representing 83% of total revenue. $70.4 million of revenue was from our regular CMP products and the $4.5 million was from lightweight CMP. CMP segment volumes slightly decreased by 1.6% to 59,590 pounds of which 46,979 pounds were regular CMP and the 12,611 pounds were lightweight CMP. Average selling price or ASP for regular CMP decreased by 15% to 370 per ton and ASP for lightweight CMP decreased by 15.4% to 357 per ton. Turning to slide 9. For second quarter of 2020 the offset printing paper generated a revenue of $1.3 million decreased by $5 million of 79.8% from the same period of last year. The offset printing paper volume decreased by 74.5% to 2,183 tons ASP for offset printing paper decreased by 24.7% to 578 per tons. Turning to slide 10. Tissue paper products generated a revenue of $2.4…