Good day, ladies and gentlemen. I would like to turn the presentation over to Ms. Yin Yin, Senior Director of Finance. Please proceed ma’am.

Thank you. Thank you for attending Ctrip’s Third Quarter 2005 Earnings Call. James Liang, our Chairman and CEO will give a business update highlights of the third quarter financial performance, as well as the fourth quarter outlook. James will then introduce our new CFO, Ms. Jane Sun. And then we will take questions towards the end of this call. Before we begin, I would like to emphasize that we may, during this call, discuss our future outlook and performance, which are forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involving inherent risks and uncertainties, as such our results may be materially different from the views expressed today. A number of potential risks and uncertainties are outlined in future public filings with the Securities and Exchange Commission. Ctrip does not undertake any obligation to update any forward-looking statement except as required under applicable law. Now, I will turn over to James.

We are pleased to report yet another terrific quarter with strong performance across our business. We continue to build a loyal customer base by the end of September we have more than 1.5 million accumulative effective customers. During the third quarter, we were able to acquire new customers at a pace at about 55,000 new customers per month on average compared to about 51,000 per month in the previous quarter at approximately 48,000 per month on average in 2004. During the quarter, we added net 60 domestic hotels although they guaranteed allotment rooms increase to about 24,000 out of 1400 guaranteed allotment hotels compared to about 22,000 rooms in the second quarter of 2005. We also added over 1100 hotels abroad to a total of 2100 hotels abroad as we continue to integrate CNG hotels and Pegasus ph hotel in addition to directly signing up overseas hotels. On the air-ticketing side, we have added 4 more cities with fulfillment capability to a total of 43 cities, where we now deliver ticket. For the first time, we sold more than a million tickets in the quarter. Within the packaged-tour business, we continued to launch various popular leisure destinations for independent travelers, positioning ourselves at the higher ends of leisure segments. At the same time, we continue to strengthen -- we continue to strengthen our bookings and transaction platform for packaged products. Our net revenues were US$17.4 million in the third quarter of 2005. Net revenues grew by 55% year-on-year, and 9% quarter-on-quarter driven by increase in revenues in all of our major business lines. Revenues from hotels were US$11.9 million in the third quarter of 2005, up 29% from the same period in 2004, and 4% from the previous quarter, primarily as a result of solid growth in transaction volume. The…

Thanks James. I would like to thank James and the Board for giving me this fantastic opportunity to be a part of this fast-growing, innovative and energetic organization. I look forward to working with a superb management team. In addition, I look forward to working with all of you in the investment and the research community. Thank you.

Thank you, Jane. We will now take your questions.