Cango Inc.

Good morning and good evening, everyone. Welcome to Kengo Inc.' 's second quarter 2023 earnings conference call. At this time, all participants are in a listen-only mode. This call is also being broadcast live on the company's IR website. Joining us today are Mr. Jiayuan Lin, Chief Executive Officer, and Mr. Yongyi Zhang, Chief Financial Officer of the company. Following management's prepared remarks, we will conclude we will conduct a question and answer session. Before we begin, I would like to refer you to the Safe Harbor Statement and the company's earnings release, which also applies to the conference call today, as management will make forward-looking statements. With that said, I would now like to turn the call over to Mr. Jai-Wang Lin, CEO of Kengo. Please proceed, sir.

Hello, everyone. Welcome to the second quarter of 2023,

Hi everyone, and welcome to CanGo's 7th Quarter 2023 Earnings Call. Despite ongoing stimulus policies from both central and local authorities to boost car consumption, consumer confidence stayed low in the first half of 2023. Moreover, the intense price war in China's auto market disrupted the pricing structure of the automotive industry, creating a widespread sense of caution.