Qudian Inc. American Depositary Shares, each representing one Class A Ordinary Share

Hello, ladies and gentlemen. Thank you for standing by for QDN Inc. Fourth Quarter and Full Year 2020 Earnings Conference Call. At this time, all participants are in listen-only mode. After management's prepared remarks, there will be a question and answer session. Today's conference call is being recorded. I will now turn the call over to our host from QDN. Please go ahead.

Hello, everyone, and welcome to QDN's Fourth Quarter and Full Year 2020 Earnings Conference Call. The company's results were issued via NewsWare services earlier today and were posted online. You can download the earnings brief release and sign up for the company's distribution list by visiting our website at ir.qidian.com. Mr. Ming Luo, our founder, chairman, and chief executive officer, and Ms. Cici Zhu, our VP of investor relations, will start the call with their prepared remarks. Before we continue, Please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Previate Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the county's results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in the as filed with the U.S. Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements except as required under applicable law. Please also note that Shijie's earnings pre-release and this conference call includes discussions of unaudited gap financial information as well as unaudited non-gap financial measures. Shijie's pre-release contains a reconciliation of the unaudited non-gap measures to the unaudited most directly comparable guest manager. We also posted a slide presentation on our IR website, providing details on our results in a quarter. We will reference those results in our prepared remarks, but will not refer to specific slides during our discussion. I will now turn the call over to our CEO, Miluo. Please go ahead.

Hello, everyone. I would like to thank you all for joining today's call. Despite pandemic driving uncertainty and challenging market conditions as well as continuous shifting regulatory environment, we were able to conclude 2020 with further improvements in our asset quality as we remain rich in our cash, credit, business operations. In the first quarter of 2020, we generated approximately 4.8 billion RMB transactions from our own book, Business. Staying relatively flat with the previous quarter, as 2021 unfolds, we will continue to prudently operate our cash loan business while simultaneously exploring new areas for growth. Turning to our new business initiative, we remain on track to develop our early childhood education business. Now, I would like to turn the call over to Sissy for more details our list up.