 How do we go beyond the trade war that at the moment remains between the United States and China in spite of the recent truce that we've seen at the G20? I think the implication of the trade war is going to be so much broader than whatever impact it may have on our business, particularly in the listing business. So I think from our perspective, we really look at this in the broader scheme, that this is the conflict that is lying in the coming. We all know it. It's just the one. It needs to get resolved. It's almost like a two runners are running. When the second runner was quite a big distance away, you don't really worry too much. But now the second runner is quite close. And the first runner, somehow something is being unfairly done. This use probably is different. He probably eats some Chinese medicine that make him run faster. Whatever is the reason, the first runner no longer feel comfortable that this is actually inevitable is going to happen, that the second is to become first. So this either you can run much faster so that you can create the distance again, or you have to find a way to slow the other guy down, particularly if you believe the other guy is being unfair in whatever perception that you have. So I think we all watching this, I think maybe we're hopeful they can do multilaterally. I don't think it's going to happen. America knows that this is the only moment in history that they can do something about it. And the one thing that I don't quite understand, and I don't quite see for sure, is what America really wanted. Or which American wanted what? And I think in terms of three levels. If you think about trade, it's all money issue. Anything that can be settled in money for the Chinese is not a big deal. We can sort it out, right? So from a trade perspective, we strike a deal. The second level is more behavior change that American wanted China to change. This and that, intellectual property. This is almost, sometimes it's like China need to stop drinking and smoking. That's harder because smoking for a while and drinking for a while, we all do. But I think in the longest terms, the Chinese could rationalize that smoking and drinking is not great to your health and probably is a good idea to stop at some point. But give me a time. I can't quit overnight. And also trying to do it in a way that is respectful. You can't put a smoke detector in my house and insist on coming in and check to see whether I smoke after dinner or not. So I think that is the behavior change that need to, if that's what the American wanted, I think there is a possibility of a deal, but it's going to be painful, it's going to be negotiated, it's going to be patient. But ultimately, probably something will work out. But if American wanted number three, that you have to go to church, your children has to be educated in a particular way, you have to stop eating Chinese food. And that, it will never happen, let's just face it, it will never happen. So the issue here is which American wanted, Wall Street wanted something, Hollywood wanted something, Silicon Valley wanted something, Bible Belt wants something, Rust Belt wants something, agricultural states want something. So if China, but I think if China reform and opens, eventually everybody just focus on number one, maybe a little bit number three. Nobody would talk about number three, and number two, but nobody would talk about number three. But the problem is if China does not accelerate and continue to open and reform, that will unite all the different factions of the United States, and then number three is always going to be on the table, and number two is always going to be on the table. It will make things a lot harder. But either way, this is going to be a long, long process before it's over. So I think companies have to do a scenario planning. They have to look at different scenarios that might unfold over the next six months, year, three years. And they need to think about how that affects their current business plan and what they can do to mitigate the risks. The risks are not going to go away anytime soon based on the contentious view of people in this room. So you have to say, okay, what's likely to happen and how is that going to affect our business? In our American Chamber of Commerce, we did a survey a month ago, and 40% of the members, these are companies that are here in China doing business, 40% said they are either moving manufacturing out of China or they are considering to do so. And that's an example of the kind of things that people have to be thinking about. If you sell high technology, then you have to say, what kinds of enhanced export control regulations is the Department of Commerce in the US going to come out with in the next few months, and is that going to affect what I can sell to China, or is it going to affect what Chinese companies can buy in the US? So we have to look at the different scenarios, and companies have to mitigate their risk. And in some cases, that's going to mean people are going to move their manufacturing both out of China and out of the US so that they're not subject to tariffs imposed by either country. Anything that can easily be moved on the margins are already happening. Anything that can happen that does not evolve a large part of the supply chain that you can independently move, people already begin to think about it. But anything that is deeply wedded into a very complicated global supply chain, it's very hard to move because you can't move independently. You have to really coordinate it with the entire parts of the overall supply chain. But the key here is not what the company wanted to do. The key here is that we are dealing with, for the first time as an industry, a governmental, institutional way of the old way is breaking down. Now we are ruling everything by Twitter's now. So the companies have to really wake up every day, look at the Twitter. I think CNBC is no longer really the first thing they look. I think then they will be looking at Twitter's first. The 60 million follower, many of them are companies that are looking for policy guidance in the morning. So I think that, obviously, Twitter can change over the couple of weeks. So therefore, there's also going to be a significant development of people's expectations because people have to develop some reliable way of being able to rely on policy. So if you said, if you keep on doing this, the government would do that. If you keep on doing that, the government would do that. Then you can start to really develop internal processes to cope with it. Today, a lot of people are going to be talking about change. They need to really think about Plan B. Most of the Plan B are in the boardroom. I don't really think any of the real big Plan B is being executed. But the longer this uncertainty lingers, the more likely people will begin to put more serious efforts into the Plan B.