Greetings, and welcome to the China Automotive Systems First Quarter 2020 Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Kevin Theiss, Investor Relations for China Automotive Systems. Thank you. You may begin.

Thank you everyone for joining us today. Welcome to China Automotive Systems 2020 first quarter conference call. Joining us today are Mr. Qizhou Wu, Chief Executive Officer; and Mr. Jie Li, Chief Financial Officer of China Automotive Systems. They will be available to answer questions later in the conference call with the assistance of translation. Before we begin, I remind all listeners that throughout this call, we may make statements that may contain forward-looking statements. Forward-looking statements represent the company's estimates and assumptions only as of the date of this call. As a result, the company's actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading Risk Factors in the company's Form 10-K annual report for the year ended December 31, 2019, as filed with the Securities and Exchange Commission on May 14, 2020, and in other documents filed by the company from time to time with the Securities and Exchange Commission. If the outbreak of COVID-19 is not effectively and timely controlled, our business operations and financial condition may be materially and adversely affected as a result of the deteriorating market outlook for automobile sales, the slowdown in regional and national economic growth, weakened liquidity and financial condition of our customers or other factors that we cannot foresee. Any of these factors and other factors beyond our control, could have an adverse effect on the overall business environment, cause uncertainties in the regions where we conduct business, cause our business to suffer in ways that we cannot predict and materially and adversely impact our business, financial condition and results of operations. A prolonged disruption or any further unforeseen delay in our operations of the manufacturing, delivery and assembly process within any of our production facilities…

Thank you. [Operator Instructions]. Thank you. Our first question comes from the line of Robert Pavlovich [ph], a private investor. Please proceed with your question.

Yes. Good morning. I had a question regarding the brushless motors for the electric power steering and you mentioned that they could potentially be sold to other automotive steering suppliers. What kind of potential do you see for these motors?

[Foreign Language] So brushless motors are widely used in the automotive sector. For us, brushless motor is one of the important component in the electric power steering systems. As we are ramping up the production of EPS, electric power system, ourselves, so bulk of the product of the brushless motor production aisle will go to our internal use. When we have any additional which we expect that as well, then we will plan to sell to other steering producers.

Okay. Thank you.

Thank you.

Thank you. [Operator Instructions]. Our next question comes from the line of Sam Sarabi [ph], a private investor. Please proceed with your question.

Congratulations to the management team for a job well done for quarter one. My question is related to the communications between the leadership of this organization and the shareholders. I’d like to hear some comments from the top leadership of the company regarding moving forward how they’re going to communicate with the shareholders to make sure that we promote the products and we assist in marketing of the products to the shareholders as well as the organizations that are the recipients of the products on both national and international markets?

[Foreign Language] Okay. Thank you for your question. We are diligently fulfilling our duty to make announcement quarterly and annual reporting with the regulators and also make announcement to the shareholders. And in addition to that, we also make periodic updates through announcement to inform shareholders and investors, analysts when we have any kind of business development news, whether we sign any new customers or a new product coming offline. And we also keep in close contact with our analysts just to update and to help him to better understand the company, so for him to educate investors out there. And lastly, we did have a plan to do a bit of more marketing but due to the pandemic and subsequent travel restrictions, that plan has been on hold. But at the meantime we’re doing video calls with interested investors. When this thing is over, we’ll have a plan to come to visit investors in the U.S.

Thank you.

Thank you.

Thank you. [Operator Instructions]. Ladies and gentlemen, our next question is a follow up from Sam Sarabi, a private investor. Please proceed with your question.

Yes, it’s me again. A couple of years ago the Chairman was planning to take the company private and after a lot of investigative work, it was decided not to do that. Moving forward, can someone please elaborate on the possibility of taking this company private again sometime in the future?

[Foreign Language] So at this moment in time there’s no plan to go for the large shareholder and Chairman to go private. And we don’t have any visibility in terms of his intension going forward in the future whether he wants to go or not. We have not received any indication or notice.

Thanks very much.

Thank you.

Thank you. Our next question is another follow up from the line of Robert Pavlovich, a private investor. Please proceed with your question.

Yes. As it relates to electric power steering system, major automotive manufacturers and I know Volkswagen Corporation, they have a big program for EV production and I was wondering if China Automotive Systems would be a part of that program? And I guess what other key companies do you feel that you have EPS business with in the U.S. and Europe and possibly Japan? Thank you.

[Foreign Language] So we want to make a clarification here. The EPS product can be used in both electric vehicle and traditional internal combustion powered vehicle. And our EPS products are now being used in a wide range of vehicles in China. And so our IRCB products are now developed to target the commercial vehicle, those are the electric powered commercial vehicles and mostly in international markets. And also – in particular, we see opportunity for us is in Europe. And also we take a few steps to get into that EV market. We are providing the mechanic steering systems for those OEMs. And with our new product and going to these markets, like IRCB, ERCB, we’re seeing more and more involvement for us to get into the EV sector.

Okay. Thank you.

Thank you.

Thank you. [Operator Instructions]. Ladies and gentlemen, this concludes our question-and-answer session. I’ll turn the floor back to Mr. Theiss for any final comments.

We want to thank you for your participation in today's conference call. We wish each and every one of you to be safe. And we look forward to speaking with you again. Goodbye.

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.