Good morning, ladies and gentlemen. Thank you for standing by. Welcome to ChinaNet Online Holdings second quarter 2013 earnings conference call. During today’s presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open for questions. (Operator Instructions) This conference is being recorded today August 19, 2013. I would now like to turn the conference over to Ted Haberfield of MZ Group. Please go ahead, sir.

Thank you and welcome everyone to today’s conference call for ChinaNet Online Holdings. This call will cover ChinaNet’s financial and operating results for the second quarter 2013. The earnings press release accompanying this conference call went to the wire in the morning of Thursday, August 15. On our call today is ChinaNet’s Chairman and CEO, Mr. Handong Cheng and the company’s COO, Mr. George Chu. Before we get started, I will read a disclaimer about forward-looking statements. This conference call may contain, in addition to historical information, forward-looking statements within the meaning of the federal securities laws regarding ChinaNet Online Holdings. Forward-looking statements include statements about plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are different than historical facts. These forward-looking statements are based on current management expectations and are subject to risks and uncertainties that may result in expectations not being realized and may cause actual outcomes to differ materially from expectations reflected in these forward-looking statements. Potential risks and uncertainties include change in demand for the company's services, the impact of competition and government regulation, and other risk contained in the statements filed from time-to-time with the SEC. All such forward-looking statements, whether written or oral made on behalf of the company are expressly qualified by these cautionary statements and such forward-looking statements are subject to risks and uncertainties and we caution you not to place undue reliance on these. At this time, I'd like to turn the call over to Mr. Cheng who will make some brief opening remarks. Mr. George Chu will provide translation and be your main host for today’s call.

[Foreign Language] Thanks Ted, and thank you everyone for joining us today. Most of you who have followed our company for the past several years, are keenly aware of the many changes in China’s economy and policies. We're always [inaudible] we’re well positioned to benefit from China growth. [Foreign Language] First and foremost, the political leaders in China are intensely focused on positioning the country’s economy to one that is more [balanced] [ph] with a particular emphasis on encouraging consumers and small businesses to become more meaningful contributor to the overall economic growth, because we have [seen] [ph] in the past [few] [ph] years the millions of dollars developing one [type product and] [ph] services exclusively for small businesses owners and entrepreneurs. We are more prepared than almost any public company to capitalize on these changes. [Foreign Language] The other factors that favors our launch of strategic [inaudible] and entrepreneurs worldwide are looking to sell their products in China. Over the past few years, we attended dozens of trade shows and conferences throughout Asia and developed relationships with these business owners. [Inaudible] they allocate more funds for expansion overseas. [We of course will help them] [ph]. One last point that I want to emphasize again we have remained [inaudible] of the really challenging time, while we continue to invest in new services and technologies. For example our [inaudible] businesses provide very strong growth for us in the past year as a result of investment made [2 to 3] [ph] years ago. There is one example of [inaudible] by expanding to new markets overseas. CNET [inaudible] stronger and more resilient company that keeps capital up succeeding in a variety of market conditions. [Foreign Language] One of the other things I want to bring up in this conference is that in the past weekend we have conducted a new product launch combined with our appreciation conferences with our key customers, and in these conferences, we have gained tremendous sales momentum as well as [inaudible] amount of sales [orders] [ph] which will be public… [Technical Difficulty]

Excuse me, this is the operator, there has been interruption in the call. The conference will resume shortly. Thank you. Please resume.

I do apologize for disconnection, the line just cutoff. So by all means I just explained, I will just translate what Mr. Cheng said. In the past weekend, we have conducted a franchise conferences in China and in this conference we invited our 200 top tier clients in this conferences, and in these conferences we also did a new product launch which has gained tremendous review and feedbacks from our key customers as well as sales orders which will be publicly announced in the next couple of days. So overall, thank you for your interest in ChinaNet. George Chu, our COO will now discuss our second quarter results.

Thank you, Mr. Cheng. Good morning to investor in the U.S. and good evening to those in Asia. As Mr. Cheng mentioned, I'll begin discussing our second quarter results before I highlight a few recent business development. Please refer to the earnings press release and 10-Q we have filed on Thursday, August 15, and Wednesday, August 14, respectively as well as the PowerPoint presentation for these conferences which can be downloaded from our website under events and presentation. And then after explaining, I will close with our outlook and guidance. We have mixed results for the three months ended June 30, 2013. Total revenue was down 32% to 8.9 million, while gross profit was only down 4% to 3.6 million. Our largest and most profitable businesses Internet advertising grew revenue slightly year-over-year. We added new customers during the quarters in varieties of industries, especially in food and beverage, clothing and [inaudible] as well [accessories] [ph] and education compared to second quarter of last year. We have increased from 855 paying clients to about 1,368. While our clients remain cautious with their average spending with us, we’re encouraged by the fact that we are clearly outperforming many of our peers and number of clients are growing and our client base are also growing very aggressively. We believe that the strong value proposition [inaudible] will position us well to take additional market share. Revenue from TV advertising was $2.5 million, down almost 60% compared to $6.1 million in the same period a year ago. The year-over-year decline in TV advertising in the second quarter reflects our strategic decision to [inaudible] our TV advertising, purchased on behalf of clients and allotted [inaudible] TV ads we purchased [inaudible] to promote our TV reality show. As we have stated many times on prior calls, TV…

(Operator Instructions) It seems there are no questions. I would like to turn the conference back over to Ted Haberfield.

Thank you everyone for joining today’s call. If you have any questions feel free to call me direct here in the U.S. it's 760-755-2716. You can also get the information off the website from ChinaNet Online Holdings. Thanks again.

The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect your lines.