Hello, everyone, and welcome to our fourth quarter 2020 earnings call. And Mr. Zeng would like to start off the call with a review of the real estate market in 2020. During 2020, real estate developers started to adopt digital marketing in their operations. However, developers faced increasing cost pressure as they rely more on the sales channel to achieve a higher turnover rate while sales channel commissions continued to increase rapidly. The COVID-19 pandemic in 2020 also further accelerated the digitalization of various industries as more consumers moved online in general, the reliance on online sales channels from homebuyers have resulted in the rapid development of digital real estate transaction services. However, as the real estate industry moves to focus on reducing inventory and the government's implementation of serious initiatives in 2020, such as the property price caps and the three red lines policy, developers have faced additional pressure on their profit margins. As a result, reducing costs and improving turnover efficiency have become core issues for developers. Based on the data from our Real Estate Digital Research Institute, the commission rate for ordinary residential property sales exceeded 3% in 2020. According to a report from CSC Financial, the average commission rate for the resale property has remained below 2% for the past two years. As a result, we believe that the increasing trend in commission rate for new construction property is neither long-term nor sustainable. Developers are always located at the first ring of the value chain for the real estate agent service sector, and the adoption of digital marketing solutions may reshape the role that platform plays as their sales channels going forward. We have also observed a series of structural changes in the real estate agent service sector. The advancement of the platform has led to a significant change in the allocation of agents as well as a decline in the number of large-scale agencies. However, as the competition intensifies, small- and medium-sized agencies, or we call it SMAs, have remained stable while the quality of the agents has continued to improve to catch up to the competition. In Shanghai, for example, SMAs accounted for over 60% of all agencies in the city in 2020. According to the data from our Real Estate Digital Research Institute, we believe that the overall allocation of a capable agent is becoming increasingly polarized as a portion of these agents drawn the leading platforms and the rest drawn SMAs as part of their start-up ventures. Additionally, we also witnessed the unprecedented competition in the sector during the year. Platforms competing in new construction properties started offering irrationally high subsidies and full advances of the commissions so that to quickly ramp up their transaction volumes. Believing that higher subsidies will translate into higher market share, players from other industry were also attracted to the agent service sector, which fueled the vicious subsidy competition even more. In our opinion, the low frequency nature of the real estate transaction and the profit seeking nature of the real estate agents suggests that the subsidy will only generate higher sales performances in the short-term and such tactics and sustainable means of the competition. Instead, we believe that long-term growth will be driven by those innovative service offerings capable of improving agent service efficiencies. And with that, I will now -- Mr. Zeng will now provide an overview of the strategic business plans that we've developed in 2020. With our SaaS solution at the core of our business, we position ourselves as a pioneer of the digitalization in Chinese real estate service industry. Now we have established a development road map with our platform on the standard and our three -- and with our three key business segments. First of all, as a platform, we are committed to empowering more agencies through our SaaS offering to continue expanding our agency base. As an independent third-party platform, we provide agencies with a comprehensive set of standardized digital and smartphone tools, making us the ideal service provider to fulfill the needs of SMA. As a result, the number of agents on our platform continued to grow in 2020 for the ninth consecutive year in a row. In the fourth quarter, number of active agents on our platform exceeded 283,000, representing an increase of 19% from the same period of 2019. More importantly, the number of active agents who act as our SaaS solution increased by 30.2% year-over-year to 557,000, of these active agents, 85% came from SMA. Across our business segments, we remain focused on strengthening our SaaS product to better facilitate transactions without getting involved in the subsidy competition. For agency services, we further upgraded our SaaS offering while continuing to strengthen our off-line operating capabilities. We launched version 5.0 of our Duoduo property sales app to optimize the way that we establish. We build and maintain relationship between agents and property buyers. During the fourth quarter, we accelerated our agent development system while introducing a series of two such as online property promotion, virtual property viewings and online chat rooms to help agents to connect to more property buyers and manage their client base more effectively online. As a result, in the fourth quarter, our agent development system achieved an agency retention rate of 88.64%. Meanwhile, as we refine our SaaS service, we further expanded the coverage of our off-line service team to 124 cities in the fourth quarter. We also established China's first digital registry for agencies, which now covers more than 1 million agents from 288,000 agencies operated by 19,000 independent companies. From our property listings, we continue to improve our collaboration with developers. In the fourth quarter, for example, we focused on expanding our collaboration with key developers and developer projects while prioritizing the quality of their real estate projects by categorizing the properties through our SaaS solutions and creating a feedback for agencies and developer projects. We further refined our property lease management profits. As a result, during the quarter, the number of new construction property projects on our platform increased to 3,479, representing a year-over-year increase of 11.26% and a sequential increase of 19.23%. For the full year of 2020, we provided services to 5,825 new construction property projects, representing a year-over-year increase of 24.15%. The number of cities covered by our new construction property project also expanded by 22% year-over-year to 204 cities nationwide, and our property listings and agency base, which are the two key drivers of our new construction property sales business, have maintained their robust growth. However, pressurized by short-term impact, the closed-loop transaction GMV of our new construction property was RMB30.9 billion in the fourth quarter, representing a sequential decrease of 6.25% and RMB107.9 billion in the full year of 2020, representing a year-over-year decrease of 23.6%. Although our decision not offered subsidies will have a short-term impact on our closed-loop transaction volume, we remain confident about our long-term growth prospects. Secondly, we have observed increasing market opportunity for developer side SaaS solutions. In response, we launched our property Cloud SaaS solutions. According to the data from CRIC, 60% of top 50 real estate development in China reported increasingly their investment in the digitalization of their operations during 2020, where the average annual investment of this developer reaching RMB100 million in the period. Around this digitalization investment, developers were highly focused on online marketing, solutions to drive that digitalization. Nonetheless, due to the lack of technology capabilities and high upfront investment costs required to build their own systems, most real estate developers usually rely on third-party SaaS solution tools to digitalize their business. Frost Sullivan estimate that the market size of the real estate product in China will grow at a CAGR of 49.3% to RMB15.9 billion by 2024. During the fourth quarter, in response to the developers' demand, we leveraged the agency resources, data and product expertise that we have accumulated over the last nine years to develop and launch our property sales SaaS solution for real estate developers. This solution enables the developer to interact with the platform's most suitable agent and improve the developers' transaction efficiencies by digitalizing their sales cycle. First, it leverages property project management and customer profile analysis services to digitalize the transaction process. Second, it offers coupons for sales events and enables agents to share property details across their personal network to digitalize the customer acquisition process. Third, it provides features that can categorize agencies and manage individual agent performance to digitalize the sales channel management process. Fourth, to digitalize the cost management process, it offers features the analysis to the viewership, budget and the conversion rate of the marketing campaign, thus enabling developers to select their own commission rates while managing their costs effectively. Under this new business model, we generally set service fees from our SaaS solutions on an annual or monthly basis. By using our total property sales app, developers are able to assess follow the agents on our platform in their respective cities with a single tap of their finger. Meanwhile, our new developer direct sales feature has well received and welcomed by our platform agencies. By providing more high-quality online property listings and enabling agencies to directly serve developers, this feature helps agencies to improve the customer conversion rate. Since launching the app, we have a pilot partnership programs for our property sales SaaS solution with more than 30 of the top developers, including China Banking, Jindal Corporation, China Overseas Events and Investment Limited, and the Country Garden Holding Company Limited. Based on the data from our Real Estate Digital Research Institute, there are county more than 45,000 property projects listed for sale in China. This represents immense market potential for our property sales SaaS solution, which adopt a monthly retainer model for its system service and value-added service fees. And for our resale property business, we remain focused on investing and investing in developing our new growth initiatives. During the fourth quarter, we established a strategic partnership with Centaline Property Agency, which enabled us to further enhance our closed-loop resale property transaction capabilities. As a result, our closed-loop resale property transaction GMV in the fourth quarter increased by 15.4% sequentially while our closed-loop resale property transaction GMV in 2020 increased by 15.26% year-over-year to reach RMB73.1 billion. We also launched a new platform Yuancui through our partnership with Centaline. On Yuancui, we will leverage our technology capabilities, effective management process, and brand influence to develop and innovative new and technology-enabled franchising system. With Yuancui’s top SaaS offerings, we can provide operational and service support to our franchise stores by integrating our extensive resources into the platform. Yuancui has already enabled more capable agents to complete closed-loop transaction on its platform. As of the end of the fourth quarter, for example, Yuancui has expanded into 28 cities to cover 3,940 agents across 455 agencies. Moreover, we develop our off-line transaction service infrastructure by building a network for off-line transactions. Currently, the network includes 11 managed transaction service center in Shanghai dedicated to provide high-quality transaction services to SMAs on our platform. In addition, our network also interfaced with a number of banks and other financial institutions, including the Industrial and Commercial Bank of China, China Construction Bank, Industrial Bank, Bank of Communications and the China Bohai Bank to integrate their financial services, such as secure loans, mortgage loans and multiple payments to other lenders. And during the fourth quarter, closed-loop transaction completed through our network increased by 35.9% sequentially and the GMV of this transaction also increased by 45.9% sequentially. As for our asset inventory business, we continue to provide effective operation support services. We leverage our effective operations and sale support services to help developers monetize those parking spaces that typically have lower turnover rates. As such, we efficiently reduced parking spaces inventory for developers. Lastly, please allow me to share an update on our current outlook for the fourth quarter. Looking into 2021, we will remain focused on upgrading our total property sales SaaS solution for agencies on our platform. This will accelerate the digitalization of agency operations which will improve the abilities of agencies to close deals on our platform and thus ramp up the revenue and profit growth of our new construction property transaction business. Meanwhile, we aim to increase our investment in building our development service system with our property sales SaaS solution at its core. This system will fulfill developers' need for digital marketing solutions that aim at lower the cost and capable of helping developers to improve their turnover efficiency. Such efforts will help to bring more property listing onto our platform as well as accelerate the revenue growth of our SaaS service and other value-added services. Lastly, we plan to invest more in our resale property segment. We will leverage our online sales solutions off-line coverage to establish leading retail property transaction service model, enabling this segment to ramp up its revenue and achieve a breakeven. Based on these expectations, we are constantly forecasting our revenue to be between RMB270 million and RMB290 million in the first quarter of 2021. This forecast is based on our current views of the market environment which are subject to change. And with that, I will turn the call over to our CFO, Mr. Pan Jiaorong, to review the quarter's financial results.
