Good day, ladies and gentlemen, and welcome to the Gulf Resources Conference to discuss fourth quarter and full year 2021 financial results. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Helen Xu. Ma'am, the floor is yours.

Okay. Thank you, operator. Good morning, ladies and gentlemen, and good evening to all those of you for joining us from China. And we'd like to welcome all of you to Gulf Resources Fourth Quarter and Full Year 2021 Earnings Conference Call. I'm Helen Xu, the IR Director. And our CEO of the company, Mr. Xiaobin Liu, also joining us for this call today. I'd like to remind you to all of our listeners that in this call certain management statements during the call will contain forward-looking information about Gulf Resources Incorporation and its subsidiary business and products with the meaning of [ the rules described ] under Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. Actual results may differ from those discussed today taking into account a number of risk factors included but not limited to the general economic and business conditions in China. The risks associated with the COVID pandemic outbreak, future product development and production capabilities, shipments to end customers, market acceptance of new and existing products, additional competition from existing and new competition from the bromine and other chemicals products, changing technology, the ability to make future bromine assets and the various other factors beyond the company's control. All forward-looking statements are expressly qualified in their entirety by these cautionary statements, and the risk factors detailed with the company's reports filed with the SEC. Gulf Resources assumes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call. Accordingly, our company believes that the expectations reflecting results forward-looking statements are reasonable, and there can be no assurance of such will prove to be correct. In addition, any reference to the…

[Interpreted] Thank you. I'm Mr. Xiaobin Liu, the CEO of the company. First of all, I'd like to welcome all of you to Gulf Resources earnings call fourth quarter and fiscal year 2021. The last 4 years have been very difficult for our company. We do not have predicted our business would be impacted by one of the worst typhoons in Chinese history. I could not have predicted COVID or its recurrence. We could not have predicted impact of that COVID could have on the planning processes of the government. However, we believe we are beginning to see significant progress on all fronts. We are very encouraged about the continuing high price of bromine. As we noted in our press release, we are seeing new demand for bromine and supply remains highly competent. At these levels, our bromine and crude salt business should be profitable. We also believe we will be able to get approval for at least one of our bromine factories this year. Now that, following the electricity restrictions have been eased, we are moving as fast as we can to finish construction and we begin -- and then can begin testing and trial production in our new [ Yuxin ] chemical factory. We expect these factory, which will primarily produce pharmaceutical intermediate products with higher gross margin. Despite the delays, we remain confident that we will be able to produce natural gas and bromine in Sichuan. China needs more natural gas and bromine and we expect to be part of this development. While we cannot determine if or when this will occur, we know that opportunity is huge. We have the cash to grow our company and the new auditor with PCAOB compliance. We believe that the sales and profit will increase in year 2022 and in subsequent years. Now let me turn the call back to Helen for questions.

So operator, can we open our Q&A section?

[Operator Instructions] Your first question for today is coming from [ Asher Stein ].

My question relates to buybacks and dividends. I know you've addressed it before, but it appears that the net -- current assets of the company is around $9 per share. I got an e-mail [ from you ] over this quarter saying that there's no actual restrictions on share buybacks or the dividend, just that it's really difficult. But in my opinion, if the company can do any share buybacks or [ give out ] dividends, these shares are pretty much worthless and the company would be better off liquidating and returning all the cash to their shareholders. I just want to know what your opinion on that is.

Okay. So I also need [indiscernible] question that if the company consider any buyback based on the current net assets per share with $9-something. Is that the question?

Yes. The question is that the net current assets of -- per share is around $9. And obviously, the share price is well below them. And obviously, the reason is because there's no -- the company is not returning value to shareholders through buybacks or in any way. There's no way to pay cash back to the shareholders. So I don't see where that -- where the value is going to come from if the company -- like what -- has the company started any process in which it would return value to shareholders through buybacks?

Okay. I got you. Okay. I will translate Mr. Liu for your question. [Foreign Language]

[Foreign Language]

[Interpreted] Asher, the response to that, as we explained in our earnings call, and even in our press release that the company wants to -- because it's major constitution still is operation. As we have 3 major business segments. Our bromine factories, we have to reopen them. We may need the cash on hand to open it. And our chemical factories, which is also under construction now, and our natural gas in Sichuan project, which may need funds any time where government approved, and we need to more investment on the project. So the company's current constitution still it wants to put its efforts to put -- to make its operations better or normal firstly. Then after everything is on track and the business are normal operation, then if you consider buyback, or pay dividends that time to reward our shareholders and investors.

Your next question for today is coming from Frank Manning.

I have a suggestion that should dramatically increase Gulf Resources' share price and liquidity. You should hire a good investment banker to sell Gulf Resources to an appropriate buyer. Gulf Resources could be bought with the buyer's shares. The buyer should be a publicly traded company with a good business, reasonable share price and much higher trading volume than Gulf Resources. A reasonable price should be at least $12 per share. I'd say that's because of the company's cash, working capital, shareholders' equity and business as recently reported. The buyer could keep the current Gulf Resources employees to operate your business. Mr. Liu, please comment what do you think of this idea? Will you discuss this with your Board of Directors?

Okay. I will translate. [Foreign Language]

[Foreign Language]

[Interpreted] Frank, here the response from Mr. Liu. He stated that there is one call, one investor contacted the company Chairman before -- previously about your idea. And the Chairman and the Board had discussed about it. Because based on Chairman's opinion, he think he built up this company with all his effort and hard work. He does not want to sell all of these efforts to others, but they do consider to -- when the COVID become better and controlled, and they may consider to find an investment bank to increase the value of the company and to find trusted investors and try to increase the company's value more.

Okay. I think everybody that follows Gulf Resources knows that a big problem is the share price and the liquidity. And I know one issue is dividend -- the difficulty of dividends. And I just think that the idea of selling the company to a company that was public and had a higher trading volume and a reasonable share price would be a good way for the investors to get the price they deserve.

I think we got your idea, and there is a discussion with Chairman and the Board already, and the Chairman is -- has to make the decision for him. And then the Board as well, they think they may find investment bankers to increase the value of the company more when the COVID is controlled better, maybe when the situation become better in market and try to increase the value for our investors.

[Operator Instructions] Your next question for today is coming from Randy Liggett.

I just wanted to check in and see whatever happened to the idea of hiring a more kind of -- I don't want to say worldwide -- well, yes, worldwide PR firm to get the story out a little bit more. I mean the man -- the gentleman right before me, he's right. I mean the volume is just horrid. And not much you all can do about that, but I think a good PR firm could certainly help with that. You are making a ton of money, and managing the company well, but the story just can't seem to get out there and you can only do so much. And I was just wondering whatever happened to that idea.

Okay. Thank you. I'll translate it to Mr. Liu first. [Foreign Language]

[Foreign Language]

[Interpreted] First of all, thank you for comments, Mr. Liggett, and he said that the company always been thinking about this suggestion, and we have been looking for the world-wide, well-known PR firm. But due to the policy now, COVID control in China, we have difficulties to -- like to have -- like a face-to-face discussion with the possible PR firm. But when this COVID thing -- the policy relaxes in China, we can go out like overseas, they can come in China easily and would be much easier for our discussion on this matter is done.

There are no further questions in queue.

Okay. [Foreign Language] Operator, if there is no more question, can we close your call for -- we can close call for today, and thank you for all of you attending this call for today. Have a good day.

Thank you, ladies and gentlemen. This does conclude today's event. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.

Thank you. Kelly.

Bye-bye. [Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]