Greetings and welcome to the Origin Agritech Fiscal 2014 Earnings Conference Call. At this time all participants are in a listen only mode. A brief question-and-answer session will follow the following presentation. [Operator Instructions]. Please note this event is being recorded. I would now like to turn the conference over to Miss Kay Liu. Please go ahead Ma’am.

Thank you. Welcome to our year-end earnings conference call. Joining me today on the call are Dr. Gengchen Han our Chairman and CEO and Dr. Dr. Zheng Chen our CFO. Before we get started, I would like to remind everyone that this conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-Looking statements are statements that are not exactly historical facts such as based upon the beliefs and expectations of management and are subject to risk and uncertainties which could cause actual results to differ from the forward-looking statements. Risks on these holdings Origin's filings with the Securities and Exchange Commission, information set forth herein should be read in light of such risks. Origin assumes no obligation to update information content in this conference call. Now, I would like to turn the call over to Dr. Gengchen for prepared remarks.

Thank you. Good morning, and for those in China, good evening. Before I start, I would like to state that the press release for fiscal year 2014s financial results have been released earlier this morning. Fiscal Year 2014 was a very challenging year in the seed industry in China. However, we have successfully weathered through the storm and we believe we have come out of the storm with a much stronger and a happier company. Although the management couldn’t control the environment we are operating at, we have effectively managed what we can control and we are proud to share with you some of those achievements. In today’s prepared remark, I will first discuss about our biotechnology development, followed by our operational improvements and how those improvements helped us to reduce our cost structure. I will then go over our financial results for the year. First on the biotechnology progress, we have further advanced our genetically modified corn seed pipeline with several generations of GM technologies. We received and announced the Bio-Safety Certificate from Chinese Ministry of Agriculture this with from our first generation transgenic phytase corn seed. In addition, we have four commercial hybrids or phytase traits that have as per the Phase 4 production test and they are now in the Phase 5 by safety certificate stage. More importantly, our next generation biotech products glyphosate tolerance concept has also has the Phase 4 production test and as I mentioned [ph] for the Phase 5 Bio-Safety Certificate. Our new technology of stacked traits of glyphosate tolerance and the insect of resistance has shown very promising results and is now in Phase three environmental release test. We believe we are the leading biotechnology seed company in China, and I would like to share with you today that our leading position…

Okay. Thank you all for joining us for today’s call. And we wish everybody have a great day.

Thank you. This concludes today’s conference. You may now disconnect your lines at this time. We thank you for your participation.