Ladies and gentlemen, thank you for standing by and welcome to Uxin’s Earnings Conference Call for the Quarter Ended September 30, 2020. And at this time, all participants are in listen-only mode. And after management’s prepared remarks, there will be a Q&A session. Today’s conference call is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the call over to Nancy Song, Investor Relations Director of Uxin. Please go ahead.

Thank you, operator. Hello, everyone. Welcome to Uxin’s earnings conference call for the quarter ended September 30, 2020. On the call today are D.K., our Founder and CEO; and Zhen Zeng, our CFO. D.K. will review business operations and the company highlights, followed by Zhen, who will discuss financials and guidance. They both will be available to answer your questions during the Q&A session that follows. Before we start, I would like to remind you that this call may contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are made based on management’s current knowledge and assumptions about future events that involve known or unknown risks and uncertainties, which could cause actual results to differ materially from those in the forward-looking statements. Uxin does not undertake any obligations to update any forward-looking statements, except as required under applicable law. For more information about the potential risks and uncertainties, please refer to our filings with the SEC. With that, I will now turn the call over to our CEO, D.K. Please go ahead.

Thank you, Nancy. Hello, everyone. Thank you for joining our earnings conference call today. The September quarter marked our transition to an inventory-owning model. Now we are pleased to report that we have successfully made the transition, which gives us better control over all other fault -- our other flow and the supply chain management with our online projects and the service offering being continuously optimized. We are also very pleased with the progress we made better serving our customer as a national wide online car dealer. Not to only have we raised the bar in delivering enhanced the customer experience, but we also validated our efforts by receiving improved customer satisfaction feedback during the quarter. The completion of our shift to an inventory-owning model, coupled with our unique offering off and online used car buying experience father the strengths our ability to maximize customer value to our dedicating approach, offering quarterly value for money used cars alongside the best-in-class pricing services. In fine-tuning our products and services, we focused on three initiatives during the September quarter in order to deliver a better customer experience. First with used car quality by adopting stricter standards in selecting and inspecting cars and improve the car conditions by introducting standard and wheel rounding reconditioning services. In terms of car quality by leveraging the massive used car better category that from our historical car inspection and through our experience in progressing our car insurance clients over the past three years. We have developed an extensive and deep understanding of car performance from certain mix and models in relation to manufacturing data of knowledge. This data-driving know-how allow us to effectively exclude some new tap off [ph] cars with manufacturing defector of relatively high failure rates. In addition, we also raised the standards for inspecting…

Okay. Thanks D.K. Hello everyone. Thanks for joining us today. As we made the transition to an inventory-owning model, we continue to enhance our operational efficiency across the board. Our focus on handpicking used cars now enables us to allocate our inspection resources to only specific qualified cars and helps to optimize inspection costs. In addition, we are also able to reduce sales and relevant administrative expenses as we streamlined our sales process by migrating every sales step online. With a fundamentally optimized cost and expense structure in place, we believe that we will achieve better operating leverage in the long-term as we achieve a scale, strengthen trust in the Uxin brand and benefit from positive word-of-mouth referrals among customers. Now, let me work you through our financial details for the quarter ending in the September. Please note that the result I will discuss related to the continuing operations only. All numbers are in RMB unless otherwise stated. Also, please note that some numbers I refer to are non-GAAP numbers. You can find a reconciliation of these numbers at the bottom of our earnings release. In the three months ended September 30, 2020, total revenues were RMB76 million compared with the RMB397 million in the same period last year. The decrease was primarily due to the decrease in the 2C transaction volume and GMV, as a result of our business model transformation. We operate our entire used core inspection, our transaction process and migrate every sales step online. Beginning in the June 2020, we are now building our customer base by using online sales staff as opposed to offline sales team. Our total 2C revenue was RMB61 million compared with RMB334 million in the same period last year. Our online used car transaction volume was 2,653 units with the corresponding…

Thank you, Mr. Zhen. Operator, we would like to open the call for questions now.

Certainly. Ladies and gentlemen, we will now begin the question-and-answer session. [Operator Instructions] We have our first question coming from the line of Eddy Wang from Morgan Stanley. Please go ahead.

Hi, D.K., Michael. Thank you for taking my question. [Foreign Language] Thank you for taking my question. I have two questions. The first question is about the outlook of the used car industry in next year. And the second question is that you mentioned, you have been doing a lot of efforts to improve the overall NPS goal, and the user experience. So going forward, what kind of the efforts you will continue to do to further improve this -- the user experience in terms of NPS. Thank you.

Okay. Thank you, Eddy. All right. I will take these two questions. So, first of all, industry, just recently China auto Dealer Association has a promoted and implemented several used car policies this since year. In this industry environment, I think it will be a new start for the used car industry next year that is the whole sector should move forward in full compliance with relevant used car policies, further implemented and upgraded. This, will enhance the entire industry to develop from a used car brokerage model toward -- to a more organized the business model. We are participating as more regulated. Currently a used car VAT tax has already been cut from 2% of ourselves to 0.5%. And at the same time, there are also some -- the enhancements in policies relating to vehicle temporary -- preparatory, the registration and the title transfer. And, we can say Beijing introduced a new license planted allocation policies earlier this month. As a pilot city, I believe Beijing will launch and implement specific plans next a response to this policies mentioned above. So, there will be a favorable government policies in place and by the way the implementation carried out by pilot city as a reference for other cities and the regions to learn from. The developments in regulatory, the compliance and implementation of policies will bring positive change to the used car industry, including higher engagement to offer industry players and customers the high acceptance of buying used car. But this change will gradually to taking place. From what we have seen currently, all these three policies will benefit Uxin as we now operate as the online used car dealer. First, as a business entity, our adoption of inventory-owing model we will be fully supported by the policies. In addition,…

Thank you. Thank you, D.K. Thank you. Very clear. Thank you very much.

Thank you.

Thank you. Thank you. I would now like to turn the call over to Nancy Song, for any closing remarks. Thank you.

Thank you again for joining our call today and for your continuous support in Uxin. We look forward to speaking to you soon in the future. Thank you.

Thank you. That concludes the conference for today.

Thank you.

Thank you for your participation. You may all disconnect your lines now. Thank you.