I thought the results were better than expected. Competition as we know from Alibaba and JD results, subsidies level has been scaling back. For this Q, the CLC which is core local commerce, the in-store margin seems to be stabilized roughly around mid 20%. The unit economics loss per order is about 1 RMB. For the second quarter, because it's a seasonally strong quarter, management seems to be implying the second quarter for delivery could actually resume to break even.

I think both. Everybody seems to be behaving a little bit. Alibaba also wanted to scale back for delivery loss after a pretty decent market share. Meituan with the better subsidy environment, they are also improving in terms of new user growth and higher AOV products. The UE is improving substantially in the second quarter. But they did warn about the second half because last year was a really high base on the order volume.

Even though Baba recorded really nice cloud revenues, stocks post result actually declined. Because of the current momentum we have in Taiwan Computex, the internet sector unfortunately has been a sector that people are not looking at it in the current movement. But fundamentally, valuation is attractive. If you look at Tencent, excluding the investment portfolio and excluding cash, it's a really attractive valuation.