HASCO is the pioneer of China`s auto component industry. The company will continue grow its core businesses through a combination of outward expansion and organic growth, so that it can foster transformation and upgrade of these business lines to support sustainable growth. We believe that to attract customers, auto manufacturers will tend to apply more high-end and high-technology auto parts and components in their automobiles. This trend will certainly benefit top-tier auto parts manufacturers such as HASCO. We reaffirm “Buy” rating.