Zhu Haokang : Based on the analysis of various factors, we believe that cryptocurrency ETFs will be beneficial to cryptocurrency prices. First, Hong Kong’s crypto spot ETF market injects more liquidity into the crypto market. Second, accelerate the compliance of the industry. Third, funding channels have been expanded. Fourth, investors may obtain arbitrage opportunities between ETF prices and spot prices, allowing more market makers and arbitrage investors to actively participate. Fifth, with the passage of our crypto spot ETF, trading factors in traditional markets will also directly affect the cryptocurrency market. Sixth point, we believe that Hong Kong’s regulatory framework is relatively clear, and the issuance of Bitcoin and Ethereum ETF products provides great convenience. Seventh point, we believe that Hong Kong, as an international financial center, will attract more Chinese investors to trade during Asian time periods, improve market liquidity, and perform better than similar products in Europe or Canada.