I always thought most Chinese concept companies control their domestic subsidiaries through VIEs. After reviewing Ctrip's annual report, the net income from variable interest entities accounted for 30%, 22%, and 23% of our total revenue for the years ended December 31, 2021, 2022, and 2023, respectively—a relatively low proportion. It turns out the company mainly engages in travel-related services like flight bookings and hotel reservations, which are not restricted or prohibited for foreign investment under the Foreign Investment Industrial Guidance Catalog, so it can directly establish domestic subsidiaries to operate these businesses.