Where are you going? The first trading day Rose 89% from the IPO price.

I believe we have seen the successful listing of the United States in 11.1 days, but also believe that we have experienced the market recognition for many years of efforts to pay the happiness and excitement. Follow our company against the perceptual description, will all the data of the rational culture, below I briefly summarize some of our listing data, so that students have a comprehensive and accurate data of the entire map.

The IPO price of the Qunar net (QUNR) is 15 USD (adr,1 adr=3 common stock, equivalent to 5 U.S. dollars per common stock), with an opening price of 28.35 US dollars, a closing price of $28.40 and a maximum price of $34.99. At closing prices, the company is worth about 3.4 billion dollars. Compared to the global tourism leading enterprises, Priceline current market value of 54 billion U.S. dollars, TripAdvisor current market value of 13 billion U.S. dollars, we still have a lot of room for development. And from the business of our development space is greater.

We saw about 500 investment institutions in the roadshow, many of them top investment funds for High-tech companies. Our final shareholder structure is almost always the top international institution, and the recognition and trust of these top institutions will help us in our future development. These investment institutions generally care about our unique analysis and understanding of the tourism market, our unique development trajectory and strategy, and our history of the implementation of the ability to prove themselves. In other words, our maverick and unique, let us go to today and get a certain degree of recognition, but also hope that we will continue to adhere to all of us in the future with all the different thinking, with all the different goals, and resolutely exclude the implementation of external voice.

To be different, the key is to be able to ignore the world's numerous and complex voices, ignoring the external business model of the industry research analysis. Now add one, ignoring the ups and downs of our share price in the capital market, and the comments that are boost and sometimes stick-killed in terms of stock prices. Qunar or Qunar, each of us is a person. 10.31 of our company, each of us, and 11.1 of our company, each of us is exactly the same, the only difference is that the test of our inner strength has reached a new state.

The corporate culture of our company has always been to require criticism rather than encouragement, and people who are criticized cannot question the motives, levels and attitudes of the critics. At the same time, we encourage critics not to become language artists, as long as the criticism of the facts can be direct and open (especially the subordinate to the superiors of the criticism should be open and direct). We have 8 years to adhere to the corporate culture, hope to play a strong screening role, I hope that in the qunar work of every student, can have a strong heart.

In the future we will have the most formidable test of our inner control: share price. With the ups and downs of the stock price, many great companies and individuals will be in the inner ups and downs, behavioral considerations of distortion out of control. We hope that we can prove in front of the stock price we have a strong ability to screen noise, focus on our continued to create value for Chinese tourism consumers, to create value for the Chinese tourism industry, expanding our business scope and scale, and eventually become the world's top companies.

I know that a lot of people will inevitably care about the share price, because the stock price represents the financial gain that we get the final option to represent. These financial benefits can improve the lives of our families. It is our family in the past and in the future continue to support us for the qunar of the pay and efforts. I think this is really the most important thing. But as the motto of the capital market, stock prices in the short term is the voting machine, long-term is weighing machine. Only in a long game to get the lead and win, is the real victory in order to maximize the improvement of the lives of our families. Assuming that Qunar is a public company in 2006, how many of us will hold the stock until today, how much will we be earning? We should be thankful for the shackles of stocks that have not been traded freely for the past 8 years, which inadvertently created value for us. After the shackles are opened, we can intelligently use the freedom to trade to arrange a better life for ourselves, not to be tired of freedom, to become irritable and anxious, to lose more, to get less.

To win in a long-term game, to maximize their financial returns, we should focus on not share prices, but consumer experience indicators and complaints. We have to believe that as long as consumer experience indicators to maximize consumer complaints to minimize, we will eventually get everything. Every day, every decision we make, every action we take, we ask ourselves: are we constantly maximizing Qunar's unique ability to serve Chinese travellers, or maximizing Qunar's profits, or even maximizing Qunar's share price? Only by constantly improving the consumer experience and maximizing Qunar's unique ability to serve Chinese travellers can we maximize long-term profits and share prices. The consumer experience and the unique service ability are the cause, the other is the fruit. We have to concentrate 100% of our energies on the cause.

In the end, company and life are like a show. The successful listing has given us a world-class stage and we have stood on the stage. Relax, let us focus on the center of the stage, and strive to each scene gorgeous performance, to create a scene after another climax.