We hosted an investor conference call for Vaillant Group on May 5. Company management reiterated that Myanmar's three LNG power generation projects have a total installed capacity of 900 MW and are expected to commence operations in mid-2020, which is in line with our previous discussions. In addition to emerging markets, VPower Group is always looking for opportunities in developed markets. In the UK, projects with a total installed capacity of around 152 MW will be put into operation within the next few years. VPower Group is a beneficiary of increased use of clean energy (gas power generation) and renewable energy (electricity peaking). VPower Group is expected to resume growth in 2020 and 2021. We believe that although there are no directly comparable companies in the Hong Kong market, Vaillant Group is worth paying attention to if investors are looking for companies with high growth visibility and clean energy related to emerging markets. The market seems to have underestimated Vaillant Group's growth potential. The impact of COVID-19 is limited Vaillant Group's management reiterated that the impact of COVID-19 on the company's operations is limited. The company's three joint venture LNG power generation projects in Myanmar have a total installed capacity of 900 megawatts and will begin operations in mid-2020. This is in line with our previous discussions and will improve the company's operating performance in FY20 and FY21. As of the end of March 2020, the total installed capacity of Vaillant Group's Investment, Construction and Operation (IBO) business was 752.7 megawatts. Despite macro-uncertainties (including joint venture contributions), the company will resume rapid growth in 2020 and 2021. In the future, a more balanced geographical mix will be achieved. Vaillant Group's IBO business will be concentrated in emerging markets, where electricity supply growth has lagged behind the growth in electricity demand. Indonesia and Myanmar are the main markets for its IBO business. VPower Group will be the beneficiary of rebuilding the global supply chain. The company is always looking for opportunities in developed markets. The UK project, with a total capacity of around 152 MW, will be put into operation within the next few years. The UK project is mainly for electricity sharing, as the growing popularity of renewable energy will destabilize the grid. VPower Group will have a more balanced geographical mix in the future. Capital expenditure is expected to peak, and the company's high debt ratio worries some investors. Since 2019, the company has focused on reducing debt levels and reducing the net debt ratio from 94.5% in 2018 to 87.4% in 2019. Vaillant Group's management said the company will continue to reduce its debt ratio. The establishment of a joint venture with China Technology Corporation reduced the financial pressure on Vaillant Group. Capital expenditure for 2020 is estimated at around HK$1 billion, with funding provided internally. This is expected to ease concerns about Vaillant Group's growth prospects and debt levels, and may increase investor confidence. Exploring China's Potential VPower Group signed a distribution agreement with Rolls-Royce in March 2020 to distribute MTU products in China. Due to China's environmental protection restrictions, the partnership between the two companies is expected to gain growth potential from the renewal of marine power generation solutions. Beneficiaries of clean energy Vaillant Group is a beneficiary of increased use of clean energy and renewable energy. Risks: 1). The launch of new projects in Myanmar has been slower than expected; 2). Undertaker's counterparty risk; 3). The risk of supplier concentration. Catalysts: 1). Sign a new contract; 2). Results for the first quarter of FY20 and FY20; 3). Development of new business with strategic partners and major shareholders.