vivo continued strong momentum in Q1 2017. The Chinese vendor solidified its 5th position in global smartphone market, up +64% YoY by volume. vivo’s aggressive investment in India started to pay dividend with improved volume and market share this quarter. We believe vivo is well-positioned to further grow in India in 2017. However, in China, we suggest the vendor to carefully review product strategy for a more balanced line-up and a more reasonable product launch cycle.