Benefitting from the favorable environment for start-ups, there are currently dozens of high-quality PRC biotech companies following the trend and initiating the IPO process. To a certain extent, biotech could be regarded as a capital-intensive industry, as the development and maintenance of product pipelines create a high demand for stable funding. Therefore, we believe that with the perfection of relevant regulations and the maturity of the operation mechanism, Hong Kong will become more and more attractive to PRC biotech companies which have funding needs and meet the requirements under Chapter 18A.