Our investment management team is working closely with our partners to complete the integrated process in the relevant sectors. Our investment management team in Europe and China carefully plans the long-term investment strategy, including internal governance structure and integration with our other portfolios, the global business layout especially the development plan of China business, post-investment control, exit mechanism, as well as the staff management system and risk control. At the same time, through our network of professional managers, we can appoint the interim management for our portfolio, in order to achieve smooth integration and transition.
As for the exit mechanism, on one hand we have made a series of follow-up investment plan in Europe according to our strategic of integration in the selected industrial chain. The scale effect, synergies and other benefits generated from industry consolidation will yield advantages in the expansion in Chinese market and establishment of a large group with a complete industrial chain. Investors of our fund could withdraw their investment through the following three ways: firstly, overseas IPO, secondly, being acquired by other strategic investors, thirdly, being acquired by other financial investors. The aforementioned three exit paths will take around 6-7 years in average.