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Operator Ladies and gentlemen, thank you for standing by. Good day, everyone, and welcome to the Vipshop Holdings Limited First Quarter 2021 Earnings Conference Call. At this point, I would like to turn the call to Ms. Jessie Fan, Vipshop s, Director of Investor Relations. Please proceed, ma am. Jessie Fan Head of Investor Relations Thank you, operator. Hello, everyone, and thank you for joining Vipshop s first quarter 2021 earnings conference call. Before we begin, I will read the Safe Harbor statements. During this conference call, we will make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our current expectations, assumptions, estimates and projections about Vipshop Holdings Limited and its industry. ....
Operator Ladies and gentlemen, good day, everyone, and welcome to Vipshop Holdings Limited s Fourth Quarter and Full Year 2020 Earnings Conference Call. At this point, I would like to turn the call to Ms. Jessie Fan, Vipshop s Director of Investor Relations. Please proceed. Jessie Fan Head Of Investor Relations Thank you, operator. Hello, everyone, and thank you for joining Vipshop s Fourth Quarter and Full Year 2020 Earnings Conference Call. Before we begin, I will read the safe harbor statement. During this conference call, we will make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our current expectations, assumptions, estimates and projections about Vipshop Holdings Limited and its industry. All statements other than statements of historical facts we may make during this call are forward-looking statements. In some cases, these forward-looking statements can be identified by words ....