Chao, could we begin with a quick overview of DragonVenture?
Mr. Tony Luh, who is the Managing Director and also the founder of the firm. Then we have Edwin Yeh; he is in charge of the technology of this partnership. Then we have several other staff. Let’s see, our portfolio companies, majority of them are in the States, I mean, legally incorporated in the States, but a good portion of them are actually operating in China or outside of the US. We emphasize in the investment into IT. However, with the exception of Zengen, that’s in life science, in the pharmaceutical industry, and that’s about the only exception. Everything else is in wireless or Internet commerce, or in operating system, hardware manufacturing, and software development. TWST: As we look at the Venture Capital market today, what’s happening from your point of view? What are the key trends that you are now seeing? Mr. Chao: Well, it’s my own personal observation but other people will see it differently, but I start seeing things especially in Silicon Valley, the traditional way of
