For some specific ESG fund products, we are using a combination strategy including screening, thematic and integration. We have issued three green thematic funds and these funds are dedicated to invest in those companies with good "green" performance. In terms of good "green" performance, it indicates those companies whose main business could either reduce the pollution, remedy the environment or promote the environment protection. After screening out those companies, we will form a green theme stock pool and the portfolio manager will select stocks from this pool to construct their portfolio. After the investment decisions are made, a negative screening will be conducted regularly. And if a negative incident happended to a listed company, we will judge the seriousness of the influence and make a decision to lower the weight or even reject the firm from the pool. And for the other funds, we are using screening only to monitor the negative incidents.
Therefore, the ESG incorporation strategy we implement includes screening, thematic and integration. We believe the strategy could assist us to screen out those companies with long term competitive advantages and sustainability. And it could also help us to reduce the risk of black swan event.