Toby Xu
CFO at Alibaba Group
and the other reason, as I said, is because of the sort of because of the working capital changes in relation to some factors like some of the business scale-downs. For these business scale-downs, many of them, if you like, majority of them are from those, you know, planned scale-down, if you like. As I was explaining why our direct sales business within Taobao, Tmall dropped quite significantly. The reason is we proactively scaled down some of these 1P businesses in Taobao, Tmall. The reason is we believe in some of these business or categories, you know, 1P format probably is not a more efficient format, so that's sort of proactive. But you will also have some of the businesses, you know, scale-down was not because proactively did that. You know, some of these just like the overall market, you know, situation. For example, as I said, you know, the revenue dropped from, for example, like Sun Art, like Intime, all those businesses are in 1P, and the drop of their scale actually impacts the working capital. I don't know, probably I can give a little bit more color on, because for doing 1P business, you know, on one hand, you are buying inventory from vendor, on the other hand, you sell it, and that the vendor normally give you a credit term, like in 60 days or 90 days. If you can make your inventory turnover, i.e.
