The online video business started in both China and the US around 2005/6, when broadband penetration grew big enough.

On the monetization front, our strengthening leadership in internet user base and broadening reach of our platform have already positioned us as a must-buy platform in online video for brand advertisers to reach a nationwide audience within China.

On top of opportunities in further traffic growth, there are increasing opportunities to fully realize the potential of the online video ecosystem, as China continues to evolve into a consumer-driven economy.

With the rapid growth of Internet users in China bringing online video into a new paradigm, the market scale we first envisioned as an online video website back in 2006 has grown significantly.

The combined entity Youku Tudou Inc. represents a dominant leader in online video sector in China with the largest user base, most comprehensive content library, most advanced bandwidth infrastructure, and most effective monetization capability.

If you're not big enough to lose, you're not big enough to win.