Thank you very much. It's great to be with you.
Mr. Burton, maybe I'll start with you with a few different questions.
Can you share a little bit very specifically about how state-owned enterprises work specifically in the People's Republic of China? People may come from a framework where they think of a state-owned enterprise as overseen by an independent board of directors with the mandate of maximizing profit. Maybe this is a problem in general with how we view the Chinese system. We presume a sort of institutional separation between public and private, military and non-military. Could you share your thoughts on how a state-owned enterprise actually operates in China and how that might be different from what we're used to?