Investment in e-commerce in the first half amounted to 3 Henry Yang: the number of investment we do not have statistics, we now cast more in-depth, original cast platform information, many not only investment platform, and some own brand, like Masa Maso of innovation in the Internet brand, they grow quickly. A large number of cosmetics, clothing, jewelry has VCP investment are honored investment presents a new to the industry earlier batch platform of e-commerce enterprises to invest in like platform building inside, and now around e-commerce service enterprises have invested a Baozun in the first half of this year, they are also Alibaba investment, given more stylish little enterprise. So e-commerce including IGT invest many companies that provide services for e-commerce is also beginning to attract a lot of investment. Now the second batch of belonging to various Internet companies do buy site out. Third category navigation station, as well as buy more fire, a variety of buy information together into buy navigation station. Buy inside the area there are 78 100, and immediately we exceeded one thousand is also possible. Buy its essence is actually more suitable for the kind of consumer service type, service class to do a successful online marketing campaign, to experience the service to buy. Buy this type of marketing is very welcomed by many service-oriented electricity supplier, expanding many new users. So the future is a very good breakdown of the field, I believe there will be several companies into a very good company in this area we also do long-term study of this site, we found in China in July e-commerce website ranking inside, between 10-20 4,5 buy nets, they have one of the relatively high traffic online shopping site Sina Technology: Now there are hundreds of buy site, There may be more than 10 successful do you think of what companies can buy success, like the public comment network's? Or something separate? Henry Yang: relying on the platform resources certainly has its advantages, including his basic user resources, customer store resources, such as public comment certainly soon. Separate buy site must also have a few done better. Buy like a lot of Internet business, or the need to focus. If the big companies set up a division to make a new product, often unsuccessful. If a team has to attract investment, very professional team doing one thing, they tend to be more successful. Buy now like microblogging not just rely on network products and its own users to do, but need a national geographical groups, businesses need to come for his services with those manufacturers to communicate, to get their support. So there is very hard, a lot of big companies are not particularly willing to do it. So we only handle, they have been in the country has dozens of cities do. Now there are 300 people in this team which began this business. Buy site of the future is certain there will be more focused buy, and more cross-regional experience, hundreds of cities in the country following each city should have its own people, the whole team size to more than two or three thousands of people, so that the enterprise becomes a leader of buy site, other people will become followers, like Jingdong, now slowly become a leader of 3C products. Reviews and other companies should also get some achievements, I think this service needs a more extensive things Sina Technology: the Jingdong originally based on 3C products, now converted into e-commerce platform, how do you see this kind of enterprise transformation, including red children up to do after the department store expansion, how do you view this situation? Henry Yang: different enterprises in different stages of the target is not the same, Jingdong In order to solve the problem of the user, the user orders up, he found that he wants to solve the logistics problems, logistical problems and later found that only through self-built logistics to be able to better and better to provide customers with services. A stage a stage came when he established good logistics and warehousing system, he found that his service is wealthy, in fact, more businesses to provide services. This is determined by the stage of business development. However, companies like the platform should be said that not too much, only a few almost. He has slowly slowly transition, development platform in Franck Muller Watches addition to Henry Yang: Taobao now are not the same, it is now slowly turned into a shopping search, Baidu is fragmented with each other, but found shopping to go to Baidu, Taobao development is also relatively fast, but because he did not like Jingdong so focused, so he gave Jingdong greater freedom of space for development. So I think any enterprise development to a certain size, he would want to say How can my users to create greater value for me, my assets to create value for me, so I think certainly in terms of Taobao e-commerce platform . Their advantage there are still some gaps Sina Technology: how do you see the traditional department store category ... now pressure or they do not know much about ... Henry Yang: e-commerce industry market space, any company if it is done, he does not care that he is traditional or original on the Internet, or had to do the traditional supply chain. A wide variety of companies will be out of a number of such enterprises. Intime investment of tens of millions to do an online department store, in fact we are talking about, he said the future success or failure is difficult to say, because we know in the United States such as Sears, like Wal-Mart, they are done Very good. There may be national traditional businesses do still difficult to evaluate, they might and wholesalers relationship, there will be several companies doing very well Henry Yang: I think users valuable channels listed, like Tudou so listed, is to raise funds for enterprises, on the one hand, one is to enhance their brand, as well as on the one hand is better money in the layout of the industrial chain, the listing is just a process, the listed IPO if someone buy it will make money. Some Internet project, some of them ready to be listed, but no one wants to buy his stock a circle tour, so there is no way this business listed. In the U.S., this market is relatively how about it? Investors are more diversified in the United States do not have to have a lot of profit, if someone is willing to buy it can be made a listing of the IPO event, the enterprise is an opportunity. I am more optimistic about the market prospects in China, the Internet is a seen more and at least to some extent, the relative concentration of the brand, like many users, many video sites is difficult to become very large, but in terms of the channel Hublot Watches , the past can only be possible to see more than a dozen, now can watch hundreds of channels via digital TV, this platform set entirely. As long as the user is continuing to stay inside your platform, your platform will be valuable Sina Technology: is listed on a piracy problem ... how do you think these cases listed will more dangerous? Henry Fake Hublot Watches Yang: I think you said the problem in the last year, two years ago, before the beginning of last year, many companies have less piracy, or the number of piracy is very small, grazing, such as foreign drama, is not a particularly big problem. The video market is not so pessimistic.