Xiaopeng Motors: Alibaba's reduction in holdings is still the second largest shareholder of the company, following its investment and monetization strategy. In response to Alibaba's partial reduction in equity of Xiaopeng Motors, Xiaopeng Motors responded today that Alibaba's reduction in holdings is a strategy of returning investment and monetization to shareholders as communicated in its Q3 quarterly report, rather than due to a change in views on Xiaopeng Company. Alibaba will continue to be the second largest shareholder of Xiaopeng, holding approximately 8% of the shares, and will continue to engage in deep strategic cooperation with Xiaopeng Motors in areas such as cloud computing. In addition, Xiaopeng Automobile emphasized that it has established a strategic cooperation with Volkswagen this year, and Volkswagen is currently Xiaopeng's third largest shareholder. Xiaopeng currently has over 40 billion yuan in cash on hand, with a positive free cash flow of several billion yuan in the second half of the year, indicating abundant cash and a significant improvement in cash flow.