Howard Wong: You have been able to collect a lot of cash in 4Q. Is that going to be a trend going forward as you see the accounts receivable coming down, or is it the seasonality?
Steve Zhang: Our DSO has been in the range of 120 days and in Q4, it’s always a strong quarter for us to collect cash. But normally, we collect roughly $25 million to $30 million a quarter. In the fourth quarter, normally we collect more than the $30 million average range, so resulting in the fourth quarter, we have a strong cash flow. That’s also the same pattern in 2006.
Howard Wong: Out of the $200 million plus cash, how much of it is in RMB or is it U.S. dollars or other currencies?
Eileen Chu: About 50% is in RMB and the remaining in U.S. dollars.
Howard Wong: How much of your total investment is in the Asia equity market in the last year?
Eileen Chu: Of our investments, more or less around 50% is in U.S. and the remaining 50% in Asia.
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