It’s my great honor and the, I was invited about months ago. I did not expect,people said this is very sensitive time for me to talk,because about yahoo ,about alibabaabout this ,that, so I promise promise,I come,Today any question you have,I will answer any question you have.All right,so I’ve been here for fifteen day and I planed to spend one year here. Nobody know,my company did not know that,I am gonna spend one year here. Cause people asked why you are here Are you here for getting yahoo“NO”Everybody was very sensitive when I said “,I am gonna spend one year here” ,and the I just come hereI am tired ,too tired in the past sixteen year,I start my business ,when I started 1994 internet ,I got crazy about the internet,,gave up my job in the teaching, I called myself like blind man riding on the back of a blind tiger, jumping around,and still KIKI ,still surviving，and then join the govement organization for sixteen months, not successful ,started alibaba 1999. and we built up the alibaba,we are luck enough,we have the taobao ,we have the alipay we have ali cloud computing,and the so many things,after 12years,I say:”I need some time to rest” , especially,this year,so difficult for me , I did not expect. Per 12 years was china call the “本命年“. This is our 12 year for alibaba.At the beginning of the year,,we have the,you know ,moving for alibaba b2b CEO,because the customer cheating thing,and then we have the alipay about the VIE.I still don’t know what the VIE is,”right”, and then we have the ,taobao separate into 4 parts,so many things ,It really make me fell tired,and I said:”well, why not give up 1 year ,because next year is my personal “本命年”,which could be much more difficult ,so this year is very tough and difficult,,I believe,next year,it’s gonna be tough ,more difficult, more “听不清“，e68a847a6431333332393464 So I got ready for that, and I need think,need rest,so in order to for any another 3,,4year hard work,because this 3year,it’s not my job,if something wrong,criticize the president of taobao,CEO of the alibaba and alicloud,it’s their fault,3 year later ,something wrong,my fault.so I come here and I will spend most of time in United States,and then thingking relaxing.2 days ago,I picked up my golf,just relax ,nothing about ,the things people think about. So we are very luck company,and there is no chance that we survive, I don’t have any sort of the background ,richfather,strong uncle, and the,I remember 1999,I came to Silicon Valley ,loking for venture capital. I talked to lots of venture capital,and I remembera few days ,I drop by Menlo park,I was rejected by so many venture capital, when talked about alibaba startup,they looked at the stranger,”what” ,”what are you talking about I went back to china,with nothing,no money, nobody invested me,but I’m full of confident,I saw America dream.At that time ,1999,I walked on the high “没听清”，every evening full of cars in the park of company,Sunday full of car,people work day and night,This is something ,I believe it’s gonna happen in china,without getting any venture capital,but I think ,I went back china with America dream and we started the business there,and after 12 years,you know, a lot of things happen,we built up the B2B,nobody believed the B2B will work ,because the B2B at that time with aliba ,I don’t know still there.“ariba .com”,”broadvision”,”commerce one” this is very famous B2B company. People said :”how can you do B2B in china. Because B2B in USA focus on big company ,they focus on buyer,and we believe that three is no big company in china,and I don’t see, in the short term, china will have lots of big company,because big company is only SOE,SOE ,they do not the ecommerce, they need govement policy.so we focus on small business,we believe china,the small business ,the private sector are the future.so we focus on that,and the B2B in usa ,they focus. They want to help the buyer save the cost ,save the time.we believe:”don’t don’t teach the SME,don’tteach the small business how to save the cost.because know much better than you do. You shound help them how to make money.so we focus on helping small business,we focus on helping them make money ,sell things abroad.Very difficult to do business,at that time,but after 12 years,we got more than 58 millions small business around the world using our service.that model is not very successful,compare to “tencent “”baidu”,.we did not make that much money,like online gaming,but we can sleep well in the evening, because the money we made not online gaming, the money we made is helping small business survive, get business opportunity which I fell very proud of that, and today , as always,I never fell proud of how much money we made,I fell proud of how much impact we can help others,especially small business,before the history of internet,no company can help over 50 millions SME,today we are trying.andf I fell proud of that this is the first company,and people said :”jack,if you make alibaba successful,that means :”you are pulling a million ton sheep on the top of the Himalayas and I said :”yes,we will carry that thing down” and we did.The second company call taobao ,and everybody said :”oh my god ,you are competing with ebay. I said :”why not,”, china need ecommerce siteand building upchina market take effort ,take time and take great “没听清“ really want to build up something,so at that time people said :”there is no chance “ well !, if you never try ,how do you know that there is no chance. So we try . And I said :” if ebay isthe sharp in the ocean, we are crocodile in the yangzi river. Never fight in the ocean, let’s fight in the Yangzi river. it was difficult, it was lots of fun,and we survive . they got 90%market share at that time, today for C2C,we own 90%market share. And luck ,just luck,thre are lots of can be disscuss in the future.Today ,people always write about the successful story about alibaba. And I really don’t think we are so smart.we made so many mistake.we were so stupid at that time.so I think someday the book I personnally really want to write about is alibaba 1001 mistakes. That’s the things people should remember ,should learn. If you want to learn “how the other people succeed,it’svery difficult.thre arelots of luck things at there. But if you want to learn “ how people fail “,you will benefit a lot,and I always like to read those booktalking about “how people fail”,because,if you look into it any company theiy fail,the reason why they fail almost the same,and that really matters, so taobao succeed,and then we have the alipay,because everybody said:”china oh ,no credit system, banking is terrible, logistics is terrible. How can you do ecommerce .I never tell, just like today I come here without PPT without my business,I not come here sell you business ,sell my business. Because I don’t stock to sell to you guys. But I think because china is not good at logistics,not good at credit system,not goog at banking system,that’s why we need entrepreneurship, that’s why we go ,we should go, build them up. So I believe ,if there is no, you build it up,later that’s become the standard of china and I believe china need that. I remember ,6 years ago,I came to the states,I told the USA audience. I believe 5 years later, china will have more internet users than USA. people said “No” , I said :”well ,you have 300 millions population,china 1.3 billions ,right! If you guys have 400 millions internet users,without any people die, keep on having baby ,, it take 50 years , we need 5 years.it’sjust time issue, right !. let’s wait and see, today we have more users ,today people say :”why your buy capability is low, let’s see about 5 years later. 5 year later,today,people only spend 200 RMB per month,5 years later,this guy will spend 2000. and we have patients, we are young,you know, my people only 26 average age, they are young.let’s wait for the future. So ,alipay,was just like very ,at that time people said :”it’s stupid “没听清“ service. John wants to buy things from Stevens, John just not want to “没听清”the money . Stevens don’t want to send the poducts. So we open account, “没听清“，ifyou happy ,” “没听清“the money ,not happy,return poduct,return money. People said :” how stupid the model is”,well!We don’t care whether stupid or not stupid.we care whether the customer wanted or not,whetherreally meet the need of customer,, if it’s stupid,but after 7years ,we have more than 600 millions users, registered users in china using that. So stupid thing , if you improve it every day,it ‘s gonna be very smart. And we believe that,and today , it ‘s good ,and it’s growing, just like paypal,we are bigger than paypal right now , on transaction volume. And the last , most important is alicloud computing,and not like the other company ,they talk about cloud computing,they want to sell you the,hardware, software. We have nothing to sell you .we just want to compute our own datas. Because the datas we have from the SME,because the datas we havefrom consumer of taobao，datas from alipay. We believe in the future the world is going to data process in the world. How can we share the datas with others in a great way. Right! That’s the business about, it’s not that good yet, but it’s very profitable,the whole com pany look health,we are very appreciate, we are the company from “没听清“，there is no chances we can win ,now we survive. I think we always ask our own question:” why we are still working so hard. I talked to my colleague one day ,and he said :” I never know that in my life, I can do that much”, second” I never know that the thing I doing that meaningful to the society, third ,I never know that life is that “没听清”hard。We worked day and night,even now. I guess so thiner ,so stranger. I understandlife is not easy. We fell proud because we are changing china. It ‘s not how much money you made. 10 years ago,when I walked on the street, people thank me because alibaba B2B helped them get orders across ocean. Today ,when I walk on the steet ,the young people said:”thank you very much,my wife and I opened a small shop on taobao,we made the surviving, we had grear incoming . I know ,this is meaningful thing. We made the credit means money. Years ago , if you have a great record,or credit trust,you are not rich. Today if you have a good record on taobao, you get rich, because people do business with those people who have good record. We are teaching consumer to be smart. People said :’”jack ,I bought something so cheap from taobao ,is that a fake product. Yes we do. Fake product at everywhere. We spent most of effort in china, 50% people on taobao, they focus on checking the internet property issue, but there is bottle of wine, the cost is only 9 dollars, the people buy on the street is 300dollars,why is that the channel, the advertisement, the TV show, why consumer should pay that much. So we cut that, and we made things change,so tell the consumer ,say :”this T-shirt , you buy on taobao,maybe 15 dollars, you buy on the shop,150 dollars. Not because taobao sell too cheap,because the shop sell too expensive.we should teach the consumer to be smart. And the third .very important, we saw so many factory in china ,especially in Canton,they are not company,they are not even a factory,they just OEM, they just manufacture,they don’t know who ar selling for them,they don’t know who are their customer,so anything come ,they all in trouble. So we just tell that manufacturing, you have to contact consumer youself, you have to sell youself, serve youself, then this real business,otherwise, you just a workshop. We are changing that, and I feel proud, we are honor, it’s not about money. We believe ,if you have 1 million dollars , you are the richman,when you have 10 million dollars,you are in trouble,you worry about the inflation,you start to invest, you get into trouble, when you have 1 billion, that ‘s not you money,it’s the society’s trust,the shareholder ,the people believe you can spend this money smart than the government,you can spend the money better than others, so they give you the trust, how can you do this trustHow can you treat ,you know ,creat this trusr well. And I think we facing this challenge.And the product of alibaba, it’s not the service,,it’s the people,employee,the colleague,the average age of our company is 26 years old,we are facing so many challenge,I never realize that on of the key government official