What matters more is local competition, as I said before, the...

What matters more is local competition, as I said before, the rival in 200km got 1B IPO from local investors this April to compete with Mesbon, they invest 600M in FDY and 300M in DTY and the rest in paying down debt and supplying working capital. First Phase production has come online last month. Apparently they got better product differential rate and commenced higher margins than MES.

In this world we are competing on technology, technology determines product margins, it costs money to RD and maintian the lead. I say that Mesbon needs more capital to maintian market share, or our advantage will be lost in coming years. The under-investment problem caused by disfunctioning of the capital market will eventually eat into margins in the future.