Hello. Thank you, operator. Thank you. And welcome to the Uber Q2 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, please press star one on your telephone keypad. I would now like to turn the conference over to Deepa Subramanian, Vice President, Investor Relations, Corporate Finance. Please go ahead. Thank you, operator. Thank you f ...

ab 26 July 2024 Global Research and Evidence Lab China Baijiu Sector Will destocking of Moutai 'social inventory' lead to a further sector derating? Equities China Distillers & Brewers Kevin Cheng Associate Analyst kevin-za.cheng@ubs.com +852-2971 7493 Christine Peng, CFA Analyst christine-y.peng@ubs.com +852-2971 7571 Earnings & rating downgrades on oversupply amidst a weak macro backdrop We believe supply/demand dynamics for the overall baijiu sector will further deteriorate in the next 12 months, due to ...