赵晓悦；潘沩 上海报道

ZhaoXiaoYue；PanWei Shanghai reported

　　“如果投资者是因为我的原因而损失，我自杀的心都有了，但他们不是，他们的损失是因为浑水的报告”，面对18日浑水公司(Muddy Waters Research)长达100页的做空报告，“俞校长”语调平静。

“If investors because of my reason and loss，I have the heart of suicide，But they are not，Their loss because the report of the muddy water”，Face 18 muddy water company(Muddy Waters Research)A 100 page report do empty，“Yu the principal”Tone calm。

　　浑水公司的指责重点包括：1，新东方未披露加盟及加盟店信息；2加盟及加盟店营收并表不合理，存在财务欺诈；3，税收减免不合理；4，业绩增长问题；5，审计及审计费问题。

Muddy water company accused highlights include the：1，New Oriental did not disclose to join and stores information；2 to join and franchisees revenue and table is not reasonable，Existing financial fraud；3，Tax cuts is not reasonable；4，Growth performance problems；5，Audit and ShenJiFei problem。

　　在俞敏洪看来，浑水的指责大多断章取义，都是可以解释清楚的。在7月19日下午接受《21世纪经济报道》的专访时，俞敏洪对浑水的指责一一回应。

In Mr Yu seems，Most of the accused muddy water dissent，Can be explained。On July 19 afternoon accept《21 century economic report》interview，Mr Yu to accusations of muddy water one response。

　　在中概股眼中，浑水早已不陌生，从2009年开始，包括分众传媒在内的不少中概股都遭受过浑水的做空袭击。而这一次对新东方的报告发布时间，也显示了浑水的“成熟”：选择了新东方受SEC(美国证券交易委员会)调查的第二天。

In the eyes of the will，Muddy water had not unfamiliar，From 2009 to，All the media, including points in many are shares have suffer from the muddy water do empty attacks。And this time the report of new Oriental time，Also shows that the muddy water“mature”：Choose the new Oriental by SEC(The securities and exchange commission)The second day of the investigation。

　　7月18日，新东方(NYSE：)宣布收到SEC关于VIE结构调整的调查函件，当日股价下跌近35%。

July 18,，New Oriental(NYSE：)Announced that received SEC about VIE structure adjustment of the survey correspondence，On the day of the stock price down nearly 35%。

　　新东方在7月11日发布公告称，新东方简化了国内实体北京新东方教育科技(集团)有限公司的股权结构，通过无对价协议将VIE股权100%转移到俞敏洪控制的实体下(转移之前俞敏洪控股53%)。

New Oriental in July 11 issued announcement said，New Oriental simplified the new Oriental education of science and technology Beijing domestic entities(group)Limited company of ownership structure，Through the price agreement will be VIE equity transfer to Mr Yu control 100% of the entity(Prior to the transfer Mr Yu holding 53%)。

　　相关交易在2012年1月正式注册，5月完成将全部股权向新东方全资子公司的质押登记正式注册。

Relevant trade in January 2012 officially registered，May finish all interest to the new Oriental wholly owned subsidiaries pledge registration officially registered。

　　据了解，新东方在2002年设立北京新东方教育科技(集团)有限公司(VIE)，2006年上市时创始人中的11个均是VIE股东。到目前为止其中10个VIE股东已经离职，没有或仅持有少量股份，而且不涉及公司管理层面。新东方此次的VIE结构调整对新东方上市公司股东结构没有影响。

According to understand，New Oriental in 2002 set up new Oriental education science and technology in Beijing(group)Co., LTD(VIE)，In 2006, the founder of the listings are 11 of the VIE shareholders。So far, 10 of them a VIE shareholders had already left，Not only a few shares or hold，And do not involve the company management level。New Oriental VIE structure adjustment of the shareholders of a listed company of new Oriental structure have no effect。

　　另据了解，浑水出报告的当天，俞敏洪就不断接到来自身边朋友的问候，关键词只有一个：我们准备去买点新东方。这其中，有一些是比较知名的PE基金，也有二级市场的基金，也有企业家。而新东方自身，则是由于接受SEC调查，目前不能增持股票。

To understand the other，A report on the day of muddy water，Mr Yu have been received from the side of the friends greetings，Key words: only one：We are going to buy some new Oriental。This one，Some of it is more famous PE fund，Also have the secondary market fund，Also have entrepreneurs。And new Oriental itself，Is due to accept the SEC investigation，Now can't take stock。

　　浑水的这份报告，在美国时间7月18日当日，造成新东方下跌34%，两日累计下跌69%。但截至本报记者发稿时，新东方当日开盘价已经上涨10%以上。

The report, muddy water，In the United States time on July 18 that day，Cause new Oriental fell 34%，Two days of accumulative total fell 69%。But by our newspaper reporter，New Oriental the same day opening price has risen more than 10%。

　　

VIE调整：重担一个人挑 VIE adjustment：A person to pick the burden

　　《21世纪》：今天这个事情(浑水的做空报告)搞得有点被动？

《The 21 st century》：Today the things(The muddy water do empty report)Make a little passive？

　　俞敏洪(以下简称“俞”)：我不被动，一点都不被动。我感到很内疚，因为那么多人买了新东方的股票，结果弄成这样；但从另一个角度讲，这个事情不是新东方造成的，因为新东方一直在完善公司的治理结构，而且毫不夸张地说，在中国公司里应该是不错的了。对新东方本身的经营，肯定是没有问题的，因为新东方的经营一如既往地正常发展。

Mr Yu(Hereinafter referred to as“yu”)：I'm not passive，No passive。I feel very guilty，Because so many people bought new Oriental's stock，The results make it so；But from another Angle，This thing is not caused by new Oriental school，Because the new Oriental has been improving governance structure of a company，And no exaggeration to say，The company in China should be pretty good。New Oriental itself to the management，Sure is no problem，Because the new Oriental business continue to normal development。

　　《21世纪》：主要股东和公司内部已经沟通过了？

《The 21 st century》：Major shareholders and the company has been communicating？

　　俞：内部我已经给高管们写了好几封信了。这次这个事情，让很多新东方的高管们都万众一心，得努力奋斗啊，证明给大家看。

yu：Internal I have given executives wrote several letter。This time the things，Make a lot of new Oriental, executives unite as one，Have to struggle，Prove to everyone to look at。

　　《21世纪》：现在的影响主要在股票和投资者层面？

《The 21 st century》：Now the influence in the stock and investors level？

　　俞：就是股票、二级市场层面，新东方本身一点影响都没有。像浑水公司这样不负责任的言论，全世界投资者对中国公司本来就是惊弓之鸟，去年一年那么多公司出事，浑水又攻击了那么多公司。对新东方的报道写得像小说一样。

yu：Is stock、The secondary market level，New Oriental itself a bit influence all have no。Muddy water company like such irresponsible remarks，Investors all over the world to Chinese company would have is a bow-string，Last year so many companies involved in an accident，Muddy water and against so many companies。For new Oriental's report was like a fiction。

　　《21世纪》：你们调整VIE这个时间点是巧合吗？

《The 21 st century》：This time you adjust VIE coincidence？

　　俞：不是的。调整VIE这个事情是因为去年别的公司的VIE问题，让海外产生了怀疑，所以我们想调得让海外投资者和SEC更加认为我们是没有什么问题的。当然VIE有没有问题是永远都解决不了的，除非中国的政策解决。

yu：no。Adjust the VIE this things because of other company VIE last year，For overseas suspect，So we want to transfer let overseas investors and SEC more think we are do not have what problem。Of course VIE have the problem is never solve，Unless China's policy address。

　　我为什么从11个人调到了我一个人？特别简单，首先是这11个人所有的利益都已经在海外公司确认了，国内公司在不在其实已没什么意义；

Why I from 11 personal transferred to me？Very simple，First is the 11 individually-owned interests are in overseas company confirmed，The domestic company is in actually is not meaningful；

　　第二，国内公司人多的话，从中国的法律角度来说，大家还是要承担责任的，我就想调整到我一个人，千斤重担一人挑，都捆绑在我身上，事实上是让我与海外架构更紧密了。

The second，The domestic company people did，From the point of view of the Chinese law，Everyone still want to assume responsibility，I just want to adjust to me，One thousand jins carry the burden，All bound upon me，In fact is let me and overseas structure more closely。

　　《21世纪》：浑水质疑的其中一点，是VIE变更的时间点？

《The 21 st century》：The question is one point muddy water，Is the time point VIE change？

　　俞：当时没有发正式公告，但事实上我们上市公司的所有条款都是不变的，我们的做法是为了加强VIE结构，这对所有的股东是好事嘛，所以也就没有预先说太多。

yu：At that time did not send a formal announcement，But in fact we all the terms and conditions of the listed company is constant，Our approach is to strengthen VIE structure，To all shareholders is a good thing，So we haven't said too much。

　　

“把新东方的粉刺说成了癌症” “The new Oriental acne a cancer”

　　《21世纪》：浑水提到的财务作假问题是怎么回事？

《The 21 st century》：Muddy water mentioned a false financial problem is how to return a responsibility？

　　俞：这个完全不是问题。自从2002年《民办教育促进法》出台以后，民办教育的办学实体学校本身，国家把它分为可盈利和不可盈利的，但国家到今天为止，也没有对这个做任何清晰的区分。但2002年的法规有一个好处：学校是谁办的，它就必然是谁的。这里面说新东方的学校都是国有资产，是扯淡的事情。怎么会是国有资产呢？

yu：The complete isn't a problem。Since 2002《Private education promotion》Issued after，Private education of running a school itself entity，Countries are divided into profitable and shall not profit，But the country to date，And not for any clear distinction between the do。But 2002 years of regulations have a good：The school is who do，It will inevitably who that is。It said the new Oriental school are state-owned assets，What is like hell。How can it be state-owned assets？

　　另外关于税收的问题，我们在全国所有的机构，营业税和所得税都是

Another problem about taxes，We all across the country in the organization，Business tax and income tax

　　按国家规定交的，只有新东方北京学校，因为历史沿革问题，到现在还有一定的优惠，但也在国家的政策范围之内。不然这么大一个上市公司，税务局能够眼看我们违法，违法到今天？那早就叮呤当啷地进去了。

According to the state regulations hand in，Only new Oriental school in Beijing，Because history problem，To now have a favorable，But also in the policy of the country within range。Not so big a listed company，Tax official can see we illegal，Illegal to today？That would have stung in clatter methotrexate......。

　　浑水这边人特别理解中国，它是利用美国人对中国的不理解，来套美国人的钱。美国人绝对不可能理解，公司就是公司，学校就是学校，学校不就是国家的一个机构吗，机构该怎样就怎样，怎么会在两可之间呢？但是在中国在两可之间的事情就太多了。比如高科技公司三减两免，在美国就没有的。他们就说，你们新东方为什么相对税收比别的机构要少？因为新东方高科技内容很多的，比如新东方在线教育、学习软件、学习系统，全是可以报高科技的，这些在年报里都有说明。结果浑水抓我们税收优惠这个漏洞，把它给扩大化了。

Muddy side people special understand China，It is to use American to China's don't understand，To set of American money。Americans absolutely impossible to understand，The company is a company，The school is the school，The school is not a national organization，Institutions this how how，How can the ambiguities in between？But in China the ambiguities in between things too much。Such as high-tech company three minus two avoid，In the United States is not。They said，Your new Oriental why relatively less than other institutions tax？Because many of the new Oriental high-tech content，Such as new Oriental education online、Learning software、Learning system，All can be reported for high-tech，These are there in the annual report shows。Results muddy water preferential tax loophole catch us，Give it to the utterance。

　　《21世纪》：对于浑水提及加盟模式及加盟费的事？

《The 21 st century》：Muddy water to mention to join model and JiaMengFei？

　　俞：加盟的事完全是瞎扯的。目前国内凡是冠以新东方品牌的学校，全部是新东方直营的；此外，新东方旗下子品牌泡泡少儿教育在全国授权了19家加盟学校，满天星品牌授权了2家加盟学校。这21家加盟学校，全部仅授权使用泡泡少儿和满天星品牌，而不是授权使用新东方品牌。除加盟费用外，这些加盟学校自身的营业收入从未反映在新东方综合财务报表。此外，在新东方综合财报中公布的涉及新东方学校数量、教学中心数量及注册学生人数等信息中，均不包含这21家加盟学校。截至2010年财年和2011财年，这部分所谓的“加盟费收入”占新东方总营收的0.009%和0.045%左右。

yu：Joining the case is a humbug。The current domestic brand new Oriental school who dubbed the，All is one of the new Oriental school；In addition，New Oriental's son in the national children's education brand bubbles authorized the 19 to join the school，All over the sky star brand licensing the two join the school。The 21 home to join the school，Only authorized the use of all children's and all over the sky star brand bubbles，Not authorized the use of new Oriental brand。In addition to join the fees，These to join the school's own business income never reflected in new Oriental comprehensive financial statements。In addition，In the new Oriental comprehensive results published in new Oriental school number involved、Teaching center quantity and the number of students enrolled in the information，All do not contain the 21 home to join the school。By the end of 2010 fiscal year and fiscal year 2011，This part of the so-called“JiaMengFei income”New Oriental's operating income account for 0.009% and 0.045%。

　　浑水的暗访调查，就是假装自己是想要加盟新东方泡泡少儿，跟新东方的人通电话，录下来以后，就作为“新东方全部都是加盟”的证据，这有点太武断。

Muddy water of investigations survey，Is pretending to be want to join the new Oriental bubble children，With the new Oriental people on the telephone，After record，Just as the“New Oriental is all to join”evidence，That's a little arbitrary。

　　《21世纪》：浑水这次的调查的时间点组织得很好呀，就在SEC调查公告的第二天？

《The 21 st century》：The survey of muddy water time point well ah，In the SEC investigation, the second day of the announcement？

　　俞：它处心积虑，已经弄了一年了。它自己说半年，远远不止。浑水是一心一意想要整公司来赚钱的，通过整垮公司来获利。但是浑水这样的公司，市场得让它存在，因为它有它的合理性，确实通过它们，不管(它们)有没有道德水准的行为，能够阻止一些公司去做太坏的事情，做了坏事(它们)就可以去查，比SEC查得还快。但是由于没有道德性，所以好的公司也会进行攻击，会把你身上长的一个粉刺说成是癌症。

yu：It has，Have it for a year now。It said half a year，Far more than。Muddy water is the company's intent to make money，Through the ZhengKua company for a profit。But muddy water so the company，Market have to get it there，Because it has its rationality，Did pass them，No matter(they)Have the moral level of behavior，To be able to stop some companies to do too bad things，Did something bad(they)Can go to check，Look up faster than the SEC。But since there is no morality，So the best company will also to attack，Will take you on a long acne said to be cancer。

　　《21世纪》：浑水特别拿CFO来说事，关于新东方有没有加盟，说CFO在撒谎？

《The 21 st century》：Muddy water with special for CFO，New Oriental have about to join us，Said CFO lying？

　　俞：问CFO的那段录音，是掐头去尾的。它问的是，新东方有没有加盟？CFO说，“我们在大城市里没有任何加盟，但在小城市里有些品牌合作的小机构，有十几家。”但录音嘛，太容易截了。

yu：Ask the CFO that recording，QiaTouQuWei is the。It asked is，New Oriental is there to join？CFO said，“We in the big cities without any to join，But in small cities some brand cooperation of small institutions，With dozens of。”But the recording,，Too easy to cut the。

　　新东方有没有粉刺？绝对有，但新东方没有得癌症。他们把新东方说得，不光是得一个癌症，还得了三个癌症。但这其实是三个粉刺，其中有两个是国家政策问题，新东方解决不了，有一个是完全编出来的，连粉刺都不是，实际上可能就是一个美人痣，他说成了癌症。

New Oriental have acne？absolutely，But new Oriental did not have cancer。They say the new Oriental school，Not only is a cancer，Also got three cancer。But this is actually three acne，There are two national policy issues，New Oriental solve，One is completely manmade，Even the acne is not，May actually is a beauty，He said a cancer。

　　

浑水的策略：跟在SEC后面 Muddy water strategy：In the SEC behind with

　　《21世纪》：现在看来，浑水公司的实际攻击点可能在哪里？

《The 21 st century》：Now it seems，Muddy water of the actual company where possible on attacking？

　　俞：浑水太清楚，VIE结构对中国公司来说，一攻击一个准。何况新东方刚好动了一下VIE结构，而我们动的目的本来是为了股东好。你想啊，哪有一个公司能在SEC调查的第二天能拿出一份100页的调查报告的？

yu：Muddy water too clear，VIE to China for the company structure，A against a must。How much more a new Oriental just active VIE structure，And we still have the purpose is to shareholders。You thought，Where there is a company can in SEC investigation, the second day of the can take out a 100-page report？

　　三个月前浑水就把报告给了SEC。SEC两个月前找我们，我们给SEC写了长长的解释报告，后来SEC说，虽然你们给了解释，但我们还是要组织一个调查，给一个结论，这个是善意的。调查肯定会使我们的股价受到影响，但SEC说这是个常规调查。

Three months before the muddy water reported to the SEC。SEC two months ago looking for us，We give SEC write long explain report，Later said the SEC，Although you to explain，But we still have to organize a survey，To a conclusion，This is good。Survey will make our share price affected，But the SEC said that this was a routine survey。

　　这就是浑水的策略，一直在等，它知道在SEC调查前发出来就没有意义了。一年前，OLP Global(一家调研公司，曾在2011年针对新东方发出质疑报告)发了个一样的报告，对新东方一点影响都没有，所以他们就知道那样做不行，必须换个方式来做。先让SEC做个调查。很简单，一个民间机构说这个人生意有问题，谁都不会去管，但要是政府说，对这个人调查一下，就会信。

This is the strategy of muddy water，Has been waiting for，It knows in SEC investigation out before it's no meaning to。A year ago，OLP Global(A research company，Once in 2011 a report in the new Oriental question)Send a the same report，New Oriental little effect to all have no，So they know that do not，Must change a way to do it。Let SEC do a survey。Very simple，A civilian agencies say that this business has a problem，Who won't go to tube，But if the government said，The people of check，Will believe。

　　《21世纪》：现在复盘一下，如果你们在调整VIE结构的时候，在沟通上是否有些要反思的？

《The 21 st century》：Now checking the，If you adjust the structure in VIE，On the communication are some to of reflection？

　　俞：我们以前根本就没想过要去改变VIE的股权结构，11个股东挺好的。就是因为别的公司出了事。更改VIE结构的事情是从去年11月开始的，找这些股东签字，在工商局注册变更就花了4个月时间。我们办VIE的时候，浑水就在盯着。它不是一个有责任的调查公司，所有调查的目的都是为了自己赚钱。

yu：We wouldn't otherwise tried to VIE to change the ownership structure，11 shareholders is pretty good。Because any other company is something had happened。Change the structure of the VIE thing is that from the start of the last November，Look for these shareholders signature，In the bureau of industry and commerce registration change, he spent four months time。We do VIE，Muddy water is staring at。It is not a responsible research company，All survey of the objective is to make your own money。

　　《21世纪》：就是这一点的话，SEC可以在上面做文章吗？

《The 21 st century》：Is this word，SEC can above the make？

　　俞：做不了，没文章可做。因为VIE结构唯一的作用，它永远是中国法律的模糊地带。其实就是看控制VIE这个人的人品怎样，就这么简单。

yu：Can't do，Didn't the article can do。The only effect of VIE for structure，It is always vague region of China laws。Is actually see this person's character VIE control，So simple。

　　《21世纪》：浑水报告的最后有个结论：新东方会重发利润报告，德勤可能会辞职？

《The 21 st century》：Muddy water at the end of the report a conclusion：New Oriental will heavy hair profit report，Deloitte may resign？

　　俞：我们的财务报表在全国范围内都是比较严谨的，说我们的审计师要辞职，这个话什么都能说。

yu：Our financial statements in the national scope is the more rigorous，Said we want to resign the auditor，The words what all can say。

　　《21世纪》：新东方最近几个月内部有较大的调整，包括一些校长、中高层的。有个说法是，校长走人是因为和高层有矛盾，总公司想收权？

《The 21 st century》：New Oriental in recent months have internal major changes，Including some principal、Of senior。There is a saying is，The principal leave because there are contradictions between and top，The right to the head office？

　　俞：这是新东方战略经营上的调整，但其实我们的人没有变，只是换到了不同的岗位上。

yu：This is the new Oriental strategic management changes，But in fact we have no change，Just changed to different jobs。

　　《21世纪》：分析师方面有个问题，小班是不是更有竞争力？

《The 21 st century》：Analysts have a problem，Small class is more competitive？

　　俞：我们重点都是放在了几十人的小班上。毛利低，是因为去年开教学点太多，而且我们不开的话，别的机构开太多，生源就会受影响。开教学点就要增加人，增加租金，而且刚开始学生也不满员，也会增加成本。但新东方的利润率一直控制在15%以上。

yu：Our focus has been on the small class of dozens of people。Maori low，Because too many open school last year，And we don't open it，Other agencies open too much，Students will be affected。We need to increase school open，Increase the rent for a，And just start filling students，Also will increase costs。But new Oriental profit margins have been controlled in 15% or more。

　　《21世纪》：横向扩展的问题？

《The 21 st century》：Horizontal expansion of the problem？

　　俞：我们的产品挺集中的，横向上已经收了一些。比如进入职业领域的都关了。我们就做三块：国外考试学习、中学、小学英语。后面的附属公司业务：图书出版、远程教育和初步咨询，是配合这三个业务同时来的。未来我们还会有更多的教材体系。这三个就可以做到一千个亿了，没必要做多了。而且这三块对人未来的影响最大。

yu：Our product is concentrated，Already on the transverse received some。For example in the professional field were shut。We'll do three pieces：Exam study abroad、Middle school、Primary school English。The back of the affiliated company business：Book publishing、Distance education and initial consultation，With these three business is at the same time。In the future, we will have more of the teaching material system。The three can do one thousand，Don't need to do much。And the three pieces of the biggest influence to the future。

　　

现在不能退市 Now can't retreat city

　　《21世纪》：这次市场也有一些质疑，说是否下跌可以借势私有化或者退市？您以前也说过“不愿上市”之类的话。

《The 21 st century》：The market also have some question，Whether can borrow situation privatisation said down or retreat city？Before you also said“Don't let listed”Words like。

　　俞：我到现在也是这样想的。让我退市，我很开心啊。但现在恰恰是不能退了，这时候我必须让新东方重新回到一个健康的公司，否则大家都认为我搞了一个阴谋。但是健康的情况之下，让我退我还是愿意退的。为什么呢？因为成为上市公司，类似浑水这样的没头没脑的事情特别多，这不是我想要追求的东西。我是个非常有责任心的人。就像这一次，如果是因为我的事情，让股东受这么大影响，我自杀的心都有了。好在他们的亏损不是我造成的，是投资者听信了浑水这种混混的话。实际上，现在很多投资者们又在买进了。

yu：I now want to do that too。Let me retreat city，I'm very happy。But now is just can't refund，By this time I must let new Oriental back to a healthy company，Otherwise we all think I drove a conspiracy。But health circumstances，Let I back I still would like to return。why？Because be listed companies，Similar muddy water such unnatural things much more special，This is not I want to pursue it。I am a very responsible person。Just like this one，If because of my things，By so much influence to shareholders，I have the heart of suicide。May their loss is not my cause，Listen to the muddy water is investors this bum words。In fact，Now many investors and on buying。

　　《21世纪》：但第二轮的下跌是不是意外？

《The 21 st century》：But the second round is the fall of the accident？

　　俞：第二轮下跌超过所有投资者预期，谁都没预料到浑水会出来。因为第一天跌到15块左右的时候，第一轮跌到14块时，很多大投资者就开始买回去了，没想到第二天早上起来发现亏大了。但不排除有些基金的波段操作，在15块的价位上开始往下卖，跌到9块再买进。

yu：The second round all investors fell more than expected，Who do not expect to muddy water will come out。Because the first day fell to $15 or so，The first round of fall to 14，Many big investors began to buy to return，Didn't expect the next day morning found the kui big。But do not eliminate some fund band operation，In the $15 price began to sell the next，9 piece fell to buy again。

　　《21世纪》：您回头去看这个事情，如果公司反应更快一些，能阻止一些下跌吗？

《The 21 st century》：You go back and look at this thing，If the company reaction faster，Can stop some fall？

　　俞：阻止不了。即使在浑水的报告出来的同时发通告都是来不及的。就像山滑坡的时候你不可能去挡，要滑完坡以后再去把泥浆清理掉。

yu：Can't stop。Even in the report of the muddy water at the same time hair notices out is too late。Just like when you don't mountain landslides might go to block，To ski slope after go to later put mud cleared off。

　　《21世纪》：新东方自己可以增持吗？

《The 21 st century》：New Oriental can take？

　　俞：我们想增持啊，第一天我就提出要增持。但是在SEC调查期，我们是不能增持的。

yu：We want to take it，The first day I was offered to take。But in the SEC investigation period，We are not around。