Lehman is one of the five largest investment banking institutions in the United States. Investment banking belongs to the non-banking financial industry. Mainly engaged in the securities industry. There are also investments in financial derivatives. As for why it closed down. It's a bit complicated to say. Our meeting this morning also specifically discussed the reasons for the collapse of Lehman. The financial crisis was triggered by the subprime mortgage crisis at the beginning of the year. The subprime mortgage crisis refers to the crisis in the housing subprime loan business in the United States. As U.S. housing prices continue to plummet. Causing the value of the home to depreciate. People who take out loans to buy a house are unable and unwilling to repay the loan they took out from a financial institution when they bought the house. This is what is known as breaking of confession. Once the borrower fails to provide the loan, the financial institution will be unable to recover the principal and interest in a timely manner. This has a huge impact on the company's operations. Strictly speaking, it will bring a blow to home loan institutions. But why did Lehman get involved? Because in order to make money, Lehman bought these loan businesses of some small housing loan institutions in a package form. Of course the price should be cheaper. In other words, these businesses of home loan institutions were sold to Lehman. Lehman turned these loan contracts into financial derivatives and sold them to investors for arbitrage. As a result, the subprime mortgage crisis directly caused huge losses to Lehman. This also has something to do with the overly developed financial market in the United States. Too complicated. Maybe it's a bit difficult for you to understand. Currently, three of the top five investment banks in the United States have gone bankrupt. There are two more that are hard to predict. However, the substantial impact of the financial crisis in the United States on our country is still small. But there are still losses caused by negative news. But not directly. The financial crisis is still mainly limited to the financial field. Some domestic financial institutions still have little foreign investment. So the impact shouldn't be big. The collapse of Lehman is expected to cost about $130 billion. But Lehman's major bondholders were all foreign. This is one of the reasons why the United States did not rescue Lehman. Lehman's main bondholders are still concentrated in Europe. Therefore, this crisis has dealt a heavy blow to Europe. The main domestic bondholders are Industrial and Commercial Bank of China, which is about US$150 million. China Merchants Bank is about US$70 million. Bank of China is about US$70 million and so on. The proportion is not very large. Therefore, the damage caused will not be great. The interest rate cuts a few days ago, today's adjustment of stamp duties on securities transactions, and the state's purchase of shares of China Construction Bank from the secondary market are indeed in response to the financial crisis in the United States. Although the actual losses caused by the crisis are relatively small. But the bad news may deal a heavy blow to China's capital market. Especially in the past two days, Lehman went bankrupt and Merrill Lynch was acquired. The occurrence of major events such as the collapse of AIG, the largest insurance company in the United States, has indeed dealt a serious blow to China's capital market. Plus the global impact. European stocks plunged. Asian stocks plunged. Britain is in crisis. The suspension of trading in the Russian stock market and other things indicate that the crisis has worsened. If the country fails to express its position at this time, it may cause a devastating blow to China's capital market. Therefore, at this time, the government issued a series of stimulus packages and good news. On the one hand, it is to cope with the crisis and relieve stress. On the other hand, it is to tell the market that the government has begun to pay attention and is preparing to rescue the market. Give investors some confidence. Confidence determines the direction of the market at times like this. The Chinese market is different from that of foreign countries. The state must have greater control. This is also the reason that once a crisis occurs, countries can solve some problems through regulation and avoid greater losses. If you still don't understand anything, you can add me. Let me explain it to you slowly.