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Baozun’s newly purchased Gap Greater China operation will become the cornerstone for its new brand management unit.

The Chinese e-commerce stock turned in another disappointing earnings report.

BZUN earnings call for the period ending June 30, 2021.

Operator Good morning, ladies and gentlemen and thank you for standing by for Baozun's first-quarter 2021 earnings conference call. [Operator instructions] I will now turn the meeting over to your host for today's call, Ms. Nicole Zhao, investor relations manager for Baozun. Please proceed, Nicole. Nicole Zhao -- Investor Relations Manager Thank you, operator. Hello, everyone and thank you for joining us today. Our first-quarter 2021 earnings release was distributed earlier today, and this is available on our IR website at ir.baozun.com as well as on global newswire services. On the call tod...

Operator Good morning, ladies and gentlemen. Thank you for standing by for Baozun's fourth-quarter and full-year 2020 earnings conference call. [Operator instructions] As a reminder, today's conference call is being recorded. I will now turn the meeting over to your host for today's call, Ms. Wendy Sun, investor relations director of Baozun. Please proceed, Wendy. Wendy Sun -- Investor Relations Director Thank you, operator. Hello, everyone, and thank you for joining us today. Our fourth quarter and full-year 2020 earnings release was distributed earlier today and is available on our IR webs...