In our view, YFAI's leading market position in its core auto interior markets will remain solid through 2020 and 2021, despite weak demand outlook. This is due to its competitive products, wide client base, and long-standing relationship with key original equipment manufacturers (OEMs). In China, we expect YFAI to maintain a share of 21%-23% in the interior auto parts market, benefiting from its close relationship with SAIC Group, the largest local auto OEM. In North America, the world's No. 2 auto market, YFAI is one of the top three companies sharing 13%-15% of the market, thanks to stable businesses with General Motors Co., Fiat Chrysler Automobiles N.V., and Ford Motor Co. We estimate YFAI's financial leverage as measured by debt
