<SEC-DOCUMENT>0001420506-16-001172.txt : 20160812
<SEC-HEADER>0001420506-16-001172.hdr.sgml : 20160812
<ACCEPTANCE-DATETIME>20160811211932
ACCESSION NUMBER:		0001420506-16-001172
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160630
FILED AS OF DATE:		20160812
DATE AS OF CHANGE:		20160811
EFFECTIVENESS DATE:		20160812

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NF Trinity Capital (Hong Kong) Ltd
		CENTRAL INDEX KEY:			0001637643
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			K3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-17185
		FILM NUMBER:		161826046

	BUSINESS ADDRESS:	
		STREET 1:		RM 1701-7 NAN FUNG TOWER
		STREET 2:		88 CONNAUGHT RD C & 173 DES VOEUX RD C
		CITY:			CENTRAL
		STATE:			K3
		ZIP:			00000
		BUSINESS PHONE:		852-3106-7800

	MAIL ADDRESS:	
		STREET 1:		RM 1701-7 NAN FUNG TOWER
		STREET 2:		88 CONNAUGHT RD C & 173 DES VOEUX RD C
		CITY:			CENTRAL
		STATE:			K3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
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        <returnCopyFlag>true</returnCopyFlag>
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      <filer>
        <credentials>
          <cik>0001637643</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>06-30-2016</periodOfReport>
    </filerInfo>
  </headerData>
  <!--Start Form-->
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>06-30-2016</reportCalendarOrQuarter>
      <!--Amendment-->
      <isAmendment>false</isAmendment>
      <!--Institutional Investment Manager-->
      <filingManager>
        <name>NF Trinity Capital (Hong Kong) Ltd</name>
        <address>
          <ns1:street1>RM 1701-7 NAN FUNG TOWER</ns1:street1>
          <ns1:street2>88 CONNAUGHT RD C &amp; 173 DES VOEUX RD C</ns1:street2>
          <ns1:city>CENTRAL</ns1:city>
          <ns1:stateOrCountry>K3</ns1:stateOrCountry>
          <ns1:zipCode>00000</ns1:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-17185</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <!--Signature-->
    <signatureBlock>
      <name>Ben Yip</name>
      <title>Head of Legal and Compliance</title>
      <phone>852-3106-7898</phone>
      <signature>Ben Yip, Head of Legal and Compliance</signature>
      <city>CENTRAL</city>
      <stateOrCountry>K3</stateOrCountry>
      <signatureDate>08-11-2016</signatureDate>
    </signatureBlock>
    <!--Summary Page-->
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>45</tableEntryTotal>
      <tableValueTotal>912844</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
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</DOCUMENT>
<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
<FILENAME>Form13F_InfoTable.xml
<DESCRIPTION>INFORMATION TABLE FOR NF TRINITY CAPITAL (HONG KONG) LTD
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?>
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	<infoTable>
		<nameOfIssuer>21VIANET GROUP INC</nameOfIssuer>
		<titleOfClass>SPONSORED ADR</titleOfClass>
		<cusip>90138A103</cusip>
		<value>4531</value>
		<shrsOrPrnAmt>
			<sshPrnamt>443800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>443800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALIBABA GROUP HLDG LTD</nameOfIssuer>
		<titleOfClass>SPONSORED ADS</titleOfClass>
		<cusip>01609W102</cusip>
		<value>150232</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1888998</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1888998</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALLERGAN PLC</nameOfIssuer>
		<titleOfClass>SHS</titleOfClass>
		<cusip>G0177J108</cusip>
		<value>27996</value>
		<shrsOrPrnAmt>
			<sshPrnamt>121148</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>121148</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALPHABET INC</nameOfIssuer>
		<titleOfClass>CAP STK CL C</titleOfClass>
		<cusip>02079K107</cusip>
		<value>3747</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5414</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>5414</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALPHABET INC</nameOfIssuer>
		<titleOfClass>CAP STK CL A</titleOfClass>
		<cusip>02079K305</cusip>
		<value>40551</value>
		<shrsOrPrnAmt>
			<sshPrnamt>57640</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>57640</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>APPLE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>037833100</cusip>
		<value>49654</value>
		<shrsOrPrnAmt>
			<sshPrnamt>519397</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>519397</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BAIDU INC</nameOfIssuer>
		<titleOfClass>SPON ADR REP A</titleOfClass>
		<cusip>056752108</cusip>
		<value>50098</value>
		<shrsOrPrnAmt>
			<sshPrnamt>303350</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>303350</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BANK AMER CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>060505104</cusip>
		<value>44903</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3383782</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>3383782</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BARCLAYS PLC</nameOfIssuer>
		<titleOfClass>NOTE 6.625%12/2</titleOfClass>
		<cusip>06738EAB1</cusip>
		<value>7194</value>
		<shrsOrPrnAmt>
			<sshPrnamt>8000000</sshPrnamt>
			<sshPrnamtType>PRN</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>8000000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BARCLAYS PLC</nameOfIssuer>
		<titleOfClass>NOTE 8.250%12/2</titleOfClass>
		<cusip>06738EAA3</cusip>
		<value>34587</value>
		<shrsOrPrnAmt>
			<sshPrnamt>35100000</sshPrnamt>
			<sshPrnamtType>PRN</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>35100000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BIOGEN INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>09062X103</cusip>
		<value>9963</value>
		<shrsOrPrnAmt>
			<sshPrnamt>41200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>41200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BRISTOL MYERS SQUIBB CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>110122108</cusip>
		<value>21035</value>
		<shrsOrPrnAmt>
			<sshPrnamt>286000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>286000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CELGENE CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>151020104</cusip>
		<value>16936</value>
		<shrsOrPrnAmt>
			<sshPrnamt>171717</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>171717</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CITIGROUP INC</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>172967424</cusip>
		<value>4321</value>
		<shrsOrPrnAmt>
			<sshPrnamt>101930</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>101930</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>DISNEY WALT CO</nameOfIssuer>
		<titleOfClass>COM DISNEY</titleOfClass>
		<cusip>254687106</cusip>
		<value>56500</value>
		<shrsOrPrnAmt>
			<sshPrnamt>577590</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>577590</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FACEBOOK INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>30303M102</cusip>
		<value>16776</value>
		<shrsOrPrnAmt>
			<sshPrnamt>146800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>146800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>GILEAD SCIENCES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>375558103</cusip>
		<value>13012</value>
		<shrsOrPrnAmt>
			<sshPrnamt>155979</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>155979</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HOME DEPOT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>437076102</cusip>
		<value>4501</value>
		<shrsOrPrnAmt>
			<sshPrnamt>35250</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>35250</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HSBC HLDGS PLC</nameOfIssuer>
		<titleOfClass>NOTE 6.375%12/2</titleOfClass>
		<cusip>404280AT6</cusip>
		<value>6307</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6500000</sshPrnamt>
			<sshPrnamtType>PRN</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>6500000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>IDI INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>44938L108</cusip>
		<value>921</value>
		<shrsOrPrnAmt>
			<sshPrnamt>194799</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>194799</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ING GROEP N V</nameOfIssuer>
		<titleOfClass>DBCV 6.000%12/2</titleOfClass>
		<cusip>456837AE3</cusip>
		<value>21840</value>
		<shrsOrPrnAmt>
			<sshPrnamt>23000000</sshPrnamt>
			<sshPrnamtType>PRN</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>23000000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ING GROEP N V</nameOfIssuer>
		<titleOfClass>DBCV 6.500%12/2</titleOfClass>
		<cusip>456837AF0</cusip>
		<value>15827</value>
		<shrsOrPrnAmt>
			<sshPrnamt>17000000</sshPrnamt>
			<sshPrnamtType>PRN</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>17000000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ISHARES TR</nameOfIssuer>
		<titleOfClass>NASDQ BIOTEC ETF</titleOfClass>
		<cusip>464287556</cusip>
		<value>38331</value>
		<shrsOrPrnAmt>
			<sshPrnamt>148950</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>148950</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>JD COM INC</nameOfIssuer>
		<titleOfClass>SPON ADR CL A</titleOfClass>
		<cusip>47215P106</cusip>
		<value>21322</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1004324</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1004324</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LIBERTY GLOBAL PLC</nameOfIssuer>
		<titleOfClass>LILAC SHS CL A</titleOfClass>
		<cusip>G5480U138</cusip>
		<value>1479</value>
		<shrsOrPrnAmt>
			<sshPrnamt>45848</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>45848</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LIBERTY GLOBAL PLC</nameOfIssuer>
		<titleOfClass>SHS CL A</titleOfClass>
		<cusip>G5480U104</cusip>
		<value>10679</value>
		<shrsOrPrnAmt>
			<sshPrnamt>367471</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>367471</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LLOYDS BANKING GROUP PLC</nameOfIssuer>
		<titleOfClass>SDCV 7.500%12/3</titleOfClass>
		<cusip>539439AG4</cusip>
		<value>40844</value>
		<shrsOrPrnAmt>
			<sshPrnamt>41917000</sshPrnamt>
			<sshPrnamtType>PRN</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>41917000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LOCKHEED MARTIN CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>539830109</cusip>
		<value>4467</value>
		<shrsOrPrnAmt>
			<sshPrnamt>18000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>18000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MASTERCARD INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>57636Q104</cusip>
		<value>15340</value>
		<shrsOrPrnAmt>
			<sshPrnamt>174200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>174200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MERCK &amp; CO INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>58933Y105</cusip>
		<value>6279</value>
		<shrsOrPrnAmt>
			<sshPrnamt>109000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>109000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MYLAN N V</nameOfIssuer>
		<titleOfClass>SHS EURO</titleOfClass>
		<cusip>N59465109</cusip>
		<value>5837</value>
		<shrsOrPrnAmt>
			<sshPrnamt>135000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>135000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>NXP SEMICONDUCTORS N V</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>N6596X109</cusip>
		<value>8617</value>
		<shrsOrPrnAmt>
			<sshPrnamt>110000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>110000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>QIHOO 360 TECHNOLOGY CO LTD</nameOfIssuer>
		<titleOfClass>NOTE 1.750% 8/1</titleOfClass>
		<cusip>74734MAF6</cusip>
		<value>16712</value>
		<shrsOrPrnAmt>
			<sshPrnamt>17000000</sshPrnamt>
			<sshPrnamtType>PRN</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>17000000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>QUALCOMM INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>747525103</cusip>
		<value>14967</value>
		<shrsOrPrnAmt>
			<sshPrnamt>279400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>279400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ROYAL BK OF SCOTLAND PLC</nameOfIssuer>
		<titleOfClass>DEBT 7.500%12/3</titleOfClass>
		<cusip>780099CJ4</cusip>
		<value>36252</value>
		<shrsOrPrnAmt>
			<sshPrnamt>39500000</sshPrnamt>
			<sshPrnamtType>PRN</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>39500000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>806857108</cusip>
		<value>4389</value>
		<shrsOrPrnAmt>
			<sshPrnamt>55500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>55500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
		<titleOfClass>SBI INT-ENERGY</titleOfClass>
		<cusip>81369Y506</cusip>
		<value>17147</value>
		<shrsOrPrnAmt>
			<sshPrnamt>251280</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>251280</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
		<titleOfClass>SBI HEALTHCARE</titleOfClass>
		<cusip>81369Y209</cusip>
		<value>26846</value>
		<shrsOrPrnAmt>
			<sshPrnamt>374400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>374400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
		<titleOfClass>S&amp;P RETAIL ETF</titleOfClass>
		<cusip>78464A714</cusip>
		<value>2585</value>
		<shrsOrPrnAmt>
			<sshPrnamt>61600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>61600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SPLUNK INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>848637104</cusip>
		<value>4172</value>
		<shrsOrPrnAmt>
			<sshPrnamt>77000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>77000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TESLA MTRS INC</nameOfIssuer>
		<titleOfClass>NOTE 0.250% 3/0</titleOfClass>
		<cusip>88160RAB7</cusip>
		<value>11607</value>
		<shrsOrPrnAmt>
			<sshPrnamt>13000000</sshPrnamt>
			<sshPrnamtType>PRN</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>13000000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TEVA PHARMACEUTICAL INDS LTD</nameOfIssuer>
		<titleOfClass>ADR</titleOfClass>
		<cusip>881624209</cusip>
		<value>2662</value>
		<shrsOrPrnAmt>
			<sshPrnamt>53000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>53000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TIME WARNER INC</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>887317303</cusip>
		<value>9266</value>
		<shrsOrPrnAmt>
			<sshPrnamt>126000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>126000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>UNITED RENTALS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>911363109</cusip>
		<value>5167</value>
		<shrsOrPrnAmt>
			<sshPrnamt>77000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>77000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>VISA INC</nameOfIssuer>
		<titleOfClass>COM CL A</titleOfClass>
		<cusip>92826C839</cusip>
		<value>6445</value>
		<shrsOrPrnAmt>
			<sshPrnamt>86900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>86900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
</informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>