The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
BAIDU INC SPON ADR REP A 056752108 26,915 212,619 SH   DFND 1 212,619 0 0
TENCENT MUSIC ENTMT GROUP SPON ADS 88034P109 14,342 971,000 SH   DFND 1 971,000 0 0
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 50,521 337,933 SH   DFND 1 337,933 0 0
TAL EDUCATION GROUP SPONSORED ADS 874080104 81,840 1,076,277 SH   DFND 1 1,076,277 0 0
ISHARES TR MSCI INDIA ETF 46429B598 1,321 39,000 SH   DFND 1 39,000 0 0
GDS HLDGS LTD SPONSORED ADS 36165L108 7,293 89,127 SH   DFND 1 89,127 0 0
JOYY INC ADS REPSTG COM A 46591M109 29,543 366,223 SH   DFND 1 366,223 0 0