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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
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
IQIYI INC SPONSORED ADS 46267X108   4,932,007 1,165,959 SH   SOLE   1,165,959 0 0
NETEASE INC SPONSORED ADS 64110W102   14,637,487 141,466 SH   SOLE   141,466 0 0
META PLATFORMS INC CL A 30303M102   2,427,900 5,000 SH   SOLE   5,000 0 0
H WORLD GROUP LTD SPONSORED ADS 44332N106   5,548,380 143,369 SH   SOLE   143,369 0 0
PDD HOLDINGS INC SPONSORED ADS 722304102   39,629,160 340,896 SH   SOLE   340,896 0 0
KANZHUN LIMITED SPONSORED ADS 48553T106   2,631,604 150,120 SH   SOLE   150,120 0 0
ATOUR LIFESTYLE HLDGS LTD SPONSORED ADS 04965M106   1,701,896 94,866 SH   SOLE   94,866 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102   2,027,889 28,025 SH   SOLE   28,025 0 0
TRIP COM GROUP LTD ADS 89677Q107   6,387,092 145,525 SH   SOLE   145,525 0 0
BAIDU INC SPON ADR REP A 056752108   274,254 2,605 SH   SOLE   2,605 0 0
RLX TECHNOLOGY INC SPONSORED ADS 74969N103   15,661,250 8,156,901 SH   SOLE   8,156,901 0 0
KE HLDGS INC SPONSORED ADS 482497104   3,705,466 269,881 SH   SOLE   269,881 0 0
MICROSOFT CORP COM 594918104   27,346,800 65,000 SH   SOLE   65,000 0 0
TAL EDUCATION GROUP SPONSORED ADS 874080104   7,048,781 621,038 SH   SOLE   621,038 0 0
NEW ORIENTAL ED & TECHNOLOGY SPON ADR 647581206   887,127 10,218 SH   SOLE   10,218 0 0
TENCENT MUSIC ENTMT GROUP SPON ADS 88034P109   4,069,512 363,674 SH   SOLE   363,674 0 0
TESLA INC COM 88160R101   8,789,500 50,000 SH   SOLE   50,000 0 0
ZTO EXPRESS CAYMAN INC SPONSORED ADS A 98980A105   45,076,826 2,152,666 SH   SOLE   2,152,666 0 0
ALPHABET INC CAP STK CL C 02079K107   6,851,700 45,000 SH   SOLE   45,000 0 0
IQIYI INC SPONSORED ADS 46267X108   44,936,961 10,623,395 SH   DFND   0 0 10,623,395
NETEASE INC SPONSORED ADS 64110W102   22,427,433 216,753 SH   DFND   0 0 216,753
H WORLD GROUP LTD SPONSORED ADS 44332N106   54,999,395 1,421,173 SH   DFND   0 0 1,421,173
PDD HOLDINGS INC SPONSORED ADS 722304102   92,657,760 797,056 SH   DFND   0 0 797,056
KANZHUN LIMITED SPONSORED ADS 48553T106   3,069,556 175,103 SH   DFND   0 0 175,103
ATOUR LIFESTYLE HLDGS LTD SPONSORED ADS 04965M106   12,821,341 714,679 SH   DFND   0 0 714,679
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102   2,208,210 30,517 SH   DFND   0 0 30,517
TRIP COM GROUP LTD ADS 89677Q107   5,270,926 120,094 SH   DFND   0 0 120,094
BAIDU INC SPON ADR REP A 056752108   924,358 8,780 SH   DFND   0 0 8,780
RLX TECHNOLOGY INC SPONSORED ADS 74969N103   11,410,381 5,942,907 SH   DFND   0 0 5,942,907
KE HLDGS INC SPONSORED ADS 482497104   12,637,586 920,436 SH   DFND   0 0 920,436
YUM CHINA HLDGS INC COM 98850P109   27,607,058 693,819 SH   DFND   0 0 693,819
AMER SPORTS INC COM SHS G0260P102   4,752,037 291,536 SH   DFND   0 0 291,536
NEW ORIENTAL ED & TECHNOLOGY SPON ADR 647581206   814,719 9,384 SH   DFND   0 0 9,384
TENCENT MUSIC ENTMT GROUP SPON ADS 88034P109   34,976,661 3,125,707 SH   DFND   0 0 3,125,707
ZTO EXPRESS CAYMAN INC SPONSORED ADS A 98980A105   22,672,743 1,082,748 SH   DFND   0 0 1,082,748