<?xml version="1.0" encoding="UTF-8"?>
<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
	        <infoTable>
            <nameOfIssuer>3SBIA INC</nameOfIssuer>
            <titleOfClass>ADR</titleOfClass>
            <cusip>88575Y105</cusip>
            <value>14715</value>
            <shrsOrPrnAmt>
                <sshPrnamt>968051</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>968051</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>FEIHI INTL INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>31429Y103</cusip>
            <value>4802</value>
            <shrsOrPrnAmt>
                <sshPrnamt>662268</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>662268</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>FOCUS MEDIA HOLDINGS</nameOfIssuer>
            <titleOfClass>ADR</titleOfClass>
            <cusip>34415V109</cusip>
            <value>90672</value>
            <shrsOrPrnAmt>
                <sshPrnamt>3530091</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>3530091</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>FOCUS MEDIA HOLDINGS</nameOfIssuer>
            <titleOfClass>ADR</titleOfClass>
            <cusip>34415V109</cusip>
            <value>184639</value>
            <shrsOrPrnAmt>
                <sshPrnamt>6887000</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Call</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>6887000</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>FOCUS MEDIA HOLDINGS</nameOfIssuer>
            <titleOfClass>ADR</titleOfClass>
            <cusip>34415V109</cusip>
            <value>114327</value>
            <shrsOrPrnAmt>
                <sshPrnamt>4264300</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <putCall>Put</putCall>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>4264300</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>
        <infoTable>
            <nameOfIssuer>LJ INTERNATIONAL INC</nameOfIssuer>
            <titleOfClass>COM</titleOfClass>
            <cusip>G55312105</cusip>
            <value>3090</value>
            <shrsOrPrnAmt>
                <sshPrnamt>1626345</sshPrnamt>
                <sshPrnamtType>SH</sshPrnamtType>
            </shrsOrPrnAmt>
            <investmentDiscretion>SOLE</investmentDiscretion>
            <otherManager>none</otherManager>
            <votingAuthority>
            <Sole>1626345</Sole>
            <Shared>0</Shared>
            <None>0</None>
            </votingAuthority>
        </infoTable>

</informationTable>
