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    <nameOfIssuer>51JOB INC</nameOfIssuer>
    <titleOfClass>SPONSORED ADS</titleOfClass>
    <cusip>316827104</cusip>
    <value>55085</value>
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    <nameOfIssuer>ACM RESH INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>00108J109</cusip>
    <value>40390</value>
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    <nameOfIssuer>ALIBABA GROUP HLDG LTD</nameOfIssuer>
    <titleOfClass>SPONSORED ADS</titleOfClass>
    <cusip>01609W102</cusip>
    <value>7930</value>
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      <Shared>72882</Shared>
      <None>0</None>
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    <nameOfIssuer>AMBEV SA</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>02319V103</cusip>
    <value>3013</value>
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    <nameOfIssuer>ARCOS DORADOS HOLDINGS INC</nameOfIssuer>
    <titleOfClass>SHS CLASS -A -</titleOfClass>
    <cusip>G0457F107</cusip>
    <value>2405</value>
    <shrsOrPrnAmt>
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      <Sole>0</Sole>
      <Shared>295803</Shared>
      <None>0</None>
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    <nameOfIssuer>BANCO BRADESCO S A</nameOfIssuer>
    <titleOfClass>SP ADR PFD NEW</titleOfClass>
    <cusip>059460303</cusip>
    <value>4234</value>
    <shrsOrPrnAmt>
      <sshPrnamt>912460</sshPrnamt>
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      <Shared>912460</Shared>
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    <nameOfIssuer>BRIGHT SCHOLAR ED HLDGS LTD</nameOfIssuer>
    <titleOfClass>SPONSORED ADS</titleOfClass>
    <cusip>109199109</cusip>
    <value>2239</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3732459</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>3732459</Shared>
      <None>0</None>
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    <nameOfIssuer>CEMEX SAB DE CV</nameOfIssuer>
    <titleOfClass>SPON ADR NEW</titleOfClass>
    <cusip>151290889</cusip>
    <value>3597</value>
    <shrsOrPrnAmt>
      <sshPrnamt>679912</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>679912</Shared>
      <None>0</None>
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    <nameOfIssuer>COUPANG INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>22266T109</cusip>
    <value>2201</value>
    <shrsOrPrnAmt>
      <sshPrnamt>124474</sshPrnamt>
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      <Shared>124474</Shared>
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    <nameOfIssuer>DIDI GLOBAL INC</nameOfIssuer>
    <titleOfClass>SPONSORED ADS</titleOfClass>
    <cusip>23292E108</cusip>
    <value>1488</value>
    <shrsOrPrnAmt>
      <sshPrnamt>595012</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>595012</Shared>
      <None>0</None>
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    <nameOfIssuer>GDS HLDGS LTD</nameOfIssuer>
    <titleOfClass>SPONSORED ADS</titleOfClass>
    <cusip>36165L108</cusip>
    <value>17494</value>
    <shrsOrPrnAmt>
      <sshPrnamt>445709</sshPrnamt>
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      <Sole>0</Sole>
      <Shared>445709</Shared>
      <None>0</None>
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    <nameOfIssuer>GERDAU SA</nameOfIssuer>
    <titleOfClass>SPON ADR REP PFD</titleOfClass>
    <cusip>373737105</cusip>
    <value>2107</value>
    <shrsOrPrnAmt>
      <sshPrnamt>327712</sshPrnamt>
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      <Sole>0</Sole>
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    <nameOfIssuer>GRAFTECH INTL LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>384313508</cusip>
    <value>33063</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3436911</sshPrnamt>
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      <Sole>0</Sole>
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    <nameOfIssuer>HDFC BANK LTD</nameOfIssuer>
    <titleOfClass>SPONSORED ADS</titleOfClass>
    <cusip>40415F101</cusip>
    <value>3201</value>
    <shrsOrPrnAmt>
      <sshPrnamt>52193</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>52193</Shared>
      <None>0</None>
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    <nameOfIssuer>I MAB</nameOfIssuer>
    <titleOfClass>SPONSORED ADS</titleOfClass>
    <cusip>44975P103</cusip>
    <value>4266</value>
    <shrsOrPrnAmt>
      <sshPrnamt>262685</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>262685</Shared>
      <None>0</None>
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    <nameOfIssuer>JD.COM INC</nameOfIssuer>
    <titleOfClass>SPON ADR CL A</titleOfClass>
    <cusip>47215P106</cusip>
    <value>3056</value>
    <shrsOrPrnAmt>
      <sshPrnamt>52804</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>52804</Shared>
      <None>0</None>
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    <nameOfIssuer>KE HLDGS INC</nameOfIssuer>
    <titleOfClass>SPONSORED ADS</titleOfClass>
    <cusip>482497104</cusip>
    <value>17328</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1400795</sshPrnamt>
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      <Sole>0</Sole>
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      <None>0</None>
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    <nameOfIssuer>LUFAX HOLDING LTD</nameOfIssuer>
    <titleOfClass>ADS REP SHS CL A</titleOfClass>
    <cusip>54975P102</cusip>
    <value>1814</value>
    <shrsOrPrnAmt>
      <sshPrnamt>325729</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <Sole>0</Sole>
      <Shared>325729</Shared>
      <None>0</None>
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    <nameOfIssuer>MERCADOLIBRE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>58733R102</cusip>
    <value>3491</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2935</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>2935</Shared>
      <None>0</None>
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    <nameOfIssuer>NATURA &amp;CO HLDG S A</nameOfIssuer>
    <titleOfClass>ADS</titleOfClass>
    <cusip>63884N108</cusip>
    <value>2944</value>
    <shrsOrPrnAmt>
      <sshPrnamt>269604</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>269604</Shared>
      <None>0</None>
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    <nameOfIssuer>PETROLEO BRASILEIRO SA PETRO</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>71654V408</cusip>
    <value>4223</value>
    <shrsOrPrnAmt>
      <sshPrnamt>285325</sshPrnamt>
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      <Sole>0</Sole>
      <Shared>285325</Shared>
      <None>0</None>
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    <nameOfIssuer>SEA LTD</nameOfIssuer>
    <titleOfClass>SPONSORD ADS</titleOfClass>
    <cusip>81141R100</cusip>
    <value>4802</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40085</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>40085</Shared>
      <None>0</None>
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    <nameOfIssuer>SENDAS DISTRIBUIDORA S A</nameOfIssuer>
    <titleOfClass>SPON ADS</titleOfClass>
    <cusip>81689T104</cusip>
    <value>2836</value>
    <shrsOrPrnAmt>
      <sshPrnamt>165065</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <nameOfIssuer>TAIWAN SEMICONDUCTOR MFG LTD</nameOfIssuer>
    <titleOfClass>SPONSORED ADS</titleOfClass>
    <cusip>874039100</cusip>
    <value>3466</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33246</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>33246</Shared>
      <None>0</None>
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    <nameOfIssuer>TERNIUM SA</nameOfIssuer>
    <titleOfClass>SPONSORED ADS</titleOfClass>
    <cusip>880890108</cusip>
    <value>2780</value>
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      <sshPrnamt>60899</sshPrnamt>
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      <Sole>0</Sole>
      <Shared>60899</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>YUM CHINA HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>98850P109</cusip>
    <value>3431</value>
    <shrsOrPrnAmt>
      <sshPrnamt>82605</sshPrnamt>
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      <Shared>82605</Shared>
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    <nameOfIssuer>ZAI LAB LTD</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>98887Q104</cusip>
    <value>12799</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Shared>291026</Shared>
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