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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGORA INC-ADR API US ADS 00851L103   94,369 37,300 SH   DFND   37,300 0 0
AIRBNB INC-CLASS A ABNB US COM CL A 009066101   13,336,812 97,200 SH   DFND   97,200 0 0
ALPHABET INC-CL C GOOG US CAP STK CL C 02079K107   2,623,815 19,900 SH   DFND   19,900 0 0
AMAZON.COM INC AMZN US COM 023135106   19,741,736 155,300 SH   DFND   155,300 0 0
AMERICAN AIRLINES GROUP INC COM 02376R102   9,203,985 718,500 SH   DFND   718,500 0 0
BILIBILI INC-SPONSORED ADR BILI US SPONS ADS REP Z 090040106   7,467,471 542,300 SH   DFND   542,300 0 0
COINBASE GLOBAL INC -CLASS A COIN US COM CL A 19260Q107   2,732,912 36,400 SH   DFND   36,400 0 0
CROWDSTRIKE HOLDINGS INC - A CRWD US CL A 22788C105   2,644,604 15,800 SH   DFND   15,800 0 0
DELTA AIR LINES INC COM NEW 247361702   9,268,500 250,500 SH   DFND   250,500 0 0
DOORDASH INC - A DASH US CL A 25809K105   19,915,182 250,600 SH   DFND   250,600 0 0
DRX DLY FTSE CHINA BULL 3X YINN US DL FTSE BULL 3X 25460G195   3,996,744 138,200 SH   DFND   138,200 0 0
ENPHASE ENERGY INC ENPH US COM 29355A107   6,884,595 57,300 SH   DFND   57,300 0 0
FULL TRUCK ALLIANCE -SPN ADR YMM US SPONSORED ADS 35969L108   7,059,008 1,002,700 SH   DFND   1,002,700 0 0
GINKGO BIOWORKS HOLDINGS INC DNA US CL A SHS 37611X100   581,553 321,300 SH   DFND   321,300 0 0
INTEL CORP INTC US COM 458140100   12,979,305 365,100 SH   DFND   365,100 0 0
IQIYI INC-ADR IQ US SPONSORED ADS 46267X108   2,461,008 519,200 SH   DFND   519,200 0 0
JOYY INC-ADR YY US ADS REPSTG COM A 46591M109   1,935,988 50,800 SH   DFND   50,800 0 0
KE HOLDINGS INC-ADR BEKE US SPONSORED ADS 482497104   28,914,645 1,863,057 SH   DFND   1,863,057 0 0
LIGHTINTHEBOX HOLDING-ADR SPONSORED ADR 53225G102   2,447,857 2,057,023 SH   DFND   2,057,023 0 0
META PLATFORMS INC-CLASS A META US CL A 30303M102   15,821,067 52,700 SH   DFND   52,700 0 0
MOGU INC-ADR SPON ADS 608012308   1,447,110 689,100 SH   DFND   689,100 0 0
NEW ORIENTAL EDUCATIO-SP ADR EDU US SPON ADR 647581206   6,856,205 117,100 SH   DFND   117,100 0 0
NIKE INC -CL B NKE US CL B 654106103   2,342,690 24,500 SH   DFND   24,500 0 0
PDD HOLDINGS INC PDD US SPONSORED ADS 722304102   28,832,580 294,000 SH   DFND   294,000 0 0
PELOTON INTERACTIVE INC-A PTON US CL A COM 70614W100   3,909,205 774,100 SH   DFND   774,100 0 0
PROSHARES ULTRAPRO QQQ TQQQ US ULTRAPRO QQQ 74347X831   23,730,044 666,200 SH   DFND   666,200 0 0
ROBINHOOD MARKETS INC - A HOOD US COM CL A 770700102   24,732,972 2,521,200 SH   DFND   2,521,200 0 0
SEA LTD-ADR SE US SPONSORD ADS 81141R100   10,196,400 232,000 SH   DFND   232,000 0 0
SNAP INC - A SNAP US CL A 83304A106   18,563,094 2,083,400 SH   DFND   2,083,400 0 0
SNOWFLAKE INC-CLASS A SNOW US CL A 833445109   2,245,719 14,700 SH   DFND   14,700 0 0
SO-YOUNG INTERNATIONAL-ADR SPONSORED ADS 83356Q108   3,205,927 3,067,873 SH   DFND   3,067,873 0 0
STAAR SURGICAL CO STAA US COM PAR $0.01 852312305   650,916 16,200 SH   DFND   16,200 0 0
TAL EDUCATION GROUP- ADR TAL US SPONSORED ADS 874080104   11,189,813 1,228,300 SH   DFND   1,228,300 0 0
TALKSPACE INC COM 87427V103   3,768,593 1,932,612 SH   DFND   1,932,612 0 0
TESLA INC TSLA US COM 88160R101   11,860,428 47,400 SH   DFND   47,400 0 0
UBER TECHNOLOGIES INC UBER US COM 90353T100   18,179,847 395,300 SH   DFND   395,300 0 0
VF CORP VFC US COM 918204108   2,572,752 145,600 SH   DFND   145,600 0 0
WALT DISNEY CO/THE DIS US COM 254687106   5,584,345 68,900 SH   DFND   68,900 0 0
YUNJI INC-ADR SPON ADS 98873N206   89,010 129,000 SH   DFND   129,000 0 0
ZILLOW GROUP INC - C Z US CL C CAP STK 98954M200   18,251,664 395,400 SH   DFND   395,400 0 0