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        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KINGSOFT CORPORATION LIMITED</name>
        <lei>529900UVT35D3Q7YQY41</lei>
        <title>KINGSOFT CORP LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG5264Y1089"/>
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        <balance>8397000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>iDreamSky Technology Holdings Ltd</name>
        <lei>N/A</lei>
        <title>IDREAMSKY TECHNOLOGY HOLDING COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG470811079"/>
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        <balance>4340800.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.83940000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BILIBILI INC.</name>
        <lei>5493008V60M52L3PIS45</lei>
        <title>BILIBILI INC-SPONSORED ADR DEPOSITARY RECEIPT</title>
        <cusip>090040106</cusip>
        <identifiers>
          <isin value="US0900401060"/>
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        <balance>1822830.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Wise Talent Information Technology Co Ltd</name>
        <lei>30030027GU9V3OLVUK70</lei>
        <title>WISE TALENT INFORMATION TECH COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG9722R1011"/>
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        <balance>1310800.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Weimob Inc</name>
        <lei>254900SW0TNGAGYUTV05</lei>
        <title>WEIMOB INC COMMON STOCK</title>
        <cusip>N/A</cusip>
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          <isin value="KYG9T20A1060"/>
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        <balance>14855000.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.83940000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BITAUTO HOLDINGS LIMITED</name>
        <lei>5299005PX9C9U3YQV657</lei>
        <title>BITAUTO HOLDINGS LTD-ADR DEPOSITARY RECEIPT</title>
        <cusip>091727107</cusip>
        <identifiers>
          <isin value="US0917271076"/>
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        <balance>345998.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5179590.06000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PPDAI Group Inc</name>
        <lei>3003000RAVUT809U6P08</lei>
        <title>PPDAI GROUP INC-ADR DEPOSITARY RECEIPT</title>
        <cusip>69354V108</cusip>
        <identifiers>
          <isin value="US69354V1089"/>
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        <balance>1756208.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fanhua Inc</name>
        <lei>254900NUPTYHZ8HHTK43</lei>
        <title>FANHUA INC-SPONSORED ADR DEPOSITARY RECEIPT</title>
        <cusip>30712A103</cusip>
        <identifiers>
          <isin value="US30712A1034"/>
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        <balance>451122.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MOMO INC.</name>
        <lei>549300YMGLID32W48529</lei>
        <title>MOMO INC-SPON ADR DEPOSITARY RECEIPT</title>
        <cusip>60879B107</cusip>
        <identifiers>
          <isin value="US60879B1070"/>
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        <balance>1510648.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>360 Finance Inc</name>
        <lei>N/A</lei>
        <title>360 FINANCE INC -ADR DEPOSITARY RECEIPT</title>
        <cusip>88557W101</cusip>
        <identifiers>
          <isin value="US88557W1018"/>
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        <balance>162392.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>YIXIN GROUP LIMITED</name>
        <lei>529900YTV0F6LHZT7H57</lei>
        <title>YIXIN GROUP LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG9T43R1023"/>
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        <balance>24178500.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Meituan Dianping</name>
        <lei>21380033K525E5JLIA77</lei>
        <title>MEITUAN DIANPING-CLASS B COMMON STOCK</title>
        <cusip>N/A</cusip>
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          <isin value="KYG596691041"/>
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        <balance>14038700.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TENCENT HOLDINGS LIMITED</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>TENCENT HOLDINGS LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG875721634"/>
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        <balance>3696175.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WEIBO CORPORATION</name>
        <lei>549300Q9ID4640FE0422</lei>
        <title>WEIBO CORP-SPON ADR DEPOSITARY RECEIPT</title>
        <cusip>948596101</cusip>
        <identifiers>
          <isin value="US9485961018"/>
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        <balance>631793.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BAOZUN INC.</name>
        <lei>549300IF0HZ7T4762633</lei>
        <title>BAOZUN INC-SPN ADR DEPOSITARY RECEIPT</title>
        <cusip>06684L103</cusip>
        <identifiers>
          <isin value="US06684L1035"/>
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        <balance>379147.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>China Literature Ltd</name>
        <lei>529900YXWIZUFHMK8W28</lei>
        <title>CHINA LITERATURE LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG2121R1039"/>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Uxin Ltd</name>
        <lei>N/A</lei>
        <title>UXIN LTD - ADR DEPOSITARY RECEIPT</title>
        <cusip>91818X108</cusip>
        <identifiers>
          <isin value="US91818X1081"/>
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        <balance>1657093.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CTRIP.COM INTERNATIONAL, LTD.</name>
        <lei>2549004RMYDSRQL4KW41</lei>
        <title>CTRIP.COM INTERNATIONAL-ADR DEPOSITARY RECEIPT</title>
        <cusip>22943F100</cusip>
        <identifiers>
          <isin value="US22943F1003"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Netdragon Websoft Holdings Ltd</name>
        <lei>549300OAYL2PBUPUBR89</lei>
        <title>NETDRAGON WEBSOFT HOLDINGS L COMMON STOCK</title>
        <cusip>N/A</cusip>
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          <isin value="KYG6427W1042"/>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALIBABA GROUP HOLDING LIMITED</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>ALIBABA GROUP HOLDING-SP ADR DEPOSITARY RECEIPT</title>
        <cusip>01609W102</cusip>
        <identifiers>
          <isin value="US01609W1027"/>
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        <balance>879155.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>QUDIAN INC.</name>
        <lei>549300MY8WXPOW8RKH11</lei>
        <title>QUDIAN INC-SPON ADR DEPOSITARY RECEIPT</title>
        <cusip>747798106</cusip>
        <identifiers>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VIPSHOP HOLDINGS LIMITED</name>
        <lei>549300I9F52K06HPZX60</lei>
        <title>VIPSHOP HOLDINGS LTD - ADR DEPOSITARY RECEIPT</title>
        <cusip>92763W103</cusip>
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          <isin value="US92763W1036"/>
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        <balance>4435403.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JD.COM, INC.</name>
        <lei>549300HVTWB0GJZ16V92</lei>
        <title>JD.COM INC-ADR DEPOSITARY RECEIPT</title>
        <cusip>47215P106</cusip>
        <identifiers>
          <isin value="US47215P1066"/>
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        <balance>3473687.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>97992710.27000000</valUSD>
        <pctVal>6.316954273116</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZhongAn Online P &amp; C Insurance Co Ltd</name>
        <lei>5299006845ISFI2WAI41</lei>
        <title>ZHONGAN ONLINE P&amp;C INSURAN-H COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100002QY7"/>
        </identifiers>
        <balance>3511500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83940000"/>
        <valUSD>8286699.24000000</valUSD>
        <pctVal>0.534189737480</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="7458315.48000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>51JOB, INC.</name>
        <lei>52990088ZF32Q8YHCJ53</lei>
        <title>51JOB INC-ADR DEPOSITARY RECEIPT</title>
        <cusip>316827104</cusip>
        <identifiers>
          <isin value="US3168271043"/>
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        <balance>290287.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21481238.00000000</valUSD>
        <pctVal>1.384756047690</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Tencent Music Entertainment Group</name>
        <lei>213800XTZK2GOHQTYK41</lei>
        <title>TENCENT MUSIC ENTERTAINM-ADR DEPOSITARY RECEIPT</title>
        <cusip>88034P109</cusip>
        <identifiers>
          <isin value="US88034P1093"/>
        </identifiers>
        <balance>4365782.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>55751036.14000000</valUSD>
        <pctVal>3.593907597870</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>IQIYI, INC.</name>
        <lei>222100XL8T2Q5B8MS302</lei>
        <title>IQIYI INC-ADR DEPOSITARY RECEIPT</title>
        <cusip>46267X108</cusip>
        <identifiers>
          <isin value="US46267X1081"/>
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        <balance>2700713.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>43562500.69000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="44409459.38000000"/>
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      <invstOrSec>
        <name>Tongcheng-Elong Holdings Ltd</name>
        <lei>2549004WGGNOPL8NUL61</lei>
        <title>TONGCHENG-ELONG HOLDINGS LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG8918W1069"/>
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        <balance>19662800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83940000"/>
        <valUSD>30198753.99000000</valUSD>
        <pctVal>1.946717745986</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NETEASE, INC.</name>
        <lei>5299004AF4DSJDB0PA32</lei>
        <title>NETEASE INC-ADR DEPOSITARY RECEIPT</title>
        <cusip>64110W102</cusip>
        <identifiers>
          <isin value="US64110W1027"/>
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        <balance>233612.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>62182842.16000000</valUSD>
        <pctVal>4.008524403650</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SINA CORPORATION</name>
        <lei>549300ICDICMKPZEUY61</lei>
        <title>SINA CORP COMMON STOCK</title>
        <cusip>G81477104</cusip>
        <identifiers>
          <isin value="KYG814771047"/>
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        <balance>642900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25195251.00000000</valUSD>
        <pctVal>1.624174369993</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TAL EDUCATION GROUP</name>
        <lei>5493003PJZS0EC085V72</lei>
        <title>TAL EDUCATION GROUP- ADR DEPOSITARY RECEIPT</title>
        <cusip>874080104</cusip>
        <identifiers>
          <isin value="US8740801043"/>
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        <balance>1719274.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>58867941.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HUYA Inc</name>
        <lei>549300WPEZ00T1MABE80</lei>
        <title>HUYA INC-ADR DEPOSITARY RECEIPT</title>
        <cusip>44852D108</cusip>
        <identifiers>
          <isin value="US44852D1081"/>
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        <balance>597347.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14121283.08000000</valUSD>
        <pctVal>0.910307503979</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>58.com Inc.</name>
        <lei>549300R31W8UMZCTNF95</lei>
        <title>58.COM INC-ADR DEPOSITARY RECEIPT</title>
        <cusip>31680Q104</cusip>
        <identifiers>
          <isin value="US31680Q1040"/>
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        <balance>966170.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>47641842.70000000</valUSD>
        <pctVal>3.071160507692</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Autohome Inc</name>
        <lei>529900NYB6ZGZN3MVT56</lei>
        <title>AUTOHOME INC-ADR DEPOSITARY RECEIPT</title>
        <cusip>05278C107</cusip>
        <identifiers>
          <isin value="US05278C1071"/>
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        <balance>557979.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>46384794.27000000</valUSD>
        <pctVal>2.990126750900</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sogou Inc</name>
        <lei>549300WNVDJ6CR8AY837</lei>
        <title>SOGOU INC-ADR DEPOSITARY RECEIPT</title>
        <cusip>83409V104</cusip>
        <identifiers>
          <isin value="US83409V1044"/>
        </identifiers>
        <balance>708297.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3498987.18000000</valUSD>
        <pctVal>0.225557002734</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="3317308.26000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Alibaba Pictures Group Limited</name>
        <lei>213800DWTSI7ACSGHN32</lei>
        <title>ALIBABA PICTURES GROUP LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG0171W1055"/>
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        <balance>144104000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83940000"/>
        <valUSD>23345164.17000000</valUSD>
        <pctVal>1.504911275073</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LEXINFINTECH HOLDINGS LTD.</name>
        <lei>549300F9QU71NQ28CS19</lei>
        <title>LEXINFINTECH HOLDINGS L-ADR DEPOSITARY RECEIPT</title>
        <cusip>528877103</cusip>
        <identifiers>
          <isin value="US5288771034"/>
        </identifiers>
        <balance>751329.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7535829.87000000</valUSD>
        <pctVal>0.485786060693</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="56715.00000000"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2019-09-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Krane Funds Advisors, LLC</ncom:nameOfApplicant>
      <ncom:signature>Jonathan Krane</ncom:signature>
      <ncom:signerName>Jonathan Krane</ncom:signerName>
      <ncom:title>CEO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
