<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001547576</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000059796</seriesId>
        <classId>C000195635</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Krane Shares Trust</regName>
      <regFileNumber>811-22698</regFileNumber>
      <regCik>0001547576</regCik>
      <regLei>2549008E1DI99JHCCA80</regLei>
      <regStreet1>280 Park Ave</regStreet1>
      <regStreet2>32nd Floor</regStreet2>
      <regCity>NEW YORK</regCity>
      <regStateConditional regCountry="US" regState="US-NY"/>
      <regZipOrPostalCode>10017</regZipOrPostalCode>
      <regPhone>2129330393</regPhone>
      <seriesName>KraneShares MSCI All China Health Care Index ETF</seriesName>
      <seriesId>S000059796</seriesId>
      <seriesLei>549300QX48JOVJXEFW26</seriesLei>
      <repPdEnd>2025-03-31</repPdEnd>
      <repPdDate>2025-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>86653107.14</totAssets>
      <totLiabs>53696.76</totLiabs>
      <netAssets>86599410.38</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>91168.20000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000195635" rtn1="3.79241500" rtn2="6.74715900" rtn3="-1.53846200"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <commodityContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </commodityContracts>
          <creditContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </creditContracts>
          <equityContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </equityContracts>
          <foreignExchgContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </foreignExchgContracts>
          <interestRtContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </interestRtContracts>
          <otherContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </otherContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="-3578310.29" netUnrealizedAppr="7285171.65"/>
        <othMon2 netRealizedGain="-48620.61" netUnrealizedAppr="2118993.72"/>
        <othMon3 netRealizedGain="-394730.24" netUnrealizedAppr="-189077.56"/>
      </returnInfo>
      <mon1Flow redemption="17542877.04000000" reinvestment="0.00000000" sales="553316.05000000"/>
      <mon2Flow redemption="0.00000000" reinvestment="0.00000000" sales="62004054.68000000"/>
      <mon3Flow redemption="668574.18000000" reinvestment="0.00000000" sales="912.53000000"/>


    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>CHANGCHUN HIGH-TECH INDUSTRY (GROUP) CO., LTD.</name>
        <lei>300300X04OTKZG18WD66</lei>
        <title>CHANGCHUN HIGH-TECH INDUST-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE0000007J8"/>
        </identifiers>
        <balance>64608.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>869632.45000000</valUSD>
        <pctVal>1.004201352161</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZHANGZHOU PIENTZEHUANG PHARMACEUTICAL CO., LTD.</name>
        <lei>836800HTWRBAQJRAQ344</lei>
        <title>ZHANGZHOU PIENTZEHUANG PHA-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000001F21"/>
        </identifiers>
        <balance>95634.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>2662020.74000000</valUSD>
        <pctVal>3.073947880613</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Humanwell Healthcare (Group) Co., Ltd</name>
        <lei>300300CT1GETYDVFFG34</lei>
        <title>HUMANWELL HEALTHCARE GROUP-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000000QW6"/>
        </identifiers>
        <balance>258300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>732322.22000000</valUSD>
        <pctVal>0.845643425037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pharmaron Beijing Co., Ltd.</name>
        <lei>300300JYXHGVS5SNGG54</lei>
        <title>PHARMARON BEIJING CO LTD-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100003JW4"/>
        </identifiers>
        <balance>235175.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>871318.21000000</valUSD>
        <pctVal>1.006147970496</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SINOPHARM GROUP CO. LTD.</name>
        <lei>529900N54X78YH9JYK92</lei>
        <title>SINOPHARM GROUP CO-H COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000FN7"/>
        </identifiers>
        <balance>741600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78030000"/>
        <valUSD>1719530.61000000</valUSD>
        <pctVal>1.985614685428</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Beigene Ltd</name>
        <lei>549300JFUK6FRD5MH739</lei>
        <title>BEIGENE LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG1146Y1017"/>
        </identifiers>
        <balance>347718.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78030000"/>
        <valUSD>7427828.18000000</valUSD>
        <pctVal>8.577227197513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shanghai Fosun Pharmaceutical (Group) Co., Ltd.</name>
        <lei>300300DMUYLW3FP1OT73</lei>
        <title>SHANGHAI FOSUN PHARMACEUTI-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000000X38"/>
        </identifiers>
        <balance>322229.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>1101163.80000000</valUSD>
        <pctVal>1.271560389577</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CSPC Innovation Pharmaceutical Co Ltd</name>
        <lei>655600RUP8SX5H46N648</lei>
        <title>CSPC INNOVATION PHARMACEUT-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100003K04"/>
        </identifiers>
        <balance>221557.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>1139512.67000000</valUSD>
        <pctVal>1.315843450896</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shenzhen New Industries Biomedical Engineering Co Ltd</name>
        <lei>N/A</lei>
        <title>SHENZHEN NEW INDUSTRIES BI-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100003T39"/>
        </identifiers>
        <balance>123300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>987974.79000000</valUSD>
        <pctVal>1.140856254869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Beijing Wantai Biological Pharmacy Enterprise Co Ltd</name>
        <lei>300300280PS0QGBZBS92</lei>
        <title>BEIJING WANTAI BIOLOGICAL-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100004090"/>
        </identifiers>
        <balance>173142.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>1526749.33000000</valUSD>
        <pctVal>1.763001991931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Legend Biotech Corp</name>
        <lei>254900EIUFZTW136H859</lei>
        <title>LEGEND BIOTECH CORP-ADR DEPOSITARY RECEIPT</title>
        <cusip>52490G102</cusip>
        <identifiers>
          <isin value="US52490G1022"/>
        </identifiers>
        <balance>39080.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1325984.40000000</valUSD>
        <pctVal>1.531170240284</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZHANGZHOU PIENTZEHUANG PHARMACEUTICAL CO., LTD.</name>
        <lei>836800HTWRBAQJRAQ344</lei>
        <title>ZHANGZHOU PIENTZEHUANG PHA-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000001F21"/>
        </identifiers>
        <balance>3400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>94640.72000000</valUSD>
        <pctVal>0.109285640150</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JIANGSU YUYUE MEDICAL EQUIPMENT &amp; SUPPLY CO., LTD.</name>
        <lei>8368009VDA1C3G87FP95</lei>
        <title>JIANGSU YUYUE MEDICAL EQU-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000009X3"/>
        </identifiers>
        <balance>158310.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>759968.18000000</valUSD>
        <pctVal>0.877567383733</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HUADONG MEDICINE CO., LTD</name>
        <lei>300300WEZ30P69YUQZ42</lei>
        <title>HUADONG MEDICINE CO LTD-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE0000011S1"/>
        </identifiers>
        <balance>287641.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>1452872.28000000</valUSD>
        <pctVal>1.677693039276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YUNNAN BAIYAO GROUP CO., LTD</name>
        <lei>N/A</lei>
        <title>YUNNAN BAIYAO GROUP CO LTD-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE0000008X7"/>
        </identifiers>
        <balance>293823.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>2296913.86000000</valUSD>
        <pctVal>2.652343532041</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HANSOH PHARMACEUTICAL GROUP COMPANY LIMITED</name>
        <lei>254900Q6MR00EBXTPF42</lei>
        <title>HANSOH PHARMACEUTICAL GROUP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG549581067"/>
        </identifiers>
        <balance>648000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78030000"/>
        <valUSD>2040538.28000000</valUSD>
        <pctVal>2.356295811999</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SINO BIOPHARMACEUTICAL LIMITED</name>
        <lei>529900LPR4ADFEJAR786</lei>
        <title>SINO BIOPHARMACEUTICAL COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG8167W1380"/>
        </identifiers>
        <balance>5670750.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78030000"/>
        <valUSD>2733225.26000000</valUSD>
        <pctVal>3.156170749900</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHENZHEN SALUBRIS PHARMACEUTICALS CO., LTD.</name>
        <lei>N/A</lei>
        <title>SHENZHEN SALUBRIS PHARM-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000FW8"/>
        </identifiers>
        <balance>5400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>24399.18000000</valUSD>
        <pctVal>0.028174764577</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shanghai Pharmaceuticals Holding Co., Ltd.</name>
        <lei>30030029J1KKCBY19820</lei>
        <title>SHANGHAI PHARMACEUTICALS-H COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000012B3"/>
        </identifiers>
        <balance>362300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78030000"/>
        <valUSD>521542.87000000</valUSD>
        <pctVal>0.602247599275</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Beijing Tiantan Biological Products Corporation Limited</name>
        <lei>N/A</lei>
        <title>BEIJING TIANTAN BIOLOGICAL-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000000WF9"/>
        </identifiers>
        <balance>313089.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>873869.02000000</valUSD>
        <pctVal>1.009093498634</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shanghai Pharmaceuticals Holding Co., Ltd.</name>
        <lei>30030029J1KKCBY19820</lei>
        <title>SHANGHAI PHARMACEUTICALS-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000000C82"/>
        </identifiers>
        <balance>11200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>28593.84000000</valUSD>
        <pctVal>0.033018515801</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>N/A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="34PT1B"/>
        </identifiers>
        <balance>105188.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.01000000</valUSD>
        <pctVal>0.000000011547</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sichuan Kelun Pharmaceutical Co., Ltd.</name>
        <lei>30030014Z0J8J835FO94</lei>
        <title>SICHUAN KELUN PHARMACEUTIC-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000PW7"/>
        </identifiers>
        <balance>8600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>38147.79000000</valUSD>
        <pctVal>0.044050865742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aier Eye Hospital Group Co., Ltd.</name>
        <lei>N/A</lei>
        <title>AIER EYE HOSPITAL GROUP CO-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000GR6"/>
        </identifiers>
        <balance>1538663.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>2812238.63000000</valUSD>
        <pctVal>3.247410828387</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jiangsu Hengrui Pharmaceuticals Co.,Ltd</name>
        <lei>N/A</lei>
        <title>JIANGSU HENGRUI PHARMACEUT-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE0000014W7"/>
        </identifiers>
        <balance>1020228.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>6908327.61000000</valUSD>
        <pctVal>7.977337928383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shanghai RAAS Blood Products Co., Ltd.</name>
        <lei>N/A</lei>
        <title>SHANGHAI RAAS BLOOD PRODUC-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000C31"/>
        </identifiers>
        <balance>1054034.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>995151.77000000</valUSD>
        <pctVal>1.149143817069</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CSPC PHARMACEUTICAL GROUP LIMITED</name>
        <lei>529900M3XQCW234H8O91</lei>
        <title>CSPC PHARMACEUTICAL GROUP LT COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HK1093012172"/>
        </identifiers>
        <balance>4406889.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78030000"/>
        <valUSD>2798096.69000000</valUSD>
        <pctVal>3.231080532444</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dong-E-E-Jiao Co., Ltd.</name>
        <lei>655600E60FK5WI9EWB37</lei>
        <title>DONG-E-E-JIAOCO LTD-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE0000006Y9"/>
        </identifiers>
        <balance>103040.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>857260.35000000</valUSD>
        <pctVal>0.989914765283</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sichuan Kelun Pharmaceutical Co., Ltd.</name>
        <lei>30030014Z0J8J835FO94</lei>
        <title>SICHUAN KELUN PHARMACEUTIC-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000PW7"/>
        </identifiers>
        <balance>248315.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>1101472.97000000</valUSD>
        <pctVal>1.271917401246</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA RESOURCES PHARMACEUTICAL GROUP LIMITED</name>
        <lei>3003004H1KDKMJ8JD874</lei>
        <title>CHINA RESOURCES PHARMACEUTIC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HK0000311099"/>
        </identifiers>
        <balance>986000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78030000"/>
        <valUSD>641255.48000000</valUSD>
        <pctVal>0.740484810677</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Genscript Biotech Corp</name>
        <lei>529900YIYUOJOXSAE372</lei>
        <title>GENSCRIPT BIOTECH CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG3825B1059"/>
        </identifiers>
        <balance>618000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78030000"/>
        <valUSD>981771.91000000</valUSD>
        <pctVal>1.133693527117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INNOVENT BIOLOGICS, INC.</name>
        <lei>25490058ONL9SCIE1R22</lei>
        <title>INNOVENT BIOLOGICS INC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG4818G1010"/>
        </identifiers>
        <balance>676000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78030000"/>
        <valUSD>4048892.72000000</valUSD>
        <pctVal>4.675427583436</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HUBEI JUMPCAN PHARMACEUTICAL CO., LTD.</name>
        <lei>N/A</lei>
        <title>HUBEI JUMPCAN PHARMACEUT-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE0000018X6"/>
        </identifiers>
        <balance>144900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>554400.69000000</valUSD>
        <pctVal>0.640189913034</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHENZHEN SALUBRIS PHARMACEUTICALS CO., LTD.</name>
        <lei>N/A</lei>
        <title>SHENZHEN SALUBRIS PHARM-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000FW8"/>
        </identifiers>
        <balance>172065.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>777452.75000000</valUSD>
        <pctVal>0.897757555840</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HUALAN BIOLOGICAL ENGINEERING, INC.</name>
        <lei>N/A</lei>
        <title>HUALAN BIOLOGICAL ENGINEER-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000001JN8"/>
        </identifiers>
        <balance>289247.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>618231.18000000</valUSD>
        <pctVal>0.713897678156</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Akeso Inc</name>
        <lei>254900ECWYGR3QW5GF30</lei>
        <title>AKESO INC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG0146B1032"/>
        </identifiers>
        <balance>345000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78030000"/>
        <valUSD>3378918.55000000</valUSD>
        <pctVal>3.901780087385</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hangzhou Tigermed Consulting Co., Ltd</name>
        <lei>300300CP4N8WDF6DOO67</lei>
        <title>HANGZHOU TIGERMED CONSULTI-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100001KV8"/>
        </identifiers>
        <balance>57450.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>401744.38000000</valUSD>
        <pctVal>0.463911218606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WuXi AppTec Co., Ltd.</name>
        <lei>254900OEPQLZSPLN9175</lei>
        <title>WUXI APPTEC CO LTD-H COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100003F19"/>
        </identifiers>
        <balance>163484.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78030000"/>
        <valUSD>1454068.97000000</valUSD>
        <pctVal>1.679074907807</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shenzhen Mindray Bio-Medical Electronics Co Ltd</name>
        <lei>N/A</lei>
        <title>SHENZHEN MINDRAY BIO-MEDIC-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100003G67"/>
        </identifiers>
        <balance>193655.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>6236704.33000000</valUSD>
        <pctVal>7.201786135301</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BEIJING TONG REN TANG CO., LTD</name>
        <lei>N/A</lei>
        <title>BEIJING TONG REN TANG CO-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000000R69"/>
        </identifiers>
        <balance>217390.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>1094743.95000000</valUSD>
        <pctVal>1.264147117395</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shanghai United Imaging Healthcare Co., Ltd.</name>
        <lei>300300YFLW1ZZPRAZ467</lei>
        <title>SHANGHAI UNITED IMAGING HE-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100005PN5"/>
        </identifiers>
        <balance>135191.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>2269773.89000000</valUSD>
        <pctVal>2.621003861389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHANDONG WEIGAO GROUP MEDICAL POLYMER CO.,LTD</name>
        <lei>5299005WQUU15JQU8S60</lei>
        <title>SHANDONG WEIGAO GP MEDICAL-H COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000171"/>
        </identifiers>
        <balance>1304400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78030000"/>
        <valUSD>999219.05000000</valUSD>
        <pctVal>1.153840477221</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Resources Sanjiu Medical &amp; Pharmaceutical Co., Ltd.</name>
        <lei>N/A</lei>
        <title>CHINA RESOURCES SANJIU MED-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE0000011K8"/>
        </identifiers>
        <balance>205447.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>1190681.56000000</valUSD>
        <pctVal>1.374930331251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited</name>
        <lei>529900ROARJHMUIME057</lei>
        <title>GUANGZHOU BAIYUNSHAN PHAR-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000001733"/>
        </identifiers>
        <balance>221740.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>807503.60000000</valUSD>
        <pctVal>0.932458542681</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chongqing Zhifei Biological Products Co Ltd</name>
        <lei>300300DRZD9P8L2NA467</lei>
        <title>CHONGQING ZHIFEI BIOLOGICA-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000V20"/>
        </identifiers>
        <balance>392972.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>1312628.92000000</valUSD>
        <pctVal>1.515748102949</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHIJIAZHUANG YILING PHARMACEUTICAL CO.,LTD</name>
        <lei>300300MXXUF4JUKD5G32</lei>
        <title>SHIJIAZHUANG YILING PHARMA-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000015S0"/>
        </identifiers>
        <balance>265690.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>513396.50000000</valUSD>
        <pctVal>0.592840641463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shanghai Fosun Pharmaceutical (Group) Co., Ltd.</name>
        <lei>300300DMUYLW3FP1OT73</lei>
        <title>SHANGHAI FOSUN PHARMACEUTI-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000000X38"/>
        </identifiers>
        <balance>13600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>46475.73000000</valUSD>
        <pctVal>0.053667490108</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WUXI BIOLOGICS (CAYMAN) INC.</name>
        <lei>5493001TD2TH6VDTJU11</lei>
        <title>WUXI BIOLOGICS CAYMAN INC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG970081173"/>
        </identifiers>
        <balance>1861635.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78030000"/>
        <valUSD>6472401.67000000</valUSD>
        <pctVal>7.473955817480</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Imeik Technology Development Co Ltd</name>
        <lei>N/A</lei>
        <title>IMEIK TECHNOLOGY DEVELOPME-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100004868"/>
        </identifiers>
        <balance>48840.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>1206228.82000000</valUSD>
        <pctVal>1.392883409606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WuXi AppTec Co., Ltd.</name>
        <lei>254900OEPQLZSPLN9175</lei>
        <title>WUXI APPTEC CO LTD-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000031K4"/>
        </identifiers>
        <balance>399720.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>3703484.83000000</valUSD>
        <pctVal>4.276570491356</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shanghai Pharmaceuticals Holding Co., Ltd.</name>
        <lei>30030029J1KKCBY19820</lei>
        <title>SHANGHAI PHARMACEUTICALS-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000000C82"/>
        </identifiers>
        <balance>448512.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>1145060.85000000</valUSD>
        <pctVal>1.322250168881</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-03-31</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>
