The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
NETEASE INC SPONSORED ADS 64110W102   10,029,077 112,421 SH   SOLE   112,421 0 0
META PLATFORMS INC CL A 30303M102   43,913,250 75,000 SH   SOLE   75,000 0 0
H WORLD GROUP LTD SPONSORED ADS 44332N106   55,596,228 1,683,204 SH   SOLE   1,683,204 0 0
PDD HOLDINGS INC SPONSORED ADS 722304102   64,020,577 660,074 SH   SOLE   660,074 0 0
KANZHUN LIMITED SPONSORED ADS 48553T106   8,047,429 583,147 SH   SOLE   583,147 0 0
ATOUR LIFESTYLE HLDGS LTD SPONSORED ADS 04965M106   1,439,960 53,550 SH   SOLE   53,550 0 0
LI AUTO INC SPONSORED ADS 50202M102   779,459 32,491 SH   SOLE   32,491 0 0
TRIP COM GROUP LTD ADS 89677Q107   16,408,779 238,986 SH   SOLE   238,986 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100   1,974,900 10,000 SH   SOLE   10,000 0 0
VISA INC COM CL A 92826C839   14,221,800 45,000 SH   SOLE   45,000 0 0
RLX TECHNOLOGY INC SPONSORED ADS 74969N103   15,096,404 6,989,076 SH   SOLE   6,989,076 0 0
KE HLDGS INC SPONSORED ADS 482497104   9,108,506 494,490 SH   SOLE   494,490 0 0
MICROSOFT CORP COM 594918104   8,430,000 20,000 SH   SOLE   20,000 0 0
TAL EDUCATION GROUP SPONSORED ADS 874080104   7,014,000 700,000 SH   SOLE   700,000 0 0
YUM CHINA HLDGS INC COM 98850P109   3,421,467 71,029 SH   SOLE   71,029 0 0
ZTO EXPRESS CAYMAN INC SPONSORED ADS A 98980A105   1,077,225 55,101 SH   SOLE   55,101 0 0
ALPHABET INC CAP STK CL C 02079K107   38,088,000 200,000 SH   SOLE   200,000 0 0
IQIYI INC SPONSORED ADS 46267X108   3,092,194 1,538,405 SH   DFND   0 0 1,538,405
NETEASE INC SPONSORED ADS 64110W102   20,200,266 226,435 SH   DFND   0 0 226,435
H WORLD GROUP LTD SPONSORED ADS 44332N106   79,413,038 2,404,270 SH   DFND   0 0 2,404,270
PDD HOLDINGS INC SPONSORED ADS 722304102   95,666,183 986,351 SH   DFND   0 0 986,351
KANZHUN LIMITED SPONSORED ADS 48553T106   4,659,846 337,670 SH   DFND   0 0 337,670
ATOUR LIFESTYLE HLDGS LTD SPONSORED ADS 04965M106   17,930,951 666,826 SH   DFND   0 0 666,826
LI AUTO INC SPONSORED ADS 50202M102   10,684,426 445,370 SH   DFND   0 0 445,370
TRIP COM GROUP LTD ADS 89677Q107   19,103,478 278,233 SH   DFND   0 0 278,233
RLX TECHNOLOGY INC SPONSORED ADS 74969N103   9,749,609 4,513,708 SH   DFND   0 0 4,513,708
KE HLDGS INC SPONSORED ADS 482497104   76,107,019 4,131,760 SH   DFND   0 0 4,131,760
YUM CHINA HLDGS INC COM 98850P109   70,570,736 1,465,035 SH   DFND   0 0 1,465,035
TENCENT MUSIC ENTMT GROUP SPON ADS 88034P109   18,500,625 1,630,011 SH   DFND   0 0 1,630,011
ZTO EXPRESS CAYMAN INC SPONSORED ADS A 98980A105   17,672,164 903,947 SH   DFND   0 0 903,947