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
IQIYI INC SPONSORED ADS 46267X108   13,568,000 5,300,000 SH   SOLE   5,300,000 0 0
RLX TECHNOLOGY INC SPONSORED ADS 74969N103   11,954,357 4,545,383 SH   SOLE   4,545,383 0 0
H WORLD GROUP LTD SPONSORED ADS 44332N106   108,579,333 2,776,255 SH   SOLE   2,776,255 0 0
PDD HOLDINGS INC SPONSORED ADS 722304102   99,243,545 750,878 SH   SOLE   750,878 0 0
KE HLDGS INC SPONSORED ADS 482497104   10,922,131 574,849 SH   SOLE   574,849 0 0
ALPHABET INC CAP STK CL C 02079K107   73,065,000 300,000 SH   SOLE   300,000 0 0
CANADA GOOSE HLDGS INC SHS SUB VTG 135086106   3,033,800 220,000 SH   SOLE   220,000 0 0
ATRENEW INC SPONSORED ADS 00138L108   450,110 97,850 SH   SOLE   97,850 0 0
NETEASE INC SPONSORED ADS 64110W102   13,983,080 92,000 SH   SOLE   92,000 0 0
ISHARES TR 20 YR TR BD ETF 464287432   5,281,767 59,100 SH   SOLE   59,100 0 0
SUMMIT THERAPEUTICS INC COM 86627T108   115,779 5,604 SH   SOLE   5,604 0 0
AMER SPORTS INC COM SHS G0260P102   148,939 4,286 SH   SOLE   4,286 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100   877,250 3,141 SH   SOLE   3,141 0 0
RLX TECHNOLOGY INC SPONSORED ADS 74969N103   7,680,084 2,920,184 SH   DFND   0 0 2,920,184
H WORLD GROUP LTD SPONSORED ADS 44332N106   94,838,934 2,424,928 SH   DFND   0 0 2,424,928
YUM CHINA HLDGS INC COM 98850P109   30,644,837 713,999 SH   DFND   0 0 713,999
PDD HOLDINGS INC SPONSORED ADS 722304102   76,970,125 582,357 SH   DFND   0 0 582,357
AMER SPORTS INC COM SHS G0260P102   18,734,351 539,118 SH   DFND   0 0 539,118
KANZHUN LIMITED SPONSORED ADS 48553T106   5,878,357 251,642 SH   DFND   0 0 251,642
IQIYI INC SPONSORED ADS 46267X108   230,400 90,000 SH   DFND   0 0 90,000
KE HLDGS INC SPONSORED ADS 482497104   1,615,000 85,000 SH   DFND   0 0 85,000
SUMMIT THERAPEUTICS INC COM 86627T108   1,118,553 54,141 SH   DFND   0 0 54,141
NETEASE INC SPONSORED ADS 64110W102   3,039,800 20,000 SH   DFND   0 0 20,000