Yiheng Capital Management, L.P. Activity Q4 2015-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
JD	Buy	JD.COM INCcall	$436,510,137	-11.5%	14,984,900	+3.7%	22.25%	-16.6%
BILI	Buy	BILIBILI INCcall	$259,444,701	+35.0%	18,841,300	+48.1%	13.22%	+27.3%
BILI	Buy	BILIBILI INCspons ads rep z	$162,569,969	-4.5%	11,806,098	+4.7%	8.29%	-10.0%
JD	Buy	JD.COM INCspon adr cl a	$144,942,432	+15.6%	4,975,710	+35.4%	7.39%	+9.0%
	Sell	NEW ORIENTAL ED & TECHNOLOGYspon adr	$120,989,125	-11.0%	2,066,424	-40.0%	6.17%	-16.1%
RBLX	New	ROBLOX CORPcall	$94,015,744	–	3,246,400	–	4.79%	–
AKRO	Buy	AKERO THERAPEUTICS INC	$61,792,271	+10.1%	1,221,674	+1.7%	3.15%	+3.9%
TDG	Sell	TRANSDIGM GROUP INC	$51,466,341	-11.8%	61,042	-6.4%	2.62%	-16.8%
SGH	Sell	SMART GLOBAL HLDGS INC	$50,624,794	-16.3%	2,079,047	-0.3%	2.58%	-21.1%
INDI	Buy	INDIE SEMICONDUCTOR INC	$30,976,615	-11.7%	4,916,923	+31.8%	1.58%	-16.7%
TAL	Sell	TAL EDUCATION GROUPsponsored ads	$17,771,670	+5.8%	1,950,787	-30.8%	0.91%	-0.2%
ABG	New	ASBURY AUTOMOTIVE GROUP INCput	$17,485,320	–	76,000	–	0.89%	–
LAD	New	LITHIA MTRS INCput	$16,981,475	–	57,500	–	0.87%	–
GPI	New	GROUP 1 AUTOMOTIVE INCput	$16,122,600	–	60,000	–	0.82%	–
BEAM	Buy	BEAM THERAPEUTICS INC	$13,480,025	-9.0%	560,500	+20.8%	0.69%	-14.2%
PAG	New	PENSKE AUTOMOTIVE GRP INCput	$12,345,734	–	73,900	–	0.63%	–
GBIO	Buy	GENERATION BIO CO	$6,314,826	-28.3%	1,666,181	+4.0%	0.32%	-32.4%
	Sell	GRAVITAS EDUCATION HLDGS INCspon ads	$762,038	-25.3%	38,303	-43.7%	0.04%	-29.1%
DBVT	New	DBV TECHNOLOGIES S Asponsored adr	$181,141	–	133,192	–	0.01%	–
SQNS	Exit	SEQUANS COMMUNICATIONS S Asponsored ads	$0	–	-584,260	–	-0.07%	–
ACMR	Exit	ACM RESH INCcall	$0	–	-831,800	–	-0.59%	–

Q2 2023

			Value		Shares		↓ Weighting
JD	New	JD.COM INCcall	$493,410,584	–	14,456,800	–	26.67%	–
BILI	New	BILIBILI INCcall	$192,155,050	–	12,725,500	–	10.39%	–
BILI	New	BILIBILI INCspons ads rep z	$170,252,470	–	11,274,998	–	9.20%	–
	New	NEW ORIENTAL ED & TECHNOLOGYspon adr	$135,950,880	–	3,442,666	–	7.35%	–
JD	New	JD.COM INCspon adr cl a	$125,428,433	–	3,675,020	–	6.78%	–
HTHT	New	H WORLD GROUP LTDsponsored ads	$107,948,784	–	2,783,620	–	5.84%	–
NOAH	New	NOAH HLDGS LTDspon ads cl a	$94,613,686	–	6,719,722	–	5.11%	–
HOLI	New	HOLLYSYS AUTOMATION TCHNGY L	$69,723,875	–	3,963,836	–	3.77%	–
SGH	New	SMART GLOBAL HLDGS INC	$60,503,314	–	2,085,602	–	3.27%	–
TDG	New	TRANSDIGM GROUP INC	$58,340,122	–	65,245	–	3.15%	–
AKRO	New	AKERO THERAPEUTICS INC	$56,102,284	–	1,201,591	–	3.03%	–
RBLX	New	ROBLOX CORPcl a	$40,633,442	–	1,008,274	–	2.20%	–
SABR	New	SABRE CORP	$37,725,533	–	11,826,186	–	2.04%	–
INDI	New	INDIE SEMICONDUCTOR INC	$35,073,562	–	3,731,230	–	1.90%	–
DNLI	New	DENALI THERAPEUTICS INC	$33,956,685	–	1,150,684	–	1.84%	–
VRDN	New	VIRIDIAN THERAPEUTICS INC	$29,226,824	–	1,228,534	–	1.58%	–
KROS	New	KEROS THERAPEUTICS INC	$22,265,787	–	554,151	–	1.20%	–
TAL	New	TAL EDUCATION GROUPsponsored ads	$16,797,068	–	2,818,300	–	0.91%	–
BEAM	New	BEAM THERAPEUTICS INC	$14,809,134	–	463,800	–	0.80%	–
ACMR	New	ACM RESH INCcall	$10,879,944	–	831,800	–	0.59%	–
IVA	New	INVENTIVA SAads	$10,685,501	–	2,644,926	–	0.58%	–
GBIO	New	GENERATION BIO CO	$8,809,713	–	1,601,766	–	0.48%	–
ACMR	New	ACM RESH INC	$6,706,116	–	512,700	–	0.36%	–
NIU	New	NIU TECHNOLOGIESads	$4,627,447	–	1,162,675	–	0.25%	–
COMM	New	COMMSCOPE HLDG CO INC	$4,114,838	–	730,877	–	0.22%	–
ZH	New	ZHIHU INCads	$4,088,739	–	3,618,353	–	0.22%	–
SGH	New	SMART GLOBAL HLDGS INCcall	$2,300,493	–	79,300	–	0.12%	–
SQNS	New	SEQUANS COMMUNICATIONS S Asponsored ads	$1,302,900	–	584,260	–	0.07%	–
	New	GRAVITAS EDUCATION HLDGS INCspon ads	$1,020,750	–	68,050	–	0.06%	–
RERE	New	ATRENEW INCsponsored ads	$477,350	–	163,476	–	0.03%	–
JT	New	JIANPU TECHNOLOGY INC	$28,272	–	25,702	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
JT	Exit	JIANPU TECHNOLOGY INC	$0	–	-25,702	–	-0.00%	–
	Exit	META DATA LIMITEDsponsored ads	$0	–	-315,539	–	-0.02%	–
RERE	Exit	ATRENEW INCsponsored ads	$0	–	-163,476	–	-0.02%	–
NOAH	Exit	NOAH HLDGS LTDcall	$0	–	-28,900	–	-0.02%	–
RYB	Exit	GRAVITAS EDUCATION HLDGS INCspon ads	$0	–	-1,374,551	–	-0.05%	–
COMM	Exit	COMMSCOPE HLDG CO INC	$0	–	-200,004	–	-0.11%	–
SQNS	Exit	SEQUANS COMMUNICATIONS S Asponsored ads	$0	–	-584,260	–	-0.13%	–
AKRO	Exit	AKERO THERAPEUTICS INCcall	$0	–	-75,800	–	-0.16%	–
VIPS	Exit	VIPSHOP HOLDINGS LIMITEDsponsored ads a	$0	–	-366,825	–	-0.19%	–
ACMR	Exit	ACM RESH INC	$0	–	-302,300	–	-0.23%	–
NIU	Exit	NIU TECHNOLOGIESads	$0	–	-1,162,675	–	-0.29%	–
GBIO	Exit	GENERATION BIO CO	$0	–	-997,857	–	-0.33%	–
PETQ	Exit	PETIQ INC	$0	–	-1,067,887	–	-0.46%	–
VRDN	Exit	VIRIDIAN THERAPEUTICS INC	$0	–	-373,051	–	-0.47%	–
TAL	Exit	TAL EDUCATION GROUPsponsored ads	$0	–	-2,052,400	–	-0.63%	–
IVA	Exit	INVENTIVA SAads	$0	–	-2,644,926	–	-0.64%	–
ZH	Exit	ZHIHU INCads	$0	–	-9,944,592	–	-0.65%	–
BEAM	Exit	BEAM THERAPEUTICS INC	$0	–	-363,800	–	-1.07%	–
ACMR	Exit	ACM RESH INCcall	$0	–	-1,395,700	–	-1.07%	–
TAL	Exit	TAL EDUCATION GROUPcall	$0	–	-4,026,100	–	-1.23%	–
HIMX	Exit	HIMAX TECHNOLOGIES INCsponsored adr	$0	–	-5,127,716	–	-1.53%	–
YY	Exit	JOYY INC	$0	–	-1,096,960	–	-1.76%	–
DNLI	Exit	DENALI THERAPEUTICS INC	$0	–	-1,014,684	–	-1.92%	–
SGH	Exit	SMART GLOBAL HLDGS INC	$0	–	-2,953,992	–	-2.89%	–
SABR	Exit	SABRE CORP	$0	–	-10,421,742	–	-3.31%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-107,612	–	-3.49%	–
ISEE	Exit	IVERIC BIO INC	$0	–	-3,613,254	–	-4.00%	–
HOLI	Exit	HOLLYSYS AUTOMATION TCHNGY L	$0	–	-3,963,836	–	-4.18%	–
AKRO	Exit	AKERO THERAPEUTICS INC	$0	–	-2,099,146	–	-4.41%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-1,745,540	–	-5.42%	–
NOAH	Exit	NOAH HLDGS LTDspon ads cl a	$0	–	-6,719,722	–	-5.48%	–
	Exit	NEW ORIENTAL ED & TECHNOLOGYspon adr	$0	–	-3,942,372	–	-5.83%	–
HTHT	Exit	H WORLD GROUP LTDsponsored ads	$0	–	-3,070,910	–	-6.36%	–
BILI	Exit	BILIBILI INCspons ads rep z	$0	–	-10,250,171	–	-9.70%	–
BILI	Exit	BILIBILI INCcall	$0	–	-11,589,500	–	-10.96%	–
JD	Exit	JD.COM INCcall	$0	–	-6,748,900	–	-20.96%	–

Q3 2022

			Value		Shares		↓ Weighting
JD	Buy	JD.COM INCcall	$339,470,000	+226.0%	6,748,900	+316.2%	20.96%	+252.0%
BILI	Buy	BILIBILI INCcall	$177,552,000	-11.7%	11,589,500	+47.6%	10.96%	-4.6%
BILI	Buy	BILIBILI INCspons ads rep z	$157,033,000	-35.7%	10,250,171	+7.5%	9.70%	-30.6%
NOAH	Buy	NOAH HLDGS LTDspon ads cl a	$88,768,000	-34.4%	6,719,722	+0.4%	5.48%	-29.2%
JD	Sell	JD.COM INCspon adr cl a	$87,801,000	-33.2%	1,745,540	-14.7%	5.42%	-27.8%
AKRO	Buy	AKERO THERAPEUTICS INC	$71,476,000	+301.7%	2,099,146	+11.5%	4.41%	+333.9%
ISEE	Sell	IVERIC BIO INC	$64,822,000	+33.2%	3,613,254	-28.6%	4.00%	+43.8%
TDG	Sell	TRANSDIGM GROUP INC	$56,477,000	-16.0%	107,612	-14.1%	3.49%	-9.3%
SABR	Buy	SABRE CORP	$53,672,000	+25.5%	10,421,742	+42.1%	3.31%	+35.5%
HIMX	Sell	HIMAX TECHNOLOGIES INCsponsored adr	$24,818,000	-48.3%	5,127,716	-20.2%	1.53%	-44.2%
TAL	Buy	TAL EDUCATION GROUPcall	$19,889,000	+402.4%	4,026,100	+395.3%	1.23%	+443.4%
ACMR	New	ACM RESH INCcall	$17,391,000	–	1,395,700	–	1.07%	–
ZH	Sell	ZHIHU INCads	$10,541,000	-76.1%	9,944,592	-59.7%	0.65%	-74.2%
IVA	Buy	INVENTIVA SAads	$10,395,000	-30.6%	2,644,926	+0.2%	0.64%	-25.0%
TAL	Sell	TAL EDUCATION GROUPsponsored ads	$10,139,000	-44.2%	2,052,400	-44.9%	0.63%	-39.7%
VRDN	New	VIRIDIAN THERAPEUTICS INC	$7,651,000	–	373,051	–	0.47%	–
GBIO	Sell	GENERATION BIO CO	$5,299,000	-68.9%	997,857	-61.6%	0.33%	-66.4%
ACMR	Sell	ACM RESH INC	$3,767,000	-95.8%	302,300	-94.3%	0.23%	-95.4%
AKRO	New	AKERO THERAPEUTICS INCcall	$2,581,000	–	75,800	–	0.16%	–
NOAH	New	NOAH HLDGS LTDcall	$382,000	–	28,900	–	0.02%	–
RERE	Sell	ATRENEW INCsponsored ads	$376,000	-97.0%	163,476	-96.1%	0.02%	-96.8%
	Sell	META DATA LIMITEDsponsored ads	$325,000	-30.4%	315,539	-0.0%	0.02%	-25.9%
SABR	Exit	SABRE CORPcall	$0	–	-2,457,100	–	-0.82%	–
HTHT	Exit	HUAZHU GROUP LTDcall	$0	–	-785,700	–	-1.71%	–
GBT	Exit	GLOBAL BLOOD THERAPEUTICS IN	$0	–	-1,501,382	–	-2.74%	–

Q2 2022

			Value		Shares		↓ Weighting
BILI	New	BILIBILI INCspons ads rep z	$244,193,000	–	9,538,771	–	13.96%	–
BILI	New	BILIBILI INCcall	$200,986,000	–	7,851,000	–	11.49%	–
NOAH	New	NOAH HLDGS LTDspon ads cl a	$135,355,000	–	6,690,822	–	7.74%	–
JD	New	JD.COM INCspon adr cl a	$131,351,000	–	2,045,332	–	7.51%	–
HTHT	New	HUAZHU GROUP LTDsponsored ads	$117,002,000	–	3,070,910	–	6.69%	–
JD	New	JD.COM INCcall	$104,132,000	–	1,621,500	–	5.95%	–
ACMR	New	ACM RESH INC	$88,640,000	–	5,266,800	–	5.07%	–
	New	NEW ORIENTAL ED & TECHNOLOGYspon adr	$80,267,000	–	3,942,372	–	4.59%	–
TDG	New	TRANSDIGM GROUP INC	$67,206,000	–	125,227	–	3.84%	–
HOLI	New	HOLLYSYS AUTOMATION TCHNGY L	$58,665,000	–	3,963,836	–	3.36%	–
ISEE	New	IVERIC BIO INC	$48,664,000	–	5,058,585	–	2.78%	–
SGH	New	SMART GLOBAL HLDGS INC	$48,357,000	–	2,953,992	–	2.76%	–
HIMX	New	HIMAX TECHNOLOGIES INCsponsored adr	$48,047,000	–	6,423,445	–	2.75%	–
GBT	New	GLOBAL BLOOD THERAPEUTICS IN	$47,969,000	–	1,501,382	–	2.74%	–
ZH	New	ZHIHU INCads	$44,143,000	–	24,661,149	–	2.52%	–
SABR	New	SABRE CORP	$42,764,000	–	7,335,142	–	2.44%	–
YY	New	JOYY INC	$32,755,000	–	1,096,960	–	1.87%	–
HTHT	New	HUAZHU GROUP LTDcall	$29,935,000	–	785,700	–	1.71%	–
DNLI	New	DENALI THERAPEUTICS INC	$29,862,000	–	1,014,684	–	1.71%	–
TAL	New	TAL EDUCATION GROUPsponsored ads	$18,155,000	–	3,728,000	–	1.04%	–
PETQ	New	PETIQ INC	$17,930,000	–	1,067,887	–	1.02%	–
AKRO	New	AKERO THERAPEUTICS INC	$17,792,000	–	1,882,698	–	1.02%	–
GBIO	New	GENERATION BIO CO	$17,040,000	–	2,597,631	–	0.97%	–
IVA	New	INVENTIVA SAads	$14,970,000	–	2,640,253	–	0.86%	–
SABR	New	SABRE CORPcall	$14,324,000	–	2,457,100	–	0.82%	–
BEAM	New	BEAM THERAPEUTICS INC	$14,083,000	–	363,800	–	0.80%	–
RERE	New	ATRENEW INCsponsored ads	$12,540,000	–	4,194,064	–	0.72%	–
NIU	New	NIU TECHNOLOGIESads	$9,999,000	–	1,162,675	–	0.57%	–
TAL	New	TAL EDUCATION GROUPcall	$3,959,000	–	812,900	–	0.23%	–
VIPS	New	VIPSHOP HOLDINGS LIMITEDsponsored ads a	$3,628,000	–	366,825	–	0.21%	–
SQNS	New	SEQUANS COMMUNICATIONS S Asponsored ads	$1,572,000	–	584,260	–	0.09%	–
COMM	New	COMMSCOPE HLDG CO INC	$1,224,000	–	200,004	–	0.07%	–
RYB	New	GRAVITAS EDUCATION HLDGS INCspon ads	$811,000	–	1,374,551	–	0.05%	–
	New	META DATA LIMITEDsponsored ads	$467,000	–	315,540	–	0.03%	–
JT	New	JIANPU TECHNOLOGY INC	$43,000	–	25,702	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
JT	Exit	JIANPU TECHNOLOGY INC	$0	–	-248,919	–	-0.02%	–
SQNS	Exit	SEQUANS COMMUNICATIONS S Asponsored ads	$0	–	-584,260	–	-0.13%	–
ONE	Exit	ONESMART INTL ED GROUP LTDsponsored ads	$0	–	-7,399,757	–	-0.18%	–
RYB	Exit	RYB ED INCadr	$0	–	-1,374,551	–	-0.19%	–
	Exit	HELLO GROUP INCads	$0	–	-407,387	–	-0.21%	–
VECO	Exit	VEECO INSTRS INC DEL	$0	–	-274,614	–	-0.30%	–
TOUR	Exit	TUNIU CORPsponsored ads a	$0	–	-6,105,539	–	-0.45%	–
PETQ	Exit	PETIQ INC	$0	–	-686,987	–	-0.84%	–
IVA	Exit	INVENTIVA SAads	$0	–	-1,503,654	–	-1.05%	–
RERE	Exit	AIHUISHOU INTL CO LTDsponsored ads	$0	–	-2,534,481	–	-1.25%	–
COMM	Exit	COMMSCOPE HLDG CO INC	$0	–	-2,043,700	–	-1.37%	–
GBT	Exit	GLOBAL BLOOD THERAPEUTICS IN	$0	–	-1,275,800	–	-1.60%	–
AKRO	Exit	AKERO THERAPEUTICS INC	$0	–	-1,521,190	–	-1.67%	–
GBIO	Exit	GENERATION BIO CO	$0	–	-1,599,774	–	-1.97%	–
NIU	Exit	NIU TECHNOLOGIESads	$0	–	-2,180,397	–	-2.49%	–
YY	Exit	JOYY INC	$0	–	-1,076,860	–	-2.91%	–
SGH	Exit	SMART GLOBAL HLDGS INC	$0	–	-1,361,046	–	-2.98%	–
HOLI	Exit	HOLLYSYS AUTOMATION TCHNGY L	$0	–	-2,974,405	–	-3.03%	–
TAL	Exit	TAL EDUCATION GROUPsponsored ads	$0	–	-14,353,366	–	-3.42%	–
EDU	Exit	NEW ORIENTAL ED & TECHNOLOGYspon adr	$0	–	-39,423,730	–	-3.98%	–
ISEE	Exit	IVERIC BIO INC	$0	–	-5,058,585	–	-4.04%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-147,711	–	-4.54%	–
ACMR	Exit	ACM RESH INC	$0	–	-844,200	–	-4.57%	–
HIMX	Exit	HIMAX TECHNOLOGIES INCsponsored adr	$0	–	-8,898,122	–	-4.67%	–
SABR	Exit	SABRE CORP	$0	–	-8,044,058	–	-4.69%	–
SIMO	Exit	SILICON MOTION TECHNOLOGY COsponsored adr	$0	–	-1,551,524	–	-5.27%	–
HTHT	Exit	HUAZHU GROUP LTDsponsored ads	$0	–	-3,070,910	–	-6.93%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-2,043,732	–	-7.27%	–
NOAH	Exit	NOAH HLDGS LTDspon ads cl a	$0	–	-6,646,922	–	-12.15%	–
BILI	Exit	BILIBILI INCspons ads rep z	$0	–	-4,856,462	–	-15.82%	–

Q3 2021

			Value		Shares		↓ Weighting
JD	Sell	JD.COM INCspon adr cl a	$147,639,000	-17.3%	2,043,732	-8.6%	7.27%	+1.2%
SIMO	Sell	SILICON MOTION TECHNOLOGY COsponsored adr	$107,024,000	-5.2%	1,551,524	-12.0%	5.27%	+15.9%
SABR	Sell	SABRE CORP	$95,242,000	-34.1%	8,044,058	-30.6%	4.69%	-19.4%
HIMX	Sell	HIMAX TECHNOLOGIES INCsponsored adr	$94,943,000	-36.6%	8,898,122	-1.0%	4.67%	-22.5%
TDG	Sell	TRANSDIGM GROUP INC	$92,256,000	-45.5%	147,711	-43.6%	4.54%	-33.4%
ISEE	Buy	IVERIC BIO INC	$82,151,000	+157.5%	5,058,585	+0.1%	4.04%	+215.0%
EDU	New	NEW ORIENTAL ED & TECHNOLOGYspon adr	$80,819,000	–	39,423,730	–	3.98%	–
TAL	Buy	TAL EDUCATION GROUPsponsored ads	$69,470,000	-52.3%	14,353,366	+148.4%	3.42%	-41.7%
SGH	Buy	SMART GLOBAL HLDGS INC	$60,567,000	+6682.4%	1,361,046	+7169.0%	2.98%	+8183.3%
YY	Buy	JOYY INC	$59,044,000	+93.3%	1,076,860	+132.5%	2.91%	+136.3%
NIU	Sell	NIU TECHNOLOGIESads	$50,520,000	-31.6%	2,180,397	-3.6%	2.49%	-16.3%
GBIO	Buy	GENERATION BIO CO	$40,106,000	+5.3%	1,599,774	+12.9%	1.97%	+28.8%
AKRO	Buy	AKERO THERAPEUTICS INC	$33,999,000	-8.6%	1,521,190	+1.5%	1.67%	+11.8%
COMM	New	COMMSCOPE HLDG CO INC	$27,774,000	–	2,043,700	–	1.37%	–
RERE	Buy	AIHUISHOU INTL CO LTDsponsored ads	$25,421,000	-2.8%	2,534,481	+44.8%	1.25%	+18.8%
IVA	Buy	INVENTIVA SAads	$21,292,000	+5897.7%	1,503,654	+5679.7%	1.05%	+7385.7%
VECO	Sell	VEECO INSTRS INC DEL	$6,099,000	-59.2%	274,614	-55.8%	0.30%	-50.1%
	New	HELLO GROUP INCads	$4,310,000	–	407,387	–	0.21%	–
JT	New	JIANPU TECHNOLOGY INC	$366,000	–	248,919	–	0.02%	–
NFH	Exit	NEW FRONTIER HEALTH CORP	$0	–	-553,537	–	-0.25%	–
MOMO	Exit	MOMO INCadr	$0	–	-1,385,546	–	-0.85%	–

Q2 2021

			Value		Shares		↓ Weighting
BILI	New	BILIBILI INCspons ads rep z	$591,711,000	–	4,856,462	–	23.81%	–
NOAH	New	NOAH HLDGS LTDspon ads cl a	$313,735,000	–	6,646,922	–	12.63%	–
JD	New	JD.COM INCspon adr cl a	$178,498,000	–	2,236,532	–	7.18%	–
TDG	New	TRANSDIGM GROUP INC	$169,396,000	–	261,700	–	6.82%	–
HTHT	New	HUAZHU GROUP LTDsponsored ads	$162,175,000	–	3,070,910	–	6.53%	–
HIMX	New	HIMAX TECHNOLOGIES INCsponsored adr	$149,778,000	–	8,990,293	–	6.03%	–
TAL	New	TAL EDUCATION GROUPsponsored ads	$145,773,000	–	5,777,766	–	5.87%	–
SABR	New	SABRE CORP	$144,595,000	–	11,586,111	–	5.82%	–
SIMO	New	SILICON MOTION TECHNOLOGY COsponsored adr	$112,952,000	–	1,762,123	–	4.55%	–
ACMR	New	ACM RESH INC	$86,294,000	–	844,200	–	3.47%	–
NIU	New	NIU TECHNOLOGIESads	$73,832,000	–	2,261,315	–	2.97%	–
GBT	New	GLOBAL BLOOD THERAPEUTICS IN	$44,679,000	–	1,275,800	–	1.80%	–
HOLI	New	HOLLYSYS AUTOMATION TCHNGY L	$44,319,000	–	2,974,405	–	1.78%	–
GBIO	New	GENERATION BIO CO	$38,103,000	–	1,416,483	–	1.53%	–
AKRO	New	AKERO THERAPEUTICS INC	$37,189,000	–	1,498,938	–	1.50%	–
ISEE	New	IVERIC BIO INC	$31,900,000	–	5,055,485	–	1.28%	–
YY	New	JOYY INC	$30,553,000	–	463,133	–	1.23%	–
PETQ	New	PETIQ INC	$26,518,000	–	686,987	–	1.07%	–
RERE	New	AIHUISHOU INTL CO LTDsponsored ads	$26,163,000	–	1,750,000	–	1.05%	–
MOMO	New	MOMO INCadr	$21,213,000	–	1,385,546	–	0.85%	–
VECO	New	VEECO INSTRS INC DEL	$14,940,000	–	621,470	–	0.60%	–
TOUR	New	TUNIU CORPsponsored ads a	$14,531,000	–	6,105,539	–	0.58%	–
ONE	New	ONESMART INTL ED GROUP LTDsponsored ads	$9,102,000	–	7,399,757	–	0.37%	–
NFH	New	NEW FRONTIER HEALTH CORP	$6,183,000	–	553,537	–	0.25%	–
RYB	New	RYB ED INCadr	$5,993,000	–	1,374,551	–	0.24%	–
SQNS	New	SEQUANS COMMUNICATIONS S Asponsored ads	$3,517,000	–	584,260	–	0.14%	–
SGH	New	SMART GLOBAL HLDGS INC	$893,000	–	18,724	–	0.04%	–
IVA	New	INVENTIVA SAads	$355,000	–	26,016	–	0.01%	–

Q4 2020

			Value		Shares		↓ Weighting
DADA	Exit	DADA NEXUS LTDads	$0	–	-10,000	–	-0.02%	–
YJ	Exit	YUNJI INCads rp cl a	$0	–	-550,000	–	-0.06%	–
JT	Exit	JIANPU TECHNOLOGY INCadr	$0	–	-1,991,373	–	-0.06%	–
ACMR	Exit	ACM RESEARCH INC	$0	–	-41,478	–	-0.17%	–
SQNS	Exit	SEQUANS COMMUNICATIONS S Asponsored ads	$0	–	-584,260	–	-0.21%	–
RYB	Exit	RYB ED INCadr	$0	–	-1,374,551	–	-0.25%	–
TOUR	Exit	TUNIU CORPsponsored ads a	$0	–	-6,105,539	–	-0.43%	–
NFH	Exit	NEW FRONTIER HEALTH CORP	$0	–	-1,863,114	–	-0.86%	–
MOMO	Exit	MOMO INCadr	$0	–	-1,385,546	–	-1.15%	–
PETQ	Exit	PETIQ INC	$0	–	-669,687	–	-1.33%	–
HIMX	Exit	HIMAX TECHNOLOGIES INCsponsored adr	$0	–	-6,749,527	–	-1.45%	–
HOLI	Exit	HOLLYSYS AUTOMATION TCHNGY L	$0	–	-2,868,305	–	-1.91%	–
ONE	Exit	ONESMART INTL ED GROUP LTDsponsored ads	$0	–	-7,399,757	–	-2.00%	–
MTSI	Exit	MACOM TECH SOLUTIONS HLDGS I	$0	–	-1,226,826	–	-2.51%	–
NIU	Exit	NIU TECHNOLOGIESads	$0	–	-3,538,727	–	-4.09%	–
SIMO	Exit	SILICON MOTION TECHNOLOGY COsponsored adr	$0	–	-1,979,510	–	-4.50%	–
SABR	Exit	SABRE CORP	$0	–	-13,730,969	–	-5.38%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-261,700	–	-7.49%	–
HTHT	Exit	HUAZHU GROUP LTDsponsored ads	$0	–	-3,070,910	–	-8.00%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-2,218,332	–	-10.37%	–
NOAH	Exit	NOAH HLDGS LTDspon ads cl a	$0	–	-7,020,585	–	-11.02%	–
BILI	Exit	BILIBILI INCspons ads rep z	$0	–	-6,665,084	–	-16.70%	–
TAL	Exit	TAL EDUCATION GROUPsponsored ads	$0	–	-4,375,661	–	-20.04%	–

Q3 2020

			Value		Shares		↓ Weighting
NOAH	Buy	NOAH HLDGS LTDspon ads cl a	$183,027,000	+11.5%	7,020,585	+8.9%	11.02%	+34.7%
JD	Sell	JD.COM INCspon adr cl a	$172,165,000	+9.3%	2,218,332	-15.3%	10.37%	+32.0%
TDG	Buy	TRANSDIGM GROUP INC	$124,339,000	+13.2%	261,700	+5.3%	7.49%	+36.8%
SABR	Buy	SABRE CORP	$89,389,000	+17.6%	13,730,969	+45.6%	5.38%	+42.1%
MTSI	Sell	MACOM TECH SOLUTIONS HLDGS I	$41,724,000	-63.0%	1,226,826	-62.6%	2.51%	-55.3%
HOLI	Buy	HOLLYSYS AUTOMATION TCHNGY L	$31,695,000	-10.8%	2,868,305	+7.3%	1.91%	+7.7%
PETQ	New	PETIQ INC	$22,046,000	–	669,687	–	1.33%	–
NFH	Buy	NEW FRONTIER HEALTH CORP	$14,216,000	+253.5%	1,863,114	+283.5%	0.86%	+328.0%
NOAH	Exit	NOAH HLDGS LTDcall	$0	–	-1,135,700	–	-1.44%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-530,582	–	-3.17%	–
TDG	Exit	TRANSDIGM GROUP INCcall	$0	–	-189,800	–	-4.18%	–
GOTU	Exit	GSX TECHEDU INCput	$0	–	-3,324,100	–	-9.94%	–

Q2 2020

			Value		Shares		↓ Weighting
BILI	New	BILIBILI INCspons ads rep z	$308,727,000	–	6,665,084	–	15.39%	–
TAL	New	TAL EDUCATION GROUPsponsored ads	$299,208,000	–	4,375,661	–	14.91%	–
GOTU	New	GSX TECHEDU INCput	$199,414,000	–	3,324,100	–	9.94%	–
NOAH	New	NOAH HLDGS LTDspon ads cl a	$164,151,000	–	6,444,885	–	8.18%	–
JD	New	JD.COM INCspon adr cl a	$157,571,000	–	2,618,332	–	7.85%	–
MTSI	New	MACOM TECH SOLUTIONS HLDGS I	$112,803,000	–	3,283,926	–	5.62%	–
TDG	New	TRANSDIGM GROUP INC	$109,821,000	–	248,435	–	5.47%	–
HTHT	New	HUAZHU GROUP LTDsponsored ads	$107,635,000	–	3,070,910	–	5.36%	–
SIMO	New	SILICON MOTION TECHNOLOGY COsponsored adr	$96,541,000	–	1,979,510	–	4.81%	–
TDG	New	TRANSDIGM GROUP INCcall	$83,901,000	–	189,800	–	4.18%	–
SABR	New	SABRE CORP	$75,996,000	–	9,428,731	–	3.79%	–
BIDU	New	BAIDU INCspon adr rep a	$63,611,000	–	530,582	–	3.17%	–
NIU	New	NIU TECHNOLOGIESads	$56,620,000	–	3,538,727	–	2.82%	–
HOLI	New	HOLLYSYS AUTOMATION TCHNGY L	$35,542,000	–	2,672,311	–	1.77%	–
ONE	New	ONESMART INTL ED GROUP LTDsponsored ads	$29,081,000	–	7,399,757	–	1.45%	–
NOAH	New	NOAH HLDGS LTDcall	$28,927,000	–	1,135,700	–	1.44%	–
HIMX	New	HIMAX TECHNOLOGIES INCsponsored adr	$27,943,000	–	6,749,527	–	1.39%	–
MOMO	New	MOMO INCadr	$24,219,000	–	1,385,546	–	1.21%	–
TOUR	New	TUNIU CORPsponsored ads a	$7,510,000	–	6,105,539	–	0.37%	–
NFH	New	NEW FRONTIER HEALTH CORP	$4,022,000	–	485,805	–	0.20%	–
RYB	New	RYB ED INCadr	$3,890,000	–	1,374,551	–	0.19%	–
SQNS	New	SEQUANS COMMUNICATIONS S Asponsored ads	$3,587,000	–	584,260	–	0.18%	–
ACMR	New	ACM RESEARCH INC	$2,587,000	–	41,478	–	0.13%	–
YJ	New	YUNJI INCads rp cl a	$1,480,000	–	550,000	–	0.07%	–
JT	New	JIANPU TECHNOLOGY INCadr	$1,294,000	–	1,991,373	–	0.06%	–
DADA	New	DADA NEXUS LTDads	$223,000	–	10,000	–	0.01%	–

Q4 2019

			Value		Shares		↓ Weighting
SQNS	Exit	SEQUANS COMMUNICATIONS S Asponsored ads	$0	–	-2,337,042	–	-0.25%	–
YJ	Exit	YUNJI INCads rp cl a	$0	–	-550,000	–	-0.46%	–
HIMX	Exit	HIMAX TECHNOLOGIES INCsponsored adr	$0	–	-3,769,847	–	-1.05%	–
RYB	Exit	RYB ED INCadr	$0	–	-1,374,551	–	-1.08%	–
TOUR	Exit	TUNIU CORPsponsored ads a	$0	–	-6,005,539	–	-2.19%	–
JT	Exit	JIANPU TECHNOLOGY INCadr	$0	–	-8,145,958	–	-2.49%	–
NIU	Exit	NIU TECHNOLOGIESads	$0	–	-3,537,119	–	-3.65%	–
SIMO	Exit	SILICON MOTION TECHNOLOGY COsponsored adr	$0	–	-922,313	–	-3.99%	–
ONE	Exit	ONESMART INTL ED GROUP LTDsponsored ads	$0	–	-4,915,882	–	-4.45%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-361,055	–	-4.54%	–
MOMO	Exit	MOMO INCadr	$0	–	-1,622,904	–	-6.15%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-2,384,472	–	-8.23%	–
MTSI	Exit	MACOM TECH SOLUTIONS HLDGS I	$0	–	-3,186,673	–	-8.38%	–
NOAH	Exit	NOAH HLDGS LTDspon ads cl a	$0	–	-3,050,181	–	-10.90%	–
BILI	Exit	BILIBILI INCspons ads rep z	$0	–	-6,320,618	–	-10.92%	–
HTHT	Exit	HUAZHU GROUP LTDsponsored ads	$0	–	-2,834,855	–	-11.46%	–
TAL	Exit	TAL EDUCATION GROUPsponsored ads	$0	–	-4,721,832	–	-19.79%	–

Q3 2019

			Value		Shares		↓ Weighting
TAL	Buy	TAL EDUCATION GROUPsponsored ads	$161,676,000	-6.7%	4,721,832	+3.9%	19.79%	-3.1%
BILI	Buy	BILIBILI INCspons ads rep z	$89,247,000	+34.4%	6,320,618	+54.8%	10.92%	+39.5%
NOAH	Buy	NOAH HLDGS LTDspon ads cl a	$89,065,000	-30.6%	3,050,181	+1.1%	10.90%	-28.0%
BIDU	Buy	BAIDU INCspon adr rep a	$37,102,000	+91.7%	361,055	+118.9%	4.54%	+99.0%
ONE	Buy	ONESMART INTL ED GROUP LTDsponsored ads	$36,328,000	+17.1%	4,915,882	+26.1%	4.45%	+21.6%
NIU	Buy	NIU TECHNOLOGIESads	$29,853,000	+42.9%	3,537,119	+0.1%	3.65%	+48.4%
JT	Buy	JIANPU TECHNOLOGY INCadr	$20,365,000	-31.7%	8,145,958	+2.2%	2.49%	-29.1%
TOUR	Buy	TUNIU CORPsponsored ads a	$17,897,000	-7.6%	6,005,539	+0.2%	2.19%	-4.0%
HIVE	Exit	AEROHIVE NETWORKS INC	$0	–	-1,558,688	–	-0.81%	–

Q2 2019

			Value		Shares		↓ Weighting
TAL	New	TAL EDUCATION GROUPsponsored ads	$173,210,000	–	4,546,185	–	20.42%	–
NOAH	New	NOAH HLDGS LTDspon ads cl a	$128,374,000	–	3,017,020	–	15.14%	–
HTHT	New	HUAZHU GROUP LTDsponsored ads	$102,763,000	–	2,834,855	–	12.12%	–
JD	New	JD COM INCspon adr cl a	$72,226,000	–	2,384,472	–	8.52%	–
BILI	New	BILIBILI INCspons ads rep z	$66,411,000	–	4,081,786	–	7.83%	–
MOMO	New	MOMO INCadr	$58,100,000	–	1,622,904	–	6.85%	–
MTSI	New	MACOM TECH SOLUTIONS HLDGS I	$48,214,000	–	3,186,673	–	5.68%	–
SIMO	New	SILICON MOTION TECHNOLOGY COsponsored adr	$40,932,000	–	922,313	–	4.83%	–
ONE	New	ONESMART INTL ED GROUP LTDsponsored ads	$31,031,000	–	3,898,313	–	3.66%	–
JT	New	JIANPU TECHNOLOGY INCadr	$29,819,000	–	7,973,107	–	3.52%	–
NIU	New	NIU TECHNOLOGIESads	$20,884,000	–	3,533,619	–	2.46%	–
TOUR	New	TUNIU CORPsponsored ads a	$19,364,000	–	5,995,184	–	2.28%	–
BIDU	New	BAIDU INCspon adr rep a	$19,359,000	–	164,955	–	2.28%	–
HIMX	New	HIMAX TECHNOLOGIES INCsponsored adr	$13,119,000	–	3,769,847	–	1.55%	–
RYB	New	RYB ED INCadr	$9,209,000	–	1,374,551	–	1.09%	–
HIVE	New	AEROHIVE NETWORKS INC	$6,905,000	–	1,558,688	–	0.81%	–
YJ	New	YUNJI INCads rp cl a	$6,215,000	–	550,000	–	0.73%	–
SQNS	New	SEQUANS COMMUNICATIONS S Asponsored ads	$2,080,000	–	2,337,042	–	0.24%	–

Q4 2018

			Value		Shares		↓ Weighting
SQNS	Exit	SEQUANS COMMUNICATIONS S Asponsored ads	$0	–	-2,337,042	–	-0.56%	–
HIMX	Exit	HIMAX TECHNOLOGIES INCsponsored adr	$0	–	-1,275,032	–	-1.27%	–
HIVE	Exit	AEROHIVE NETWORKS INC	$0	–	-1,863,083	–	-1.30%	–
JT	Exit	JIANPU TECHNOLOGY INCadr	$0	–	-4,598,969	–	-3.80%	–
BILI	Exit	BILIBILI INCspons ads rep z	$0	–	-1,679,111	–	-3.82%	–
SIMO	Exit	SILICON MOTION TECHNOLOGY COsponsored adr	$0	–	-435,301	–	-3.95%	–
ONE	Exit	ONESMART INTL ED GROUP LTDsponsored ads	$0	–	-3,148,218	–	-4.74%	–
TOUR	Exit	TUNIU CORPsponsored ads cl	$0	–	-4,366,824	–	-5.29%	–
EHIC	Exit	EHI CAR SVCS LTDspon ads cl a	$0	–	-2,957,154	–	-5.67%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-150,815	–	-5.82%	–
MTSI	Exit	MACOM TECH SOLUTIONS HLDGS I	$0	–	-1,911,009	–	-6.65%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-1,855,024	–	-8.17%	–
MOMO	Exit	MOMO INCadr	$0	–	-1,277,390	–	-9.45%	–
HTHT	Exit	HUAZHU GROUP LTDsponsored ads	$0	–	-2,098,394	–	-11.44%	–
NOAH	Exit	NOAH HLDGS LTDspon ads cl a	$0	–	-1,944,512	–	-13.84%	–
TAL	Exit	TAL ED GROUPsponsored ads	$0	–	-3,278,949	–	-14.24%	–

Q3 2018

			Value		Shares		↓ Weighting
TAL	Buy	TAL ED GROUPsponsored ads	$84,302,000	-20.2%	3,278,949	+14.2%	14.24%	-19.2%
NOAH	Buy	NOAH HLDGS LTDspon ads cl a	$81,942,000	-2.4%	1,944,512	+20.8%	13.84%	-1.2%
HTHT	Buy	HUAZHU GROUP LTDsponsored ads	$67,778,000	+8.8%	2,098,394	+41.5%	11.44%	+10.1%
MOMO	Buy	MOMO INCadr	$55,950,000	+46.4%	1,277,390	+45.4%	9.45%	+48.2%
JD	Buy	JD COM INCspon adr cl a	$48,398,000	-8.1%	1,855,024	+37.2%	8.17%	-7.0%
BIDU	Buy	BAIDU INCspon adr rep a	$34,488,000	+1.5%	150,815	+7.8%	5.82%	+2.7%
TOUR	Buy	TUNIU CORPsponsored ads cl	$31,354,000	-7.8%	4,366,824	+8.8%	5.29%	-6.6%
ONE	Buy	ONESMART INTL ED GROUP LTDsponsored ads	$28,082,000	-18.4%	3,148,218	+1.6%	4.74%	-17.4%
BILI	New	BILIBILI INCspons ads rep z	$22,634,000	–	1,679,111	–	3.82%	–
JT	Buy	JIANPU TECHNOLOGY INCadr	$22,489,000	-17.4%	4,598,969	+11.7%	3.80%	-16.4%

Q2 2018

			Value		Shares		↓ Weighting
TAL	New	TAL ED GROUPsponsored ads	$105,627,000	–	2,870,304	–	17.62%	–
NOAH	New	NOAH HLDGS LTDspon ads cl a	$83,958,000	–	1,609,934	–	14.01%	–
HTHT	New	HUAZHU GROUP LTDsponsored ads	$62,290,000	–	1,483,444	–	10.39%	–
JD	New	JD COM INCspon adr cl a	$52,681,000	–	1,352,524	–	8.79%	–
MTSI	New	MACOM TECH SOLUTIONS HLDGS I	$44,030,000	–	1,911,009	–	7.34%	–
EHIC	New	EHI CAR SVCS LTDspon ads cl a	$38,325,000	–	2,957,154	–	6.39%	–
MOMO	New	MOMO INCadr	$38,221,000	–	878,637	–	6.38%	–
ONE	New	ONESMART INTL ED GROUP LTDsponsored ads	$34,410,000	–	3,100,000	–	5.74%	–
BIDU	New	BAIDU INCspon adr rep a	$33,994,000	–	139,892	–	5.67%	–
TOUR	New	TUNIU CORPsponsored ads cl	$33,991,000	–	4,013,163	–	5.67%	–
JT	New	JIANPU TECHNOLOGY INCadr	$27,218,000	–	4,117,708	–	4.54%	–
SIMO	New	SILICON MOTION TECHNOLOGY COsponsored adr	$23,023,000	–	435,301	–	3.84%	–
HIMX	New	HIMAX TECHNOLOGIES INCsponsored adr	$9,512,000	–	1,275,032	–	1.59%	–
HIVE	New	AEROHIVE NETWORKS INC	$7,396,000	–	1,863,083	–	1.23%	–
SQNS	New	SEQUANS COMMUNICATIONS S Asponsored ads	$4,768,000	–	2,337,042	–	0.80%	–

Q4 2017

			Value		Shares		↓ Weighting
SQNS	Exit	SEQUANS COMMUNICATIONS S Asponsored ads	$0	–	-2,337,042	–	-2.01%	–
HIVE	Exit	AEROHIVE NETWORKS INC	$0	–	-1,863,083	–	-2.08%	–
HIMX	Exit	HIMAX TECHNOLOGIES INCsponsored adr	$0	–	-1,275,032	–	-3.81%	–
TOUR	Exit	TUNIU CORPsponsored ads cl	$0	–	-2,013,774	–	-4.31%	–
MOMO	Exit	MOMO INCadr	$0	–	-515,777	–	-4.42%	–
SIMO	Exit	SILICON MOTION TECHNOLOGY COsponsored adr	$0	–	-435,301	–	-5.72%	–
EHIC	Exit	EHI CAR SVCS LTDspon ads cl a	$0	–	-2,538,097	–	-6.80%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-127,078	–	-8.61%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-1,095,504	–	-11.45%	–
NOAH	Exit	NOAH HLDGS LTDspon ads cl a	$0	–	-1,636,402	–	-14.38%	–
HTHT	Exit	CHINA LODGING GROUP LTDsponsored adr	$0	–	-456,591	–	-14.84%	–
TAL	Exit	TAL ED GROUPsponsored ads	$0	–	-2,338,590	–	-21.57%	–

Q3 2017

			Value		Shares		↓ Weighting
TAL	Buy	TAL ED GROUPsponsored ads	$78,834,000	+65.4%	2,338,590	+500.0%	21.57%	+29.4%
HTHT	Sell	CHINA LODGING GROUP LTDsponsored adr	$54,252,000	+35.4%	456,591	-8.1%	14.84%	+5.9%
JD	Buy	JD COM INCspon adr cl a	$41,848,000	+3.0%	1,095,504	+5.8%	11.45%	-19.4%
SIMO	Buy	SILICON MOTION TECHNOLOGY COsponsored adr	$20,908,000	+42.7%	435,301	+43.3%	5.72%	+11.7%
MOMO	Buy	MOMO INCadr	$16,164,000	+64.6%	515,777	+94.1%	4.42%	+28.8%
TOUR	Buy	TUNIU CORPsponsored ads cl	$15,748,000	+66.4%	2,013,774	+70.9%	4.31%	+30.2%
HIMX	Buy	HIMAX TECHNOLOGIES INCsponsored adr	$13,936,000	+81.8%	1,275,032	+36.4%	3.81%	+42.2%
HIVE	Buy	AEROHIVE NETWORKS INC	$7,620,000	+28.4%	1,863,083	+56.9%	2.08%	+0.5%
CYOU	Exit	CHANGYOU COM LTDads rep cl a	$0	–	-193,277	–	-2.62%	–

Q2 2017

			Value		Shares		↓ Weighting
TAL	New	TAL ED GROUP	$47,672,000	–	389,765	–	16.66%	–
NOAH	New	NOAH HLDGS LTDspon ads cl a	$46,883,000	–	1,636,402	–	16.39%	–
JD	New	JD COM INCspon adr cl a	$40,612,000	–	1,035,504	–	14.20%	–
HTHT	New	CHINA LODGING GROUP LTDsponsored adr	$40,081,000	–	496,791	–	14.01%	–
EHIC	New	EHI CAR SVCS LTDspon ads cl a	$25,330,000	–	2,538,097	–	8.85%	–
BIDU	New	BAIDU INCspon adr rep a	$22,729,000	–	127,078	–	7.94%	–
SIMO	New	SILICON MOTION TECHNOLOGY COsponsored adr	$14,652,000	–	303,786	–	5.12%	–
MOMO	New	MOMO INCadr	$9,823,000	–	265,777	–	3.43%	–
TOUR	New	TUNIU CORPsponsored ads cl	$9,462,000	–	1,178,365	–	3.31%	–
SQNS	New	SEQUANS COMMUNICATIONS S Asponsored ads	$7,736,000	–	2,337,042	–	2.70%	–
HIMX	New	HIMAX TECHNOLOGIES INCsponsored adr	$7,666,000	–	934,928	–	2.68%	–
CYOU	New	CHANGYOU COM LTDads rep cl a	$7,491,000	–	193,277	–	2.62%	–
HIVE	New	AEROHIVE NETWORKS INC	$5,936,000	–	1,187,269	–	2.08%	–

Q4 2016

			Value		Shares		↓ Weighting
SQNS	Exit	SEQUANS COMMUNICATIONS S Asponsored ads	$0	–	-2,337,042	–	-1.46%	–
HIVE	Exit	AEROHIVE NETWORKS INC	$0	–	-911,198	–	-1.96%	–
YY	Exit	YY INC	$0	–	-114,636	–	-2.16%	–
HIMX	Exit	HIMAX TECHNOLOGIES INCsponsored adr	$0	–	-834,928	–	-2.53%	–
INVN	Exit	INVENSENSE INC	$0	–	-1,055,404	–	-2.76%	–
TOUR	Exit	TUNIU CORPsponsored ads cl	$0	–	-959,042	–	-3.42%	–
SIMO	Exit	SILICON MOTION TECHNOLOGY COsponsored adr	$0	–	-258,786	–	-4.73%	–
EHIC	Exit	EHI CAR SVCS LTDspon ads cl a	$0	–	-2,088,807	–	-7.56%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-926,704	–	-8.53%	–
HTHT	Exit	CHINA LODGING GROUP LTDsponsored adr	$0	–	-607,684	–	-9.67%	–
TAL	Exit	TAL ED GROUP	$0	–	-389,765	–	-9.74%	–
NOAH	Exit	NOAH HLDGS LTDspon ads cl a	$0	–	-1,089,508	–	-10.04%	–
	Exit	JD COM INCcall	$0	–	-3,848,900	–	-35.44%	–

Q3 2016

			Value		Shares		↓ Weighting
TAL	Buy	TAL ED GROUP	$27,611,000	+20.3%	389,765	+5.4%	9.74%	+2.8%
HTHT	Sell	CHINA LODGING GROUP LTDsponsored adr	$27,400,000	-2.5%	607,684	-21.2%	9.67%	-16.7%
JD	Buy	JD COM INCspon adr cl a	$24,178,000	+29.9%	926,704	+5.7%	8.53%	+11.0%
EHIC	Buy	EHI CAR SVCS LTDspon ads cl a	$21,410,000	+6.8%	2,088,807	+5.3%	7.56%	-8.8%
SIMO	Sell	SILICON MOTION TECHNOLOGY COsponsored adr	$13,403,000	-9.0%	258,786	-16.0%	4.73%	-22.2%
TOUR	Buy	TUNIU CORPsponsored ads cl	$9,706,000	+25.0%	959,042	+4.2%	3.42%	+6.9%
HIMX	New	HIMAX TECHNOLOGIES INCsponsored adr	$7,172,000	–	834,928	–	2.53%	–
SYUT	Exit	SYNUTRA INTL INC	$0	–	-207,956	–	-0.33%	–

Q2 2016

			Value		Shares		↓ Weighting
	New	JD COM INCcall	$81,712,000	–	3,848,900	–	33.74%	–
HTHT	New	CHINA LODGING GROUP LTDsponsored adr	$28,110,000	–	771,620	–	11.61%	–
NOAH	New	NOAH HLDGS LTDspon ads cl a	$26,268,000	–	1,089,508	–	10.85%	–
TAL	New	TAL ED GROUP	$22,948,000	–	369,765	–	9.48%	–
EHIC	New	EHI CAR SVCS LTDspon ads cl a	$20,051,000	–	1,983,255	–	8.28%	–
JD	New	JD COM INCspon adr cl a	$18,612,000	–	876,670	–	7.69%	–
SIMO	New	SILICON MOTION TECHNOLOGY COsponsored adr	$14,727,000	–	308,086	–	6.08%	–
TOUR	New	TUNIU CORPsponsored ads cl	$7,762,000	–	920,725	–	3.20%	–
INVN	New	INVENSENSE INC	$6,470,000	–	1,055,404	–	2.67%	–
HIVE	New	AEROHIVE NETWORKS INC	$6,032,000	–	911,198	–	2.49%	–
SQNS	New	SEQUANS COMMUNICATIONS S Asponsored ads	$4,791,000	–	2,337,042	–	1.98%	–
YY	New	YY INC	$3,883,000	–	114,636	–	1.60%	–
SYUT	New	SYNUTRA INTL INC	$792,000	–	207,956	–	0.33%	–

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