Kylin Management Activity Q4 2010-Q4 2021

Q4 2021

			Value		Shares		↓ Weighting
JD	Buy	JD.COM INCspon adr cl a	$43,346,000	+23.5%	618,616	+27.4%	25.11%	-10.0%
BEKE	Buy	KE HLDGS INCsponsored ads	$29,288,000	+78.8%	1,455,642	+62.3%	16.97%	+30.3%
DIDI	New	DIDI GLOBAL INCsponsored ads	$24,900,000	–	5,000,060	–	14.43%	–
TCOM	Buy	TRIP COM GROUP LTDads	$23,862,000	+100.8%	969,200	+150.8%	13.82%	+46.4%
BILI	Buy	BILIBILI INCspons ads rep z	$22,156,000	+14.5%	477,500	+63.2%	12.84%	-16.6%
GDS	Buy	GDS HLDGS LTDsponsored ads	$19,590,000	+130.9%	415,404	+177.1%	11.35%	+68.2%
DADA	Sell	DADA NEXUS LTDads	$9,467,000	-52.5%	719,379	-27.7%	5.48%	-65.4%
SE	Exit	SEA LTDsponsord ads	$0	–	-46,000	–	-11.66%	–

Q3 2021

			Value		Shares		↓ Weighting
JD	Sell	JD.COM INCspon adr cl a	$35,087,000	-30.4%	485,700	-23.1%	27.89%	+663.7%
DADA	Sell	DADA NEXUS LTDads	$19,950,000	-40.9%	995,500	-14.4%	15.86%	+548.4%
BILI	Buy	BILIBILI INCspons ads rep z	$19,355,000	-42.2%	292,501	+6.4%	15.39%	+533.7%
BEKE	Buy	KE HLDGS INCsponsored ads	$16,376,000	-57.8%	896,800	+10.2%	13.02%	+362.9%
SE	Sell	SEA LTDsponsord ads	$14,662,000	-57.0%	46,000	-63.0%	11.66%	+371.5%
TCOM	New	TRIP COM GROUP LTDads	$11,881,000	–	386,370	–	9.44%	–
GDS	Sell	GDS HLDGS LTDsponsored ads	$8,486,000	-78.6%	149,900	-70.3%	6.75%	+135.1%
DIDI	Exit	DIDI GLOBAL INCsponsored ads	$0	–	-15,000	–	-0.02%	–
TLRY	Exit	TILRAY INCcall	$0	–	-150,000	–	-0.20%	–
	Exit	TILRAY INCnote 5.000%10/0	$0	–	-3,000	–	-0.21%	–
EGLX	Exit	ENTHUSIAST GAMING HLDGS INC	$0	–	-500,000	–	-0.22%	–
BODY	Exit	THE BEACHBODY COMPANY INC	$0	–	-300,000	–	-0.23%	–
JAZZ	Exit	JAZZ PHARMACEUTICALS PLC	$0	–	-20,000	–	-0.26%	–
UNFI	Exit	UNITED NAT FOODS INCcall	$0	–	-100,000	–	-0.27%	–
WTI	Exit	W & T OFFSHORE INC	$0	–	-900,000	–	-0.32%	–
HEXO	Exit	HEXO CORP	$0	–	-900,000	–	-0.38%	–
BHC	Exit	BAUSCH HEALTH COS INCcall	$0	–	-200,000	–	-0.42%	–
FEYE	Exit	FIREEYE INC	$0	–	-300,000	–	-0.44%	–
SLGG	Exit	SUPER LEAGUE GAMING INC	$0	–	-1,130,000	–	-0.44%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-90,000	–	-0.45%	–
CNR	Exit	CORNERSTONE BLDG BRANDS INC	$0	–	-350,000	–	-0.46%	–
	Exit	AURORA CANNABIS INCnote 5.500% 2/2	$0	–	-7,500	–	-0.46%	–
PBI	Exit	PITNEY BOWES INCcall	$0	–	-805,000	–	-0.51%	–
JBLU	Exit	JETBLUE AWYS CORP	$0	–	-450,000	–	-0.55%	–
BGS	Exit	B & G FOODS INC NEWcall	$0	–	-250,000	–	-0.59%	–
PBPB	Exit	POTBELLY CORP	$0	–	-1,400,000	–	-0.80%	–
BERY	Exit	BERRY GLOBAL GROUP INC	$0	–	-170,000	–	-0.80%	–
VOXX	Exit	VOXX INTL CORPcl a	$0	–	-800,000	–	-0.81%	–
MAXR	Exit	MAXAR TECHNOLOGIES INCcall	$0	–	-300,000	–	-0.87%	–
OGN	Exit	ORGANON & CO	$0	–	-421,823	–	-0.92%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-2,400,000	–	-0.99%	–
HMHC	Exit	HOUGHTON MIFFLIN HARCOURT CO	$0	–	-1,330,000	–	-1.06%	–
EDU	Exit	NEW ORIENTAL ED & TECHNOLOGYspon adr	$0	–	-1,899,119	–	-1.13%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-4,400,000	–	-1.35%	–
HT	Exit	HERSHA HOSPITALITY TR	$0	–	-1,750,000	–	-1.36%	–
ALB	Exit	ALBEMARLE CORPcall	$0	–	-120,000	–	-1.46%	–
RILY	Exit	B. RILEY FINANCIAL INC	$0	–	-280,000	–	-1.53%	–
TENB	Exit	TENABLE HLDGS INC	$0	–	-550,000	–	-1.65%	–
PBI	Exit	PITNEY BOWES INC	$0	–	-2,700,000	–	-1.72%	–
WW	Exit	WW INTL INC	$0	–	-680,000	–	-1.78%	–
CBRL	Exit	CRACKER BARREL OLD CTRY STOR	$0	–	-170,000	–	-1.83%	–
JMIA	Exit	JUMIA TECHNOLOGIES AGsponsored ads	$0	–	-870,000	–	-1.91%	–
COTY	Exit	COTY INC	$0	–	-2,900,000	–	-1.96%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-520,000	–	-1.98%	–
NWL	Exit	NEWELL BRANDS INC	$0	–	-1,000,000	–	-1.99%	–
CSIQ	Exit	CANADIAN SOLAR INC	$0	–	-620,000	–	-2.02%	–
CVNA	Exit	CARVANA COput	$0	–	-100,000	–	-2.19%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP INput	$0	–	-500,000	–	-2.38%	–
RRGB	Exit	RED ROBIN GOURMET BURGERS IN	$0	–	-1,020,704	–	-2.45%	–
UNFI	Exit	UNITED NAT FOODS INC	$0	–	-970,000	–	-2.60%	–
TUP	Exit	TUPPERWARE BRANDS CORP	$0	–	-1,800,000	–	-3.10%	–
CYH	Exit	COMMUNITY HEALTH SYS INC NEW	$0	–	-3,300,000	–	-3.69%	–
SCHW	Exit	SCHWAB CHARLES CORPput	$0	–	-700,000	–	-3.69%	–
JAZZ	Exit	JAZZ PHARMACEUTICALS PLCcall	$0	–	-330,000	–	-4.25%	–
CBRL	Exit	CRACKER BARREL OLD CTRY STORcall	$0	–	-400,000	–	-4.30%	–
PLNT	Exit	PLANET FITNESS INCcall	$0	–	-800,000	–	-4.36%	–
GILD	Exit	GILEAD SCIENCES INCcall	$0	–	-1,300,000	–	-6.49%	–
MAXR	Exit	MAXAR TECHNOLOGIES INC	$0	–	-2,580,000	–	-7.46%	–

Q2 2021

			Value		Shares		↓ Weighting
MAXR	New	MAXAR TECHNOLOGIES INC	$102,994,000	–	2,580,000	–	7.46%	–
GILD	New	GILEAD SCIENCES INCcall	$89,518,000	–	1,300,000	–	6.49%	–
PLNT	New	PLANET FITNESS INCcall	$60,200,000	–	800,000	–	4.36%	–
CBRL	New	CRACKER BARREL OLD CTRY STORcall	$59,384,000	–	400,000	–	4.30%	–
JAZZ	New	JAZZ PHARMACEUTICALS PLCcall	$58,621,000	–	330,000	–	4.25%	–
SCHW	New	SCHWAB CHARLES CORPput	$50,967,000	–	700,000	–	3.69%	–
CYH	New	COMMUNITY HEALTH SYS INC NEW	$50,952,000	–	3,300,000	–	3.69%	–
JD	New	JD.COM INCspon adr cl a	$50,401,000	–	631,515	–	3.65%	–
TUP	New	TUPPERWARE BRANDS CORP	$42,750,000	–	1,800,000	–	3.10%	–
GDS	New	GDS HLDGS LTDsponsored ads	$39,609,000	–	504,640	–	2.87%	–
BEKE	New	KE HLDGS INCsponsored ads	$38,810,000	–	813,964	–	2.81%	–
UNFI	New	UNITED NAT FOODS INC	$35,871,000	–	970,000	–	2.60%	–
SE	New	SEA LTDsponsord ads	$34,105,000	–	124,200	–	2.47%	–
RRGB	New	RED ROBIN GOURMET BURGERS IN	$33,796,000	–	1,020,704	–	2.45%	–
DADA	New	DADA NEXUS LTDads	$33,755,000	–	1,163,574	–	2.45%	–
BILI	New	BILIBILI INCspons ads rep z	$33,506,000	–	275,000	–	2.43%	–
IBKR	New	INTERACTIVE BROKERS GROUP INput	$32,865,000	–	500,000	–	2.38%	–
CVNA	New	CARVANA COput	$30,182,000	–	100,000	–	2.19%	–
CSIQ	New	CANADIAN SOLAR INC	$27,801,000	–	620,000	–	2.02%	–
NWL	New	NEWELL BRANDS INC	$27,470,000	–	1,000,000	–	1.99%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$27,357,000	–	520,000	–	1.98%	–
COTY	New	COTY INC	$27,086,000	–	2,900,000	–	1.96%	–
JMIA	New	JUMIA TECHNOLOGIES AGsponsored ads	$26,387,000	–	870,000	–	1.91%	–
CBRL	New	CRACKER BARREL OLD CTRY STOR	$25,238,000	–	170,000	–	1.83%	–
WW	New	WW INTL INC	$24,575,000	–	680,000	–	1.78%	–
PBI	New	PITNEY BOWES INC	$23,679,000	–	2,700,000	–	1.72%	–
TENB	New	TENABLE HLDGS INC	$22,743,000	–	550,000	–	1.65%	–
RILY	New	B. RILEY FINANCIAL INC	$21,140,000	–	280,000	–	1.53%	–
ALB	New	ALBEMARLE CORPcall	$20,215,000	–	120,000	–	1.46%	–
HT	New	HERSHA HOSPITALITY TR	$18,830,000	–	1,750,000	–	1.36%	–
AUY	New	YAMANA GOLD INC	$18,568,000	–	4,400,000	–	1.35%	–
EDU	New	NEW ORIENTAL ED & TECHNOLOGYspon adr	$15,554,000	–	1,899,119	–	1.13%	–
HMHC	New	HOUGHTON MIFFLIN HARCOURT CO	$14,683,000	–	1,330,000	–	1.06%	–
SWN	New	SOUTHWESTERN ENERGY CO	$13,608,000	–	2,400,000	–	0.99%	–
OGN	New	ORGANON & CO	$12,764,000	–	421,823	–	0.92%	–
MAXR	New	MAXAR TECHNOLOGIES INCcall	$11,976,000	–	300,000	–	0.87%	–
VOXX	New	VOXX INTL CORPcl a	$11,208,000	–	800,000	–	0.81%	–
BERY	New	BERRY GLOBAL GROUP INC	$11,087,000	–	170,000	–	0.80%	–
PBPB	New	POTBELLY CORP	$11,060,000	–	1,400,000	–	0.80%	–
BGS	New	B & G FOODS INC NEWcall	$8,200,000	–	250,000	–	0.59%	–
JBLU	New	JETBLUE AWYS CORP	$7,551,000	–	450,000	–	0.55%	–
PBI	New	PITNEY BOWES INCcall	$7,060,000	–	805,000	–	0.51%	–
	New	AURORA CANNABIS INCnote 5.500% 2/2	$6,413,000	–	7,500	–	0.46%	–
CNR	New	CORNERSTONE BLDG BRANDS INC	$6,363,000	–	350,000	–	0.46%	–
GILD	New	GILEAD SCIENCES INC	$6,197,000	–	90,000	–	0.45%	–
SLGG	New	SUPER LEAGUE GAMING INC	$6,091,000	–	1,130,000	–	0.44%	–
FEYE	New	FIREEYE INC	$6,066,000	–	300,000	–	0.44%	–
BHC	New	BAUSCH HEALTH COS INCcall	$5,864,000	–	200,000	–	0.42%	–
HEXO	New	HEXO CORP	$5,220,000	–	900,000	–	0.38%	–
WTI	New	W & T OFFSHORE INC	$4,365,000	–	900,000	–	0.32%	–
UNFI	New	UNITED NAT FOODS INCcall	$3,698,000	–	100,000	–	0.27%	–
JAZZ	New	JAZZ PHARMACEUTICALS PLC	$3,553,000	–	20,000	–	0.26%	–
BODY	New	THE BEACHBODY COMPANY INC	$3,120,000	–	300,000	–	0.23%	–
EGLX	New	ENTHUSIAST GAMING HLDGS INC	$2,970,000	–	500,000	–	0.22%	–
	New	TILRAY INCnote 5.000%10/0	$2,955,000	–	3,000	–	0.21%	–
TLRY	New	TILRAY INCcall	$2,712,000	–	150,000	–	0.20%	–
DIDI	New	DIDI GLOBAL INCsponsored ads	$212,000	–	15,000	–	0.02%	–

Q4 2020

			Value		Shares		↓ Weighting
NOAH	Exit	NOAH HLDGS LTDspon ads cl a	$0	–	-24,747	–	-0.23%	–
API	Exit	AGORA INCads	$0	–	-45,105	–	-0.68%	–
OCFT	Exit	ONECONNECT FINL TECHNOLOGY Csponsored ads	$0	–	-171,895	–	-1.29%	–
BILI	Exit	BILIBILI INCspons ads rep z	$0	–	-344,100	–	-5.05%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-50,000	–	-5.18%	–
MOMO	Exit	MOMO INCadr	$0	–	-1,320,600	–	-6.41%	–
SE	Exit	SEA LTDsponsord ads	$0	–	-150,200	–	-8.16%	–
DADA	Exit	DADA NEXUS LTDads	$0	–	-946,652	–	-8.84%	–
EDU	Exit	NEW ORIENTAL ED & TECHNOLOGYspon adr	$0	–	-275,700	–	-14.53%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-702,800	–	-19.23%	–
GDS	Exit	GDS HLDGS LTDsponsored ads	$0	–	-1,053,900	–	-30.41%	–

Q3 2020

			Value		Shares		↓ Weighting
GDS	Buy	GDS HLDGS LTDsponsored ads	$86,241,000	+13.9%	1,053,900	+10.9%	30.41%	+22.3%
JD	Buy	JD.COM INCspon adr cl a	$54,544,000	+89.7%	702,800	+47.1%	19.23%	+103.6%
EDU	Sell	NEW ORIENTAL ED & TECHNOLOGYspon adr	$41,217,000	-22.3%	275,700	-32.3%	14.53%	-16.6%
DADA	New	DADA NEXUS LTDads	$25,058,000	–	946,652	–	8.84%	–
SE	Sell	SEA LTDsponsord ads	$23,137,000	-53.3%	150,200	-67.5%	8.16%	-49.9%
MOMO	Sell	MOMO INCadr	$18,171,000	-43.4%	1,320,600	-28.1%	6.41%	-39.2%
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$14,699,000	+147.8%	50,000	+81.8%	5.18%	+165.9%
BILI	Buy	BILIBILI INCspons ads rep z	$14,315,000	+18.3%	344,100	+31.7%	5.05%	+26.9%
OCFT	New	ONECONNECT FINL TECHNOLOGY Csponsored ads	$3,661,000	–	171,895	–	1.29%	–
API	New	AGORA INCads	$1,939,000	–	45,105	–	0.68%	–
NOAH	Sell	NOAH HLDGS LTDspon ads cl a	$645,000	-97.7%	24,747	-97.8%	0.23%	-97.5%
YY	Exit	JOYY INC	$0	–	-34,000	–	-0.99%	–
TCOM	Exit	TRIP COM GROUP LTDads	$0	–	-625,400	–	-5.32%	–

Q2 2020

			Value		Shares		↓ Weighting
GDS	New	GDS HLDGS LTDsponsored ads	$75,693,000	–	950,200	–	24.86%	–
EDU	New	NEW ORIENTAL ED & TECHNOLOGYspon adr	$53,036,000	–	407,250	–	17.42%	–
SE	New	SEA LTDsponsored ads	$49,566,000	–	462,200	–	16.28%	–
MOMO	New	MOMO INCadr	$32,106,000	–	1,836,700	–	10.55%	–
JD	New	JD.COM INCspon adr cl a	$28,754,000	–	477,800	–	9.44%	–
NOAH	New	NOAH HLDGS LTDspon ads cl a	$28,018,000	–	1,100,032	–	9.20%	–
TCOM	New	TRIP COM GROUP LTDads	$16,210,000	–	625,400	–	5.32%	–
BILI	New	BILIBILI INCspons ads rep z	$12,103,000	–	261,300	–	3.98%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$5,932,000	–	27,500	–	1.95%	–
YY	New	JOYY INC	$3,011,000	–	34,000	–	0.99%	–

Q4 2019

			Value		Shares		↓ Weighting
BZUN	Exit	BAOZUN INCsponsored adr	$0	–	-198,900	–	-2.43%	–
NOAH	Exit	NOAH HLDGS LTDspon ads cl a	$0	–	-663,700	–	-5.55%	–
CVNA	Exit	CARVANA COcl a	$0	–	-361,600	–	-6.84%	–
CTRP	Exit	CTRIP COM INTL LTDsponsored ads	$0	–	-934,800	–	-7.84%	–
GOOS	Exit	CANADA GOOSE HOLDINGS INC	$0	–	-655,700	–	-8.26%	–
MSCI	Exit	MSCI INC	$0	–	-170,300	–	-10.62%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP Ispon adr	$0	–	-412,900	–	-13.10%	–
MOMO	Exit	MOMO INCadr	$0	–	-1,497,000	–	-13.28%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-305,800	–	-14.65%	–
GDS	Exit	GDS HLDGS LTDsponsored ads	$0	–	-1,518,800	–	-17.44%	–

Q3 2019

			Value		Shares		↓ Weighting
GDS	Sell	GDS HLDGS LTDsponsored ads	$60,874,000	-8.6%	1,518,800	-14.3%	17.44%	+5.6%
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$51,139,000	+2.1%	305,800	+3.5%	14.65%	+17.9%
MOMO	Buy	MOMO INCadr	$46,377,000	+1.8%	1,497,000	+17.6%	13.28%	+17.5%
EDU	Sell	NEW ORIENTAL ED & TECH GRP Ispon adr	$45,733,000	-43.4%	412,900	-50.6%	13.10%	-34.6%
MSCI	Sell	MSCI INC	$37,083,000	-28.0%	170,300	-21.1%	10.62%	-16.9%
GOOS	Sell	CANADA GOOSE HOLDINGS INC	$28,831,000	+13.3%	655,700	-0.2%	8.26%	+30.9%
CTRP	Buy	CTRIP COM INTL LTDsponsored ads	$27,380,000	-0.9%	934,800	+24.9%	7.84%	+14.5%
CVNA	Buy	CARVANA COcl a	$23,866,000	+70.2%	361,600	+61.4%	6.84%	+96.6%
NOAH	New	NOAH HLDGS LTDspon ads cl a	$19,380,000	–	663,700	–	5.55%	–
BZUN	Sell	BAOZUN INCsponsored adr	$8,493,000	-74.0%	198,900	-69.6%	2.43%	-69.9%
ETSY	Exit	ETSY INC	$0	–	-148,000	–	-2.25%	–

Q2 2019

			Value		Shares		↓ Weighting
EDU	New	NEW ORIENTAL ED & TECH GRP Ispon adr	$80,731,000	–	835,900	–	20.02%	–
GDS	New	GDS HLDGS LTDsponsored ads	$66,567,000	–	1,771,800	–	16.51%	–
MSCI	New	MSCI INC	$51,531,000	–	215,800	–	12.78%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$50,089,000	–	295,600	–	12.42%	–
MOMO	New	MOMO INCadr	$45,570,000	–	1,272,900	–	11.30%	–
BZUN	New	BAOZUN INCsponsored adr	$32,608,000	–	654,000	–	8.09%	–
CTRP	New	CTRIP COM INTL LTDsponsored ads	$27,620,000	–	748,300	–	6.85%	–
GOOS	New	CANADA GOOSE HOLDINGS INC	$25,438,000	–	656,800	–	6.31%	–
CVNA	New	CARVANA COcl a	$14,020,000	–	224,000	–	3.48%	–
ETSY	New	ETSY INC	$9,083,000	–	148,000	–	2.25%	–

Q4 2018

			Value		Shares		↓ Weighting
WB	Exit	WEIBO CORPsponsored adr	$0	–	-105,600	–	-1.73%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-232,300	–	-2.87%	–
ALGN	Exit	ALIGN TECHNOLOGY INC	$0	–	-42,300	–	-3.70%	–
BZUN	Exit	BAOZUN INCsponsored adr	$0	–	-499,452	–	-5.43%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-169,800	–	-7.42%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-1,233,500	–	-10.26%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP Ispon adr	$0	–	-886,600	–	-14.68%	–
MSCI	Exit	MSCI INC	$0	–	-507,500	–	-20.14%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-916,200	–	-33.77%	–

Q3 2018

			Value		Shares		↓ Weighting
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$150,953,000	-27.4%	916,200	-18.3%	33.77%	+5.2%
MSCI	Sell	MSCI INC	$90,036,000	-13.3%	507,500	-19.2%	20.14%	+25.7%
EDU	Buy	NEW ORIENTAL ED & TECH GRP Ispon adr	$65,617,000	-16.1%	886,600	+7.3%	14.68%	+21.6%
CTRP	Sell	CTRIP COM INTL LTD	$45,849,000	-38.2%	1,233,500	-20.9%	10.26%	-10.4%
SPGI	Sell	S&P GLOBAL INC	$33,177,000	-15.2%	169,800	-11.5%	7.42%	+23.0%
BZUN	Buy	BAOZUN INCsponsored adr	$24,263,000	+57.2%	499,452	+77.0%	5.43%	+128.0%
ALGN	Sell	ALIGN TECHNOLOGY INC	$16,549,000	-15.0%	42,300	-25.7%	3.70%	+23.3%
IBKR	Sell	INTERACTIVE BROKERS GROUP IN	$12,849,000	-75.4%	232,300	-71.3%	2.87%	-64.3%
WB	Sell	WEIBO CORPsponsored adr	$7,723,000	-80.3%	105,600	-76.1%	1.73%	-71.5%
NOAH	Exit	NOAH HLDGS LTDspon ads cl a	$0	–	-3,800	–	-0.03%	–
UXIN	Exit	UXIN LTDads	$0	–	-998,048	–	-1.39%	–
REDU	Exit	RISE ED CAYMAN LTDsponsored adr	$0	–	-650,000	–	-1.42%	–

Q2 2018

			Value		Shares		↓ Weighting
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$208,053,000	–	1,121,400	–	32.10%	–
MSCI	New	MSCI INC	$103,857,000	–	627,800	–	16.02%	–
EDU	New	NEW ORIENTAL ED & TECH GRP Ispon adr	$78,246,000	–	826,600	–	12.07%	–
CTRP	New	CTRIP COM INTL LTD	$74,231,000	–	1,558,500	–	11.45%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$52,159,000	–	809,800	–	8.05%	–
WB	New	WEIBO CORPsponsored adr	$39,285,000	–	442,600	–	6.06%	–
SPGI	New	S&P GLOBAL INC	$39,106,000	–	191,800	–	6.03%	–
ALGN	New	ALIGN TECHNOLOGY INC	$19,468,000	–	56,900	–	3.00%	–
BZUN	New	BAOZUN INCsponsored adr	$15,437,000	–	282,218	–	2.38%	–
REDU	New	RISE ED CAYMAN LTDsponsored adr	$9,178,000	–	650,000	–	1.42%	–
UXIN	New	UXIN LTDads	$9,022,000	–	998,048	–	1.39%	–
NOAH	New	NOAH HLDGS LTDspon ads cl a	$198,000	–	3,800	–	0.03%	–

Q4 2017

			Value		Shares		↓ Weighting
TAL	Exit	TAL ED GROUPsponsored ads	$0	–	-105,000	–	-0.39%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-142,700	–	-4.13%	–
ALGN	Exit	ALIGN TECHNOLOGY INC	$0	–	-258,400	–	-5.28%	–
MLCO	Exit	MELCO RESORT ENTERTAINMENT Ladr	$0	–	-2,729,300	–	-7.22%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-1,387,000	–	-8.02%	–
WB	Exit	WEIBO CORPsponsored adr	$0	–	-873,300	–	-9.48%	–
CGNX	Exit	COGNEX CORP	$0	–	-1,189,500	–	-14.38%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP Ispon adr	$0	–	-2,372,900	–	-22.96%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-1,486,000	–	-28.14%	–

Q3 2017

			Value		Shares		↓ Weighting
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$256,647,000	+21.4%	1,486,000	-0.9%	28.14%	-2.0%
EDU	Sell	NEW ORIENTAL ED & TECH GRP Ispon adr	$209,432,000	-5.0%	2,372,900	-24.1%	22.96%	-23.3%
CGNX	Buy	COGNEX CORP	$131,178,000	+324.4%	1,189,500	+226.7%	14.38%	+242.5%
WB	Buy	WEIBO CORPsponsored adr	$86,404,000	+146.2%	873,300	+65.4%	9.48%	+98.7%
CTRP	Sell	CTRIP COM INTL LTD	$73,150,000	-15.2%	1,387,000	-13.4%	8.02%	-31.6%
MLCO	Sell	MELCO RESORT ENTERTAINMENT Ladr	$65,831,000	-21.5%	2,729,300	-27.0%	7.22%	-36.7%
ALGN	Sell	ALIGN TECHNOLOGY INC	$48,132,000	+2.8%	258,400	-17.1%	5.28%	-17.0%
NTES	New	NETEASE INCsponsored adr	$37,646,000	–	142,700	–	4.13%	–
TAL	Buy	TAL ED GROUPsponsored ads	$3,540,000	+65.4%	105,000	+500.0%	0.39%	+33.3%
VIPS	Exit	VIPSHOP HLDGS LTDsponsored adr	$0	–	-1,801,000	–	-2.58%	–

Q2 2017

			Value		Shares		↓ Weighting
EDU	New	NEW ORIENTAL ED & TECH GRP Ispon adr	$220,507,000	–	3,128,200	–	29.96%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$211,378,000	–	1,500,200	–	28.72%	–
CTRP	New	CTRIP COM INTL LTD	$86,262,000	–	1,601,600	–	11.72%	–
MLCO	New	MELCO RESORT ENTERTAINMENT Ladr	$83,896,000	–	3,737,000	–	11.40%	–
ALGN	New	ALIGN TECHNOLOGY INC	$46,807,000	–	311,800	–	6.36%	–
WB	New	WEIBO CORPsponsored adr	$35,090,000	–	527,900	–	4.77%	–
CGNX	New	COGNEX CORP	$30,912,000	–	364,100	–	4.20%	–
VIPS	New	VIPSHOP HLDGS LTDsponsored adr	$19,001,000	–	1,801,000	–	2.58%	–
TAL	New	TAL ED GROUP	$2,140,000	–	17,500	–	0.29%	–

Q4 2016

			Value		Shares		↓ Weighting
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-1,200,920	–	-10.89%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-1,966,878	–	-13.50%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP Ispon adr	$0	–	-1,549,065	–	-13.98%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored adr	$0	–	-21,584,790	–	-61.63%	–

Q3 2016

			Value		Shares		↓ Weighting
VIPS	Sell	VIPSHOP HLDGS LTDsponsored adr	$316,649,000	+30.1%	21,584,790	-1.0%	61.63%	+6.2%
EDU	Buy	NEW ORIENTAL ED & TECH GRP Ispon adr	$71,815,000	+101.6%	1,549,065	+82.1%	13.98%	+64.6%
IBKR	Sell	INTERACTIVE BROKERS GROUP IN	$69,372,000	-17.8%	1,966,878	-17.5%	13.50%	-32.9%
VIPS	Exit	VIPSHOP HLDGS LTDcall	$0	–	-36,000	–	-0.10%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-132,028	–	-1.44%	–

Q2 2016

			Value		Shares		↓ Weighting
VIPS	New	VIPSHOP HLDGS LTDsponsored adr	$243,437,000	–	21,793,794	–	58.04%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$84,403,000	–	2,384,278	–	20.12%	–
CTRP	New	CTRIP COM INTL LTD	$49,478,000	–	1,200,920	–	11.80%	–
EDU	New	NEW ORIENTAL ED & TECH GRP Ispon adr	$35,619,000	–	850,493	–	8.49%	–
WUBA	New	58 COM INCspon adr rep a	$6,059,000	–	132,028	–	1.44%	–
VIPS	New	VIPSHOP HLDGS LTDcall	$402,000	–	36,000	–	0.10%	–

Q4 2015

			Value		Shares		↓ Weighting
QIHU	Exit	QIHOO 360 TECHNOLOGY CO LTDads	$0	–	-1,104,718	–	-5.64%	–
VXX	Exit	BARCLAYS BK PLCipath s&p500 vix	$0	–	-3,555,900	–	-9.73%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-2,125,702	–	-14.33%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-5,194,643	–	-14.45%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-5,706,160	–	-24.04%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored adr	$0	–	-17,746,538	–	-31.82%	–

Q3 2015

			Value		Shares		↓ Weighting
VIPS	Buy	VIPSHOP HLDGS LTDsponsored adr	$298,142,000	-5.3%	17,746,538	+25.4%	31.82%	-7.0%
IBKR	Buy	INTERACTIVE BROKERS GROUP IN	$225,222,000	-1.6%	5,706,160	+3.6%	24.04%	-3.4%
JD	Buy	JD COM INCspon adr cl a	$135,372,000	-22.0%	5,194,643	+2.0%	14.45%	-23.5%
CTRP	Buy	CTRIP COM INTL LTD	$134,302,000	-4.5%	2,125,702	+9.8%	14.33%	-6.2%
VXX	New	BARCLAYS BK PLCipath s&p500 vix	$91,138,000	–	3,555,900	–	9.73%	–
QIHU	New	QIHOO 360 TECHNOLOGY CO LTDads	$52,839,000	–	1,104,718	–	5.64%	–
CBPO	Exit	CHINA BIOLOGIC PRODS INC	$0	–	-188,226	–	-2.36%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP Ispon adr	$0	–	-1,644,710	–	-4.38%	–

Q2 2015

			Value		Shares		↓ Weighting
VIPS	New	VIPSHOP HLDGS LTDsponsored adr	$314,862,000	–	14,151,084	–	34.22%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$228,873,000	–	5,507,039	–	24.88%	–
JD	New	JD COM INCspon adr cl a	$173,652,000	–	5,092,436	–	18.88%	–
CTRP	New	CTRIP COM INTL LTD	$140,629,000	–	1,936,502	–	15.28%	–
EDU	New	NEW ORIENTAL ED & TECH GRP Ispon adr	$40,328,000	–	1,644,710	–	4.38%	–
CBPO	New	CHINA BIOLOGIC PRODS INC	$21,676,000	–	188,226	–	2.36%	–

Q4 2014

			Value		Shares		↓ Weighting
YY	Exit	YY INC	$0	–	-269,095	–	-2.42%	–
SINA	Exit	SINA CORPord	$0	–	-503,800	–	-2.48%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-877,375	–	-2.72%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-667,185	–	-4.54%	–
MLCO	Exit	MELCO CROWN ENTMT LTDadr	$0	–	-2,688,640	–	-8.48%	–
EJ	Exit	E HOUSE CHINA HLDGS LTDadr	$0	–	-8,660,738	–	-9.89%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-4,607,595	–	-13.78%	–
QIHU	Exit	QIHOO 360 TECHNOLOGY CO LTDads	$0	–	-1,739,265	–	-14.07%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored adr	$0	–	-1,836,652	–	-41.62%	–

Q3 2014

			Value		Shares		↓ Weighting
VIPS	Buy	VIPSHOP HLDGS LTDsponsored adr	$347,146,000	+17.0%	1,836,652	+16.2%	41.62%	+16.0%
QIHU	Sell	QIHOO 360 TECHNOLOGY CO LTDads	$117,348,000	-33.6%	1,739,265	-9.4%	14.07%	-34.2%
IBKR	Buy	INTERACTIVE BROKERS GROUP IN	$114,959,000	+17.5%	4,607,595	+9.7%	13.78%	+16.5%
EJ	Buy	E HOUSE CHINA HLDGS LTDadr	$82,450,000	+28.9%	8,660,738	+17.1%	9.89%	+27.8%
MLCO	Buy	MELCO CROWN ENTMT LTDadr	$70,684,000	-20.6%	2,688,640	+7.9%	8.48%	-21.3%
CTRP	New	CTRIP COM INTL LTD	$37,869,000	–	667,185	–	4.54%	–
JD	New	JD COM INCspon adr cl a	$22,654,000	–	877,375	–	2.72%	–
SINA	New	SINA CORPord	$20,726,000	–	503,800	–	2.48%	–
YY	Buy	YY INC	$20,153,000	+52.4%	269,095	+53.6%	2.42%	+51.0%
LEJU	Exit	LEJU HLDGS LTDsponsored ads	$0	–	-746,200	–	-0.94%	–
VNET	Exit	21VIANET GROUP INCsponsored adr	$0	–	-2,723,828	–	-9.87%	–

Q2 2014

			Value		Shares		↓ Weighting
VIPS	New	VIPSHOP HLDGS LTDsponsored adr	$296,761,000	–	1,580,700	–	35.89%	–
QIHU	New	QIHOO 360 TECHNOLOGY CO LTDads	$176,714,000	–	1,919,967	–	21.37%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$97,856,000	–	4,201,650	–	11.83%	–
MLCO	New	MELCO CROWN ENTMT LTDadr	$88,996,000	–	2,492,200	–	10.76%	–
VNET	New	21VIANET GROUP INCsponsored adr	$81,633,000	–	2,723,828	–	9.87%	–
EJ	New	E HOUSE CHINA HLDGS LTDadr	$63,949,000	–	7,392,922	–	7.73%	–
YY	New	YY INC	$13,228,000	–	175,202	–	1.60%	–
LEJU	New	LEJU HLDGS LTDsponsored ads	$7,806,000	–	746,200	–	0.94%	–

Q4 2013

			Value		Shares		↓ Weighting
EJ	Exit	E-House China Holdingsadr	$0	–	-379,400	–	-0.94%	–
IBKR	Exit	Interactive Brokers Groadr	$0	–	-333,900	–	-1.69%	–
NQ	Exit	NQ Mobile Incadr repstg cl a	$0	–	-346,500	–	-2.04%	–
YOKU	Exit	Youku Tudou Incsponsored adr	$0	–	-546,300	–	-4.04%	–
VIPS	Exit	Vipshop Holdings Ltdsponsored adr	$0	–	-368,800	–	-5.66%	–
YY	Exit	YY Inc	$0	–	-627,800	–	-7.93%	–
MLCO	Exit	Melco Crown Entertainmeadr	$0	–	-1,537,800	–	-13.22%	–
QIHU	Exit	Qihoo 360 Technology Coads	$0	–	-2,869,100	–	-64.47%	–

Q3 2013

			Value		Shares		↓ Weighting
QIHU	Sell	Qihoo 360 Technology Coads	$238,709,000	+66.4%	2,869,100	-7.7%	64.47%	-6.1%
MLCO	Buy	Melco Crown Entertainmeadr	$48,948,000	+312.5%	1,537,800	+189.8%	13.22%	+132.9%
YY	New	YY Inc	$29,368,000	–	627,800	–	7.93%	–
VIPS	New	Vipshop Holdings Ltdsponsored adr	$20,948,000	–	368,800	–	5.66%	–
YOKU	New	Youku Tudou Incsponsored adr	$14,969,000	–	546,300	–	4.04%	–
NQ	New	NQ Mobile Incadr repstg cl a	$7,550,000	–	346,500	–	2.04%	–
IBKR	New	Interactive Brokers Groadr	$6,267,000	–	333,900	–	1.69%	–
EJ	New	E-House China Holdingsadr	$3,479,000	–	379,400	–	0.94%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP INCspon adr	$0	–	-2,424,700	–	-25.70%	–

Q2 2013

			Value		Shares		↓ Weighting
QIHU	New	QIHOO 360 TECHNOLOGY CO LTDads	$143,441,000	–	3,106,800	–	68.63%	–
EDU	New	NEW ORIENTAL ED & TECH GRP INCspon adr	$53,707,000	–	2,424,700	–	25.70%	–
MLCO	New	MELCO CROWN ENTMT LTDadr	$11,866,000	–	530,700	–	5.68%	–

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