Ward Ferry Management (BVI) Ltd Activity Q4 2014-Q3 2023

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Q3 2023

			Value		Shares		↓ Weighting
SE	Buy	SEA LTDsponsored ads	$194,234	-14.3%	4,419,441	+13.2%	23.49%	-4.1%
	Sell	FRESHWORKS INC	$164,754	-27.2%	8,270,797	-35.7%	19.93%	-18.6%
	New	GRAB HOLDINGS LIMITEDclass a ord	$56,614	–	15,992,615	–	6.85%	–
BEKE	Sell	KE HLDGS INCsponsored ads	$10,228	-86.1%	659,040	-86.7%	1.24%	-84.5%

Q2 2023

			Value		Shares		↓ Weighting
SE	New	SEA LTDsponsored ads	$226,645	–	3,904,986	–	24.51%	–
	New	FRESHWORKS INC	$226,274	–	12,871,086	–	24.47%	–
HTHT	New	H WORLD GROUP LTDsponsored ads	$169,563	–	4,372,430	–	18.34%	–
YMM	New	FULL TRUCK ALLIANCEsponsored ads	$100,955	–	16,230,684	–	10.92%	–
ZTO	New	ZTO EXPRESS CAYMAN INCsponsored ads a	$91,980	–	3,667,477	–	9.95%	–
BEKE	New	KE HLDGS INCsponsored ads	$73,596	–	4,955,984	–	7.96%	–
	New	TDCX INCads	$21,617	–	2,732,857	–	2.34%	–
	New	PERFECT CORP	$13,945	–	2,887,228	–	1.51%	–
	New	PERFECT CORP*w exp 99/99/999	$206	–	1,250,000	–	0.02%	–

Q4 2022

			Value		Shares		↓ Weighting
CD	Exit	CHINDATA GROUP HLDGS LTDads	$0	–	-4,435,528	–	-4.09%	–
U	Exit	UNITY SOFTWARE INC	$0	–	-2,187,400	–	-7.95%	–
YMM	Exit	FULL TRUCK ALLIANCEsponsored ads	$0	–	-11,892,855	–	-8.88%	–
BEKE	Exit	KE HLDGS INCsponsored ads	$0	–	-6,041,400	–	-12.07%	–
ZTO	Exit	ZTO EXPRESS CAYMAN INCsponsored ads a	$0	–	-4,587,300	–	-12.57%	–
HTHT	Exit	H WORLD GROUP LTDsponsored ads	$0	–	-4,245,830	–	-16.24%	–
	Exit	FRESHWORKS INC	$0	–	-11,595,886	–	-17.15%	–
SE	Exit	SEA LTDsponsored ads	$0	–	-3,294,497	–	-21.06%	–

Q3 2022

			Value		Shares		↓ Weighting
SE	Buy	SEA LTDsponsored ads	$184,657,000	-12.8%	3,294,497	+4.0%	21.06%	+5.7%
HTHT	Sell	H WORLD GROUP LTDsponsored ads	$142,405,000	-32.3%	4,245,830	-23.1%	16.24%	-17.9%
ZTO	Sell	ZTO EXPRESS CAYMAN INCsponsored ads a	$110,233,000	-23.0%	4,587,300	-12.1%	12.57%	-6.6%
BEKE	Buy	KE HLDGS INCsponsored ads	$105,845,000	+8.0%	6,041,400	+10.6%	12.07%	+31.0%
YMM	Buy	FULL TRUCK ALLIANCEsponsored ads	$77,898,000	-2.0%	11,892,855	+35.6%	8.88%	+18.9%
U	Sell	UNITY SOFTWARE INC	$69,691,000	-27.9%	2,187,400	-16.7%	7.95%	-12.5%
CD	Buy	CHINDATA GROUP HLDGS LTDads	$35,839,000	+12.3%	4,435,528	+7.9%	4.09%	+36.3%
DDL	Exit	DINGDONG CAYMAN LTDads	$0	–	-1,069,233	–	-0.56%	–
GDS	Exit	GDS HLDGS LTDsponsored ads	$0	–	-1,016,800	–	-3.19%	–

Q2 2022

			Value		Shares		↓ Weighting
SE	New	SEA LTDsponsored ads	$211,852,000	–	3,168,597	–	19.91%	–
HTHT	New	HUAZHU GROUP LTDsponsored ads	$210,393,000	–	5,522,130	–	19.78%	–
	New	FRESHWORKS INC	$152,486,000	–	11,595,886	–	14.33%	–
ZTO	New	ZTO EXPRESS CAYMAN INCsponsored ads a	$143,193,000	–	5,216,500	–	13.46%	–
BEKE	New	KE HLDGS INCsponsored ads	$98,029,000	–	5,461,200	–	9.22%	–
U	New	UNITY SOFTWARE INC	$96,660,000	–	2,625,200	–	9.09%	–
YMM	New	FULL TRUCK ALLIANCEsponsored ads	$79,468,000	–	8,771,255	–	7.47%	–
GDS	New	GDS HLDGS LTDsponsored ads	$33,951,000	–	1,016,800	–	3.19%	–
CD	New	CHINDATA GROUP HLDGS LTDads	$31,910,000	–	4,112,128	–	3.00%	–
DDL	New	DINGDONG CAYMAN LTDads	$5,913,000	–	1,069,233	–	0.56%	–

Q4 2021

			Value		Shares		↓ Weighting
	Exit	FRESHWORKS INC	$0	–	-20,000	–	-0.06%	–
DDL	Exit	DINGDONG CAYMAN LTDads	$0	–	-182,380	–	-0.33%	–
BZ	Exit	KANZHUN LIMITEDsponsored ads	$0	–	-355,200	–	-0.98%	–
YSG	Exit	YATSEN HLDG LTDads	$0	–	-4,989,700	–	-1.46%	–
FTCH	Exit	FARFETCH LTDord sh cl a	$0	–	-1,577,000	–	-4.53%	–
YY	Exit	JOYY INC	$0	–	-1,731,968	–	-7.28%	–
ZTO	Exit	ZTO EXPRESS CAYMAN INCsponsored ads a	$0	–	-4,838,800	–	-11.38%	–
HTHT	Exit	HUAZHU GROUP LTDsponsored ads	$0	–	-3,828,092	–	-13.46%	–
U	Exit	UNITY SOFTWARE INC	$0	–	-1,552,000	–	-15.02%	–
SE	Exit	SEA LTDsponsored ads	$0	–	-1,861,797	–	-45.50%	–

Q3 2021

			Value		Shares		↓ Weighting
SE	Sell	SEA LTDsponsored ads	$593,411,000	+1.6%	1,861,797	-12.5%	45.50%	+5.8%
HTHT	Buy	HUAZHU GROUP LTDsponsored ads	$175,556,000	+104.7%	3,828,092	+135.7%	13.46%	+113.1%
FTCH	Buy	FARFETCH LTDord sh cl a	$59,106,000	+30.8%	1,577,000	+75.7%	4.53%	+36.2%
BZ	New	KANZHUN LIMITEDsponsored ads	$12,784,000	–	355,200	–	0.98%	–
DDL	New	DINGDONG CAYMAN LTDads	$4,317,000	–	182,380	–	0.33%	–
	New	FRESHWORKS INC	$854,000	–	20,000	–	0.06%	–
TAL	Exit	TAL EDUCATION GROUPsponsored ads	$0	–	-136,477	–	-0.25%	–
HUIZ	Exit	HUIZE HLDG LTDsponsored ads	$0	–	-1,836,076	–	-0.81%	–
IMAB	Exit	I MABsponsored ads	$0	–	-1,791,496	–	-11.07%	–

Q2 2021

			Value		Shares		↓ Weighting
SE	New	SEA LTDsponsored ads	$584,010,000	–	2,126,768	–	43.00%	–
U	New	UNITY SOFTWARE INC	$170,456,000	–	1,552,000	–	12.55%	–
IMAB	New	I MABsponsored ads	$150,396,000	–	1,791,496	–	11.07%	–
ZTO	New	ZTO EXPRESS CAYMAN INCsponsored ads a	$146,858,000	–	4,838,800	–	10.81%	–
YY	New	JOYY INC	$114,258,000	–	1,731,968	–	8.41%	–
HTHT	New	HUAZHU GROUP LTDsponsored ads	$85,768,000	–	1,624,092	–	6.32%	–
YSG	New	YATSEN HLDG LTDads	$46,753,000	–	4,989,700	–	3.44%	–
FTCH	New	FARFETCH LTDord sh cl a	$45,193,000	–	897,400	–	3.33%	–
HUIZ	New	HUIZE HLDG LTDsponsored ads	$10,961,000	–	1,836,076	–	0.81%	–
TAL	New	TAL EDUCATION GROUPsponsored ads	$3,443,000	–	136,477	–	0.25%	–

Q4 2020

			Value		Shares		↓ Weighting
HUIZ	Exit	HUIZE HLDG LTDsponsored ads	$0	–	-436,076	–	-0.32%	–
IQ	Exit	IQIYI INCsponsored ads	$0	–	-2,657,600	–	-5.56%	–
U	Exit	UNITY SOFTWARE INC	$0	–	-811,900	–	-6.57%	–
TAL	Exit	TAL EDUCATION GROUPsponsored ads	$0	–	-1,639,177	–	-11.56%	–
ZTO	Exit	ZTO EXPRESS CAYMAN INCsponsored ads a	$0	–	-4,227,200	–	-11.73%	–
YY	Exit	JOYY INC	$0	–	-1,669,586	–	-12.49%	–
HTHT	Exit	HUAZHU GROUP LTDsponsored ads	$0	–	-3,174,552	–	-12.73%	–
SE	Exit	SEA LTDsponsored ads	$0	–	-2,732,768	–	-39.04%	–

Q3 2020

			Value		Shares		↓ Weighting
YY	Sell	JOYY INC	$134,686,000	-18.3%	1,669,586	-10.3%	12.49%	-28.2%
ZTO	Buy	ZTO EXPRESS CAYMAN INCsponsored ads a	$126,478,000	-9.4%	4,227,200	+11.2%	11.73%	-20.4%
TAL	Buy	TAL EDUCATION GROUPsponsored ads	$124,643,000	+33.1%	1,639,177	+19.7%	11.56%	+16.9%
U	New	UNITY SOFTWARE INC	$70,863,000	–	811,900	–	6.57%	–
IQ	Sell	IQIYI INCsponsored ads	$60,009,000	-37.0%	2,657,600	-35.3%	5.56%	-44.7%
HUIZ	Buy	HUIZE HLDG LTDsponsored ads	$3,489,000	+210.7%	436,076	+187.7%	0.32%	+172.3%
MMYT	Exit	MAKEMYTRIP LIMITED MAURITIUS	$0	–	-3,168,881	–	-5.12%	–

Q2 2020

			Value		Shares		↓ Weighting
SE	New	SEA LTDsponsored ads	$293,062,000	–	2,732,768	–	30.94%	–
YY	New	JOYY INC	$164,842,000	–	1,861,568	–	17.40%	–
ZTO	New	ZTO EXPRESS CAYMAN INCsponsored ads a	$139,524,000	–	3,800,700	–	14.73%	–
HTHT	New	HUAZHU GROUP LTDsponsored ads	$111,268,000	–	3,174,552	–	11.74%	–
IQ	New	IQIYI INCsponsored ads	$95,322,000	–	4,110,500	–	10.06%	–
TAL	New	TAL EDUCATION GROUPsponsored ads	$93,659,000	–	1,369,677	–	9.89%	–
MMYT	New	MAKEMYTRIP LIMITED MAURITIUS	$48,547,000	–	3,168,881	–	5.12%	–
HUIZ	New	HUIZE HLDG LTDsponsored ads	$1,123,000	–	151,554	–	0.12%	–

Q4 2019

			Value		Shares		↓ Weighting
NEW	Exit	PUXIN LTDads	$0	–	-2,439,638	–	-2.33%	–
REDU	Exit	RISE ED CAYMAN LTDsponsored adr	$0	–	-2,389,100	–	-2.39%	–
UXIN	Exit	UXIN LTDads	$0	–	-14,051,100	–	-4.12%	–
HTHT	Exit	HUAZHU GROUP LTDsponsored ads	$0	–	-1,277,752	–	-5.05%	–
IQ	Exit	IQIYI INCsponsored ads	$0	–	-3,698,900	–	-7.14%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-1,224,730	–	-7.22%	–
ZTO	Exit	ZTO EXPRESS CAYMAN INCsponsored ads a	$0	–	-3,800,700	–	-9.70%	–
NOAH	Exit	NOAH HLDGS LTDspon ads cl a	$0	–	-2,911,732	–	-10.17%	–
MMYT	Exit	MAKEMYTRIP LIMITED MAURITIUS	$0	–	-3,805,412	–	-10.33%	–
YY	Exit	YY INCsponsored ads a	$0	–	-1,659,068	–	-11.16%	–
TAL	Exit	TAL EDUCATION GROUPsponsored ads	$0	–	-2,941,300	–	-12.05%	–
SE	Exit	SEA LTDsponsored ads	$0	–	-4,954,168	–	-18.34%	–

Q3 2019

			Value		Shares		↓ Weighting
SE	Sell	SEA LTDsponsored ads	$153,331,000	-26.1%	4,954,168	-20.7%	18.34%	-14.1%
TAL	Buy	TAL EDUCATION GROUPsponsored ads	$100,710,000	+4.7%	2,941,300	+16.5%	12.05%	+21.8%
YY	Buy	YY INCsponsored ads a	$93,289,000	+24.7%	1,659,068	+54.6%	11.16%	+45.1%
ZTO	Buy	ZTO EXPRESS CAYMAN INCsponsored ads a	$81,069,000	+55.9%	3,800,700	+39.7%	9.70%	+81.4%
IQ	Buy	IQIYI INCsponsored ads	$59,663,000	+6.0%	3,698,900	+35.7%	7.14%	+23.3%
HTHT	Sell	HUAZHU GROUP LTDsponsored ads	$42,191,000	-66.0%	1,277,752	-62.7%	5.05%	-60.4%
UXIN	Buy	UXIN LTDads	$34,425,000	+18.7%	14,051,100	+6.6%	4.12%	+38.1%

Q2 2019

			Value		Shares		↓ Weighting
SE	New	SEA LTDsponsored ads	$207,621,000	–	6,249,868	–	21.35%	–
HTHT	New	HUAZHU GROUP LTDsponsored ads	$124,107,000	–	3,423,652	–	12.76%	–
NOAH	New	NOAH HLDGS LTDspon ads cl a	$123,894,000	–	2,911,732	–	12.74%	–
TAL	New	TAL EDUCATION GROUPsponsored ads	$96,168,000	–	2,524,100	–	9.89%	–
MMYT	New	MAKEMYTRIP LIMITED MAURITIUS	$94,374,000	–	3,805,412	–	9.70%	–
WUBA	New	58 COM INCspon adr rep a	$76,141,000	–	1,224,730	–	7.83%	–
YY	New	YY INCsponsored ads a	$74,796,000	–	1,073,268	–	7.69%	–
IQ	New	IQIYI INCsponsored ads	$56,277,000	–	2,725,300	–	5.79%	–
ZTO	New	ZTO EXPRESS CAYMAN INCsponsored ads a	$52,006,000	–	2,720,000	–	5.35%	–
UXIN	New	UXIN LTDads	$28,990,000	–	13,177,100	–	2.98%	–
REDU	New	RISE ED CAYMAN LTDsponsored adr	$22,768,000	–	2,389,100	–	2.34%	–
NEW	New	PUXIN LTDads	$15,321,000	–	2,439,638	–	1.58%	–

Q4 2018

			Value		Shares		↓ Weighting
NEW	Exit	PUXIN LTDads	$0	–	-709,400	–	-0.97%	–
REDU	Exit	RISE ED CAYMAN LTDsponsored adr	$0	–	-2,389,100	–	-4.42%	–
SE	Exit	SEA LTDadr	$0	–	-2,390,068	–	-5.17%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored adr	$0	–	-6,342,400	–	-6.19%	–
HTHT	Exit	HUAZHU GROUP LTDsponsored ads	$0	–	-2,819,252	–	-14.23%	–
MMYT	Exit	MAKEMYTRIP LIMITED MAURITIUS	$0	–	-3,505,812	–	-15.04%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-1,464,180	–	-16.84%	–
NOAH	Exit	NOAH HLDGS LTDspon ads cl a	$0	–	-2,645,032	–	-17.42%	–
YY	Exit	YY INC	$0	–	-1,683,491	–	-19.72%	–

Q3 2018

			Value		Shares		↓ Weighting
YY	Buy	YY INC	$126,127,000	+5.2%	1,683,491	+41.1%	19.72%	+14.3%
NOAH	Sell	NOAH HLDGS LTDspon ads cl a	$111,462,000	-25.1%	2,645,032	-7.4%	17.42%	-18.7%
WUBA	Buy	58 COM INCspon adr rep a	$107,764,000	+14.3%	1,464,180	+7.7%	16.84%	+24.2%
MMYT	Buy	MAKEMYTRIP LIMITED MAURITIUS	$96,235,000	-13.1%	3,505,812	+14.4%	15.04%	-5.6%
HTHT	Buy	HUAZHU GROUP LTDsponsored ads	$91,062,000	-11.8%	2,819,252	+14.7%	14.23%	-4.2%
VIPS	Buy	VIPSHOP HLDGS LTDsponsored adr	$39,577,000	-31.0%	6,342,400	+20.0%	6.19%	-25.0%
SE	Buy	SEA LTDadr	$33,055,000	+100.7%	2,390,068	+117.7%	5.17%	+118.0%
REDU	Buy	RISE ED CAYMAN LTDsponsored adr	$28,263,000	-2.6%	2,389,100	+16.2%	4.42%	+5.8%

Q2 2018

			Value		Shares		↓ Weighting
NOAH	New	NOAH HLDGS LTDspon ads cl a	$148,884,000	–	2,854,918	–	21.42%	–
YY	New	YY INC	$119,850,000	–	1,192,891	–	17.24%	–
MMYT	New	MAKEMYTRIP LIMITED MAURITIUS	$110,775,000	–	3,064,312	–	15.94%	–
HTHT	New	HUAZHU GROUP LTDsponsored ads	$103,247,000	–	2,458,852	–	14.85%	–
WUBA	New	58 COM INCspon adr rep a	$94,301,000	–	1,359,980	–	13.57%	–
VIPS	New	VIPSHOP HLDGS LTDsponsored adr	$57,359,000	–	5,286,500	–	8.25%	–
REDU	New	RISE ED CAYMAN LTDsponsored adr	$29,028,000	–	2,055,800	–	4.18%	–
SE	New	SEA LTDadr	$16,472,000	–	1,098,100	–	2.37%	–
NEW	New	PUXIN LTDads	$15,181,000	–	709,400	–	2.18%	–

Q4 2017

			Value		Shares		↓ Weighting
TAL	Exit	TAL ED GROUPsponsored ads	$0	–	-893,800	–	-5.45%	–
MMYT	Exit	MAKEMYTRIP LIMITED MAURITIUS	$0	–	-2,735,212	–	-14.22%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-1,282,880	–	-14.65%	–
NOAH	Exit	NOAH HLDGS LTDspon ads cl a	$0	–	-3,018,000	–	-17.53%	–
YY	Exit	YY INC	$0	–	-1,120,800	–	-17.59%	–
HTHT	Exit	CHINA LODGING GROUP LTDsponsored adr	$0	–	-1,421,338	–	-30.55%	–

Q3 2017

			Value		Shares		↓ Weighting
HTHT	Sell	CHINA LODGING GROUP LTDsponsored adr	$168,883,000	+20.0%	1,421,338	-18.5%	30.55%	-3.1%
YY	Buy	YY INC	$97,263,000	+59.0%	1,120,800	+6.3%	17.59%	+28.4%
MMYT	Buy	MAKEMYTRIP LIMITED MAURITIUS	$78,637,000	-2.8%	2,735,212	+13.4%	14.22%	-21.5%
TAL	Buy	TAL ED GROUPsponsored ads	$30,130,000	+46.2%	893,800	+430.4%	5.45%	+18.1%

Q2 2017

			Value		Shares		↓ Weighting
HTHT	New	CHINA LODGING GROUP LTDsponsored adr	$140,709,000	–	1,744,038	–	31.52%	–
NOAH	New	NOAH HLDGS LTDspon ads cl a	$86,466,000	–	3,018,000	–	19.37%	–
MMYT	New	MAKEMYTRIP LTD	$80,940,000	–	2,412,512	–	18.13%	–
YY	New	YY INC	$61,164,000	–	1,054,000	–	13.70%	–
WUBA	New	58 COM INCspon adr rep a	$56,588,000	–	1,282,880	–	12.67%	–
TAL	New	TAL ED GROUP	$20,609,000	–	168,500	–	4.62%	–

Q4 2016

			Value		Shares		↓ Weighting
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-106,710	–	-6.33%	–
NOAH	Exit	NOAH HLDGS LTDspon ads cl a	$0	–	-1,270,200	–	-10.80%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-721,180	–	-11.20%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-1,999,400	–	-16.99%	–
MMYT	Exit	MAKEMYTRIP LTD	$0	–	-2,832,226	–	-21.77%	–
HTHT	Exit	CHINA LODGING GROUP LTDsponsored adr	$0	–	-2,240,329	–	-32.91%	–

Q3 2016

			Value		Shares		↓ Weighting
HTHT	Buy	CHINA LODGING GROUP LTDsponsored adr	$101,016,000	+29.1%	2,240,329	+4.3%	32.91%	+3.2%
JD	Buy	JD COM INCspon adr cl a	$52,164,000	+36.3%	1,999,400	+10.9%	16.99%	+8.9%
WUBA	Buy	58 COM INCspon adr rep a	$34,371,000	+15.7%	721,180	+11.4%	11.20%	-7.5%
BIDU	Buy	BAIDU INCspon adr rep a	$19,429,000	+21.9%	106,710	+10.6%	6.33%	-2.6%
KZ	Exit	KONGZHONG CORPsponsored adr	$0	–	-2,073,849	–	-4.28%	–

Q2 2016

			Value		Shares		↓ Weighting
HTHT	New	CHINA LODGING GROUP LTDsponsored adr	$78,222,000	–	2,147,174	–	31.88%	–
MMYT	New	MAKEMYTRIP LTD	$42,087,000	–	2,832,226	–	17.15%	–
JD	New	JD COM INCspon adr cl a	$38,282,000	–	1,803,200	–	15.60%	–
NOAH	New	NOAH HLDGS LTDspon ads cl a	$30,625,000	–	1,270,200	–	12.48%	–
WUBA	New	58 COM INCspon adr rep a	$29,708,000	–	647,380	–	12.11%	–
BIDU	New	BAIDU INCspon adr rep a	$15,939,000	–	96,510	–	6.50%	–
KZ	New	KONGZHONG CORPsponsored adr	$10,494,000	–	2,073,849	–	4.28%	–

Q4 2015

			Value		Shares		↓ Weighting
KZ	Exit	KONGZHONG CORPsponsored adr	$0	–	-2,178,749	–	-9.32%	–
MMYT	Exit	MAKEMYTRIP LTD	$0	–	-1,072,426	–	-9.63%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-315,080	–	-9.68%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-951,400	–	-16.19%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-236,810	–	-21.25%	–
HTHT	Exit	CHINA LODGING GROUP LTDsponsored adr	$0	–	-2,134,660	–	-33.92%	–

Q3 2015

			Value		Shares		↓ Weighting
HTHT	Buy	CHINA LODGING GROUP LTDsponsored adr	$51,936,000	+22.3%	2,134,660	+22.8%	33.92%	+26.6%
BIDU	Buy	BAIDU INCspon adr rep a	$32,540,000	+5.4%	236,810	+52.7%	21.25%	+9.1%
JD	Sell	JD COM INCspon adr cl a	$24,793,000	-24.0%	951,400	-0.6%	16.19%	-21.4%
WUBA	Buy	58 COM INCspon adr rep a	$14,825,000	+39.4%	315,080	+89.8%	9.68%	+44.4%
MMYT	Buy	MAKEMYTRIP LTD	$14,746,000	-19.7%	1,072,426	+14.9%	9.63%	-16.9%
TAL	Exit	TAL EDUCATION GROUP - A	$0	–	-213,400	–	-4.75%	–

Q2 2015

			Value		Shares		↓ Weighting
HTHT	New	CHINA LODGING GROUP LTDsponsored adr	$42,458,000	–	1,738,660	–	26.79%	–
JD	New	JD COM INCspon adr cl a	$32,641,000	–	957,200	–	20.59%	–
BIDU	New	BAIDU INCspon adr rep a	$30,879,000	–	155,110	–	19.48%	–
MMYT	New	MAKEMYTRIP LTD	$18,366,000	–	933,226	–	11.59%	–
KZ	New	KONGZHONG CORPsponsored adr	$15,992,000	–	2,178,749	–	10.09%	–
WUBA	New	58 COM INCspon adr rep a	$10,633,000	–	165,980	–	6.71%	–
TAL	New	TAL EDUCATION GROUP - A	$7,533,000	–	213,400	–	4.75%	–

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