Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HNGE	HINGE HEALTH INC	296,853	$11.45M	5.0%	$40.59	0.0%	CL A	433313103
BILL	BILL HOLDINGS INC	222,820	$8.534M	3.7%	$46.99	0.0%	COM	090043100
JOYY	JOYY INC	85,583	$4.997M	2.2%	$58.39	—	ADS REPSTG COM A	46591M109
TCOM	TRIP COM GROUP LTD	88,112	$4.387M	1.9%	$49.79	—	ADS	89677Q107
ZEPP	ZEPP HEALTH CORPORATION	57,731	$690K	0.3%	$11.95	—	SPONSORED ADR	98945L204
CLBT	CELLEBRITE DI LTD	46,000	$634K	0.3%	$15.55	0.0%	ORDINARY SHARES	M2197Q107

Increased Positions (6)

TAL TAL ED GROUP 3.7%

Value $8.633M (+155.9%) Shares 759,240 (+145.5%) Est. Cost $10.17 Unrealized —

EDU NEW ORIENTAL ED & TECHNOLOGY 9.2%

Value $21.32M (+13.8%) Shares 376,551 (+10.5%) Est. Cost $27.13 Unrealized —

YSG YATSEN HLDG LTD 1.1%

Value $2.457M (+71.5%) Shares 797,866 (+116.6%) Est. Cost $3.55 Unrealized —

API AGORA INC 1.1%

Value $2.569M (+18.3%) Shares 725,795 (+36.0%) Est. Cost $3.79 Unrealized —

PASG PASSAGE BIO INC 0.3%

Value $676K (+67.0%) Shares 86,097 (+151.0%) Est. Cost $10.64 Unrealized +12.5%

YMM FULL TRUCK ALLIANCE CO LTD 1.8%

Value $4.26M (-3.4%) Shares 513,248 (+24.8%) Est. Cost $10.25 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TAL	TAL ED GROUP	759,240 (+145.5%)	$8.633M (+155.9%)	3.7%	$10.17	—	SPONSORED ADS	874080104
EDU	NEW ORIENTAL ED & TECHNOLOGY	376,551 (+10.5%)	$21.32M (+13.8%)	9.2%	$27.13	—	SPON ADR	647581206
YSG	YATSEN HLDG LTD	797,866 (+116.6%)	$2.457M (+71.5%)	1.1%	$3.55	—	SPONSORED ADS	985194208
API	AGORA INC	725,795 (+36.0%)	$2.569M (+18.3%)	1.1%	$3.79	—	ADS	00851L103
PASG	PASSAGE BIO INC	86,097 (+151.0%)	$676K (+67.0%)	0.3%	$10.64	+12.5%	COM NEW	702712209
YMM	FULL TRUCK ALLIANCE CO LTD	513,248 (+24.8%)	$4.26M (-3.4%)	1.8%	$10.25	—	SPONSORED ADS	35969L108

Exited Positions (6)

ALAB ASTERA LABS INC 102.9%

Value $237M Shares 1,427,500 Est. Cost — Unrealized —

VSAT VIASAT INC 6.8%

Value $15.7M Shares 455,600 Est. Cost — Unrealized —

ULS UL SOLUTIONS INC 5.1%

Value $11.83M Shares 150,000 Est. Cost — Unrealized —

ACMR ACM RESH INC 3.0%

Value $6.882M Shares 174,447 Est. Cost $18.86 Unrealized +202.5%

IVA INVENTIVA SA 0.5%

Value $1.19M Shares 255,915 Est. Cost $10.94 Unrealized —

— GENERATION BIO CO 0.3%

Value $599K Shares 105,524 Est. Cost $6.12 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ALAB	ASTERA LABS INC	1,427,500	$237M	102.9%	—	—	PUT	04626A103
VSAT	VIASAT INC	455,600	$15.7M	6.8%	—	—	PUT	92552V100
ULS	UL SOLUTIONS INC	150,000	$11.83M	5.1%	—	—	PUT	903731107
ACMR	ACM RESH INC	174,447	$6.882M	3.0%	$18.86	+202.5%	—	00108J109
IVA	INVENTIVA SA	255,915	$1.19M	0.5%	$10.94	—	—	46124U107
—	GENERATION BIO CO	105,524	$599K	0.3%	$6.12	—	—	37148K209

Decreased Positions (4)

BILI BILIBILI INC 7.2%

Value $16.69M (-40.9%) Shares 739,915 (-35.6%) Est. Cost $21.59 Unrealized —

DBVT DBV TECHNOLOGIES S A 1.5%

Value $3.554M (-71.0%) Shares 170,142 (-73.4%) Est. Cost $3.09 Unrealized —

HTHT H WORLD GROUP LTD 7.0%

Value $16.26M (-13.2%) Shares 323,371 (-18.8%) Est. Cost $36.39 Unrealized —

JD JD.COM INC 7.5%

Value $17.37M (-11.9%) Shares 587,513 (-14.5%) Est. Cost $32.65 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BILI	BILIBILI INC	739,915 (-35.6%)	$16.69M (-40.9%)	7.2%	$21.59	—	SPONS ADS REP Z	090040106
DBVT	DBV TECHNOLOGIES S A	170,142 (-73.4%)	$3.554M (-71.0%)	1.5%	$3.09	—	SPONSORED ADS	23306J309
HTHT	H WORLD GROUP LTD	323,371 (-18.8%)	$16.26M (-13.2%)	7.0%	$36.39	—	SPONSORED ADS	44332N106
JD	JD.COM INC	587,513 (-14.5%)	$17.37M (-11.9%)	7.5%	$32.65	—	SPON ADS CL A	47215P106

Unchanged Positions (8)

SVCO SILVACO GROUP INC 3.4%

Value $7.762M Shares 1,096,282 Est. Cost $6.68 Unrealized -37.9%

PONY PONY AI INC 2.7%

Value $6.166M Shares 653,215 Est. Cost $16.95 Unrealized —

VRDN VIRIDIAN THERAPEUTICS INC 1.8%

Value $4.083M Shares 208,735 Est. Cost $23.45 Unrealized +31.5%

RERE ATRENEW INC 6.4%

Value $14.84M Shares 3,163,117 Est. Cost $3.08 Unrealized —

NOAH NOAH HLDGS LTD 28.8%

Value $66.5M Shares 6,717,351 Est. Cost $31.83 Unrealized —

KYMR KYMERA THERAPEUTICS INC 2.7%

Value $6.117M Shares 73,440 Est. Cost $36.45 Unrealized +112.9%

BEAM BEAM THERAPEUTICS INC 0.2%

Value $503K Shares 21,126 Est. Cost $34.55 Unrealized -15.6%

TOUR TUNIU CORP 0.1%

Value $242K Shares 314,437 Est. Cost $0.84 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SVCO	SILVACO GROUP INC	1,096,282	$7.762M	3.4%	$6.68	-37.9%	COM	82728C102
PONY	PONY AI INC	653,215	$6.166M	2.7%	$16.95	—	SPONSORED ADS	732908108
VRDN	VIRIDIAN THERAPEUTICS INC	208,735	$4.083M	1.8%	$23.45	+31.5%	COM	92790C104
RERE	ATRENEW INC	3,163,117	$14.84M	6.4%	$3.08	—	SPONSORED ADS	00138L108
NOAH	NOAH HLDGS LTD	6,717,351	$66.5M	28.8%	$31.83	—	SPON ADS	65487X102
KYMR	KYMERA THERAPEUTICS INC	73,440	$6.117M	2.7%	$36.45	+112.9%	COM	501575104
BEAM	BEAM THERAPEUTICS INC	21,126	$503K	0.2%	$34.55	-15.6%	COM	07373V105
TOUR	TUNIU CORP	314,437	$242K	0.1%	$0.84	—	SPONSORED ADS	89977P106