Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EDU	NEW ORIENTAL ED & TECHNOLOGY	536,351	$24.62M	8.5%	—	—	CALL	647581206
JD	JD.COM INC	8,443	$21.51M	7.4%	—	—	CALL	47215P106
BILI	BILIBILI INC	6,230	$10.61M	3.6%	—	—	CALL	090040106
PSIX	POWER SOLUTIONS INTL INC	133,500	$5.192M	1.8%	—	—	COM NEW	73933G202
BIOA	BIOAGE LABS INC	170,532	$4.18M	1.4%	—	—	COM	09077V100
TOUR	TUNIU CORP	31,443	$152K	0.1%	—	—	SPONSORED ADS	89977P205

Increased Positions (4)

BILI BILIBILI INC 8.7%

Value $25.37M (+52.0%) Shares 1,489,815 (+101.3%) Est. Cost — Unrealized —

VRDN VIRIDIAN THERAPEUTICS INC 2.5%

Value $7.357M (+80.2%) Shares 400,464 (+91.9%) Est. Cost — Unrealized —

YSG YATSEN HLDG LTD 1.0%

Value $2.999M (+22.1%) Shares 946,193 (+18.6%) Est. Cost — Unrealized —

ZEPP ZEPP HEALTH CORPORATION 0.4%

Value $1.149M (+66.5%) Shares 220,501 (+281.9%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BILI	BILIBILI INC	1,489,815 (+101.3%)	$25.37M (+52.0%)	8.7%	—	—	SPONS ADS REP Z	090040106
VRDN	VIRIDIAN THERAPEUTICS INC	400,464 (+91.9%)	$7.357M (+80.2%)	2.5%	—	—	COM	92790C104
YSG	YATSEN HLDG LTD	946,193 (+18.6%)	$2.999M (+22.1%)	1.0%	—	—	SPONSORED ADS	985194208
ZEPP	ZEPP HEALTH CORPORATION	220,501 (+281.9%)	$1.149M (+66.5%)	0.4%	—	—	SPONSORED ADR	98945L204

Exited Positions (2)

CLBT CELLEBRITE DI LTD 0.2%

Value $634K Shares 46,000 Est. Cost — Unrealized —

TOUR TUNIU CORP 0.1%

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

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CLBT	CELLEBRITE DI LTD	46,000	$634K	0.2%	—	—	—	M2197Q107
TOUR	TUNIU CORP	314,437	$242K	0.1%	—	—	—	89977P106

Decreased Positions (4)

EDU NEW ORIENTAL ED & TECHNOLOGY 2.6%

Value $7.511M (-64.8%) Shares 1,636 (-99.6%) Est. Cost — Unrealized —

SVCO SILVACO GROUP INC 4.3%

Value $12.5M (+61.0%) Shares 906,381 (-17.3%) Est. Cost — Unrealized —

HNGE HINGE HEALTH INC 4.5%

Value $12.96M (+13.3%) Shares 156,190 (-47.4%) Est. Cost — Unrealized —

KYMR KYMERA THERAPEUTICS INC 2.5%

Value $7.275M (+18.9%) Shares 63,440 (-13.6%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EDU	NEW ORIENTAL ED & TECHNOLOGY	1,636 (-99.6%)	$7.511M (-64.8%)	2.6%	—	—	SPON ADR	647581206
SVCO	SILVACO GROUP INC	906,381 (-17.3%)	$12.5M (+61.0%)	4.3%	—	—	COM	82728C102
HNGE	HINGE HEALTH INC	156,190 (-47.4%)	$12.96M (+13.3%)	4.5%	—	—	CL A	433313103
KYMR	KYMERA THERAPEUTICS INC	63,440 (-13.6%)	$7.275M (+18.9%)	2.5%	—	—	COM	501575104

Unchanged Positions (14)

HTHT H WORLD GROUP LTD 4.6%

Value $13.49M Shares 323,371 Est. Cost — Unrealized —

RERE ATRENEW INC 4.2%

Value $12.24M Shares 3,163,117 Est. Cost — Unrealized —

JD JD.COM INC 5.2%

Value $15.05M Shares 590,513 Est. Cost — Unrealized —

PONY PONY AI INC 1.6%

Value $4.54M Shares 653,215 Est. Cost — Unrealized —

TAL TAL ED GROUP 2.5%

Value $7.266M Shares 759,240 Est. Cost — Unrealized —

TCOM TRIP COM GROUP LTD 1.2%

Value $3.51M Shares 88,112 Est. Cost — Unrealized —

DBVT DBV TECHNOLOGIES S A 1.0%

Value $2.79M Shares 170,142 Est. Cost — Unrealized —

JOYY JOYY INC 1.9%

Value $5.648M Shares 85,583 Est. Cost — Unrealized —

NOAH NOAH HLDGS LTD 23.0%

Value $67.11M Shares 6,717,351 Est. Cost — Unrealized —

BILL BILL HOLDINGS INC 2.8%

Value $8.057M Shares 222,820 Est. Cost — Unrealized —

API AGORA INC 1.0%

Value $2.896M Shares 725,795 Est. Cost — Unrealized —

PASG PASSAGE BIO INC 0.1%

Value $420K Shares 86,097 Est. Cost — Unrealized —

BEAM BEAM THERAPEUTICS INC 0.2%

Value $725K Shares 21,126 Est. Cost — Unrealized —

YMM FULL TRUCK ALLIANCE CO LTD 1.4%

Value $4.168M Shares 513,248 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HTHT	H WORLD GROUP LTD	323,371	$13.49M	4.6%	—	—	SPONSORED ADS	44332N106
RERE	ATRENEW INC	3,163,117	$12.24M	4.2%	—	—	SPONSORED ADS	00138L108
JD	JD.COM INC	590,513	$15.05M	5.2%	—	—	SPON ADS CL A	47215P106
PONY	PONY AI INC	653,215	$4.54M	1.6%	—	—	SPONSORED ADS	732908108
TAL	TAL ED GROUP	759,240	$7.266M	2.5%	—	—	SPONSORED ADS	874080104
TCOM	TRIP COM GROUP LTD	88,112	$3.51M	1.2%	—	—	ADS	89677Q107
DBVT	DBV TECHNOLOGIES S A	170,142	$2.79M	1.0%	—	—	SPONSORED ADS	23306J309
JOYY	JOYY INC	85,583	$5.648M	1.9%	—	—	ADS REPSTG COM A	46591M109
NOAH	NOAH HLDGS LTD	6,717,351	$67.11M	23.0%	—	—	SPON ADS	65487X102
BILL	BILL HOLDINGS INC	222,820	$8.057M	2.8%	—	—	COM	090043100
API	AGORA INC	725,795	$2.896M	1.0%	—	—	ADS	00851L103
PASG	PASSAGE BIO INC	86,097	$420K	0.1%	—	—	COM NEW	702712209
BEAM	BEAM THERAPEUTICS INC	21,126	$725K	0.2%	—	—	COM	07373V105
YMM	FULL TRUCK ALLIANCE CO LTD	513,248	$4.168M	1.4%	—	—	SPONSORED ADS	35969L108