IvyRock Asset Management (HK) Ltd Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TSLA	TESLA INC	26,300	$11,828	6.2%	$443.29	0.0%	COM	88160R101
GOOGL	ALPHABET INC	36,700	$11,487	6.1%	$285.60	0.0%	CAP STK CL A	02079K305
HUYA	HUYA INC	985,422	$2,838	1.5%	$2.88	—	ADS REP SHS A	44852D108
ALB	ALBEMARLE CORP	8,700	$1,231	0.6%	$113.25	0.0%	COM	012653101
XBI	SPDR SERIES TRUST	6,000	$732	0.4%	$121.93	—	STATE STREET SPD	78464A870
COPX	GLOBAL X FDS	3,500	$251	0.1%	$71.79	—	GLOBAL X COPPER	37954Y830
OUNZ	VANECK MERK GOLD ETF	2,700	$232	0.1%	$85.77	—	GOLD SHS	921078101

Increased Positions (3)

SNPS SYNOPSYS INC 0.2%

Value ($000) $376 (+52.3%) Shares 800 (+60.0%) Est. Cost $519.89 Unrealized -14.6%

NTLA INTELLIA THERAPEUTICS INC 0.1%

Value ($000) $174 (-29.8%) Shares 19,330 (+34.9%) Est. Cost $12.69 Unrealized +8.5%

RERE ATRENEW INC 0.1%

Value ($000) $106 (+28.0%) Shares 20,000 (+11.1%) Est. Cost $2.26 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SNPS	SYNOPSYS INC	800 (+60.0%)	$376 (+52.3%)	0.2%	$519.89	-14.6%	COM	871607107
NTLA	INTELLIA THERAPEUTICS INC	19,330 (+34.9%)	$174 (-29.8%)	0.1%	$12.69	+8.5%	COM	45826J105
RERE	ATRENEW INC	20,000 (+11.1%)	$106 (+28.0%)	0.1%	$2.26	—	SPONSORED ADS	00138L108

Exited Positions (4)

ETHA ISHARES ETHEREUM TR 6.6%

Value ($000) $12,604 Shares 400,000 Est. Cost $31.51 Unrealized —

BE BLOOM ENERGY CORP 0.4%

Value ($000) $837 Shares 9,900 Est. Cost $46.44 Unrealized +126.3%

LABU DIREXION SHS ETF TR 0.4%

Value ($000) $768 Shares 8,200 Est. Cost $93.61 Unrealized —

FUTU FUTU HLDGS LTD 0.1%

Value ($000) $209 Shares 1,200 Est. Cost $173.91 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ETHA	ISHARES ETHEREUM TR	400,000	$12,604	6.6%	$31.51	—	—	46438R105
BE	BLOOM ENERGY CORP	9,900	$837	0.4%	$46.44	+126.3%	—	093712107
LABU	DIREXION SHS ETF TR	8,200	$768	0.4%	$93.61	—	—	25460G120
FUTU	FUTU HLDGS LTD	1,200	$209	0.1%	$173.91	—	—	36118L106

Decreased Positions (7)

PDD PDD HOLDINGS INC 59.3%

Value ($000) $112,427 (-17.8%) Shares 991,509 (-4.2%) Est. Cost $92.86 Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 6.5%

Value ($000) $12,358 (-53.1%) Shares 248,900 (-38.6%) Est. Cost $38.23 Unrealized —

LEGN LEGEND BIOTECH CORP 9.2%

Value ($000) $17,479 (-37.4%) Shares 804,000 (-6.2%) Est. Cost $33.68 Unrealized —

BABA ALIBABA GROUP HLDG LTD 7.5%

Value ($000) $14,174 (-28.5%) Shares 96,700 (-12.8%) Est. Cost $131.44 Unrealized —

ZLAB ZAI LAB LTD 0.1%

Value ($000) $264 (-91.8%) Shares 14,979 (-84.2%) Est. Cost $33.89 Unrealized —

ARWR ARROWHEAD PHARMACEUTICALS IN 0.3%

Value ($000) $564 (+55.8%) Shares 8,500 (-19.0%) Est. Cost $21.98 Unrealized +122.9%

AMD ADVANCED MICRO DEVICES INC 0.2%

Value ($000) $321 (-0.7%) Shares 1,500 (-25.0%) Est. Cost $111.19 Unrealized +102.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PDD	PDD HOLDINGS INC	991,509 (-4.2%)	$112,427 (-17.8%)	59.3%	$92.86	—	SPONSORED ADS	722304102
IBIT	ISHARES BITCOIN TRUST ETF	248,900 (-38.6%)	$12,358 (-53.1%)	6.5%	$38.23	—	SHS BEN INT	46438F101
LEGN	LEGEND BIOTECH CORP	804,000 (-6.2%)	$17,479 (-37.4%)	9.2%	$33.68	—	SPONSORED ADS	52490G102
BABA	ALIBABA GROUP HLDG LTD	96,700 (-12.8%)	$14,174 (-28.5%)	7.5%	$131.44	—	SPONSORED ADS	01609W102
ZLAB	ZAI LAB LTD	14,979 (-84.2%)	$264 (-91.8%)	0.1%	$33.89	—	ADR	98887Q104
ARWR	ARROWHEAD PHARMACEUTICALS IN	8,500 (-19.0%)	$564 (+55.8%)	0.3%	$21.98	+122.9%	COM	04280A100
AMD	ADVANCED MICRO DEVICES INC	1,500 (-25.0%)	$321 (-0.7%)	0.2%	$111.19	+102.0%	COM	007903107

Unchanged Positions (6)

SY SO YOUNG INTERNATIONAL INC 0.2%

Value ($000) $361 Shares 141,000 Est. Cost $3.87 Unrealized —

GLD SPDR GOLD TR 0.6%

Value ($000) $1,189 Shares 3,000 Est. Cost $253.50 Unrealized —

PRME PRIME MEDICINE INC 0.1%

Value ($000) $145 Shares 41,800 Est. Cost $4.06 Unrealized +9.5%

CSCO CISCO SYS INC 0.2%

Value ($000) $347 Shares 4,500 Est. Cost $47.98 Unrealized +53.8%

MSFT MICROSOFT CORP 0.3%

Value ($000) $484 Shares 1,000 Est. Cost $311.99 Unrealized +60.4%

BEAM BEAM THERAPEUTICS INC 0.1%

Value ($000) $238 Shares 8,600 Est. Cost $19.89 Unrealized +28.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SY	SO YOUNG INTERNATIONAL INC	141,000	$361	0.2%	$3.87	—	SPONSORED ADS	83356Q108
GLD	SPDR GOLD TR	3,000	$1,189	0.6%	$253.50	—	GOLD SHS	78463V107
PRME	PRIME MEDICINE INC	41,800	$145	0.1%	$4.06	+9.5%	COM	74168J101
CSCO	CISCO SYS INC	4,500	$347	0.2%	$47.98	+53.8%	COM	17275R102
MSFT	MICROSOFT CORP	1,000	$484	0.3%	$311.99	+60.4%	COM	594918104
BEAM	BEAM THERAPEUTICS INC	8,600	$238	0.1%	$19.89	+28.3%	COM	07373V105