The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
APPLE INC AAPL US COM 037833100 515 2,600 SH   DFND   2,600 0 0
AMAZON.COM INC AMZN US COM 023135106 1,136 600 SH   DFND   600 0 0
ARCONIC INC ARNC US COM 03965L100 586 22,700 SH   DFND   22,700 0 0
ALIBABA GROUP HOLDING-SP ADR BABA US SPONSORED ADS 01609W102 152,742 901,400 SH   DFND   901,400 0 0
BILIBILI INC-SPONSORED ADR BILI US SPONS ADS REP Z 090040106 27,125 1,667,182 SH   DFND   1,667,182 0 0
COMMUNITY HEALTH SYSTEMS INC CYH US COM 203668108 321 120,152 SH   DFND   120,152 0 0
ECOPETROL SA-SPONSORED ADR EC US SPONSORED ADS 279158109 1,013 55,400 SH   DFND   55,400 0 0
NEW ORIENTAL EDUCATIO-SP ADR EDU US SPON ADR 647581107 2,724 28,200 SH   DFND   28,200 0 0
FACEBOOK INC-A FB US CL A 30303M102 11,001 57,000 SH   DFND   57,000 0 0
FREEPORT-MCMORAN INC FCX US CL B 35671D857 9,560 823,400 SH   DFND   823,400 0 0
ALPHABET INC-CL C GOOG US CAP STK CL C 02079K107 2,054 1,900 SH   DFND   1,900 0 0
JD.COM INC-ADR JD US SPON ADR CL A 47215P106 2,490 82,200 SH   DFND   82,200 0 0
MACY'S INC M US COM 55616P104 5,646 263,100 SH   DFND   263,100 0 0
PINDUODUO INC-ADR PDD US SPONSORED ADS 722304102 17,800 862,811 SH   DFND   862,811 0 0
SINA CORP SINA US ORD G81477104 4,011 93,000 SH   DFND   93,000 0 0
SNAP INC - A SNAP US CL A 83304A106 1,035 72,400 SH   DFND   72,400 0 0
SVMK INC SVMK US COM 78489X103 261 15,800 SH   DFND   15,800 0 0
TAL EDUCATION GROUP- ADR TAL US SPONSORED ADS 874080104 15,551 408,168 SH   DFND   408,168 0 0
TENCENT MUSIC ENTERTAINM-ADR TME US SPON ADS 88034P109 19,850 1,324,200 SH   DFND   1,324,200 0 0
VALE SA-SP ADR VALE US SPONSORED ADS 91912E105 1,118 83,200 SH   DFND   83,200 0 0
WEIBO CORP-SPON ADR WB US SPONSORED ADR 948596101 20,456 469,716 SH   DFND   469,716 0 0
UNITED STATES STEEL CORP X US COM 912909108 5,545 362,200 SH   DFND   362,200 0 0
YELP INC YELP US CL A 985817105 4,960 145,106 SH   DFND   145,106 0 0
YUNJI INC-ADR YJ US ADS RP CL A 98873N107 151,969 13,448,559 SH   DFND   13,448,559 0 0
YY INC-ADR YY US SPONSORED ADS A 98426T106 6,718 96,400 SH   DFND   96,400 0 0
ZILLOW GROUP INC - C Z US CL C CAP STK 98954M200 311 6,700 SH   DFND   6,700 0 0
ZTO EXPRESS CAYMAN INC-ADR ZTO US SPONSORED ADS A 98980A105 37,235 1,947,422 SH   DFND   1,947,422 0 0
LIGHTINTHEBOX HOLDING-ADR SPONSORED ADR 53225G102 3,756 2,537,855 SH   DFND   2,537,855 0 0
MOGU INC-ADR SPON ADS 608012100 23,792 8,347,939 SH   DFND   8,347,939 0 0
LAIX INC - ADR ADS 50736W105 59,350 5,663,164 SH   DFND   5,663,164 0 0
SO-YOUNG INTERNATIONAL-ADR SPONSORED ADS 83356Q108 173,890 12,519,106 SH   DFND   12,519,106 0 0
PUXIN LTD-ADR ADS 74704P108 18,711 2,979,470 SH   DFND   2,979,470 0 0