| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | First Beijing Investment Ltd. | 76,616,568 | 7,970,988 | 662,733,313.2 | 17.6394 | 8.1568 | 12/31/2025 |
| 2 | Invesco Asset Management Ltd. | 41,423,626 | 2,495,660 | 358,314,364.9 | 0.3666 | 4.41 | 12/31/2025 |
| 3 | Krane Funds Advisors LLC | 32,100,736 | 3,935,263 | 277,671,366.4 | 3.4531 | 3.4175 | 12/31/2025 |
| 4 | Greenwoods Investments SG Pte Ltd. | 28,597,879 | 0 | 247,371,653.35 | 6.0356 | 3.0446 | 12/31/2025 |
| 5 | Schroder Investment Management Ltd. | 27,957,275 | 10,232,602 | 241,830,428.75 | 0.0924 | 2.9764 | 12/31/2025 |
| 6 | The Vanguard Group, Inc. | 24,945,308 | 374,616 | 215,776,914.2 | 0.0029 | 2.6557 | 12/31/2025 |
| 7 | FIL Investments International | 23,891,879 | 343,051 | 206,664,753.35 | 0.1358 | 2.5436 | 12/31/2025 |
| 8 | Kontiki Capital Management (HK) Ltd. | 20,380,969 | 5,032,179 | 176,295,381.85 | 11.5435 | 2.1698 | 12/31/2025 |
| 9 | First Sentier Investors (Hong Kong) Ltd. | 17,625,617 | 6,977,787 | 152,461,587.05 | 0.9772 | 1.8765 | 12/31/2025 |
| 10 | Davis Selected Advisers LP | 17,537,524 | 2,555,751 | 151,699,582.6 | 0.57 | 1.8671 | 12/31/2025 |
| 11 | Capital Research & Management Co. (International Investors) | 16,533,004 | 2,020,514 | 143,010,484.6 | 0.02 | 1.7601 | 12/31/2025 |
| 12 | Invesco Advisers, Inc. | 16,228,215 | 1,526,273 | 140,374,059.75 | 0.0576 | 1.7277 | 12/31/2025 |
| 13 | OLP Capital Management Ltd. | 15,007,851 | 9,983,779 | 129,817,911.15 | 14.4768 | 1.5978 | 12/31/2025 |
| 14 | WFM Asia (HK) Ltd. | 14,650,662 | -3,778,922 | 126,728,226.3 | 15.2682 | 1.5597 | 12/31/2025 |
| 15 | FIL Investment Management (Hong Kong) Ltd. | 14,397,680 | 967,942 | 124,539,932 | 0.5502 | 1.5328 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Government Pension Fund - Global (The) | 38,337,235 | -7,195,605 | 331,617,082.75 | 0.0187 | 4.0815 | 12/31/2025 |
| 2 | KraneShares CSI China Internet ETF | 26,132,205 | 761,051 | 226,043,573.25 | 3.7312 | 2.7821 | 03/31/2026 |
| 3 | Invesco Developing Markets Fund | 11,205,611 | -1,072,564 | 96,928,535.15 | 1.0631 | 1.193 | 02/28/2026 |
| 4 | Vanguard Total International Stock Index Fund | 10,651,614 | -914,117 | 92,136,461.1 | 0.0145 | 1.134 | 03/31/2026 |
| 5 | Vanguard Emerging Markets Stock Index Fund | 10,025,783 | -531,093 | 86,723,022.95 | 0.0524 | 1.0674 | 03/31/2026 |
| 6 | Morgan Stanley Invt. Fds. - Asia Opportunity Fund | 9,264,126 | -3,061,143 | 80,134,689.9 | 2.9711 | 0.9863 | 12/31/2025 |
| 7 | Invesco Funds - Asian Equity Fund | 8,357,551 | 2,121,104 | 72,292,816.15 | 1.6805 | 0.8898 | 03/31/2026 |
| 8 | Fidelity Funds SICAV - Global Technology Fund | 8,266,315 | 1,418 | 71,503,624.75 | 0.2028 | 0.88 | 02/28/2026 |
| 9 | Invesco Far Eastern Invt. Ser. - Asian Fund (UK) | 7,024,253 | 2,061,089 | 60,759,788.45 | 1.4246 | 0.7478 | 03/31/2026 |
| 10 | ACAP Strategic Fund | 7,000,305 | 0 | 60,552,638.25 | 0.5156 | 0.7453 | 12/31/2025 |
| 11 | JPMorgan Emerging Markets Equity Fund | 6,445,395 | -1,691,271 | 55,752,666.75 | 0.5029 | 0.6862 | 02/28/2026 |
| 12 | Fidelity Funds SICAV - China Consumer Funds | 6,244,078 | 864,181 | 54,011,274.7 | 2.0401 | 0.6648 | 02/28/2026 |
| 13 | First Sentier Invs. Glb. Umb. - FSSA China Growth Fund | 5,489,615 | 878,172 | 47,485,169.75 | 1.7123 | 0.5844 | 12/31/2025 |
| 14 | Schroder ISF - Emerging Markets | 5,401,898 | 1,793,285 | 46,726,417.7 | 0.5827 | 0.5751 | 02/28/2026 |
| 15 | Vanguard Institutional Total Intl. Stock Market Index Tr. II | 5,335,768 | -708,408 | 46,154,393.2 | 0.015 | 0.5681 | 03/31/2026 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Schroder Investment Management Ltd. | 27,957,275 | 10,232,602 | 241,830,428.75 | 0.0924 | 2.9764 | 12/31/2025 |
| 2 | OLP Capital Management Ltd. | 15,007,851 | 9,983,779 | 129,817,911.15 | 14.4768 | 1.5978 | 12/31/2025 |
| 3 | First Beijing Investment Ltd. | 76,616,568 | 7,970,988 | 662,733,313.2 | 17.6394 | 8.1568 | 12/31/2025 |
| 4 | UBS Securities LLC | 8,896,336 | 7,706,525 | 76,953,306.4 | 0.0305 | 0.9471 | 12/31/2025 |
| 5 | Wellington Management Co. LLP | 7,409,684 | 7,409,684 | 64,093,766.6 | 0.0101 | 0.7889 | 12/31/2025 |
| 6 | First Sentier Investors (Hong Kong) Ltd. | 17,625,617 | 6,977,787 | 152,461,587.05 | 0.9772 | 1.8765 | 12/31/2025 |
| 7 | Mondrian Investment Partners Ltd. | 5,548,648 | 5,548,648 | 47,995,805.2 | 0.288 | 0.5907 | 12/31/2025 |
| 8 | Kontiki Capital Management (HK) Ltd. | 20,380,969 | 5,032,179 | 176,295,381.85 | 11.5435 | 2.1698 | 12/31/2025 |
| 9 | Krane Funds Advisors LLC | 32,100,736 | 3,935,263 | 277,671,366.4 | 3.4531 | 3.4175 | 12/31/2025 |
| 10 | Alpine Investment Management Ltd. | 7,444,800 | 3,444,800 | 64,397,520 | 28.3979 | 0.7926 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Fidelity Management & Research Co. LLC | 14,159,846 | -9,128,423 | 122,482,667.9 | 0.0064 | 1.5075 | 12/31/2025 |
| 2 | Morgan Stanley Investment Management, Inc. | 10,752,718 | -4,823,731 | 93,011,010.7 | 0.1002 | 1.1448 | 12/31/2025 |
| 3 | FIAM LLC | 6,796,717 | -4,207,378 | 58,791,602.05 | 0.0274 | 0.7236 | 12/31/2025 |
| 4 | HHLR Advisors Ltd. | 0 | -4,066,553 | 0 | 0 | 0 | |
| 5 | Morgan Stanley & Co. LLC | 3,931,860 | -3,787,146 | 34,010,589 | 0.0116 | 0.4186 | 12/31/2025 |
| 6 | WFM Asia (HK) Ltd. | 14,650,662 | -3,778,922 | 126,728,226.3 | 15.2682 | 1.5597 | 12/31/2025 |
| 7 | Norges Bank Investment Management | 8,622,839 | -2,776,231 | 74,587,557.35 | 0.0045 | 0.918 | 12/31/2025 |
| 8 | NBC Global Finance Ltd. | 0 | -2,757,300 | 0 | 0 | 0 | |
| 9 | JPMorgan Securities LLC (Investment Management) | 2,318,396 | -2,556,380 | 20,054,125.4 | 0.0129 | 0.2468 | 12/31/2025 |
| 10 | Voloridge Investment Management LLC | 0 | -2,138,092 | 0 | 0 | 0 |
Data provided by FactSet Research Systems Inc.