| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | First Beijing Investment Ltd. | 76,616,568 | 29,033,942 | 672,693,467.04 | 16.8729 | 8.1568 | 12/31/2025 |
| 2 | Invesco Asset Management Ltd. | 41,423,626 | 17,848,345 | 363,699,436.28 | 0.3721 | 4.41 | 12/31/2025 |
| 3 | Krane Funds Advisors LLC | 32,100,736 | 9,815,811 | 281,844,462.08 | 3.2571 | 3.4175 | 12/31/2025 |
| 4 | Greenwoods Investments SG Pte Ltd. | 28,597,879 | -196,648 | 251,089,377.62 | 6.6936 | 3.0446 | 12/31/2025 |
| 5 | Schroder Investment Management Ltd. | 27,957,275 | 27,957,275 | 245,464,874.5 | 0.0994 | 2.9764 | 12/31/2025 |
| 6 | The Vanguard Group, Inc. | 24,945,308 | 651,763 | 219,019,804.24 | 0.003 | 2.6557 | 12/31/2025 |
| 7 | FIL Investments International | 23,891,879 | 242,229 | 209,770,697.62 | 0.1472 | 2.5436 | 12/31/2025 |
| 8 | Kontiki Capital Management (HK) Ltd. | 20,380,969 | 4,832,570 | 178,944,907.82 | 11.9821 | 2.1698 | 12/31/2025 |
| 9 | First Sentier Investors (Hong Kong) Ltd. | 17,625,617 | 12,907,422 | 154,752,917.26 | 1.0314 | 1.8765 | 12/31/2025 |
| 10 | Davis Selected Advisers LP | 17,537,524 | 5,901,599 | 153,979,460.72 | 0.6171 | 1.8671 | 12/31/2025 |
| 11 | Capital Research & Management Co. (International Investors) | 16,533,004 | 16,533,004 | 145,159,775.12 | 0.0215 | 1.7601 | 12/31/2025 |
| 12 | Invesco Advisers, Inc. | 16,228,215 | 7,980,751 | 142,483,727.7 | 0.0629 | 1.7277 | 12/31/2025 |
| 13 | OLP Capital Management Ltd. | 15,007,851 | -1,750,915 | 131,768,931.78 | 15.0429 | 1.5978 | 12/31/2025 |
| 14 | WFM Asia (HK) Ltd. | 14,650,662 | -4,158,522 | 128,632,812.36 | 15.5072 | 1.5597 | 12/31/2025 |
| 15 | FIL Investment Management (Hong Kong) Ltd. | 14,397,680 | 6,661,438 | 126,411,630.4 | 0.593 | 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 | 336,600,923.3 | 0.0201 | 4.0815 | 12/31/2025 |
| 2 | KraneShares CSI China Internet ETF | 26,625,718 | 2,292,874 | 233,773,804.04 | 3.5071 | 2.8346 | 02/27/2026 |
| 3 | Vanguard Total International Stock Index Fund | 11,707,744 | 156,009 | 102,793,992.32 | 0.0171 | 1.2464 | 01/31/2026 |
| 4 | Invesco Developing Markets Fund | 11,205,611 | -1,072,564 | 98,385,264.58 | 1.1068 | 1.193 | 01/31/2026 |
| 5 | Vanguard Emerging Markets Stock Index Fund | 10,903,104 | 338,472 | 95,729,253.12 | 0.0632 | 1.1608 | 01/31/2026 |
| 6 | Morgan Stanley Invt. Fds. - Asia Opportunity Fund | 9,264,126 | -4,282,434 | 81,339,026.28 | 3.129 | 0.9863 | 12/31/2025 |
| 7 | Fidelity Funds SICAV - Global Technology Fund | 8,265,236 | 5,057 | 72,568,772.08 | 0.2278 | 0.8799 | 01/31/2026 |
| 8 | American Funds New World Fund | 7,988,602 | 7,988,602 | 70,139,925.56 | 0.097 | 0.8505 | 12/31/2025 |
| 9 | Invesco Funds - Asian Equity Fund | 7,858,022 | 1,621,575 | 68,993,433.16 | 1.6625 | 0.8366 | 02/27/2026 |
| 10 | Invesco Far Eastern Invt. Ser. - Asian Fund (UK) | 7,024,253 | 2,061,089 | 61,672,941.34 | 1.4848 | 0.7478 | 02/27/2026 |
| 11 | ACAP Strategic Fund | 7,000,305 | -239,912 | 61,462,677.9 | 0.5778 | 0.7453 | 12/31/2025 |
| 12 | JPMorgan Emerging Markets Equity Fund | 6,445,395 | -3,475,963 | 56,590,568.1 | 0.5644 | 0.6862 | 01/31/2026 |
| 13 | Fidelity Funds SICAV - China Consumer Funds | 6,244,070 | 863,871 | 54,822,934.6 | 1.897 | 0.6648 | 01/31/2026 |
| 14 | Vanguard Institutional Total Intl. Stock Market Index Tr. II | 5,943,428 | -48,303 | 52,183,297.84 | 0.0174 | 0.6328 | 01/31/2026 |
| 15 | First Sentier Invs. Glb. Umb. - FSSA China Growth Fund | 5,489,615 | 878,172 | 48,198,819.7 | 1.7482 | 0.5844 | 11/30/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | First Beijing Investment Ltd. | 76,616,568 | 29,033,942 | 672,693,467.04 | 16.8729 | 8.1568 | 12/31/2025 |
| 2 | Schroder Investment Management Ltd. | 27,957,275 | 27,957,275 | 245,464,874.5 | 0.0994 | 2.9764 | 12/31/2025 |
| 3 | Invesco Asset Management Ltd. | 41,423,626 | 17,848,345 | 363,699,436.28 | 0.3721 | 4.41 | 12/31/2025 |
| 4 | Capital Research & Management Co. (International Investors) | 16,533,004 | 16,533,004 | 145,159,775.12 | 0.0215 | 1.7601 | 12/31/2025 |
| 5 | Schroder Investment Management North America, Inc. | 14,132,082 | 13,913,765 | 124,079,679.96 | 0.7585 | 1.5045 | 12/31/2025 |
| 6 | First Sentier Investors (Hong Kong) Ltd. | 17,625,617 | 12,907,422 | 154,752,917.26 | 1.0314 | 1.8765 | 12/31/2025 |
| 7 | Krane Funds Advisors LLC | 32,100,736 | 9,815,811 | 281,844,462.08 | 3.2571 | 3.4175 | 12/31/2025 |
| 8 | Invesco Advisers, Inc. | 16,228,215 | 7,980,751 | 142,483,727.7 | 0.0629 | 1.7277 | 12/31/2025 |
| 9 | UBS Securities LLC | 8,896,336 | 7,542,354 | 78,109,830.08 | 0.033 | 0.9471 | 12/31/2025 |
| 10 | Wellington Management Co. LLP | 7,409,684 | 7,092,645 | 65,057,025.52 | 0.011 | 0.7889 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Baillie Gifford & Co. | 1,158 | -14,485,255 | 10,167.24 | 0 | 0.0001 | 12/31/2025 |
| 2 | Fidelity Management & Research Co. LLC | 14,159,846 | -11,356,834 | 124,323,447.88 | 0.0071 | 1.5075 | 12/31/2025 |
| 3 | Morgan Stanley & Co. LLC | 3,931,860 | -7,685,455 | 34,521,730.8 | 0.0126 | 0.4186 | 12/31/2025 |
| 4 | Goldman Sachs & Co. LLC (Private Banking) | 4,989,235 | -6,158,161 | 43,805,483.3 | 0.0202 | 0.5312 | 12/31/2025 |
| 5 | Driehaus Capital Management LLC | 0 | -5,947,088 | 0 | 0 | 0 | |
| 6 | BlackRock Investment Management (UK) Ltd. | 721,878 | -5,733,012 | 6,338,088.84 | 0.0008 | 0.0769 | 12/31/2025 |
| 7 | FIAM LLC | 6,796,717 | -5,574,203 | 59,675,175.26 | 0.0299 | 0.7236 | 12/31/2025 |
| 8 | Pinpoint Asset Management (Singapore) Pte Ltd. | 2,130,451 | -5,018,408 | 18,705,359.78 | 3.9259 | 0.2268 | 12/31/2025 |
| 9 | Morgan Stanley Investment Management, Inc. | 10,752,718 | -4,930,223 | 94,408,864.04 | 0.1045 | 1.1448 | 12/31/2025 |
| 10 | JPMorgan Investment Management, Inc. | 11,584,015 | -4,322,860 | 101,707,651.7 | 0.0106 | 1.2333 | 12/31/2025 |
Data provided by FactSet Research Systems Inc.