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        <name>China Literature Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>China Ruyi Holdings Limited</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Damai Entertainment Holdings Limited</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>East Buy Holding Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Full Truck Alliance Co Ltd</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Invesco Government &amp; Agency Portfolio</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>JD Health International Inc</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>JD.COM, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>JOYY INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Kanzhun Ltd</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>KE Holdings Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>KINGSOFT CORPORATION LIMITED</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>KUAISHOU TECHNOLOGY</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>MEITU, INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>MEITUAN</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Netease Cloud Music Inc</name>
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        <name>NETEASE, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>PDD Holdings Inc.</name>
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        <title>PDD HOLDINGS INC DEPOSITARY RECEIPT</title>
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        <name>PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED</name>
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        <title>PING AN HEALTHCARE AND TECHN COMMON STOCK</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
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        <name>Qfin Holdings, Inc.</name>
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        <name>TAL EDUCATION GROUP</name>
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        <title>TAL EDUCATION GROUP- ADR DEPOSITARY RECEIPT</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Tencent Holdings Limited</name>
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        <title>TENCENT HOLDINGS LTD COMMON STOCK</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>TENCENT MUSIC ENTERTAINMENT GROUP</name>
        <lei>213800XTZK2GOHQTYK41</lei>
        <title>TENCENT MUSIC ENTERTAINM-ADR DEPOSITARY RECEIPT</title>
        <cusip>88034P109</cusip>
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          <isin value="US88034P1093"/>
        </identifiers>
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        <curCd>USD</curCd>
        <valUSD>166413111.90000000</valUSD>
        <pctVal>3.391016989875</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        </securityLending>
      </invstOrSec>
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        <name>Tongcheng Travel Holdings Limited</name>
        <lei>2549004WGGNOPL8NUL61</lei>
        <title>TONGCHENG TRAVEL HOLDINGS LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG8918W1069"/>
        </identifiers>
        <balance>45156200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205000"/>
        <valUSD>69040982.65000000</valUSD>
        <pctVal>1.406855159974</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRIP.COM GROUP LIMITED</name>
        <lei>2549004RMYDSRQL4KW41</lei>
        <title>TRIP.COM GROUP LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG9066F1019"/>
        </identifiers>
        <balance>4559200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205000"/>
        <valUSD>181157569.80000000</valUSD>
        <pctVal>3.691466315500</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VIPSHOP HOLDINGS LIMITED</name>
        <lei>549300I9F52K06HPZX60</lei>
        <title>VIPSHOP HOLDINGS LTD - ADR DEPOSITARY RECEIPT</title>
        <cusip>92763W103</cusip>
        <identifiers>
          <isin value="US92763W1036"/>
        </identifiers>
        <balance>9108866.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>120783563.20000000</valUSD>
        <pctVal>2.461219012327</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WEIBO CORPORATION</name>
        <lei>549300Q9ID4640FE0422</lei>
        <title>WEIBO CORP-SPON ADR DEPOSITARY RECEIPT</title>
        <cusip>948596101</cusip>
        <identifiers>
          <isin value="US9485961018"/>
        </identifiers>
        <balance>3110667.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22583442.42000000</valUSD>
        <pctVal>0.460185114392</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1100804.76"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XD INC.</name>
        <lei>655600SO97YJOKFJGL95</lei>
        <title>XD INC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG9830N1097"/>
        </identifiers>
        <balance>9076600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205000"/>
        <valUSD>51505499.20000000</valUSD>
        <pctVal>1.049532821453</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZhongAn Online P &amp; C Insurance Co., Ltd.</name>
        <lei>5299006845ISFI2WAI41</lei>
        <title>ZHONGAN ONLINE P&amp;C INSURAN-H COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100002QY7"/>
        </identifiers>
        <balance>41386100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205000"/>
        <valUSD>47497134.04000000</valUSD>
        <pctVal>0.967853954902</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="3685421.53"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Krane Funds Advisors, LLC</ncom:nameOfApplicant>
      <ncom:signature>Jonathan Krane</ncom:signature>
      <ncom:signerName>Jonathan Krane</ncom:signerName>
      <ncom:title>CEO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
