2015-2016 Annual Investment Results

During the period of August 1, 2015 to July 31, 2016, Hanerest’s Global Portfolio generated cumulative return of -10.15% and the China Portfolio gained -1.36%. During the same period, MSCI ACWI gained 0.97%, S&P500 gained 5.61% and Shanghai Composite gained -20.90%. Our asset under management grew by 28.20% during 2015-2016.

The lower-than-market cumulative return of our Global Portfolio is caused by the volatility of the market during August and January and the variation of our market exposure. As of July 31, 2016, approximate 50% of our capital is not deployed. We would be more patient to wait for more attractive opportunities in the market.

As of July 31, 2016, our largest holdings included Compass Diversified Holdings and several ETFs.

We consistently emphasize the importance of long-term growth and the compound of capital. This requires us to have a deep knowledge on the business we invest, explore opportunities from market inefficiency, assess the risks in a right way, avoid permanent capital loss and be disciplined and think independently. We bear the risk that we think is suitable for the potential return.

We continue to actively seek opportunities from a wide range of areas including business investment, fund investment and trading. We will continue to adjust our strategies from time to time to adapt to the market and continue to do our best to achieve long-term growth on our capital.

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