Target Global Growth Fund and Anor v Liu Xun - Judgment

¶





!"#$&'()







+,./0123,45672.68./0539:3,+;<3,4;

8+,3,5+3<;02=+50;4+=+;+6,

,>?@ABC5D@B@DEF,?GH>AIJKLKMN5+15O8;4PKQ

537;0,6R8;4S)68KLK)O44TP

U0.V00,

O&P
.3210.1<6U3<126V./87,4++W;5;XY23+8
OKP
3,.<021<6U3<87,4:3;.0287,4;R3R2R<R;+53=Y23+8
XCBDF@DZZ[
YBF\Y

<+7]7,
4>Z>F\BF@

U>ZEA>I




^_$`'abcdefgh$i"jgki'lm$


3nn>BABFo>[I
pm"gaq_''q_'lrqsi$agetm"u'd"akc"e'avw"xy$'(
q"u$ltme$aq"lz"a{gzgf$k('uf_$!m"gafg((e


paku$y
plu$erq"ak|g$ax${gmmga#f'a'(q'al$ueigmm}
!$"uz"a{{!('uf_$i$($ak"af


/>BA\I



~v"uh_~€~

0‚@>GnEA>ƒ?\„G>F@\>CD…>A>\I
~v"uh_~€~




FSD2025-0085
2026-04-21
FSD2025-0085
2026-04-21
Digitally signed by Advance Performance Exponents
Inc.
Date: 2026.04.21 18:31:33 -05:00
Reason: Apex Certified
Location: Apex

¶





!"#$&'()

+,-.//,-123,45/6.78/7956,7
:;<=971/34,3;>-/7<?

@A
BCDEFGHGA


I,-123,45/6.78/7956,7:;<=971/
-55,6J7<?



G@
BCDEFGHGA


KLM
MNN
MOMLN
OMMOMLOP
QNLR
S
T

KU
L

VW+XYZ[I

@\
^_`"FFa'bc$FEd$D"_`'Defgc#h$aeEaijklm'(GHGmnkkop\B#D$"ec$"F'(fgcEqE"FeEh$`"_
r$$a_C$ae'aCD$C"D"eE'a('De'c"st_`$"DEa#"acEaCD$_EcEa#'d$Du`'gD_'("D#gh$ae'a
cE_q'd$DsE__g$_vb`Eq`(D"awFsbEe`CD'C$D"ee$aeE'a(D'he`$"ee'Da$s_h"sa'e`"d$r$$a
a$q$__"Ds\x`E_E_a'eEc$"Fvrge^"h#'Ea#e'e"w$"CD"#h"eEq"CCD'"q`EaFE#`e'(D$q$ae
c$d$F'Ch$ae_"acEaFE#`e'(e`$$dEc$aq$"ac_grhE__E'a_Cger$('D$e`$q'gDee'c"s\

G\
yDz`''z`'s{z('De`$!F"EaeE((_e`E_h'DaEa#h"c$EeqF$"De`"eEa_'("D"_e`$q'gDet_
fgDE_cEqeE'aE_q'aq$Da$ce`$!F"EaeE((_
"D$_$$wEa#
_C$qE(EqcE_q'd$DsvCgD_g"ae
e'|Dc$D
G}
DgF$un@p
"acn~p'(e`$D"acz'gDe€gF$_v"ac"D$a'e_$$wEa#e'C$D_g"c$e`$q'gDee'$$DqE_$Ee_
fgDE_cEqeE'ae'h"w$'Dc$D_e'C'FEq$e`$EafgaqeE'aCD'`ErEeEa#cE_C'_"F'("__$e_b'DFcbEc$"ac
e`$'e`$D'Dc$D_e`"eb$D$h"c$'aGuy"sGHGm\

u\
x`$jghh'a_Eae`E_q"_$b`Eq`E_CD$_$aeFsr$('D$e`$q'gDeE_c"e$cG~o"ag"DsGHGAne`$
‚jghh'a_ƒp\

}\
je"ac"DccE_qF'_gD$b"_#Ed$arse`$k$($ac"aev^"hEa('Dh$cv'a@ly"Dq`GHGAvbEe`$F$qeD'aEq
"qq$__e'e`$c'qgh$ae_CgD_g"aee'"eEh$_q"F$"#D$$cr$eb$$ae`$C"DeE$_\





FSD2025-0085
2026-04-21
FSD2025-0085
2026-04-21

¶





!"#$&'()

+,
./"00$"12/3"//3$!4"56/5((22/5443"7$8'68$162'7$1/3$"9$:;"8<'(/3$9528'7$1<2';#3/56/3$
=;>>'62,

?,
@'11$20'69$68$A$/B$$6
/3$"//'16$<256
1$20$8/'(9528'7$1<"00$"12/'A$
'6#'56#,
C4$//$19"/$9
DEF"183DGD?(1'>@'6<$12H('1/3$I$($69"6/J/'@"1$<K42$6H('1/3$!4"56/5((2JB"23"69$9
;0/'/3$8';1//'B3583/3$1$3"26'/<$/A$$6"1$20'62$,L5/3(;1/3$18'>>;658"/5'620$13"02
01'#1$228"6A$>"9$,M3528';1/23';496'/A$/1$"/$9"22'>$N569'(1;6656#"1A5/$1/'9$859$
"6<"69"44522;$2"2/'9528'7$1<OA$('1$/3$0"1/5$2"69/3$51"//'16$<23"7$01'0$14<8'6259$1$9
/3$>,

P,
M3$'19$12.>"N$"1$"2('44'B2,

Q,
.951$8//3"//3$!4"56/5((2O/31';#3/3$51"//'16$<2OB15/$/'/3$I$($69"6/R2"//'16$<22$//56#';/
8'6852$4<"6<1$>"5656#8'68$162/3$<>"<3"7$561$20$8/'(/3$8"/$#'15$2'(9'8;>$6/2
20$85(5$956/3$=;>>'62"69/3$I$($69"6/R29528'7$1<56/3"/1$20$8/,.">>569$9/'#57$/3$>
ST9"<2/'9'/3"/,

U,
."42'951$8//3"//3$I$($69"6/O/31';#3352"//'16$<2O1$20'692B5/356"8$1/"560$15'9,.">
>569$9/'951$8/DS9"<2,

SG,
V"/3$1/3"6952>52256#/3$=;>>'62.">OB5/32'>$1$4;8/"68$O#'56#/'"9W';16/3$=;>>'62O
B5/345A$1/</'3"7$5/1$2/'1$9O5(6$8$22"1<O'68$/3$"//'16$<2O"2'((58$12'(/3528';1/O3"7$>"9$
"1$"4$(('1//'1$(56$"6<20$85(58';/2/"6956#522;$2561$20$8/'(/3$=;>>'62O5("6<OB'1/3<'(
9$/$1>56"/5'6A</3528';1/,

SS,
.9'6'/>"N$"6'19$1"21$:;$2/$9"/0"1"#1"03TG'(/3$!4"56/5((R22N$4$/'6"1#;>$6//3"//3$
I$($69"6/01'759$3528;11$6/4"0/'0"69>'A54$9$758$2/'C47"1$XYF"12"4I520;/$2"69
.67$2/5#"/5'62Z5>5/$9('15>"#56#"692;A2$:;$6/1$75$BA<@'6<$12,

SD,
K6
352
($$/
F1
@3''
@3'<
/352
>'1656#
5675/$9
/3$
8';1/
/'
"/
4$"2/
>"N$
"6
'19$1
/3"/
/3'2$
9$758$2
A$01$2$17$90$6956#(;1/3$1'19$1,F1C<1$2[@H('1/3$I$($69"6/J1$>569$9/3$8';1//3"//3$
:;$2/5'6'(01$2$17"/5'6B"28'7$1$9
"/@?'(
/3$"#1$$9I528'7$1<!1'/'8'4
"69
.
6'/$/3$B'1956#
'(/3"/01'/'8'4,




FSD2025-0085
2026-04-21
FSD2025-0085
2026-04-21

¶





!"#$&'()


+,-
/0$1$23$(1$45$67$8"79"1"#1"90:;'(70$!2"3<73((6=6>$2$7'<"1#5?$<7"<870$1$23$(1$45$67$8
'1"22@7036?'1<3<#838<'7('1?9"17'(70$1$23$(1$45$67$83<70$A5??'<6"<870$1$B"6<'
"9923C"73'<('12$"D$7'"?$<870$A5??'<6-

+:-
E8'<'7?">$"91$6$1D"73'<'18$1-E(3<85$C'516$70$!2"3<73((6B3607'?">$"<"9923C"73'<7'
"?$<8'17'3665$"(1$6065??'<66$$>3<#70$'18$166'5#07"79"1"#1"90:;'(70$316>$2$7'<
"1#5?$<7F"<8
70$
'18$11$45$67$8'1"22@
7036?'1<3<#
3<70$
"27$1<"73D$F70$@"1$'(C'516$"723G$17@
7'8'6'-

+H-
E0"D$7'6"@70"73<?@I58#?$<770$B"@3<B03C070$!2"3<73((691$6$<7$8"<86'5#077'91'#1$66
70$A5??'<6B"6C'<(563<#F5<6"736("C7'1@"<83<"991'913"7$-E8'<'7B"<77'$<C'51"#$65C0
C'<85C73<70$(5751$-E7B"67$6"2'7'(6C"1C$FD"25"G2$C'51773?$-

+J-
E<?@I58#?$<770$A5??'<691$6$<7$8'<KLM"<5"1@K;KJB"6F"770$67"#$37B"6(32$8F
5<<$C$66"1@"<891$?"751$-N1O0''O0'@<'B6"@670"770$A5??'<6B"6<'7(32$8B37070$
3<7$<73'<7'9'23C$70$3<I5<C73'<G577''G7"3<69$C3(3C836C'D$1@G$('1$67"<8"18836C'D$1@0"8
$D$<7">$<92"C$'1B"685$7'7">$92"C$-

+L-
E"?<'76"736(3$870"737B"6"991'913"7$7'3665$373<70$('1?37B"63665$8913'17'67"<8"18
836C2'651$0"D3<#G$$<91'D38$8-E"991$C3"7$70"7"C'517C"<?">$"69$C3(3C836C'D$1@'18$1"7
"<@73?$G573<7036C"6$E"?<'79$165"8$837B'5280"D$G$$<91'9$17'8'6'G$('1$67"<8"18
836C'D$1@-P<+JM"<5"1@K;KJ70$9"173$6"#1$$87'$Q7$<870$73?$('1#$<$1"267"<8"18836C'D$1@
7'K,R$G15"1@K;KJ"<870$1$"(7$17'+JN"1C0K;KJ"<870$<E"?7'287'+SN"1C0K;KJ-E<
70$6$C31C5?67"<C$6"<865GI$C77'65G?3663'<6F"<8EB322#3D$C'5<6$270$'99'175<37@'(?">3<#
65G?3663'<6FEB'528G$?3<8$87''18$170"770$!2"3<73((69"@70$T$($<8"<7=6C'676'("<8
3<C38$<7"27'7'8"@=60$"13<#-

+S-
/0"736?@I58#?$<73<1$69$C7'(7036?"77$1-
U1$70$1$"<@3665$6"1363<#'1C'<6$45$<759'<70$
8$23D$1@'(70$I58#?$<7F"<83<9"173C52"1"1$70$1$"<@65G?3663'<63<1$69$C7'(70$C'676'18$1E
"??3<8$87'?">$V




FSD2025-0085
2026-04-21
FSD2025-0085
2026-04-21

¶





!"#$&'(&


*+,-+

/01
3"456##54$67'869$:;<$5='>>'=;865;?;'"@@=$99;<$7'8=;'67'9;9"6@<"456#<$"=@;<'9$
98AB5995'69B?@$7595'659;<";;<$7'9;9'=@$=CB"D$59;<";;<$!:"56;5((9"=$;'>"?;<$
E$($6@"6;F97'9;9'(;<$G8BB'698>;'"6@567:8@56#;'@"?1H<";59;<$'=@$=('=7'9;9;<";C
B"D$1



IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
JKLK*MNOPQJRSLTUVRTT*WXL
OPTYL*ZJKLY[UMTS*P[J

FSD2025-0085
2026-04-21
FSD2025-0085
2026-04-21