THE CHINA FUND, INC. 

SCHEDULE OF INVESTMENTS

January 31, 2024 (unaudited)

 

 

Name of Issuer and Title of Issue  Shares       Value (Note A) 
COMMON STOCK               
CHINA — “A” SHARES               
Banks — 5.0%               
China Merchants Bank Co., Ltd. — A   1,248,447        $5,333,962 
Beverages — 3.0%               
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. — A   50,300         1,397,893 
Wuliangye Yibin Co., Ltd. — A   101,096         1,773,713 
              3,171,606 
Capital Markets — 0.7%               
East Money Information Co., Ltd. — A   435,480         753,806 
Electrical Equipment — 3.4%               
Contemporary Amperex Technology Co., Ltd. — A   88,040         1,854,136 
Sungrow Power Supply Co., Ltd. — A   157,400         1,710,160 
              3,564,296 
Electronic Equipment, Instruments & Components — 2.0%           
Wingtech Technology Co., Ltd. — A*   254,154         1,179,296 
Zhejiang Supcon Technology Co., Ltd. — A   196,380         960,808 
              2,140,104 
Food Products — 1.9%               
Anjoy Foods Group Co., Ltd. — A   87,500         905,156 
Guangdong Haid Group Co., Ltd. — A   209,100         1,098,351 
              2,003,507 
Health Care Equipment & Supplies — 2.0%               
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. — A   56,300         2,103,427 
Household Durables — 2.0%               
Midea Group Co., Ltd. — A   258,829         2,094,246 
Machinery — 1.7%               
Estun Automation Co., Ltd. — A   377,100         684,380 
Shenzhen Inovance Technology Co., Ltd. — A   142,604         1,107,716 
              1,792,096 
Media — 1.9%               
Focus Media Information Technology Co., Ltd. — A   2,579,200         2,029,054 
Semiconductors & Semiconductor Equipment — 1.1%               
NAURA Technology Group Co., Ltd. — A   18,902         595,178 
Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. — A   116,200         527,799 
              1,122,977 
Software — 1.0%               
Shanghai Baosight Software Co., Ltd. — A   178,896         1,020,201 
Specialty Retail — 0.6%               
China Tourism Group Duty Free Corp., Ltd. — A   70,900         785,479 
Transportation Infrastructure — 1.1%               
Shanghai International Airport Co., Ltd. — A*   272,100         1,250,198 
TOTAL CHINA — “A” SHARES — (Cost $40,505,436)        27.4%   29,164,959 

 

 

THE CHINA FUND, INC.

SCHEDULE OF INVESTMENTS (continued)

January 31, 2024 (unaudited)

 

 

Name of Issuer and Title of Issue  Shares       Value (Note A) 
COMMON STOCK (continued)               
HONG KONG               
Automobiles — 0.3%               
Yadea Group Holdings, Ltd. 144A   238,000        $326,682 
Broadline Retail — 15.8%               
Alibaba Group Holding, Ltd.   912,308         8,246,142 
JD.com, Inc.   331,704         3,739,503 
PDD Holdings, Inc. ADR*   38,066         4,829,433 
              16,815,078 
Capital Markets — 1.0%               
Hong Kong Exchanges & Clearing, Ltd.   34,000         1,032,120 
Consumer Staples Distribution & Retail — 0.9%               
JD Health International, Inc. 144A*   295,700         975,920 
Diversified Consumer Services — 0.9%               
China Education Group Holdings, Ltd.   1,897,000         942,930 
Entertainment — 2.3%               
Tencent Music Entertainment Group ADR*   255,796         2,404,482 
Gas Utilities — 1.1%               
ENN Energy Holdings, Ltd.   150,400         1,118,523 
Ground Transportation — 1.6%               
DiDi Global, Inc. ADR*   477,872         1,672,552 
Hotels, Restaurants & Leisure — 10.1%               
Galaxy Entertainment Group, Ltd.   415,000         2,157,936 
Luckin Coffee, Inc. ADR*   70,428         1,454,338 
Meituan 144A*   571,150         4,580,020 
Trip.com Group, Ltd. ADR*   37,231         1,361,165 
Yum China Holdings, Inc.   33,890         1,172,255 
              10,725,714 
Household Durables — 1.3%               
Man Wah Holdings, Ltd.   2,395,600         1,497,423 
Interactive Media & Services — 11.4%               
Baidu, Inc.*   82,150         1,087,351 
Kuaishou Technology Co., Ltd. 144A*   275,600         1,393,729 
Tencent Holdings, Ltd.   275,600         9,623,921 
              12,105,001 
Life Sciences Tools & Services — 1.1%               
Wuxi Biologics Cayman, Inc. 144A*   445,500         1,172,923 
Real Estate Management & Development — 5.5%               
CIFI Holdings Group Co., Ltd.*   21,016,968         596,130 
Country Garden Services Holdings Co., Ltd.(1)   1,238,000         819,115 
KE Holdings, Inc. ADR   292,893         4,150,293 
Times China Holdings, Ltd.*(1)   8,477,000         244,323 
              5,809,861 
TOTAL HONG KONG — (Cost $91,090,510)        53.3%   56,599,209 

 

 

THE CHINA FUND, INC. 

SCHEDULE OF INVESTMENTS (continued)

January 31, 2024 (unaudited) 

 

 

Name of Issuer and Title of Issue  Shares       Value (Note A) 
COMMON STOCK (continued)               
HONG KONG — “H” SHARES               
Banks — 2.1%               
China Construction Bank Corp.   3,716,000        $2,209,882 
Beverages — 0.7%               
Tsingtao Brewery Co., Ltd.   134,000         765,201 
Capital Markets — 7.6%               
China International Capital Corp., Ltd. 144A   2,654,800         3,159,426 
China Merchants Securities Co., Ltd. 144A   2,194,600         1,640,128 
CITIC Securities Co., Ltd.   1,697,125         3,316,666 
              8,116,220 
Health Care Providers & Services — 1.1%               
Sinopharm Group Co., Ltd.   452,800         1,191,663 
Insurance — 4.2%               
PICC Property & Casualty Co., Ltd.   980,000         1,218,053 
Ping An Insurance Group Co., of China Ltd.   762,000         3,203,631 
              4,421,684 
Oil, Gas & Consumable Fuels — 3.1%               
PetroChina Co., Ltd.   4,548,000         3,291,364 
TOTAL HONG KONG — “H” SHARES — (Cost $24,802,247)        18.8%   19,996,014 
TOTAL HONG KONG (INCLUDING “H” SHARES) — (Cost $115,892,757)        72.1%   76,595,223 
TOTAL COMMON STOCK — (Cost $156,398,193)        99.5%   105,760,182 
                
COLLATERAL FOR SECURITIES ON LOAN               
Money Market Funds — 0.8%               
Fidelity Investments Money Market Government Portfolio, 5.26% (Cost $813,865)   813,865         813,865 
TOTAL COLLATERAL FOR SECURITIES ON LOAN — (Cost $813,865)        0.8%   813,865 

 

   Principal         
   Amount         
SHORT TERM INVESTMENTS               
Time Deposits — 0.1%               
Citibank - New York, 4.67%, 2/1/2024  USD152,080         152,080 
TOTAL SHORT TERM INVESTMENTS — (Cost $152,080)        0.1%   152,080 
TOTAL INVESTMENTS — (Cost $157,364,138)        100.4%   106,726,127 
OTHER ASSETS AND LIABILITIES        (0.4%)   (472,760)
NET ASSETS        100.0%  $106,253,367 

 

Footnotes to Schedule of Investments

 

*Denotes non-income producing security.

Rate shown is the 7-day yield as of January 31, 2024.

(1)A security (or a portion of the security) is on loan. As of January 31, 2024, the market value of securities loaned was $766,627. The loaned securities were secured with cash collateral of $813,865. Collateral is calculated based on prior day’s prices.

 

 

THE CHINA FUND, INC. 

SCHEDULE OF INVESTMENTS (continued)

January 31, 2024 (unaudited)

 

 

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2024, these restricted securities amounted to $13,248,828, which represented 12.47% of net assets.

 

ADR — American Depositary Receipt

USD — United States dollar

 

 

THE CHINA FUND, INC. 

NOTES TO SCHEDULE OF INVESTMENTS 

January 31, 2024 (unaudited)

 

 

NOTE A — Security Valuation:

 

Security Valuation: Portfolio securities listed on recognized U.S. or foreign security exchanges are valued at the last quoted sales price in the principal market where they are traded. Listed securities with no such sales price and unlisted securities are valued at the mean between the current bid and asked prices, if any, from brokers. Short-term investments having maturities of sixty days or less are valued at amortized cost (original purchase cost as adjusted for amortization of premium or accretion of discount) which when combined with accrued interest approximates market value. Securities for which market quotations are not readily available or are deemed unreliable are valued at fair value in good faith by or at the direction of the Board of Directors (the “Board”) considering relevant factors, data and information including, if relevant, the market value of freely tradable securities of the same class in the principal market on which such securities are normally traded. For securities listed on non-North American exchanges, the Fund fair values those securities daily using fair value factors provided by a third-party pricing service if certain thresholds determined by the Board are met. Direct Investments and derivatives investments, if any, are valued at fair value as determined by or at the direction of the Board based on financial and other information supplied by the Direct Investment Manager or a third-party pricing service.

 

Factors used in determining fair value may include, but are not limited to, the type of security, the size of the holding, the initial cost of the security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies, the availability of quotations from broker-dealers, the availability of values of third parties other than the Investment Manager, information obtained from the issuer, analysts, and/or the appropriate stock exchange (if available), an analysis of the company’s financial statements, an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which they trade.

 

The Fund has adopted fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:

 

¨Level 1 — Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date;

 

¨Level 2 — Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active;

 

¨Level 3 — Inputs that are unobservable.

 

The following is a summary of the inputs used as of January 31, 2024 in valuing the Fund’s investments carried at value:

 

ASSETS VALUATION INPUT

 

Description*  Level 1   Level 2   Level 3   Total 
Common Stock  $18,064,721   $87,695,461   $   $105,760,182 
Collateral For Securities On Loan   813,865            813,865 
Short Term Investments   152,080            152,080 
TOTAL INVESTMENTS  $19,030,666   $87,695,461   $   $106,726,127 

 

*Please refer to the Schedule of Investments for additional security details.

 


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