NPORT-EX 2 QTLY_352_20230131.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® China Region Fund
January 31, 2023
HKC-NPRT1-0423
1.813032.118
Common Stocks - 96.2%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 12.4%
 
 
 
Entertainment - 2.9%
 
 
 
Bilibili, Inc. ADR (a)
 
223,400
5,585,000
NetEase, Inc.
 
1,190,900
21,129,089
Sea Ltd. ADR (a)
 
143,000
9,216,350
 
 
 
35,930,439
Interactive Media & Services - 9.5%
 
 
 
Tencent Holdings Ltd.
 
2,387,700
116,350,041
TOTAL COMMUNICATION SERVICES
 
 
152,280,480
CONSUMER DISCRETIONARY - 23.0%
 
 
 
Automobiles - 2.4%
 
 
 
Brilliance China Automotive Holdings Ltd.
 
1,668,000
990,728
BYD Co. Ltd. (H Shares)
 
107,500
3,404,262
Great Wall Motor Co. Ltd. (H Shares)
 
4,248,500
5,998,679
Guangzhou Automobile Group Co. Ltd. (H Shares)
 
9,646,000
6,939,641
Li Auto, Inc.:
 
 
 
 ADR (a)(b)
 
387,000
9,636,300
 Class A (a)
 
249,800
3,056,611
 
 
 
30,026,221
Hotels, Restaurants & Leisure - 2.4%
 
 
 
Galaxy Entertainment Group Ltd.
 
1,684,000
11,722,829
Trip.com Group Ltd. (a)
 
144,000
5,297,105
Trip.com Group Ltd. ADR (a)
 
330,400
12,145,504
 
 
 
29,165,438
Household Durables - 1.0%
 
 
 
Haier Smart Home Co. Ltd. (A Shares)
 
3,282,727
12,549,714
Internet & Direct Marketing Retail - 13.8%
 
 
 
Alibaba Group Holding Ltd. (a)
 
5,675,200
78,026,446
JD.com, Inc. Class A
 
445,300
13,222,460
Meituan Class B (a)(c)
 
2,384,658
53,311,125
Pinduoduo, Inc. ADR (a)
 
261,205
25,592,866
 
 
 
170,152,897
Specialty Retail - 0.5%
 
 
 
China Tourism Group Duty Free Corp. Ltd. (A Shares)
 
197,200
6,246,208
Textiles, Apparel & Luxury Goods - 2.9%
 
 
 
Li Ning Co. Ltd.
 
1,458,000
14,413,298
LVMH Moet Hennessy Louis Vuitton SE
 
15,900
13,880,310
Shenzhou International Group Holdings Ltd.
 
555,300
6,993,236
 
 
 
35,286,844
TOTAL CONSUMER DISCRETIONARY
 
 
283,427,322
CONSUMER STAPLES - 4.4%
 
 
 
Beverages - 2.7%
 
 
 
Kweichow Moutai Co. Ltd. (A Shares)
 
84,845
23,269,886
Wuliangye Yibin Co. Ltd. (A Shares)
 
337,760
10,513,552
 
 
 
33,783,438
Food Products - 0.7%
 
 
 
Uni-President Enterprises Corp.
 
3,562,000
7,995,422
Household Products - 0.5%
 
 
 
C&S Paper Co. Ltd. (A Shares)
 
2,955,102
5,617,262
Personal Products - 0.5%
 
 
 
Proya Cosmetics Co. Ltd. (A Shares)
 
267,260
6,542,613
TOTAL CONSUMER STAPLES
 
 
53,938,735
ENERGY - 1.2%
 
 
 
Energy Equipment & Services - 1.2%
 
 
 
China Oilfield Services Ltd. (H Shares)
 
12,112,000
14,680,157
FINANCIALS - 14.5%
 
 
 
Banks - 5.0%
 
 
 
China Construction Bank Corp. (H Shares)
 
39,046,610
25,274,516
E.SUN Financial Holdings Co. Ltd.
 
10,363,554
8,480,799
Hang Seng Bank Ltd.
 
248,800
4,143,321
Industrial & Commercial Bank of China Ltd. (H Shares)
 
43,988,000
23,530,013
 
 
 
61,428,649
Capital Markets - 2.1%
 
 
 
Hong Kong Exchanges and Clearing Ltd.
 
560,200
25,196,446
Diversified Financial Services - 1.1%
 
 
 
Far East Horizon Ltd.
 
15,430,500
13,938,000
Insurance - 6.3%
 
 
 
AIA Group Ltd.
 
5,481,200
61,979,480
China Pacific Insurance (Group) Co. Ltd. (H Shares)
 
3,048,000
8,380,374
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
955,500
7,422,039
 
 
 
77,781,893
TOTAL FINANCIALS
 
 
178,344,988
HEALTH CARE - 6.2%
 
 
 
Biotechnology - 1.4%
 
 
 
Innovent Biologics, Inc. (a)(c)
 
1,021,000
5,560,829
Zai Lab Ltd. (a)
 
986,000
4,124,247
Zai Lab Ltd. ADR (a)
 
182,900
7,707,406
 
 
 
17,392,482
Health Care Equipment & Supplies - 0.9%
 
 
 
MicroTech Medical (Hangzhou) Co. Ltd. (H Shares) (a)(c)
 
1,091,500
1,156,299
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
211,015
10,436,179
 
 
 
11,592,478
Life Sciences Tools & Services - 2.3%
 
 
 
Hangzhou Tigermed Consulting Co. Ltd. (H Shares) (c)
 
391,600
5,136,884
Pharmaron Beijing Co. Ltd. (H Shares) (c)
 
614,900
4,507,168
WuXi AppTec Co. Ltd. (H Shares) (c)
 
346,500
4,502,434
Wuxi Biologics (Cayman), Inc. (a)(c)
 
1,622,500
13,548,537
 
 
 
27,695,023
Pharmaceuticals - 1.6%
 
 
 
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (c)
 
453,940
7,256,514
Hansoh Pharmaceutical Group Co. Ltd. (c)
 
3,340,000
6,836,017
Zhejiang Starry Pharmaceutical Co. Ltd.
 
1,814,233
5,930,824
 
 
 
20,023,355
TOTAL HEALTH CARE
 
 
76,703,338
INDUSTRIALS - 3.8%
 
 
 
Aerospace & Defense - 0.1%
 
 
 
Space Exploration Technologies Corp. Class A (a)(d)(e)
 
10,000
770,000
Air Freight & Logistics - 0.4%
 
 
 
Milkyway Chemical Supply Chain Service Co. Ltd. (A Shares)
 
308,329
5,491,226
Construction & Engineering - 0.3%
 
 
 
China State Construction International Holdings Ltd.
 
2,922,000
3,499,806
Electrical Equipment - 0.3%
 
 
 
Sungrow Power Supply Co. Ltd. (A Shares)
 
191,634
3,711,544
Machinery - 2.2%
 
 
 
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
1,038,213
10,989,431
Sinotruk Hong Kong Ltd.
 
1,842,500
3,185,594
Techtronic Industries Co. Ltd.
 
437,500
5,640,155
Weichai Power Co. Ltd. (H Shares)
 
3,298,000
4,980,270
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares)
 
693,784
2,639,536
 
 
 
27,434,986
Marine - 0.2%
 
 
 
SITC International Holdings Co. Ltd.
 
1,270,000
2,774,441
Professional Services - 0.3%
 
 
 
Centre Testing International Group Co. Ltd. (A Shares)
 
923,700
3,254,094
TOTAL INDUSTRIALS
 
 
46,936,097
INFORMATION TECHNOLOGY - 23.9%
 
 
 
Communications Equipment - 0.3%
 
 
 
ZTE Corp. (H Shares)
 
1,608,800
3,885,297
Electronic Equipment & Components - 1.0%
 
 
 
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
2,213,000
7,373,382
Yageo Corp.
 
287,000
5,204,810
 
 
 
12,578,192
IT Services - 1.0%
 
 
 
TravelSky Technology Ltd. (H Shares)
 
3,063,000
6,366,611
Vnet Group, Inc. ADR (a)
 
997,372
5,864,547
 
 
 
12,231,158
Semiconductors & Semiconductor Equipment - 21.6%
 
 
 
Advanced Micro-Fabrication Equipment, Inc., China (A Shares) (a)
 
201,600
3,150,481
eMemory Technology, Inc.
 
190,481
10,434,735
MediaTek, Inc.
 
714,000
17,236,008
Micron Technology, Inc.
 
102,100
6,156,630
Parade Technologies Ltd.
 
287,608
8,886,204
Silergy Corp.
 
329,574
6,700,850
SK Hynix, Inc.
 
86,410
6,243,607
Taiwan Semiconductor Manufacturing Co. Ltd.
 
11,717,000
206,588,627
 
 
 
265,397,142
TOTAL INFORMATION TECHNOLOGY
 
 
294,091,789
MATERIALS - 3.8%
 
 
 
Chemicals - 0.1%
 
 
 
Weihai Guangwei Composites Co. Ltd. (A Shares)
 
106,058
1,135,476
Construction Materials - 0.3%
 
 
 
West China Cement Ltd.
 
24,942,000
3,057,755
Containers & Packaging - 1.0%
 
 
 
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares)
 
2,677,971
12,493,656
Metals & Mining - 2.4%
 
 
 
Lynas Rare Earths Ltd. (a)
 
486,256
3,255,063
Zijin Mining Group Co. Ltd. (H Shares)
 
15,768,000
26,081,093
 
 
 
29,336,156
TOTAL MATERIALS
 
 
46,023,043
REAL ESTATE - 2.8%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 0.3%
 
 
 
Link (REIT)
 
426,477
3,413,679
Real Estate Management & Development - 2.5%
 
 
 
China Resources Mixc Lifestyle Services Ltd. (c)
 
1,142,000
6,579,815
Hysan Development Co. Ltd.
 
925,000
3,112,114
KE Holdings, Inc. ADR (a)
 
580,131
10,639,603
Longfor Properties Co. Ltd. (c)
 
2,394,000
7,910,044
Seazen Group Ltd. (a)
 
7,250,000
2,824,831
 
 
 
31,066,407
TOTAL REAL ESTATE
 
 
34,480,086
UTILITIES - 0.2%
 
 
 
Gas Utilities - 0.2%
 
 
 
Kunlun Energy Co. Ltd.
 
3,484,000
2,747,674
 
TOTAL COMMON STOCKS
 (Cost $957,254,032)
 
 
 
1,183,653,709
 
 
 
 
Preferred Stocks - 1.5%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.9%
 
 
 
COMMUNICATION SERVICES - 0.6%
 
 
 
Interactive Media & Services - 0.6%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
 
38,752
7,669,796
 
 
 
 
HEALTH CARE - 0.3%
 
 
 
Health Care Providers & Services - 0.3%
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e)
 
275,211
3,021,817
 
 
 
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
10,691,613
Nonconvertible Preferred Stocks - 0.6%
 
 
 
CONSUMER DISCRETIONARY - 0.1%
 
 
 
Internet & Direct Marketing Retail - 0.1%
 
 
 
ZKH Group Ltd. Series F (e)
 
3,131,343
1,471,731
 
 
 
 
INFORMATION TECHNOLOGY - 0.5%
 
 
 
Technology Hardware, Storage & Peripherals - 0.5%
 
 
 
Samsung Electronics Co. Ltd.
 
136,330
6,110,220
 
 
 
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
7,581,951
 
TOTAL PREFERRED STOCKS
 (Cost $15,999,853)
 
 
 
18,273,564
 
 
 
 
Money Market Funds - 3.8%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.38% (f)
 
37,381,716
37,389,193
Fidelity Securities Lending Cash Central Fund 4.38% (f)(g)
 
9,251,173
9,252,098
 
TOTAL MONEY MARKET FUNDS
 (Cost $46,641,291)
 
 
46,641,291
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.5%
 (Cost $1,019,895,176)
 
 
 
1,248,568,564
NET OTHER ASSETS (LIABILITIES) - (1.5)%  
(18,463,220)
NET ASSETS - 100.0%
1,230,105,344
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security 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 the end of the period, the value of these securities amounted to $116,305,666 or 9.5% of net assets.
 
(d)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $11,461,613 or 0.9% of net assets.
 
(e)
Level 3 security
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
ByteDance Ltd. Series E1
11/18/20
4,246,219
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C
12/01/20
3,908,863
 
 
 
Space Exploration Technologies Corp. Class A
2/16/21
419,990
 
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.38%
31,370,924
83,565,777
77,547,508
224,881
-
-
37,389,193
0.1%
Fidelity Securities Lending Cash Central Fund 4.38%
4,494,305
36,553,214
31,795,421
16,595
-
-
9,252,098
0.0%
Total
35,865,229
120,118,991
109,342,929
241,476
-
-
46,641,291
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
 
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