Maryland | 811-05749 | 133669175 |
(State or other jurisdiction
|
(Commission
|
(IRS Employer
|
of incorporation)
|
File Number)
|
Identification No.)
|
c/o State Street Bank and Trust Company
100 Summer Street, SUM0703
Boston, Massachusetts
(Address of principal executive offices)
|
02111
(Zip Code)
|
[ ] |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
[ ] |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
[ ] |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
[ ] |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit No.
|
|
Description |
99 |
|
April 2017 Monthly Insight Report of the Fund’s Investment Manager
|
The China Fund, Inc.
(Registrant)
|
Dated:
|
May 19, 2017 |
/s/ Brian F. Link
|
|||
Name:
Title:
|
Brian F. Link
Secretary
|
Exhibit No.
|
|
Description |
99 |
|
April 2017 Monthly Insight Report of the Fund’s Investment Manager
|
In Brief
|
|
Fund Data
|
|
Description
|
Seeks to achieve long-term capital appreciation through investments in China companies.
|
Listing Date (NYSE)
|
July 10, 1992
|
Total Fund Assets (millions)
|
$305.2
|
Median Market Cap (in billions)
|
$8.7
|
Distribution Frequency
|
Annual
|
Management Firm
|
Allianz Global Investors U.S. LLC
|
Portfolio Management
|
Christina Chung, CFA, CMA Lead Portfolio Manager
|
Performance (US$ Returns)
(as of 4/30/17)
|
||
Fund
|
Benchmark1
|
|
One Month
|
1.46%
|
2.60%
|
Three Month
|
5.15%
|
8.59%
|
One Year
|
19.21%
|
24.95%
|
Three Year
|
5.47%
|
8.32%
|
Net Asset Value / Market Price
|
|
Net Asset Value (NAV) / Market Price at Inception
|
$13.15 / $14.26
|
NAV / Market Price (as of 4/30/17)
|
$19.41 / $17.59
|
High / Low Ranges (52-Week)
|
|
High / Low NAV
|
$19.61 / $15.69
|
High / Low Market Price
|
$17.59 / $13.54
|
Premium/Discount to NAV (as of 4/30/17)
|
-9.38%
|
Fund Data (Common Shares)
|
|
Shares Outstanding
|
15,722,675
|
Average Daily Volume
|
29,546
|
Expense Ratio
|
1.53%
|
Returns For Periods Ended April 30, 2017*
|
||||||||
1 Month
|
3 Month
|
YTD
|
1 Year
|
3 Year
|
5 Year
|
10 Year
|
Inception
|
|
NAV
|
1.46% |
5.15%
|
11.49%
|
19.21%
|
5.47%
|
7.09%
|
7.26%
|
10.13%
|
Market Price
|
5.84% |
11.75%
|
16.88%
|
24.15%
|
6.31%
|
6.94%
|
8.04%
|
9.33%
|
MSCI Golden Dragon Index
|
2.60% |
8.59%
|
15.68%
|
24.95%
|
8.32%
|
7.46%
|
5.75%
|
—
|
Calendar Year Returns
|
||||||||
2009
|
2010
|
2011
|
2012
|
2013
|
2014
|
2015
|
2016
|
|
NAV
|
72.83% |
27.26%
|
-24.37%
|
12.12%
|
18.31%
|
7.82%
|
-5.50%
|
0.59%
|
Market Price
|
72.19% |
23.60%
|
-27.51%
|
20.52%
|
12.70%
|
5.29%
|
-6.38%
|
-0.47%
|
MSCI Golden Dragon Index
|
67.12% |
13.60%
|
-18.35%
|
22.65%
|
7.25%
|
8.06%
|
-7.12%
|
5.75%
|
*
|
Annualized for periods greater than one year.
|
Sector Allocation
|
||
Fund
|
Benchmark1
|
|
Information Technology
|
39.43%
|
34.08%
|
Financials
|
18.87%
|
24.39%
|
Industrials
|
10.92%
|
6.53%
|
Telecom Services
|
8.94%
|
5.02%
|
Real Estate
|
7.01%
|
7.97%
|
Consumer Discretionary
|
6.41%
|
8.50%
|
Energy
|
2.55%
|
3.38%
|
Consumer Staples
|
1.61%
|
2.14%
|
Health Care
|
1.08%
|
1.18%
|
Utilities
|
1.05%
|
3.83%
|
Materials
|
0.28%
|
2.98%
|
Other assets & liabilities
|
1.87%
|
0.00%
|
Country Allocation
|
Fund
|
Benchmark1
|
China
|
72.90%
|
75.36%
|
Hong Kong Red Chips
|
26.80%
|
9.00%
|
Hong Kong 'H' shares
|
15.66%
|
20.06%
|
Equity linked securities ('A' shares)
|
0.86%
|
0.00%
|
China 'A' & 'B' shares
|
0.00%
|
0.12%
|
Other Hong Kong securities
|
29.58%
|
31.66%
|
Others
|
0.00%
|
14.53%
|
Taiwan
|
25.23%
|
24.64%
|
Other assets & liabilities
|
1.87%
|
0.00%
|
Top 10 Holdings
|
|
TAIWAN SEMIC CO LTD (Taiwan)
|
9.17%
|
TENCENT HOLDINGS LTD (China)
|
7.80%
|
SUN HUNG KAI PROPERTIES LTD (H.K.)
|
5.57%
|
ALIBABA GROUP HOLDING LTD (China)
|
5.40%
|
CHINA MERCHANTS BANK CO LTD (China)
|
4.87%
|
PING AN INSURANCE (China)
|
3.53%
|
HK EXCHANGES & CLEARING LTD (H.K.)
|
3.39%
|
CHINA UNICOM HONG KONG LTD (China)
|
3.16%
|
LARGAN PRECISION CO LTD (Taiwan)
|
2.94%
|
CHINA CONSTRUCTION BANK CORP (China)
|
2.88%
|
Portfolio Characteristics
|
||
Fund
|
Benchmark1
|
|
P/E Ratio
|
14.40
|
13.73
|
P/B Ratio
|
1.63
|
1.48
|
Issues in Portfolio
|
48
|
283
|
Foreign Holdings (%)
|
98.13
|
100.00
|
Other assets & liabilities (%)
|
1.87
|
0.00
|
Yield (%)
|
2.54
|
2.62
|
Declaration
Date
|
Ex-dividend Date
|
Record Date
|
Payable Date
|
Distribution/
Share
|
Income
|
Long-term
Capital Gain
|
Short-term
Capital Gain
|
12/7/07
|
12/19/07
|
12/21/07
|
1/25/08
|
$12.12000
|
$0.28000
|
$9.00000
|
$2.84000
|
12/8/08
|
12/22/08
|
12/24/08
|
1/23/09
|
$5.81740
|
$0.48130
|
$5.33610
|
—
|
12/9/09
|
12/22/09
|
12/24/09
|
12/29/09
|
$0.25570
|
$0.25570
|
—
|
—
|
12/8/10
|
12/21/10
|
12/24/10
|
12/29/10
|
$2.27420
|
$0.37460
|
$1.89960
|
—
|
12/8/11
|
12/21/11
|
12/23/11
|
12/29/11
|
$2.99640
|
$0.17420
|
$2.82220
|
—
|
12/10/12
|
12/20/12
|
12/24/12
|
12/28/12
|
$3.25170
|
$0.34730
|
$2.90440
|
—
|
12/13/13
|
12/19/13
|
12/23/13
|
12/27/13
|
$3.31400
|
$0.43870
|
$2.87530
|
—
|
12/8/14
|
12/18/14
|
12/22/14
|
1/5/15
|
$3.76510
|
$0.29820
|
$3.46690
|
—
|
12/16/15
|
12/23/15
|
12/28/15
|
1/6/16
|
$1.49580
|
$0.21330
|
$0.84620
|
$0.43630
|
12/9/16
|
12/19/16
|
12/21/16
|
1/5/17
|
$0.46780
|
$0.46780
|
—
|
—
|
Sector
|
Company
(exchange ticker)
|
Market Price
|
Holding
|
Value US$
|
% of net assets
|
Information Technology
|
39.42
|
||||
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD
|
2330
|
194.50
|
4,341,000
|
27,984,638
|
9.17
|
TENCENT HOLDINGS LTD
|
700
|
243.40
|
760,900
|
23,811,448
|
7.80
|
ALIBABA GROUP HOLDING LTD
|
BABA
|
115.50
|
142,647
|
16,475,729
|
5.40
|
LARGAN PRECISION CO LTD
|
3008
|
5,015.00
|
54,000
|
8,975,838
|
2.94
|
HON HAI PRECISION INDUSTRY CO LTD
|
2317
|
98.80
|
2,537,100
|
8,308,159
|
2.72
|
DELTA ELECTRONICS INC
|
2308
|
170.00
|
1,274,359
|
7,180,439
|
2.35
|
DIGITAL CHINA HOLDINGS LTD
|
861
|
6.40
|
7,444,000
|
6,125,252
|
2.01
|
ADVANTECH CO LTD
|
2395
|
244.00
|
703,841
|
5,692,128
|
1.87
|
BAIDU INC
|
BIDU
|
180.23
|
24,101
|
4,343,723
|
1.42
|
PRIMAX ELECTRONICS LTD
|
4915
|
50.30
|
1,985,000
|
3,309,320
|
1.08
|
SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORP
|
981
|
9.86
|
2,470,900
|
3,132,346
|
1.03
|
YY INC
|
YY
|
48.97
|
62,990
|
3,084,620
|
1.01
|
GOLDPAC GROUP LTD
|
3315
|
2.95
|
5,021,000
|
1,904,364
|
0.62
|
Financials
|
18.86
|
||||
CHINA MERCHANTS BANK CO LTD
|
3968
|
20.20
|
5,723,500
|
14,864,514
|
4.87
|
PING AN INSURANCE GROUP CO OF CHINA LTD
|
2318
|
43.80
|
1,911,000
|
10,761,491
|
3.53
|
HONG KONG EXCHANGES & CLEARING LTD
|
388
|
191.60
|
419,700
|
10,338,847
|
3.39
|
CHINA CONSTRUCTION BANK CORP
|
939
|
6.32
|
10,814,000
|
8,787,009
|
2.88
|
CATHAY FINANCIAL HOLDING CO LTD
|
2882
|
48.40
|
2,880,000
|
4,620,066
|
1.51
|
FUBON FINANCIAL HOLDING CO LTD
|
2881
|
47.30
|
2,805,000
|
4,397,484
|
1.44
|
CITIC SECURITIES CO LTD
|
6030
|
16.32
|
1,810,000
|
3,797,837
|
1.24
|
Industrials
|
10.92
|
||||
CHINA EVERBRIGHT INTERNATIONAL LTD
|
257
|
10.52
|
5,616,000
|
7,595,922
|
2.49
|
CN STATE CONSTRUCTION INTERNATIONAL HOLDINGS LTD
|
3311
|
14.12
|
2,906,000
|
5,275,553
|
1.73
|
CK HUTCHISON HOLDINGS LTD
|
1
|
97.15
|
310,000
|
3,872,061
|
1.27
|
KING SLIDE WORKS CO LTD
|
2059
|
464.50
|
239,000
|
3,679,543
|
1.21
|
BEIJING ENTERPRISES HOLDINGS LTD
|
392
|
38.00
|
704,500
|
3,441,932
|
1.13
|
JARDINE MATHESON HOLDINGS LTD
|
J36
|
64.53
|
51,100
|
3,297,483
|
1.08
|
QINGDAO PORT INTERNATIONAL CO LTD
|
6198
|
4.14
|
6,077,000
|
3,234,649
|
1.06
|
ZHUZHOU CRRC TIMES ELECTRIC CO LTD
|
3898
|
40.05
|
565,500
|
2,911,875
|
0.95
|
Telecom Services
|
8.94
|
||||
CHINA UNICOM HONG KONG LTD
|
762
|
10.04
|
7,466,000
|
9,637,388
|
3.16
|
CHINA MOBILE LTD
|
941
|
82.95
|
709,000
|
7,561,366
|
2.48
|
PCCW LTD
|
8
|
4.39
|
8,623,000
|
4,866,991
|
1.59
|
CHUNGHWA TELECOM CO LTD
|
2412
|
102.00
|
846,000
|
2,860,097
|
0.94
|
HUTCHISON TELECOMMUNICATIONS HK HOLDINGS LTD
|
215
|
2.30
|
7,974,000
|
2,357,989
|
0.77
|
Real Estate
|
7.01
|
||||
SUN HUNG KAI PROPERTIES LTD
|
16
|
116.70
|
1,132,000
|
16,984,585
|
5.57
|
CHINA OVERSEAS LAND & INVESTMENT LTD
|
688
|
22.60
|
1,516,000
|
4,404,994
|
1.44
|
Consumer Discretionary
|
6.41
|
||||
QINGLING MOTORS CO LTD
|
1122
|
2.57
|
19,178,000
|
6,336,860
|
2.08
|
JD.com
|
JD
|
35.07
|
159,569
|
5,596,085
|
1.83
|
SANDS CHINA LTD
|
1928
|
35.30
|
810,800
|
3,679,816
|
1.21
|
CITIGROUP GLOBAL MARKETS HOLD (exch. for CHINA CYTS TOURS HOLDIN)
|
N/A
|
2.96
|
888,827
|
2,630,928
|
0.86
|
LI & FUNG LTD
|
494
|
3.26
|
3,128,000
|
1,311,058
|
0.43
|
CNOOC LTD
|
883
|
9.07
|
4,815,000
|
5,614,890
|
1.84
|
CHINA OILFIELD SERVICES LTD
|
2883
|
7.18
|
2,338,000
|
2,158,274
|
0.71
|
Consumer Staples
|
1.62
|
||||
CHINA MENGNIU DAIRY CO LTD
|
2319
|
15.06
|
1,508,000
|
2,919,873
|
0.96
|
VINDA INTERNATIONAL HOLDINGS LTD
|
3331
|
15.80
|
984,000
|
1,998,894
|
0.66
|
Sector
|
Company
(exchange ticker) |
Market Price
|
Holding
|
Value US$
|
% of net assets
|
Health Care
|
1.08
|
||||
CSPC PHARMACEUTICAL GROUP LTD
|
1093
|
10.80
|
2,364,000
|
3,282,531
|
1.08
|
Utilities
|
1.05
|
||||
CHINA RESOURCES POWER HOLDINGS CO LTD
|
836
|
14.02
|
1,778,000
|
3,204,922
|
1.05
|
Materials
|
0.30
|
||||
TIANGONG INTERNATIONAL CO LTD
|
826
|
0.77
|
8,612,000
|
852,575
|
0.28
|
CHINA EVERBRIGHT GREENTECH LTD
|
1257
|
5.96
|
69,333
|
53,123
|
0.02
|
Investment Products: Not FDIC Insured | May Lose Value | Not Bank Guaranteed
|
FS-CHN-0417
|
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