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
|
02111
|
(Address of principal executive offices)
|
(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))
|
Exhibit No.
|
Description
|
99
|
June 2017 Monthly Insight Report of the Fund’s Investment Manager
|
The China Fund, Inc.
(Registrant)
|
||
Dated: July 24, 2017
|
/s/ Brian F. Link
|
|
Name: Brian F. Link
Title: Secretary
|
Exhibit No.
|
Description
|
99
|
June 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)
|
$323.2
|
Median Market Cap (in billions)
|
$9.4
|
Distribution Frequency
|
Annual
|
Management Firm
|
Allianz Global Investors U.S. LLC
|
Portfolio Management
|
Christina Chung, CFA, CMA Lead Portfolio Manager
|
Performance (US$ Returns)
(as of 6/30/17)
|
||
Fund
|
Benchmark1
|
|
One Month
|
2.19%
|
2.48%
|
Three Month
|
7.48%
|
9.53%
|
One Year
|
26.12%
|
30.91%
|
Three Year
|
5.35%
|
7.97%
|
Net Asset Value / Market Price
|
|
Net Asset Value (NAV) / Market Price at Inception
|
$13.15 / $14.26
|
NAV / Market Price (as of 6/30/17)
|
$20.56 / $18.68
|
High / Low Ranges (52-Week)
|
|
High / Low NAV
|
$20.84 / $16.57
|
High / Low Market Price
|
$18.77 / $14.19
|
Premium/Discount to NAV (as of 6/30/17)
|
-9.14%
|
Fund Data (Common Shares)
|
|
Shares Outstanding
|
15,722,675
|
Average Daily Volume
|
28,210
|
Expense Ratio
|
1.53%
|
1. |
MSCI Golden Dragon Index.
|
Returns For Periods Ended June 30, 2017*
|
||||||||
1 Month
|
3 Month
|
YTD
|
1 Year
|
3 Year
|
5 Year
|
10 Year
|
Inception
|
|
NAV
|
2.19%
|
7.48%
|
18.09%
|
26.12%
|
5.35%
|
9.43%
|
6.33%
|
10.31%
|
Market Price
|
3.55%
|
12.39%
|
24.12%
|
32.58%
|
6.17%
|
9.11%
|
7.35%
|
9.53%
|
MSCI Golden Dragon Index
|
2.48%
|
9.53%
|
23.49%
|
30.91%
|
7.97%
|
10.46%
|
5.12%
|
—
|
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
|
40.24%
|
35.91%
|
Financials
|
19.20%
|
23.81%
|
Industrials
|
9.87%
|
6.08%
|
Telecom Services
|
9.08%
|
4.81%
|
Real Estate
|
6.52%
|
7.74%
|
Consumer Discretionary
|
6.01%
|
8.85%
|
Energy
|
2.21%
|
3.02%
|
Consumer Staples
|
1.53%
|
2.05%
|
Utilities
|
1.08%
|
3.67%
|
Health Care
|
1.07%
|
1.25%
|
Materials
|
0.23%
|
2.82%
|
Other assets & liabilities
|
2.96%
|
0.00%
|
Country Allocation
|
||
Fund
|
Benchmark1
|
|
China
|
72.22%
|
75.32%
|
Hong Kong Red Chips
|
25.34%
|
8.69%
|
Hong Kong 'H' shares
|
15.55%
|
19.10%
|
Equity linked securities ('A' shares)
|
0.86%
|
0.00%
|
China 'A' & 'B' shares
|
0.00%
|
0.11%
|
Other Hong Kong securities
|
30.47%
|
31.88%
|
Others
|
0.00%
|
15.54%
|
Taiwan
|
24.82%
|
24.68%
|
Other assets & liabilities
|
2.96%
|
0.00%
|
Top 10 Holdings
|
|
TAIWAN SEMIC CO LTD (Taiwan)
|
9.21%
|
TENCENT HOLDINGS LTD (China)
|
8.42%
|
ALIBABA GROUP HOLDING LTD (China)
|
6.22%
|
CHINA MERCHANTS BANK CO LTD (China)
|
5.34%
|
SUN HUNG KAI PROPERTIES LTD (H.K.)
|
5.15%
|
PING AN INSURANCE (China)
|
3.90%
|
CHINA UNICOM HONG KONG LTD (China)
|
3.43%
|
HK EXCHANGES & CLEARING LTD (H.K.)
|
3.36%
|
HON HAI PRECISION INDU (Taiwan)
|
3.02%
|
LARGAN PRECISION CO LTD (Taiwan)
|
2.66%
|
Portfolio Characteristics
|
||
Fund
|
Benchmark1
|
|
P/E Ratio
|
15.06
|
14.33
|
P/B Ratio
|
1.70
|
1.61
|
Issues in Portfolio
|
47
|
284
|
Foreign Holdings (%)
|
97.04
|
100.00
|
Other assets & liabilities (%)
|
2.96
|
0.00
|
Yield (%)
|
2.43
|
2.52
|
1. |
MSCI Golden Dragon Index.
|
Distribution History (10 Year)
|
|||||||
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
|
40.24
|
||||
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD
|
2330
|
208.50
|
4,341,000
|
29,753,402
|
9.21
|
TENCENT HOLDINGS LTD
|
700
|
279.20
|
760,900
|
27,215,383
|
8.42
|
ALIBABA GROUP HOLDING LTD
|
BABA
|
140.90
|
142,647
|
20,098,962
|
6.22
|
HON HAI PRECISION INDUSTRY CO LTD
|
2317
|
117.00
|
2,537,100
|
9,758,077
|
3.02
|
LARGAN PRECISION CO LTD
|
3008
|
4,850.00
|
54,000
|
8,609,467
|
2.66
|
DELTA ELECTRONICS INC
|
2308
|
166.50
|
1,274,359
|
6,975,042
|
2.16
|
DIGITAL CHINA HOLDINGS LTD
|
861
|
6.01
|
7,444,000
|
5,731,289
|
1.77
|
ADVANTECH CO LTD
|
2395
|
215.50
|
774,199
|
5,484,546
|
1.70
|
BAIDU INC
|
BIDU
|
178.86
|
24,101
|
4,310,705
|
1.33
|
PRIMAX ELECTRONICS LTD
|
4915
|
62.40
|
1,985,000
|
4,071,795
|
1.26
|
YY INC
|
YY
|
58.03
|
62,990
|
3,655,310
|
1.13
|
SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORP
|
981
|
9.05
|
2,470,900
|
2,864,674
|
0.89
|
GOLDPAC GROUP LTD
|
3315
|
2.35
|
5,021,000
|
1,511,574
|
0.47
|
Financials
|
19.20
|
||||
CHINA MERCHANTS BANK CO LTD
|
3968
|
23.55
|
5,723,500
|
17,267,285
|
5.34
|
PING AN INSURANCE GROUP CO OF CHINA LTD
|
2318
|
51.45
|
1,911,000
|
12,595,561
|
3.90
|
HONG KONG EXCHANGES & CLEARING LTD
|
388
|
201.80
|
419,700
|
10,850,046
|
3.36
|
CHINA CONSTRUCTION BANK CORP
|
939
|
6.05
|
10,814,000
|
8,381,335
|
2.59
|
CATHAY FINANCIAL HOLDING CO LTD
|
2882
|
50.10
|
2,880,000
|
4,743,195
|
1.47
|
FUBON FINANCIAL HOLDING CO LTD
|
2881
|
48.45
|
2,805,000
|
4,467,530
|
1.38
|
CITIC SECURITIES CO LTD
|
6030
|
16.14
|
1,810,000
|
3,742,429
|
1.16
|
Industrials
|
9.87
|
||||
CHINA EVERBRIGHT INTERNATIONAL LTD
|
257
|
9.74
|
5,616,000
|
7,007,410
|
2.17
|
CN STATE CONSTRUCTION INTERNATIONAL HOLDINGS LTD
|
3311
|
13.36
|
2,906,000
|
4,973,631
|
1.54
|
CK HUTCHISON HOLDINGS LTD
|
1
|
98.00
|
310,000
|
3,891,878
|
1.20
|
QINGDAO PORT INTERNATIONAL CO LTD
|
6198
|
4.50
|
6,077,000
|
3,503,267
|
1.08
|
BEIJING ENTERPRISES HOLDINGS LTD
|
392
|
37.65
|
704,500
|
3,397,954
|
1.05
|
KING SLIDE WORKS CO LTD
|
2059
|
427.00
|
239,000
|
3,354,799
|
1.04
|
JARDINE MATHESON HOLDINGS LTD
|
J36
|
64.20
|
51,100
|
3,280,620
|
1.02
|
ZHUZHOU CRRC TIMES ELECTRIC CO LTD
|
3898
|
38.30
|
505,300
|
2,479,245
|
0.77
|
Telecom Services
|
9.08
|
||||
CHINA UNICOM HONG KONG LTD
|
762
|
11.60
|
7,466,000
|
11,094,748
|
3.43
|
CHINA MOBILE LTD
|
941
|
82.85
|
709,000
|
7,525,064
|
2.33
|
PCCW LTD
|
8
|
4.44
|
8,623,000
|
4,904,704
|
1.52
|
CHUNGHWA TELECOM CO LTD
|
2412
|
108.00
|
846,000
|
3,003,550
|
0.93
|
HUTCHISON TELECOMMUNICATIONS HK HOLDINGS LTD
|
215
|
2.75
|
7,974,000
|
2,809,185
|
0.87
|
Real Estate
|
6.52
|
||||
SUN HUNG KAI PROPERTIES LTD
|
16
|
114.70
|
1,132,000
|
16,633,410
|
5.15
|
CHINA OVERSEAS LAND & INVESTMENT LTD
|
688
|
22.85
|
1,516,000
|
4,437,689
|
1.37
|
Consumer Discretionary
|
6.02
|
||||
JD.COM
|
JD
|
39.22
|
180,193
|
7,067,169
|
2.19
|
QINGLING MOTORS CO LTD
|
1122
|
2.51
|
14,816,000
|
4,764,048
|
1.47
|
SANDS CHINA LTD
|
1928
|
35.75
|
810,800
|
3,713,310
|
1.15
|
CITIGROUP GLOBAL MARKETS HOLD
(exch. for CHINA CYTS TOURS HOLDIN)
|
N/A
|
3.11
|
888,827
|
2,764,252
|
0.86
|
LI & FUNG LTD
|
494
|
2.84
|
3,128,000
|
1,138,037
|
0.35
|
Energy
|
2.21
|
||||
CNOOC LTD
|
883
|
8.55
|
4,815,000
|
5,273,924
|
1.63
|
CHINA OILFIELD SERVICES LTD
|
2883
|
6.26
|
2,338,000
|
1,874,953
|
0.58
|
Consumer Staples
|
1.53
|
||||
CHINA MENGNIU DAIRY CO LTD
|
2319
|
15.30
|
1,508,000
|
2,955,726
|
0.91
|
VINDA INTERNATIONAL HOLDINGS LTD
|
3331
|
15.80
|
984,000
|
1,991,699
|
0.62
|
Sector
|
Company (exchange ticker)
|
Market Price
|
Holding
|
Value US$
|
% of net assets
|
Utilities
|
1.08
|
||||
CHINA RESOURCES POWER HOLDINGS CO LTD
|
836
|
15.32
|
1,778,000
|
3,489,490
|
1.08
|
Health Care
|
1.07
|
||||
CSPC PHARMACEUTICAL GROUP LTD
|
1093
|
11.40
|
2,364,000
|
3,452,421
|
1.07
|
Materials
|
0.23
|
||||
TIANGONG INTERNATIONAL CO LTD
|
826
|
0.68
|
8,612,000
|
750,213
|
0.23
|
Investment Products: Not FDIC Insured | May Lose Value | Not Bank Guaranteed
|
FS-CHN-0617
|
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