NPORT-EX 2 China_Fund_PartF.htm PART F The China Fund

THE CHINA FUND, INC.

SCHEDULE OF INVESTMENTS

January 31, 2021 (unaudited)

 

Name of Issuer and Title of Issue

    Shares                       Value (Note A)  

COMMON STOCK

        

CHINA — “A” SHARES

        

Banks — 5.1%

        

China Merchants Bank Co., Ltd. — A

      2,275,547        $ 18,009,185  
       

 

 

  

Beverages — 2.2%

        

Kweichow Moutai Co., Ltd. — A

      11,778          3,855,136  

Wuliangye Yibin Co., Ltd. — A

      84,596          3,806,867  
       

 

 

  
          7,662,003  
       

 

 

  

Chemicals — 4.0%

        

Shandong Sinocera Functional Material Co., Ltd. — A

      720,100          5,349,904  

Sinoma Science & Technology Co., Ltd. — A

      863,486          3,380,426  

Wanhua Chemical Group Co., Ltd. — A

      308,043          5,325,801  
       

 

 

  
          14,056,131  
       

 

 

  

Construction Materials — 0.9%

        

Anhui Conch Cement Co., Ltd. — A

      405,069          3,159,405  
       

 

 

  

Electrical Equipment — 1.0%

        

Sunwoda Electronic Co., Ltd. — A

      867,100          3,638,063  
       

 

 

  

Electronic Equipment, Instruments & Components — 2.8%

        

Luxshare Precision Industry Co., Ltd. — A

      195,639          1,603,417  

Wingtech Technology Co., Ltd. — A

      280,800          4,565,823  

Wuxi Lead Intelligent Equipment Co., Ltd. — A

      277,500          3,848,019  
       

 

 

  
          10,017,259  
       

 

 

  

Health Care Providers & Services — 1.1%

        

Dian Diagnostics Group Co., Ltd. — A

      600,300          3,886,675  
       

 

 

  

Household Durables — 2.4%

        

Midea Group Co., Ltd. — A

      578,029          8,612,769  
       

 

 

  

Insurance — 1.6%

        

Ping An Insurance Group Company of China Ltd. — A

      478,528          5,852,822  
       

 

 

  

Life Sciences Tools & Services — 2.8%

        

Hangzhou Tigermed Consulting Co., Ltd. — A

      130,700          3,385,047  

Pharmaron Beijing Co., Ltd. — A

      294,565          6,532,903  
       

 

 

  
          9,917,950  
       

 

 

  

Machinery — 3.7%

        

Estun Automation Co., Ltd. — A*

      1,237,200          6,498,275  

Weichai Power Co., Ltd. — A

      2,008,356          6,583,117  
       

 

 

  
          13,081,392  
       

 

 

  

Semiconductors & Semiconductor Equipment — 3.6%

        

LONGi Green Energy Technology Co., Ltd. — A

      322,500          5,374,755  

NAURA Technology Group Co., Ltd. — A

      125,002          3,859,282  

Shenzhen SC New Energy Technology Corp. — A

      170,100          3,522,372  
       

 

 

  
          12,756,409  
       

 

 

  

Software — 1.2%

        

Thunder Software Technology Co., Ltd. — A

      191,362          4,369,134  
       

 

 

  

TOTAL CHINA — “A” SHARES — (Cost $76,943,028)

         32.4 %      115,019,197  
     

 

 

    

 

 

  

See notes to schedule of investments.

THE CHINA FUND, INC.

SCHEDULE OF INVESTMENTS (continued)

January 31, 2021 (unaudited)

 

Name of Issuer and Title of Issue

    Shares                            Value (Note A)  

COMMON STOCK (continued)

         

HONG KONG

         

Biotechnology — 1.0%

         

Innovent Biologics, Inc. 144A*

      310,500         $ 3,540,029  
        

 

 

  

Building Products — 1.6%

         

Xinyi Glass Holdings, Ltd.

      2,386,000           5,779,481  
        

 

 

  

Capital Markets — 1.6%

         

Hong Kong Exchanges & Clearing, Ltd.

      89,700           5,738,183  
        

 

 

  

Diversified Consumer Services — 1.6%

         

New Oriental Education & Technology Group, Inc. ADR*

      33,500           5,611,250  
        

 

 

  

Entertainment — 3.5%

         

Bilibili, Inc. ADR(1)*

      110,459           12,580,176  
        

 

 

  

Gas Utilities — 1.0%

         

ENN Energy Holdings, Ltd.

      228,500           3,540,110  
        

 

 

  

Health Care Equipment & Supplies — 0.1%

         

China Isotope & Radiation Corp.

      177,400           513,784  
        

 

 

  

Insurance — 2.5%

         

AIA Group, Ltd.

      730,200           8,814,364  
        

 

 

  

Interactive Media & Services — 11.7%

         

Kuaishou Technology Co., Ltd. 144A*

      24,500           363,396  

Tencent Holdings, Ltd.

      469,800           41,366,178  
        

 

 

  
           41,729,574  
        

 

 

  

Internet & Direct Marketing Retail — 19.2%

         

Alibaba Group Holding, Ltd.*

      1,008,208           31,976,096  

JD.com, Inc. ADR*

      136,150           12,075,144  

JD.com, Inc.*

      279,250           12,371,683  

Meituan Dianping*

      255,900           11,706,541  
        

 

 

  
           68,129,464  
        

 

 

  

IT Services — 1.1%

         

Kingsoft Cloud Holdings, Ltd. ADR(1)*

      77,400           3,890,898  
        

 

 

  

Life Sciences Tools & Services — 1.3%

         

Wuxi Biologics Cayman, Inc. 144A*

      324,500           4,568,752  
        

 

 

  

Metals & Mining — 0.4%

         

MMG, Ltd.*

      3,940,000           1,519,857  
        

 

 

  

Real Estate Management & Development — 2.7%

         

CIFI Holdings Group Co., Ltd.

      5,958,000           4,891,150  

Times China Holdings, Ltd.

      3,543,000           4,521,475  
        

 

 

  
           9,412,625  
        

 

 

  

Software — 3.6%

         

Kingdee International Software Group Co., Ltd.*

      548,000           2,206,408  

Kingsoft Corp., Ltd.

      673,000           5,186,558  

Weimob, Inc. 144A*

      1,907,000           5,489,911  
        

 

 

  
           12,882,877  
        

 

 

  

See notes to schedule of investments.

THE CHINA FUND, INC.

SCHEDULE OF INVESTMENTS (continued)

January 31, 2021 (unaudited)

 

Name of Issuer and Title of Issue

    Shares                       Value (Note A)  

COMMON STOCK (continued)

        

HONG KONG (continued)

        

Specialty Retail — 2.7%

        

China Yongda Automobiles Services Holdings, Ltd.

      3,405,000        $ 4,769,695  

Zhongsheng Group Holdings, Ltd.

      797,500          4,684,029  
       

 

 

  
          9,453,724  
       

 

 

  

TOTAL HONG KONG — (Cost $102,762,214)

         55.6 %      197,705,148  
     

 

 

    

 

 

  

HONG KONG — “H” SHARES

        

Banks — 2.4%

        

China Construction Bank Corp.

      11,152,000          8,423,724  
       

 

 

  

Capital Markets — 7.5%

        

China International Capital Corp., Ltd. 144A*

      3,795,200          9,942,047  

China Merchants Securities Co., Ltd. 144A

      4,450,000          6,873,962  

CITIC Securities Co., Ltd.

      4,446,500          9,750,925  
       

 

 

  
          26,566,934  
       

 

 

  

TOTAL HONG KONG — “H” SHARES — (Cost $31,779,122)

         9.9 %      34,990,658  
     

 

 

    

 

 

  

TOTAL HONG KONG (INCLUDING “H” SHARES) — (Cost $134,541,336)

         65.5 %      232,695,806  
     

 

 

    

 

 

  

TOTAL COMMON STOCK — (Cost $211,484,364)

         97.9 %      347,715,003  
     

 

 

    

 

 

  

COLLATERAL FOR SECURITIES ON LOAN

        

Money Market Funds — 4.9%

        

Fidelity Investments Money Market Government Portfolio,
0.01%¥ — (Cost $17,535,933)

      17,535,933          17,535,933  

TOTAL COLLATERAL FOR SECURITIES ON LOAN — (Cost $17,535,933)

         4.9 %      17,535,933  
     

 

 

    

 

 

  
     Principal
Amount		               

SHORT TERM INVESTMENTS

        

Time Deposits — 2.5%

        

Barclays — London, 0.01%, 2/1/2021

      USD 2,000,000          2,000,000  

BNP Paribas — Paris, 0.01%, 2/1/2021

      USD 714,983          714,983  

Citibank N.A. — New York, 0.01%, 2/1/2021

      USD 4,000,000          4,000,000  

Royal Bank of Canada Toronto, 0.01%, 2/1/2021

      USD 2,000,000          2,000,000  
     

 

 

    

 

 

  

TOTAL SHORT TERM INVESTMENTS — (Cost $8,714,983)

         2.5 %      8,714,983  
     

 

 

    

 

 

  

TOTAL INVESTMENTS — (Cost $237,735,280)

         105.3 %      373,965,919  
     

 

 

    

 

 

  

OTHER ASSETS AND LIABILITIES

         (5.3 )%      (18,934,738 ) 
     

 

 

    

 

 

  

NET ASSETS

         100.0 %    $ 355,031,181  
     

 

 

    

 

 

  

Footnotes to Schedule of Investments

 

* 

Denotes non-income producing security.

¥ 

Rate shown is the 7-day yield as of January 31, 2021.

(1) 

A security (or a portion of the security) is on loan. As of January 31, 2021, the market value of securities loaned was $15,586,701. The loaned securities were secured with cash collateral of $17,535,933. Collateral is calculated based on prior day’s prices.

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, 2021, these restricted securities amounted to $30,778,097, which represented 8.7% of total net assets.

ADR American Depositary Receipt

HKD — Hong Kong dollar

USD — United States dollar

See notes to schedule of investments.

THE CHINA FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS

January 31, 2021 (unaudited)

 

NOTE A – 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 generally 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 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, 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 regarding each Direct Investment. Forward currency contracts are valued at the current cost of offsetting the contract. Equity linked securities, if any, are valued at fair value primarily based on the value(s) of the underlying security (or securities), which normally follows the same methodology as the valuation of securities listed on recognized exchanges.

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.

Fair Value Measurement

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:

THE CHINA FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (continued)

January 31, 2021 (unaudited)

 

  •  

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, 2021 in valuing the Fund’s investments carried at value:

ASSETS VALUATION INPUT

 

Description*

    Level 1      Level 2      Level 3      Total  

Common Stock

    $ 34,157,467      $ 313,557,536      $ —        $ 347,715,003  

Collateral on Securities on Loan

      17,535,933        —          —          17,535,933  

Short Term Investments

      —          8,714,983                  8,714,983  
  

 

 

     

 

 

     

 

 

     

 

 

  

TOTAL INVESTMENTS

    $ 51,693,400      $ 322,272,519      $ —        $ 373,965,919  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

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