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

THE CHINA FUND, INC.

SCHEDULE OF INVESTMENTS

January 31, 2022 (unaudited)

 

Name of Issuer and Title of Issue

    Shares      Value (Note A)  

COMMON STOCK

      

CHINA — “A” SHARES

      

Aerospace & Defense — 0.9%

      

Beijing Cisri-Gaona Materials & Technology Co., Ltd. — A

      269,434      $ 1,812,523  
     

 

 

  

Banks — 4.6%

      

China Merchants Bank Co., Ltd. — A

      1,201,547        9,362,120  
     

 

 

  

Beverages — 2.1%

      

Shanxi Xinghuacun Fen Wine Factory Co., Ltd. — A

      19,400        851,874  

Wuliangye Yibin Co., Ltd. — A

      106,096        3,339,856  
     

 

 

  
        4,191,730  
     

 

 

  

Chemicals — 3.1%

      

Shandong Sinocera Functional Material Co., Ltd. — A

      383,800        2,441,362  

Shenzhen Capchem Technology Co., Ltd. — A

      123,400        1,846,367  

Skshu Paint Co., Ltd. — A

      54,500        909,239  

Wanhua Chemical Group Co., Ltd. — A

      73,743        1,061,867  
     

 

 

  
        6,258,835  
     

 

 

  

Construction Materials — 1.0%

      

China Jushi Co., Ltd. — A

      756,400        1,953,871  
     

 

 

  

Electrical Equipment — 4.2%

      

Gotion High-tech Co., Ltd. — A*

      260,400        1,651,941  

Jiangsu Zhongtian Technology Co., Ltd. — A

      592,006        1,556,298  

NARI Technology Co., Ltd. — A

      342,000        1,902,859  

Sungrow Power Supply Co., Ltd. — A

      185,200        3,353,597  
     

 

 

  
        8,464,695  
     

 

 

  

Electronic Equipment, Instruments & Components — 2.8%

      

Maxscend Microelectronics Co., Ltd. — A

      47,400        1,966,801  

Wingtech Technology Co., Ltd. — A

      134,554        2,296,071  

Xiamen Faratronic Co., Ltd. — A

      41,500        1,293,188  
     

 

 

  
        5,556,060  
     

 

 

  

Food Products — 0.7%

      

Anjoy Foods Group Co., Ltd. — A

      64,200        1,343,843  
     

 

 

  

Health Care Providers & Services — 0.4%

      

Topchoice Medical Corp. — A*

      32,900        770,959  
     

 

 

  

Household Durables — 1.7%

      

Midea Group Co., Ltd. — A

      299,329        3,482,327  
     

 

 

  

Life Sciences Tools & Services — 0.9%

      

Hangzhou Tigermed Consulting Co., Ltd. — A

      115,400        1,883,421  
     

 

 

  

Machinery — 7.3%

      

Estun Automation Co., Ltd. — A

      840,400        3,056,768  

Jiangsu Guomao Reducer Co., Ltd. — A

      112,925        612,074  

Jiangsu Hengli Hydraulic Co., Ltd. — A

      163,100        1,976,236  

PNC Process Systems Co., Ltd. — A

      169,957        1,121,447  

Shenzhen Inovance Technology Co., Ltd. — A

      291,104        2,790,922  

Weichai Power Co., Ltd. — A

      714,456        1,780,762  

 

See notes to schedule of investments.

THE CHINA FUND, INC.

SCHEDULE OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

 

Name of Issuer and Title of Issue

    Shares            Value (Note A)  

COMMON STOCK (continued)

        

CHINA — “A” SHARES (continued)

        

Machinery — 7.3% (continued)

        

Wuxi Lead Intelligent Equipment Co., Ltd. — A

      310,400        $ 3,551,439  
       

 

 

  
          14,889,648  
       

 

 

  

Pharmaceuticals — 1.4%

        

Jiangsu Hengrui Medicine Co., Ltd. — A

      423,200          2,739,356  
       

 

 

  

Semiconductors & Semiconductor Equipment — 5.2%

        

All Winner Technology Co., Ltd. — A

      181,800          1,521,843  

Gigadevice Semiconductor Beijing, Inc. — A

      102,267          2,273,036  

LONGi Green Energy Technology Co., Ltd. — A

      213,741          2,403,217  

NAURA Technology Group Co., Ltd. — A

      17,002          771,018  

Will Semiconductor Co., Ltd. Shanghai — A

      44,600          1,808,223  

Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. — A

      207,300          1,883,854  
       

 

 

  
          10,661,191  
       

 

 

  

Software — 4.8%

        

Beijing Kingsoft Office Software, Inc. — A

      53,355          2,064,666  

Sangfor Technologies, Inc. — A

      39,567          966,755  

Shanghai Baosight Software Co., Ltd. — A

      331,400          2,838,413  

Thunder Software Technology Co., Ltd. — A

      168,662          3,720,966  
       

 

 

  
          9,590,800  
       

 

 

  

Specialty Retail — 2.0%

        

China International Travel Service Corp., Ltd. — A

      119,500          3,945,672  
       

 

 

  

Transportation Infrastructure — 0.8%

        

Shanghai International Airport Co., Ltd. — A*

      195,800          1,558,833  
       

 

 

  

TOTAL CHINA — “A” SHARES — (Cost $87,242,706)

         43.9 %      88,465,884  
     

 

 

    

 

 

  

HONG KONG

        

Capital Markets — 1.0%

        

Hong Kong Exchanges & Clearing, Ltd.

      37,000          2,106,811  
       

 

 

  

Commercial Services & Supplies — 0.5%

        

China Everbright Environment Group, Ltd.

      1,380,000          1,026,888  
       

 

 

  

Entertainment — 1.7%

        

Bilibili, Inc. ADR(1)*

      96,700          3,412,543  
       

 

 

  

Gas Utilities — 0.4%

        

ENN Energy Holdings, Ltd.

      45,500          724,623  
       

 

 

  

Interactive Media & Services — 10.0%

        

Tencent Holdings, Ltd.

      322,800          20,054,943  
       

 

 

  

Internet & Direct Marketing Retail — 21.7%

        

Alibaba Group Holding, Ltd.*

      1,034,808          16,038,714  

JD.com, Inc.*

      283,104          10,400,394  

Meituan Dianping 144A*

      319,600          9,359,324  

Pinduoduo, Inc. ADR(1)*

      129,800          7,767,232  
       

 

 

  
          43,565,664  
       

 

 

  

 

See notes to schedule of investments.

THE CHINA FUND, INC.

SCHEDULE OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

 

Name of Issuer and Title of Issue

    Shares            Value (Note A)  

COMMON STOCK (continued)

        

HONG KONG (continued)

        

Life Sciences Tools & Services — 0.3%

        

Wuxi Biologics Cayman, Inc. 144A*

      67,500        $ 675,628  
       

 

 

  

Real Estate Management & Development — 5.8%

        

China Overseas Land & Investment, Ltd.

      1,287,500          3,814,081  

CIFI Holdings Group Co., Ltd.

      4,151,700          2,711,669  

KE Holdings, Inc. ADR*

      83,500          1,819,465  

KWG Living Group Holdings, Ltd.

      3,571,000          1,573,187  

Times China Holdings, Ltd.

      4,443,000          1,731,717  
       

 

 

  
          11,650,119  
       

 

 

  

Software — 0.5%

        

Kingdee International Software Group Co., Ltd.*

      410,000          945,634  
       

 

 

  

Specialty Retail — 1.4%

        

Zhongsheng Group Holdings, Ltd.(1)

      377,000          2,910,880  
       

 

 

  

TOTAL HONG KONG — (Cost $79,916,132)

         43.3 %      87,073,733  
     

 

 

    

 

 

  

HONG KONG — “H” SHARES

        

Banks — 2.1%

        

China Construction Bank Corp.

      5,406,000          4,143,829  
       

 

 

  

Capital Markets — 9.0%

        

China International Capital Corp., Ltd. 144A

      2,952,800          8,069,827  

China Merchants Securities Co., Ltd. 144A

      3,033,600          4,285,050  

CITIC Securities Co., Ltd.

      2,251,500          6,046,881  
       

 

 

  
          18,401,758  
       

 

 

  

Life Sciences Tools & Services — 0.9%

        

Pharmaron Beijing Co., Ltd. 144A

      137,300          1,761,842  
       

 

 

  

TOTAL HONG KONG — “H” SHARES —
(Cost $21,566,132)

         12.0 %      24,307,429  
     

 

 

    

 

 

  

TOTAL HONG KONG (INCLUDING “H” SHARES)) —
(Cost $101,482,264)

         55.3 %      111,381,162  
     

 

 

    

 

 

  

TOTAL COMMON STOCK — (Cost $188,724,970)

         99.2 %      199,847,046  
     

 

 

    

 

 

  

RIGHTS

        

Capital Markets — 0.1%

        

CITIC Securities Co., Ltd., expires 2/23/2022*

      350,625        0.1 %      147,077  
     

 

 

    

 

 

  

TOTAL RIGHTS — (Cost $0)

           147,077  
       

 

 

  

COLLATERAL FOR SECURITIES ON LOAN

        

Money Market Funds — 2.4%

        

Fidelity Investments Money Market Government Portfolio,
0.01%∞ (Cost $4,891,480)

      4,891,480          4,891,480  
       

 

 

  

TOTAL COLLATERAL FOR SECURITIES ON LOAN —
(Cost $4,891,480)

         2.4 %      4,891,480  
     

 

 

    

 

 

  

 

See notes to schedule of investments.

THE CHINA FUND, INC.

SCHEDULE OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

 

Name of Issuer and Title of Issue

    Principal
Amount		            Value (Note A)  

SHORT TERM INVESTMENTS

        

Time Deposits —1.3%

        

Citibank N.A. — New York, 0.01%, 2/1/2022

      USD 2,647,056        $ 2,647,056  
       

 

 

  

TOTAL SHORT TERM INVESTMENTS —
(Cost $2,647,056)

         1.3 %      2,647,056  
     

 

 

    

 

 

  

TOTAL INVESTMENTS — (Cost $196,263,506)

         103.0 %      207,532,659  
     

 

 

    

 

 

  

OTHER ASSETS AND LIABILITIES

         (3.0 )%      (6,026,102 ) 
     

 

 

    

 

 

  

NET ASSETS

         100.0 %    $ 201,506,557  
     

 

 

    

 

 

  

Footnotes to Schedule of Investments

 

* 

Denotes non-income producing security.

∞ 

Rate shown is the 7-day yield as of January 31, 2022.

(1)

A security (or a portion of the security) is on loan. As of January 31, 2022, the market value of securities loaned was $5,211,129. The loaned securities were secured with cash collateral of $4,891,480. 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, 2022, these restricted securities amounted to $24,151,671, which represented 12.0% 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, 2022 (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, 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.

The Fund’s investments in Chinese companies involve certain risks not typically associated with investments in securities of U.S. companies or the U.S. Government, including risks relating to (1) social, economic and political uncertainty; (2) price volatility, lesser liquidity and smaller market capitalization of securities markets in which securities of Chinese companies trade; (3) currency exchange fluctuations, currency blockage and higher rates of inflation; (4) controls on foreign investment and limitations on repatriation of invested capital and on the Fund’s ability to exchange local currencies for U.S. dollars; (5) governmental involvement in and control over the economy; (6) risk of nationalization or expropriation of assets; (7) the nature of the smaller, less seasoned and newly organized Chinese companies, particularly in China; and (8) the absence of uniform accounting, auditing and financial reporting standards, practices and disclosure requirements and less government supervision and regulation.

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 CHINA FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (continued)

January 31, 2022 (unaudited)

 

The following is a summary of the inputs used as of January 31, 2022 in valuing the Fund’s investments carried at value:

ASSETS VALUATION INPUT

 

Description*

    Level 1      Level 2      Level 3      Total  

Common Stock

    $ 13,908,479      $ 185,938,567      $ —        $ 199,847,046  

Rights

      —          147,077        —          147,077  

Collateral for Securities on Loan

      4,891,480        —          —          4,891,480  

Short Term Investments

      2,647,056        —          —          2,647,056  
  

 

 

     

 

 

     

 

 

     

 

 

  

TOTAL INVESTMENTS

    $ 21,447,015      $ 186,085,644      $ —        $ 207,532,659  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

*

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