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Matthews China Small Companies Fund    March 31, 2021
Schedule of Investmentsa (unaudited)   

COMMON EQUITIES: 98.8%

 

     

Shares

      Value  
 

INFORMATION TECHNOLOGY: 19.7%

 

Semiconductors & Semiconductor Equipment: 10.8%

 

Alchip Technologies, Ltd.

      447,000        $14,254,482  

Daqo New Energy Corp. ADRb

     128,600        9,709,300  

Pan Jit International, Inc.

      3,892,000        7,351,109  

WIN Semiconductors Corp.

      493,000        6,807,972  

Silergy Corp.

      68,000        5,608,746  

Flat Glass Group Co., Ltd. H Shares

      1,599,000        4,882,004  

StarPower Semiconductor, Ltd. A Shares

      70,692        1,843,208  
     

 

 

  
        50,456,821  
     

 

 

  

Software: 6.2%

 

Kingsoft Corp., Ltd.

      1,751,000        11,709,935  

Weimob, Inc.b,c,d

     3,460,000        7,821,180  

China Youzan, Ltd.b

     21,792,000        7,181,501  

Kingdee International Software Group Co., Ltd.

      652,000        2,044,665  
     

 

 

  
        28,757,281  
     

 

 

  

IT Services: 1.6%

 

21Vianet Group, Inc. ADRb

     235,100        7,593,730  
     

 

 

  

Communications Equipment: 1.1%

 

Accton Technology Corp.

      525,000        5,104,130  
     

 

 

  

Electronic Equipment, Instruments & Components: 0.0%

 

China High Precision Automation Group, Ltd.b,e

     195,000        251  
     

 

 

  

Total Information Technology

 

      91,912,213  
     

 

 

  
     
 

INDUSTRIALS: 15.5%

 

Machinery: 4.5%

 

Airtac International Group

      245,000        8,739,171  

Estun Automation Co., Ltd. A Sharesb

     2,173,700        8,623,263  

Hefei Meiya Optoelectronic Technology, Inc. A Shares

      297,400        1,919,998  

Leader Harmonious Drive Systems Co., Ltd. A Sharesb

     125,131        1,876,029  
     

 

 

  
        21,158,461  
     

 

 

  

Electrical Equipment: 3.6%

 

Ginlong Technologies Co., Ltd. A Shares

      300,610        6,977,950  

Zhejiang HangKe Technology, Inc., Co. A Shares

      656,347        6,204,112  

Hongfa Technology Co., Ltd. A Shares

      481,855        3,637,785  
     

 

 

  
        16,819,847  
     

 

 

  

Marine: 3.6%

      

SITC International Holdings Co., Ltd.

      4,866,500        16,562,188  
     

 

 

  

Transportation Infrastructure: 3.4%

 

Yuexiu Transport Infrastructure, Ltd.

      13,236,000        8,365,734  

Hainan Meilan International Airport Co., Ltd. H Sharesb

     1,735,000        7,589,507  
     

 

 

  
        15,955,241  
     

 

 

  

Professional Services: 0.4%

 

Centre Testing International Group Co., Ltd. A Shares

      429,859        1,873,268  
     

 

 

  

Total Industrials

         72,369,005  
     

 

 

  
     

Shares

      Value  
     

CONSUMER DISCRETIONARY: 13.3%

      

Specialty Retail: 6.3%

      

China Yongda Automobiles Services Holdings, Ltd.

      8,756,000      $ 16,030,513  

China Meidong Auto Holdings, Ltd.

      2,846,000        13,217,240  
     

 

 

  
        29,247,753  
     

 

 

  
     

Diversified Consumer Services: 2.2%

      

China Yuhua Education Corp., Ltd.c,d

     13,422,000        10,552,652  
     

 

 

  
     

Household Durables: 1.4%

      

Q Technology Group Co., Ltd.d

     3,136,000        6,433,962  
     

 

 

  
     

Automobiles: 1.2%

      

Niu Technologies ADRb

     155,600        5,702,740  
     

 

 

  
     

Hotels, Restaurants & Leisure: 1.1%

      

Jiumaojiu International Holdings, Ltd.b,c,d

     1,293,000        5,183,552  
     

 

 

  
     

Internet & Direct Marketing Retail: 1.1%

      

Maoyan Entertainmentb,c,d

     3,068,600        5,132,935  
     

 

 

  

Total Consumer Discretionary

         62,253,594  
     

 

 

  
     
     

MATERIALS: 11.9%

      

Chemicals: 8.8%

      

ENN Natural Gas Co., Ltd. A Shares

      5,432,742        14,567,379  

Sinoma Science & Technology Co., Ltd. A Shares

      2,644,800        9,441,984  

Asia Cuanon Technology Shanghai Co., Ltd. A Shares

      519,500        4,814,277  

Jiangsu Cnano Technology Co., Ltd. A Shares

      579,733        4,556,307  

Dongyue Group, Ltd.

      5,621,000        4,349,388  

China BlueChemical, Ltd. H Shares

      14,482,000        3,511,262  
     

 

 

  
        41,240,597  
     

 

 

  

Construction Materials: 1.9%

      

Asia Cement China Holdings Corp.

      8,639,000        8,857,823  
     

 

 

  

Metals & Mining: 1.2%

      

MMG, Ltd.b

     9,532,000        5,357,988  
     

 

 

  

Total Materials

         55,456,408  
     

 

 

  
     
 

REAL ESTATE: 10.6%

 

Real Estate Management & Development: 10.6%

 

KWG Group Holdings, Ltd.

      10,752,000        18,485,627  

KWG Living Group Holdings, Ltd.b,d

     16,245,000        16,685,070  

Times China Holdings, Ltd.

      10,537,000        14,534,068  
     

 

 

  

Total Real Estate

         49,704,765  
     

 

 

  
     
 

FINANCIALS: 10.4%

 

Capital Markets: 4.6%

 

Haitong International Securities Group, Ltd.

      28,056,000        8,971,139  

China Renaissance Holdings, Ltd.c,d

     1,912,700        7,679,000  

China Merchants Securities Co., Ltd. H

      

Sharesc,d

     3,382,600        4,676,219  
     

 

 

  
        21,326,358  
     

 

 

  

Consumer Finance: 3.7%

      

360 DigiTech, Inc. ADRb

     663,200        17,249,832  
     

 

 

  
 


 

1   MATTHEWS ASIA FUNDS

Matthews China Small Companies Fund    March 31, 2021
Schedule of Investmentsa (unaudited) (continued)   

COMMON EQUITIES (continued)

 

     

Shares

      Value  

Diversified Financial Services: 2.1%

 

Chailease Holding Co., Ltd.

      1,428,000        $9,883,437  
     

 

 

  

Total Financials

         48,459,627  
     

 

 

  
     
     

HEALTH CARE: 10.2%

      

Biotechnology: 4.3%

      

Shenzhen New Industries Biomedical Engineering Co., Ltd. A Shares

      549,350        10,053,469  

Innovent Biologics, Inc.b,c,d

     505,500        5,169,857  

InnoCare Pharma, Ltd.b,c,d

     2,044,000        4,804,671  
     

 

 

  
        20,027,997  
     

 

 

  

Pharmaceuticals: 1.9%

      

Sihuan Pharmaceutical Holdings Group, Ltd.

      22,264,000        5,887,420  

Asymchem Laboratories (Tianjin) Co., Ltd. A Shares

      73,337        3,242,951  
     

 

 

  
        9,130,371  
     

 

 

  

Life Sciences Tools & Services: 1.9%

      

Pharmaron Beijing Co., Ltd. H Sharesc,d

     473,100        8,993,552  
     

 

 

  

Health Care Providers & Services: 1.1%

      

Dian Diagnostics Group Co., Ltd. A Shares

      930,152     

 

4,967,998

 

     

 

 

  

Health Care Equipment & Supplies: 1.0%

      

Peijia Medical, Ltd.b,c,d

     1,487,000        4,756,121  
     

 

 

  

Total Health Care

         47,876,039  
     

 

 

  
     
     

COMMUNICATION SERVICES: 3.8%

      

Entertainment: 2.2%

      

Bilibili, Inc. ADRb

     72,600        7,772,556  

XD, Inc.b,d

     369,400        2,252,286  
     

 

 

  
        10,024,842  
     

 

 

  

Media: 1.6%

      

iClick Interactive Asia Group, Ltd. ADRb

     510,200        6,005,054  

Mobvista, Inc.b,c,d

     2,125,000        1,605,658  
     

 

 

  
        7,610,712  
     

 

 

  

Total Communication Services

         17,635,554  
     

 

 

  
      Shares      Value  

CONSUMER STAPLES: 3.4%

      

Food Products: 3.4%

      

COFCO Joycome Foods, Ltd.d

     10,649,000        $5,509,717  

China Modern Dairy Holdings, Ltd.b

     21,903,000        5,263,696  

Yantai China Pet Foods Co., Ltd. A Shares

      772,499        5,262,050  
     

 

 

  

Total Consumer Staples

         16,035,463  
     

 

 

  
     

TOTAL INVESTMENTS: 98.8%

         461,702,668  

(Cost $424,598,548)

      

CASH AND OTHER ASSETS,

      

LESS LIABILITIES: 1.2%

         5,641,225  
     

 

 

  

NET ASSETS: 100.0%

       $ 467,343,893  
     

 

 

  

 

a

Certain securities were fair valued under the valuation policies approved by the Board of Trustees.

 

b

Non-income producing security.

 

c

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At March 31, 2021, the aggregate value is $66,375,397, which is 14.20% of net assets.

 

d

The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

 

e

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The aggregate value of Level 3 security is $251 and 0.00% of net assets.

 

ADR

American Depositary Receipt

Other information regarding the Fund is available in the Funds’ most recent report to shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

 


 

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