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Matthews China Dividend Fund    September 30, 2022

Schedule of Investmentsa (unaudited)

COMMON EQUITIES: 94.3%

 

      Shares      Value  
   

CONSUMER DISCRETIONARY: 27.2%

 

   

Hotels, Restaurants & Leisure: 8.5%

      

Yum China Holdings, Inc.

      163,741        $7,749,862  

Tam Jai International Co., Ltd.

      16,628,000        4,434,926  

Shanghai Jinjiang International Hotels Co., Ltd. B Shares

      2,257,731        4,188,673  

Helens International Holdings Co., Ltd.b

     1,388,000        1,911,601  
     

 

 

 

        18,285,062  
     

 

 

 

Internet & Direct Marketing Retail: 7.5%

      

Alibaba Group Holding, Ltd.b

     655,300        6,539,461  

Pinduoduo, Inc. ADRb

     81,100        5,075,238  

Meituan B Sharesb,c,d

     216,400        4,547,962  
     

 

 

 

        16,162,661  
     

 

 

 

Automobiles: 4.1%

      

Yadea Group Holdings, Ltd.c,d

     2,936,000        4,692,543  

Chongqing Changan Automobile Co., Ltd. B Shares

      8,856,158        4,053,643  
     

 

 

 

        8,746,186  
     

 

 

 

Diversified Consumer Services: 2.6%

      

China Education Group Holdings, Ltd.d

     7,498,000        5,518,755  
     

 

 

 

Household Durables: 2.3%

      

Haier Smart Home Co., Ltd. D Shares

      4,692,403        4,940,254  
     

 

 

 

Specialty Retail: 2.2%

      

China Tourism Group Duty Free Corp., Ltd. H Sharesb,c,d

     182,500        4,587,115  
     

 

 

 

Total Consumer Discretionary

           58,240,033  
     

 

 

 

     
   

COMMUNICATION SERVICES: 12.4%

 

   

Interactive Media & Services: 7.2%

      

Tencent Holdings, Ltd.

      458,200        15,476,309  
     

 

 

 

Diversified Telecommunication Services: 5.2%

 

   

CITIC Telecom International Holdings, Ltd.

      34,280,000        11,087,642  
     

 

 

 

Total Communication Services

         26,563,951  
     

 

 

 

     
     

FINANCIALS: 11.7%

      

Banks: 9.5%

      

Postal Savings Bank of China Co., Ltd. H Sharesc,d

     15,784,000        9,277,284  

China Merchants Bank Co., Ltd. A Shares

      1,355,884        6,367,472  

BOC Hong Kong Holdings, Ltd.

      1,449,000        4,818,965  
     

 

 

 

        20,463,721  
     

 

 

 

Capital Markets: 2.2%

      

Hong Kong Exchanges & Clearing, Ltd.

      114,000        3,896,795  

GF Securities Co., Ltd. H Shares

      752,000        816,095  
     

 

 

 

        4,712,890  
     

 

 

 

Total Financials

         25,176,611  
     

 

 

 

     
     

CONSUMER STAPLES: 10.0%

      

Beverages: 8.1%

      

Tsingtao Brewery Co., Ltd. H Shares

      732,000        6,901,122  

Yantai Changyu Pioneer Wine Co., Ltd. B Shares

      3,792,176        5,555,375  
      Shares      Value  

Wuliangye Yibin Co., Ltd. A Shares

      208,600        $4,928,566  
     

 

 

 

        17,385,063  
     

 

 

 

Food Products: 1.9%

      

Inner Mongolia Yili Industrial Group Co., Ltd. A Shares

      885,600        4,081,273  
     

 

 

 

Total Consumer Staples

         21,466,336  
     

 

 

 

     
     

HEALTH CARE: 9.3%

      

Pharmaceuticals: 5.7%

      

CSPC Pharmaceutical Group, Ltd.

      7,526,000        7,459,586  

Livzon Pharmaceutical Group, Inc. H Shares

      1,881,800        4,713,095  
     

 

 

 

        12,172,681  
     

 

 

 

Health Care Equipment & Supplies: 2.1%

      

AK Medical Holdings, Ltd.c,d

     4,666,000        4,565,149  
     

 

 

 

Life Sciences Tools & Services: 1.5%

      

Pharmaron Beijing Co., Ltd. H Sharesc,d

     669,750        3,240,043  
     

 

 

 

Total Health Care

           19,977,873  
     

 

 

 

     
     

INDUSTRIALS: 7.5%

      

Machinery: 3.5%

      

Yangzijiang Shipbuilding Holdings, Ltd.

      10,623,100        7,583,972  
     

 

 

 

Transportation Infrastructure: 2.5%

      

Hainan Meilan International Airport Co., Ltd. H Sharesb

     2,267,000        5,416,433  
     

 

 

 

Electrical Equipment: 1.5%

      

Zhejiang HangKe Technology, Inc. Co. A Shares

      449,902        3,136,489  
     

 

 

 

Total Industrials

           16,136,894  
     

 

 

 

     
   

INFORMATION TECHNOLOGY: 5.7%

 

   

Software: 3.8%

      

Shanghai Baosight Software Co., Ltd. B Shares

      1,469,913        4,263,449  

Longshine Technology Group Co., Ltd. A Shares

      1,289,600        3,862,383  
     

 

 

 

        8,125,832  
     

 

 

 

Electronic Equipment, Instruments & Components: 1.9%

 

   

OPT Machine Vision Tech Co., Ltd. A Shares

      185,055        4,069,005  
     

 

 

 

Total Information Technology

         12,194,837  
     

 

 

 

     
     

MATERIALS: 5.3%

      

Construction Materials: 4.0%

      

China Jushi Co., Ltd. A Shares

      2,363,707        4,343,160  

Huaxin Cement Co., Ltd. H Shares

      4,143,292        4,243,811  
     

 

 

 

        8,586,971  
     

 

 

 

Metals & Mining: 1.3%

      

Tiangong International Co., Ltd.

      10,616,000        2,849,625  
     

 

 

 

Total Materials

         11,436,596  
     

 

 

 

     
     

REAL ESTATE: 2.8%

      

Real Estate Management & Development: 2.8%

 

   

China Vanke Co., Ltd. H Shares

      3,255,700        5,892,044  
 

 

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Matthews China Dividend Fund    September 30, 2022
Schedule of Investmentsa (unaudited) (continued)   

 

COMMON EQUITIES (continued)

 

      Shares      Value  

Onewo, Inc. H Sharesb

     14,330        $81,058  
     

 

 

 

Total Real Estate

         5,973,102  
     

 

 

 

     
     

ENERGY: 2.4%

      

Oil, Gas & Consumable Fuels: 2.4%

      

China Suntien Green Energy Corp., Ltd. H Shares

      13,985,000        5,101,239  
     

 

 

 

Total Energy

         5,101,239  
     

 

 

 

     
     

TOTAL INVESTMENTS: 94.3%

         202,267,472  

(Cost $248,733,675)

      

CASH AND OTHER ASSETS,

LESS LIABILITIES: 5.7%

         12,232,902  
     

 

 

 

NET ASSETS: 100.0%

         $214,500,374  
     

 

 

 

 

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 September 30, 2022, the aggregate value is $30,910,096, which is 14.41% 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.

 

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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