NPORT-EX 2 MIMA400MATT033123.htm HTML
Matthews China Fund      March 31, 2023  
Schedule of Investmentsa (unaudited)   

COMMON EQUITIES: 98.8%

 

      Shares      Value  

CONSUMER DISCRETIONARY: 36.7%

 

   

Broadline Retail: 19.3%

      

Alibaba Group Holding, Ltd.b

     5,362,100        $67,913,656  

PDD Holdings, Inc. ADRb

     559,301        42,450,946  

JD.com, Inc. A Shares

      1,823,263        39,813,131  
     

 

 

 

          150,177,733  
     

 

 

 

Hotels, Restaurants & Leisure: 8.3%

      

Meituan B Sharesb,c,d

     2,275,280        41,278,621  

Galaxy Entertainment Group, Ltd.b

     1,967,000        13,157,588  

H World Group, Ltd. ADRb

     216,549        10,606,570  
     

 

 

 

        65,042,779  
     

 

 

 

Household Durables: 2.8%

      

Midea Group Co., Ltd. A Shares

      1,471,552        11,512,530  

Man Wah Holdings, Ltd.

      12,349,200        10,175,782  
     

 

 

 

        21,688,312  
     

 

 

 

Specialty Retail: 2.2%

      

China Tourism Group Duty Free Corp., Ltd. A Shares

      377,190        10,070,752  

Zhongsheng Group Holdings, Ltd.

      1,516,000        7,469,907  
     

 

 

 

        17,540,659  
     

 

 

 

Automobile Components: 1.6%

      

Zhejiang Shuanghuan Driveline Co., Ltd. A Shares

      3,223,117        12,371,975  
     

 

 

 

Automobiles: 1.5%

      

Yadea Group Holdings, Ltd.c,d

     4,436,000        11,426,792  
     

 

 

 

Diversified Consumer Services: 1.0%

      

China Education Group Holdings, Ltd.d

     8,198,000        7,890,544  
     

 

 

 

Total Consumer Discretionary

         286,138,794  
     

 

 

 

     
     

FINANCIALS: 17.2%

      

Capital Markets: 11.2%

      

China International Capital Corp., Ltd. H Sharesc,d

     17,302,000        34,713,615  

CITIC Securities Co., Ltd. H Shares

      11,256,925        24,078,535  

China Merchants Securities Co., Ltd. H Sharesc,d

     11,745,800        11,259,717  

Hong Kong Exchanges & Clearing, Ltd.

      212,400        9,414,573  

East Money Information Co., Ltd. A Shares

      2,699,900        7,873,727  
     

 

 

 

        87,340,167  
     

 

 

 

Banks: 4.1%

      

China Merchants Bank Co., Ltd. A Shares

      6,484,123        32,286,332  
     

 

 

 

Insurance: 1.9%

      

Ping An Insurance Group Co. of China, Ltd. H Shares

      2,297,500        14,863,018  
     

 

 

 

Total Financials

         134,489,517  
     

 

 

 

     
     

INFORMATION TECHNOLOGY: 10.4%

      

Software: 5.2%

      

Shanghai Baosight Software Co., Ltd. A Shares

      1,828,479        15,494,446  

Beijing Kingsoft Office Software, Inc. A Shares

      167,739        11,547,104  
      Shares      Value  

Thunder Software Technology Co., Ltd. A Shares

      498,266        $7,862,202  

Kingdee International Software Group Co., Ltd.b

     3,232,000        5,220,892  
     

 

 

 

            40,124,644  
     

 

 

 

Semiconductors & Semiconductor Equipment: 2.7%

 

   

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

      790,658        7,538,309  

NAURA Technology Group Co., Ltd. A Shares

      177,613        6,890,832  

LONGi Green Energy Technology Co., Ltd. A Shares

      1,146,112        6,742,883  
     

 

 

 

        21,172,024  
     

 

 

 

Electronic Equipment, Instruments & Components: 2.5%

 

Zhejiang Supcon Technology Co., Ltd. A Shares

      771,677        11,700,709  

Wingtech Technology Co., Ltd. A Shares

      1,001,317        8,070,640  
     

 

 

 

        19,771,349  
     

 

 

 

Total Information Technology

         81,068,017  
     

 

 

 

     
     

COMMUNICATION SERVICES: 8.7%

      

Interactive Media & Services: 5.0%

      

Tencent Holdings, Ltd.

      798,200        39,007,494  
     

 

 

 

Media: 2.3%

      

Focus Media Information Technology Co., Ltd. A Shares

      17,856,857        17,834,035  
     

 

 

 

Entertainment: 1.4%

      

Bilibili, Inc. ADRb

     485,818        11,416,723  
     

 

 

 

Total Communication Services

         68,258,252  
     

 

 

 

     
     

INDUSTRIALS: 8.5%

      

Machinery: 3.7%

      

Shenzhen Inovance Technology Co., Ltd. A Shares

      1,287,907        13,191,814  

Estun Automation Co., Ltd. A Shares

      1,944,344        7,935,003  

Wuxi Lead Intelligent Equipment Co., Ltd. A Shares

      1,276,316        7,525,216  
     

 

 

 

        28,652,033  
     

 

 

 

Electrical Equipment: 3.4%

      

Contemporary Amperex Technology Co., Ltd. A Shares

      272,900        16,150,558  

Sungrow Power Supply Co., Ltd. A Shares

      701,774        10,729,897  
     

 

 

 

        26,880,455  
     

 

 

 

Transportation Infrastructure: 1.4%

      

Shanghai International Airport Co., Ltd. A Sharesb

     1,302,141        10,562,812  
     

 

 

 

Total Industrials

         66,095,300  
     

 

 

 

     
     

REAL ESTATE: 6.8%

      

Real Estate Management & Development: 6.8%

 

   

KE Holdings, Inc. ADRb

     1,478,325        27,851,643  

Country Garden Services Holdings Co., Ltd.

      6,795,000        11,715,196  

CIFI Holdings Group Co., Ltd.e

     104,961,520        9,145,808  
 

 

matthewsasia.com  |  800.789.ASIA   1

Matthews China Fund    March 31, 2023
Schedule of Investmentsa (unaudited) (continued)   

COMMON EQUITIES (continued)

 

      Shares      Value  

Times China Holdings, Ltd.b

     42,755,000        $4,071,668  
     

 

 

 

Total Real Estate

         52,784,315  
     

 

 

 

     
     

CONSUMER STAPLES: 4.6%

      

Beverages: 3.0%

      

Wuliangye Yibin Co., Ltd. A Shares

      549,929        15,708,953  

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

      203,822        8,058,421  
     

 

 

 

        23,767,374  
     

 

 

 

Consumer Staples Distribution & Retail: 1.6%

 

   

JD Health International, Inc.b,c,d

     1,644,150        12,191,315  
     

 

 

 

Total Consumer Staples

         35,958,689  
     

 

 

 

     
     

HEALTH CARE: 2.5%

      

Health Care Equipment & Supplies: 1.6%

      

Shenzhen Mindray Bio-Medical Electronics Co., Ltd. A Shares

      177,194        8,038,269  

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

      445,700        3,966,721  
     

 

 

 

        12,004,990  
     

 

 

 

     

Life Sciences Tools & Services: 0.9%

      

Wuxi Biologics Cayman, Inc.b,c,d

     1,188,000        7,320,410  
     

 

 

 

Total Health Care

         19,325,400  
     

 

 

 

     
     

MATERIALS: 1.9%

      

Chemicals: 1.9%

      

Shanghai Putailai New Energy Technology Co., Ltd. A Shares

      1,282,586        9,334,155  

Skshu Paint Co., Ltd. A Sharesb

     268,626        4,549,548  

Wanhua Chemical Group Co., Ltd. A Shares

      52,018        724,885  
     

 

 

 

Total Materials

             14,608,588  
     

 

 

 

      Shares      Value  
     

UTILITIES: 1.5%

      

Gas Utilities: 1.5%

      

ENN Energy Holdings, Ltd.

      848,700        $11,621,230  
     

 

 

 

Total Utilities

         11,621,230  
     

 

 

 

     
     

TOTAL INVESTMENTS: 98.8%

         770,348,102  

(Cost $915,505,039)

      

CASH AND OTHER ASSETS,

LESS LIABILITIES: 1.2%

         9,204,115  
     

 

 

 

NET ASSETS: 100.0%

         $779,552,217  
     

 

 

 

 

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, 2023, the aggregate value is $118,190,470, which is 15.16% 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 $9,145,808 and 1.17% 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).

 

 

2   MATTHEWS ASIA FUNDS