THE CHINA FUND, INC.

SCHEDULE OF INVESTMENTS

July 31, 2024 (unaudited)

 

 

Name of Issuer and Title of Issue  Shares         Value (Note A) 
COMMON STOCK                
CHINA — "A" SHARES                
Banks — 4.2%                
China Merchants Bank Co., Ltd. — A   1,053,247         $4,765,890 
Beverages — 4.6%                
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. — A   58,200          1,482,050 
Wuliangye Yibin Co., Ltd. — A   214,296          3,756,507 
               5,238,557 
Capital Markets — 1.4%                
East Money Information Co., Ltd. — A   435,480          671,183 
Hithink RoyalFlush Information Network Co., Ltd. — A   59,600          880,933 
               1,552,116 
Chemicals — 2.8%                
Nanjing Cosmos Chemical Co., Ltd. — A   238,900          1,081,667 
Wanhua Chemical Group Co., Ltd. — A   199,900          2,145,077 
               3,226,744 
Communications Equipment — 1.0%                
Suzhou TFC Optical Communication Co., Ltd. — A   82,340          1,149,667 
Electrical Equipment — 4.6%                
Contemporary Amperex Technology Co., Ltd. — A   100,640          2,586,087 
Hongfa Technology Co., Ltd. — A   392,600          1,488,158 
Sichuan Injet Electric Co., Ltd. — A   63,800          331,796 
Sungrow Power Supply Co., Ltd. — A   96,600          918,852 
               5,324,893 
Electronic Equipment, Instruments & Components — 3.3%                
Foxconn Industrial Internet Co., Ltd. — A*   466,300          1,552,286 
Luxshare Precision Industry Co., Ltd. — A   235,000          1,243,827 
SUPCON Technology Co., Ltd. — A   196,380          1,027,167 
               3,823,280 
Food Products — 2.5%                
Anjoy Foods Group Co., Ltd. — A   163,600          1,793,153 
Guangdong Haid Group Co., Ltd. — A   182,700          1,108,978 
               2,902,131 
Health Care Equipment & Supplies — 1.1%                
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. — A   36,600          1,299,952 
Health Care Providers & Services — 0.8%                
Aier Eye Hospital Group Co., Ltd. — A   562,600          860,100 
Household Durables — 1.5%                
Midea Group Co., Ltd. — A   200,229          1,763,742 
Insurance — 2.0%                
Ping An Insurance Group Co., of China Ltd. — A   383,500          2,255,902 
Machinery — 1.7%                
Neway Valve Suzhou Co., Ltd. — A   477,800          1,182,591 
Yutong Bus Co., Ltd. — A   254,600          789,069 
               1,971,660 

 

See notes to schedule of investments.

1

 

THE CHINA FUND, INC.

SCHEDULE OF INVESTMENTS (continued)

July 31, 2024 (unaudited)

 

 

Name of Issuer and Title of Issue  Shares         Value (Note A) 
COMMON STOCK (continued)                
CHINA — "A" SHARES (continued)                
Media — 0.5%                
Focus Media Information Technology Co., Ltd. — A   684,000         $548,768 
Semiconductors & Semiconductor Equipment — 2.3%                
NAURA Technology Group Co., Ltd. — A   18,902          897,158 
Will Semiconductor Co., Ltd. Shanghai — A*   122,500          1,746,629 
               2,643,787 
Specialty Retail — 0.8%                
China Tourism Group Duty Free Corp., Ltd. — A   99,700          944,452 
TOTAL CHINA — "A" SHARES — (Cost $47,251,600)      35.1 %   40,271,641 
                 
HONG KONG                
Air Freight & Logistics — 1.0%                
JD Logistics, Inc. 144A*   1,169,100          1,202,341 
Biotechnology — 1.0%                
Innovent Biologics, Inc. 144A*   235,500          1,166,494 
Broadline Retail — 9.8%                
Alibaba Group Holding, Ltd.   518,408          5,094,163 
JD.com, Inc.   249,304          3,303,106 
PDD Holdings, Inc. ADR*   22,028          2,839,189 
               11,236,458 
Capital Markets — 1.1%                
Hong Kong Exchanges & Clearing, Ltd.   43,600          1,291,659 
Entertainment — 1.3%                
NetEase, Inc.   54,100          1,000,661 
Tencent Music Entertainment Group ADR   32,049          454,455 
               1,455,116 
Ground Transportation — 1.8%                
DiDi Global, Inc. ADR*   574,147          2,107,119 
Hotels, Restaurants & Leisure — 7.3%                
Galaxy Entertainment Group, Ltd.   397,000          1,669,322 
Luckin Coffee, Inc. ADR(1)*   5,384          112,418 
Meituan 144A*   330,750          4,618,599 
Trip.com Group, Ltd. ADR*   24,218          1,029,992 
Yum China Holdings, Inc.   29,678          897,463 
               8,327,794 
Household Durables — 1.4%                
Man Wah Holdings, Ltd.   2,622,800          1,550,101 
Interactive Media & Services — 13.2%                
Baidu, Inc.*   90,150          1,000,009 
Kuaishou Technology Co., Ltd. 144A*   260,900          1,462,660 
Tencent Holdings, Ltd.   273,800          12,637,501 
               15,100,170 
Marine Transportation — 0.8%                
Orient Overseas International, Ltd.   68,500          967,725 

 

See notes to schedule of investments.

2

 

THE CHINA FUND, INC.

SCHEDULE OF INVESTMENTS (continued)

July 31, 2024 (unaudited)

 

 

Name of Issuer and Title of Issue  Shares         Value (Note A) 
COMMON STOCK (continued)                
HONG KONG (continued)                
Metals & Mining — 0.9%                
MMG, Ltd.*   3,354,400         $1,044,232 
Real Estate Management & Development — 4.1%                
CIFI Holdings Group Co., Ltd.*   21,016,968          795,260 
KE Holdings, Inc. ADR   188,500          2,610,725 
Longfor Group Holdings, Ltd. 144A   764,000          994,128 
Times China Holdings, Ltd.*   8,477,000          250,942 
               4,651,055 
Textiles, Apparel & Luxury Goods — 0.9%                
ANTA Sports Products, Ltd.   112,200          1,006,695 
TOTAL HONG KONG — (Cost $62,517,351)      44.6 %   51,106,959 
                 
HONG KONG — "H" SHARES                
Banks — 6.0%                
China Construction Bank Corp.   7,507,000          5,247,478 
China Merchants Bank Co., Ltd.   377,000          1,563,401 
               6,810,879 
Beverages — 1.2%                
Tsingtao Brewery Co., Ltd.   218,000          1,394,235 
Capital Markets — 4.5%                
China International Capital Corp., Ltd. 144A   1,992,800          2,225,602 
China Merchants Securities Co., Ltd. 144A   1,472,200          1,171,231 
CITIC Securities Co., Ltd.   1,188,125          1,788,324 
               5,185,157 
Health Care Providers & Services — 0.5%                
Sinopharm Group Co., Ltd.   242,400          568,941 
Insurance — 3.8%                
China Life Insurance Co., Ltd.   1,296,000          1,800,056 
Ping An Insurance Group Co., of China Ltd.   588,000          2,535,016 
               4,335,072 
Oil, Gas & Consumable Fuels — 3.2%                
PetroChina Co., Ltd.   4,278,000          3,720,431 
TOTAL HONG KONG — "H" SHARES — (Cost $24,402,739)      19.2 %   22,014,715 
TOTAL HONG KONG (INCLUDING "H" SHARES) — (Cost $86,920,090)      63.8 %   73,121,674 
TOTAL COMMON STOCK — (Cost $134,171,690)      98.9 %   113,393,315 

 

See notes to schedule of investments.

3

 

THE CHINA FUND, INC.

SCHEDULE OF INVESTMENTS (continued)

July 31, 2024 (unaudited)

 

 

Name of Issuer and Title of Issue  Shares         Value (Note A) 
COLLATERAL FOR SECURITIES ON LOAN                
Money Market Funds — 0.1%                
Fidelity Investments Money Market Government Portfolio, 5.26%(Cost $113,685)   113,685         $113,685 
TOTAL COLLATERAL FOR SECURITIES ON LOAN — (Cost $113,685)     0.1 %    113,685 

 

   Principal
Amount
           
SHORT TERM INVESTMENTS                
Time Deposits — 0.5%                
Citibank - New York, 4.68%, 8/1/2024  USD 557,736          557,737 
TOTAL SHORT TERM INVESTMENTS — (Cost $557,737)     0.5 %    557,737 
TOTAL INVESTMENTS — (Cost $134,843,112)     99.5 %    114,064,737 
OTHER ASSETS AND LIABILITIES     0.5 %    581,938 
NET ASSETS     100.0 %   $114,646,675 

 

Footnotes to Schedule of Investments

 

* Denotes non-income producing security.

 Rate shown is the 7-day yield as of July 31, 2024.

(1) A security (or a portion of the security) is on loan. As of July 31, 2024, the market value of securities loaned was $110,664. The loaned securities were secured with cash collateral of $113,685. 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 July 31, 2024, these restricted securities amounted to $12,841,055, which represented 11.20% of net assets.

 

ADR — American Depositary Receipt

USD — United States dollar

 

See notes to schedule of investments.

4

 

THE CHINA FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS

July 31, 2024 (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 and derivatives 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 or a third-party pricing service.

 

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 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 following is a summary of the inputs used as of July 31, 2024 in valuing the Fund’s investments carried at value:

 

ASSETS VALUATION INPUT

 

Description*  Level 1   Level 2   Level 3   Total 
Common Stock  $10,051,360   $103,341,955   $   $113,393,315 
Collateral For Securities On Loan   113,685            113,685 
Short Term Investments   557,737            557,737 
TOTAL INVESTMENTS  $10,722,782   $103,341,955   $   $114,064,737 

 

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

 

5

 


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