UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-06686
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JF China Region Fund, Inc.
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(Exact name of registrant as specified in charter)
One Beacon Street, 18th Floor
Boston, MA 02108
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(Address of principal executive offices) (Zip code)
CSC
Suite 3100
1133 Avenue of the Americas
New York, NY 10036
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(Name and address of agent for service)
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Registrant's telephone number, including area code: 302 791 1763 |
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Date of fiscal year end: December 31 |
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Date of reporting period: September 30, 2009 |
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Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss.239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C.ss.3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.
JF China Region Fund, Inc.
INVESTMENT PORTFOLIO
AT SEPTEMBER 30, 2009
(Unaudited)
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DESCRIPTION |
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HOLDINGS |
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MARKET |
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COMMON STOCKS (unless otherwise noted) |
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CHINA (37.0%) |
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Commercial Banks (12.8%) |
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Bank of China Ltd., ‘H’ |
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5,465,000 |
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2,877,039 |
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Bank of Communications Co., Ltd., ‘H’ |
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836,000 |
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1,018,295 |
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China Construction Bank Corp., ‘H’ |
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5,342,000 |
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4,266,680 |
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Industrial & Commercial Bank of China, ‘H’ |
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4,912,000 |
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3,701,406 |
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11,863,420 |
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Construction & Engineering (0.3%) |
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China Railway Group Ltd. (a) |
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314,000 |
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269,836 |
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Construction Materials (1.2%) |
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China National Building Material Co., Ltd., ‘H’ |
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462,000 |
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1,087,332 |
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Energy Equipment & Services (0.6%) |
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China Oilfield Services Ltd., ‘H’ |
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610,000 |
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569,067 |
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Food Products (2.3%) |
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China Yurun Food Group Ltd. |
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472,000 |
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1,017,077 |
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Tingyi Cayman Islands Holding Corp. |
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526,000 |
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1,085,929 |
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2,103,006 |
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Insurance (5.8%) |
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China Life Insurance Co., Ltd., ‘H’ |
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896,000 |
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3,901,910 |
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Ping An Insurance Group Co. of China Ltd., ‘H’ |
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180,500 |
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1,432,346 |
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5,334,256 |
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Internet Software & Services (2.6%) |
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Tencent Holdings Ltd. |
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145,100 |
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2,360,902 |
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Marine (0.6%) |
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China Shipping Development Co., Ltd., ‘H’ |
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278,000 |
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351,533 |
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Sinotrans Shipping Ltd. |
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568,000 |
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228,665 |
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580,198 |
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Metals & Mining (2.9%) |
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Aluminum Corp of China Ltd., ‘H’ (a) |
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270,000 |
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294,733 |
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Angang Steel Co., Ltd., ‘H’ |
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330,000 |
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619,970 |
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Jiangxi Copper Co., Ltd., ‘H’ |
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516,000 |
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1,154,501 |
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Maanshan Iron & Steel, ‘H’ (a) |
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950,000 |
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573,674 |
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2,642,878 |
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Multiline Retail (0.7%) |
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Parkson Retail Group Ltd. |
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468,500 |
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693,980 |
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Oil, Gas & Consumable Fuels (4.8%) |
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China Petroleum & Chemical Corp., ‘H’ |
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2,098,000 |
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1,783,965 |
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China Shenhua Energy Co., Ltd., ‘H’ |
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608,000 |
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2,655,570 |
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4,439,535 |
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Real Estate Management & Development (1.4%) |
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China Vanke Co., Ltd., ‘B’ |
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1,016,600 |
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1,277,628 |
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Textiles, Apparel & Luxury Goods (1.0%) |
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Li Ning Co., Ltd. |
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309,000 |
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950,917 |
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TOTAL CHINA |
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34,172,955 |
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HONG KONG (31.5%) |
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Commercial Banks (2.1%) |
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Hang Seng Bank Ltd. |
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88,200 |
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1,271,210 |
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Industrial & Commercial Bank of China Asia Ltd. |
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288,537 |
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653,020 |
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1,924,230 |
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Distributors (0.3%) |
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Li & Fung Ltd. |
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72,000 |
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290,321 |
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Diversified Financial Services (2.3%) |
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Hong Kong Exchanges and Clearing Ltd. |
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116,100 |
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2,104,767 |
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Gas Utilities (0.5%) |
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China Resources Gas Group Ltd. |
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526,000 |
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430,299 |
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Independent Power Producers & Energy Traders (0.2%) |
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China Resources Power Holdings Co., Ltd. |
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102,000 |
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237,165 |
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Industrial Conglomerates (2.7%) |
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Hutchison Whampoa Ltd. |
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224,000 |
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1,617,125 |
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Jardine Matheson Holdings Ltd. |
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28,000 |
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851,200 |
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2,468,325 |
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Marine (0.9%) |
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Orient Overseas International Ltd. |
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164,500 |
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840,536 |
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Oil, Gas & Consumable Fuels (3.5%) |
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CNOOC Ltd. |
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2,390,000 |
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3,213,373 |
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Real Estate Management & Development (13.7%) |
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Cheung Kong Holdings Ltd. |
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181,000 |
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2,296,934 |
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China Overseas Land & Investment Ltd. |
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522,000 |
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1,128,860 |
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China Resources Land Ltd. |
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570,000 |
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1,248,843 |
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Hang Lung Properties Ltd. |
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482,000 |
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1,775,614 |
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Kerry Properties Ltd. |
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247,000 |
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1,321,043 |
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Poly Hong Kong Investment Ltd. |
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330,000 |
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384,501 |
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Sun Hung Kai Properties Ltd. |
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174,000 |
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2,563,958 |
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Wharf Holdings Ltd. |
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372,000 |
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1,975,187 |
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12,694,940 |
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Wireless Telecommunication Services (5.3%) |
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China Mobile Ltd. |
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503,500 |
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4,911,530 |
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TOTAL HONG KONG |
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29,115,486 |
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TAIWAN (29.2%) |
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Capital Markets (1.4%) |
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KGI Securities Co. Ltd. |
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2,436,000 |
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1,310,900 |
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Chemicals (2.6%) |
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Formosa Plastics Corp. |
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829,110 |
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1,689,272 |
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Taiwan Fertilizer Co., Ltd. |
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210,000 |
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751,213 |
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2,440,485 |
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Commercial Banks (1.0%) |
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Taishin Financial Holdings Co., Ltd. (a) |
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2,100,000 |
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914,520 |
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Computers & Peripherals (2.8%) |
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Acer, Inc. |
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585,630 |
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1,493,768 |
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Compal Electronics, Inc. |
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620,000 |
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722,254 |
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HTC Corp. |
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30,145 |
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331,006 |
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2,547,028 |
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Diversified Financial Services (1.6%) |
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Fubon Financial Holding Co., Ltd. (a) |
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1,325,000 |
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1,496,127 |
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Electronic Equipment, Instruments & Components (6.6%) |
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AU Optronics Corp. |
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1,336,410 |
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1,299,079 |
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Chi Mei Optoelectronics Corp. (a) |
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950,000 |
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499,409 |
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HON HAI Precision Industry Co., Ltd. |
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895,716 |
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3,594,232 |
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Largan Precision Co., Ltd. |
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52,700 |
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691,782 |
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6,084,502 |
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Food & Staples Retailing (0.1%) |
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President Chain Store Corp. |
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29,784 |
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73,005 |
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Industrial Conglomerates (1.1%) |
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Far Eastern Textile Co., Ltd. |
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837,140 |
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981,715 |
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Insurance (0.7%) |
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Shin Kong Financial Holding Co. Ltd. (a) |
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1,519,000 |
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604,803 |
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Marine (0.2%) |
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Evergreen Marine Corp., Taiwan Ltd. (a) |
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381,000 |
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219,252 |
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Metals & Mining (0.4%) |
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China Steel Corp. |
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443,381 |
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412,377 |
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Semiconductors & Semiconductor Equipment (10.7%) |
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Advanced Semiconductor Engineering, Inc. |
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1,616,000 |
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1,329,576 |
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MediaTek, Inc. |
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116,638 |
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1,944,692 |
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Richtek Technology Corp. |
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69,300 |
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597,116 |
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Taiwan Semiconductor Manufacturing Co., Ltd. |
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2,254,057 |
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4,522,418 |
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United Microelectronics Corp. |
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2,930,000 |
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1,435,470 |
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9,829,272 |
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TOTAL TAIWAN |
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26,913,986 |
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TOTAL INVESTMENTS |
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(97.7% of Net Assets) |
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(Cost $75,688,946) |
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90,202,427 |
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Other assets in excess of liabilities |
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(2.3% of Net Assets) |
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2,119,739 |
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NET ASSETS (100.0%) |
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$ |
92,322,166 |
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As of September 30, 2009, aggregate cost for Federal income tax purposes was $75,688,946. The aggregate unrealized gain for all securities is as follows
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Excess of market value over cost |
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$ |
16,155,657 |
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Excess of cost over market value |
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(1,642,176 |
) |
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Net unrealized gain |
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$ |
14,513,481 |
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NOTES TO SCHEDULE OF INVESTMENTS PORTFOLIO:
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(a) |
Non-income producing security. |
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B |
Chinese security traded on Shenzhen Stock Exchange or Shanghai Stock Exchange. |
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H |
Chinese security traded on Hong Kong Stock Exchange. |
JF China Region Fund, Inc.
The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.
• Level 1 – quoted prices in active markets for identical securities
• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following table represents each valuation input by country as presented in the Schedule of Portfolio Investments:
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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||||
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Investments in Securities # |
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$ |
89,850,894 |
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$ |
351,533 |
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$ |
— |
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$ |
90,202,427 |
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# |
Portfolio holdings designated in Level 1 and Level 2 are disclosed individually in the Schedule of Portfolio Investments (SOI). Level 2 consists of a common stock in the Marine industry - China Shipping Development Co., Ltd., ‘H’., (China) – for which the fund applies the fair valuation policy for international investments. Please refer to the SOI for industry specifics of the portfolio holdings |
ITEM 2. CONTROLS AND PROCEDURES.
|
(a) |
The registrant's principal executive and principal financial officers have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of September 30, 2007, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 3a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
|
(b) |
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. |
ITEM 3. EXHIBITS.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
(Registrant) |
JF China Region Fund, Inc. |
|
By (Signature and Title)* /s/ ____________________________________ |
Simon Crinage, President
(principal executive officer)
|
|
Date |
November 26, 2009 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
By (Signature and Title)* /s/ ___________________________________ |
Simon Crinage, President
(principal executive officer)
|
|
Date |
November 26, 2009 |
|
By (Signature and Title)* /s/ ____________________________________ |
Michael J. James, Treasurer
(principal financial officer)
|
|
Date |
November 26, 2009 |
* Print the name and title of each signing officer under his or her signature.