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)
Cleary, Gottieb Steen & Hamilton
1 Liberty Plaza
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: (800) 441 9800 |
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Date of fiscal year end: December 31 |
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Date of reporting period: March 31, 2010 |
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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.
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DESCRIPTION |
HOLDINGS (IN SHARES) |
MARKET VALUE (IN US$) |
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COMMON STOCK (unless otherwise noted) |
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CHINA (38.2%) |
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Commercial Banks (11.8%) |
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Bank of China Ltd. ‘H’ |
5,890,000 |
3,140,625 |
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China Construction Bank Corp. ‘H’ |
5,165,000 |
4,230,853 |
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Industrial & Commercial Bank of China ‘H’ |
5,307,000 |
4,046,423 |
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11,417,901 |
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Construction Materials (1.5%) |
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BBMG Corp. ‘H’ (a) |
786,500 |
793,160 |
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China National Building Material Co., Ltd. ‘H’ |
360,000 |
697,350 |
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1,490,510 |
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Energy Equipment & Services (1.3%) |
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China Oilfield Services Ltd. ‘H’ |
862,000 |
1,265,647 |
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Food & Staples Retailing (0.7%) |
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Lianhua Supermarket Holdings Co. Ltd. ‘H’ |
184,000 |
662,369 |
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Food Products (2.3%) |
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China Yurun Food Group Ltd. |
362,000 |
1,104,988 |
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Tingyi Cayman Islands Holding Corp. |
484,000 |
1,144,507 |
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2,249,495 |
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Insurance (6.3%) |
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China Life Insurance Co., Ltd. ‘H’ |
678,000 |
3,248,427 |
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China Pacific Insurance Group Co., Ltd. ‘H’ (a) |
317,400 |
1,406,261 |
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Ping An Insurance Group Co. of China Ltd. ‘H’ |
163,500 |
1,408,784 |
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6,063,472 |
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Internet Software & Services (2.7%) |
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Tencent Holdings Ltd. |
130,400 |
2,616,649 |
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Machinery (0.5%) |
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Sany Heavy Equipment International Holdings Co. Ltd. (a) |
436,000 |
488,547 |
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Marine (1.0%) |
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China Shipping Development Co., Ltd. ‘H’ |
570,000 |
930,882 |
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Metals & Mining (1.9%) |
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Aluminum Corp of China Ltd. ‘H’ (a) |
722,000 |
745,782 |
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Jiangxi Copper Co., Ltd. ‘H’ |
473,000 |
1,068,541 |
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1,814,323 |
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Multiline Retail (1.5%) |
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Intime Department Store Group Co. Ltd. |
453,000 |
438,749 |
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Parkson Retail Group Ltd. |
563,500 |
972,522 |
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1,411,271 |
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Oil, Gas & Consumable Fuels (4.5%) |
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China Petroleum & Chemical Corp. ‘H’ |
2,372,000 |
1,942,998 |
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China Shenhua Energy Co., Ltd. ‘H’ |
551,000 |
2,380,919 |
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4,323,917 |
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Real Estate Management & Development (0.9%) |
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China Vanke Co., Ltd. 'B' |
804,486 |
923,202 |
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Textiles, Apparel & Luxury Goods (1.3%) |
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Anta Sports Products Ltd. |
300,000 |
495,347 |
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Li Ning Co., Ltd. |
223,500 |
810,320 |
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1,305,667 |
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TOTAL CHINA |
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36,963,852 |
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HONG KONG (32.0%) |
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Automobiles (0.3%) |
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Brilliance China Automotive Holdings Ltd. (a) |
1,178,000 |
335,303 |
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Commercial Banks (2.4%) |
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BOC Hong Kong Holdings Ltd. |
677,000 |
1,614,842 |
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Industrial & Commercial Bank of China Asia Ltd. |
286,532 |
717,414 |
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2,332,256 |
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Commercial Services & Supplies (0.1%) |
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Fook Woo Group Holdings Ltd. (a) |
160,000 |
55,640 |
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Distributors (1.4%) |
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Li & Fung Ltd. |
280,000 |
1,377,596 |
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Diversified Financial Services (1.4%) |
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Hong Kong Exchanges and Clearing Ltd. |
78,800 |
1,315,321 |
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Gas Utilities (0.5%) |
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China Resources Gas Group Ltd. |
358,000 |
500,741 |
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Industrial Conglomerates (3.2%) |
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Hutchison Whampoa Ltd. |
210,000 |
1,536,272 |
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Jardine Matheson Holdings Ltd. |
33,600 |
1,118,880 |
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Shanghai Industrial Holdings Ltd. |
95,000 |
435,586 |
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3,090,738 |
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Marine (1.2%) |
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Orient Overseas International Ltd. |
151,500 |
1,122,945 |
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Oil, Gas & Consumable Fuels (4.0%) |
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CNOOC Ltd. |
2,356,000 |
3,877,990 |
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Real Estate Management & Development (12.6%) |
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Cheung Kong Holdings Ltd. |
169,000 |
2,176,643 |
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China Resources Land Ltd. |
562,000 |
1,221,826 |
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Glorious Property Holdings Ltd. (a) |
1,697,000 |
719,082 |
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Hang Lung Properties Ltd. |
344,000 |
1,386,766 |
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Kerry Properties Ltd. |
234,500 |
1,257,935 |
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Poly Hong Kong Investment Ltd. |
1,071,000 |
1,366,984 |
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Sun Hung Kai Properties Ltd. |
139,000 |
2,091,020 |
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Wharf Holdings Ltd. |
346,000 |
1,949,641 |
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12,169,897 |
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Specialty Retail (0.5%) |
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Esprit Holdings Ltd. |
62,000 |
489,101 |
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Wireless Telecommunication Services (4.4%) |
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China Mobile Ltd. |
448,000 |
4,310,217 |
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TOTAL HONG KONG |
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30,977,745 |
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MACAU (0.9%) |
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Hotels, Restaurants & Leisure (0.9%) |
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Sands China Ltd. (a) |
558,800 |
888,121 |
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TAIWAN (28.2%) |
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Chemicals (3.2%) |
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Formosa Chemicals & Fibre Corp. |
448,000 |
1,048,126 |
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Formosa Plastics Corp. |
516,110 |
1,137,594 |
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Taiwan Fertilizer Co., Ltd. |
292,000 |
933,245 |
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3,118,965 |
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Commercial Banks (1.5%) |
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Chinatrust Financial Holding Co., Ltd. |
1,026,000 |
581,523 |
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Taishin Financial Holdings Co., Ltd. (a) |
2,160,245 |
877,485 |
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1,459,008 |
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Computers & Peripherals (2.7%) |
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Acer, Inc. |
429,630 |
1,268,950 |
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Compal Electronics, Inc. |
1,053,000 |
1,377,673 |
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2,646,623 |
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Diversified Financial Services (1.7%) |
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Fubon Financial Holding Co., Ltd. (a) |
1,368,000 |
1,662,724 |
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Electrical Equipment (0.7%) |
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Silitech Technology Corp. |
192,000 |
701,304 |
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Electronic Equipment, Instruments & Components (6.6%) |
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Chimei Innolux Corp. |
1,000,975 |
1,527,087 |
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Hon Hai Precision Industry Co. Ltd. |
825,716 |
3,575,035 |
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Largan Precision Co., Ltd. |
44,700 |
672,090 |
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Nan Ya Printed Circuit Board Corp. |
144,000 |
571,321 |
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6,345,533 |
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Insurance (0.9%) |
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Shin Kong Financial Holding Co., Ltd. (a) |
2,214,318 |
871,559 |
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Real Estate Management & Development (0.5%) |
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Huaku Development Co. Ltd. |
187,000 |
485,194 |
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Semiconductors & Semiconductor Equipment (10.4%) |
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Advanced Semiconductor Engineering, Inc. |
1,486,000 |
1,356,949 |
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MediaTek, Inc. |
104,638 |
1,815,465 |
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Powertech Technology, Inc. |
199,000 |
711,207 |
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Richtek Technology Corp. |
72,300 |
774,041 |
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Taiwan Semiconductor Manufacturing Co., Ltd. |
2,180,057 |
4,221,724 |
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United Microelectronics Corp. (a) |
2,149,000 |
1,140,206 |
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10,019,592 |
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TOTAL TAIWAN |
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27,310,502 |
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INVESTMENT COMPANY |
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HONG KONG (0.5%) |
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JF China Pioneer A-Share Fund (a) |
16,843 |
465,877 |
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TOTAL INVESTMENTS (99.8% of Net Assets) (Cost $79,055,615) |
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96,606,097 |
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Other assets in excess of liabilities (0.2% of Net Assets) |
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158,077 |
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NET ASSETS (100.0%) |
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$96,764,174 |
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NOTES TO INVESTMENT 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. |
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As of March 31, 2010, aggregate cost for Federal income tax purposes was $79,055,615. The aggregate unrealized gain for all securities is as follows |
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Excess of market value over cost |
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$19,067,452 |
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Excess of cost over market value |
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(1,516,970 |
) |
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Net unrealized gained |
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$17,550,482 |
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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 sector as presented on the Investment Portfolio: |
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Level 1 Quoted prices |
Level 2 Other significant observable inputs |
Level 3 Significant unobservable inputs |
Total |
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Total Investments in Securities # |
$96,606,097 |
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$– |
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$– |
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$96,606,097 |
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ITEM 2. CONTROLS AND PROCEDURES.
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(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)). |
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(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.