Edgar Filing: JF CHINA REGION FUND INC

JF China Region Fund, Inc.

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

JF China Region Fund, Inc.

(Exact name of registrant as specified in charter)

One Beacon Street, 18^th Floor

Boston, MA 02108

(Address of principal executive offices) (Zip code)

Cleary, Gottlieb Steen & Hamilton

1 Liberty Plaza

New York, NY 10036

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 441 9800

Date of fiscal year end: December 31

Date of reporting period: September 30, 2011

ITEM 1. SCHEDULE OF INVESTMENTS.

The Schedule(s) of Investments is attached herewith.

JF China Region Fund, Inc.

INVESTMENT PORTFOLIO

AT SEPTEMBER 30, 2011 (Unaudited)


DESCRIPTION	HOLDINGS (IN SHARES)		MARKET VALUE (IN US$)
COMMON STOCK (unless otherwise noted)
CHINA (33.2%)
Auto Components (0.0%) (g)
Changfeng Axle (China) Co., Ltd. (a)		302,000		32,963

Commercial Banks (9.7%)
China Citic Bank Corp. Ltd., ‘H’ (a)		1,692,600		702,044
China Construction Bank Corp., ‘H’		7,056,330		4,340,322
Industrial & Commercial Bank of China, ‘H’		5,844,930		2,867,148

				7,909,514

Construction Materials (1.7%)
Asia Cement China Holdings Corp.		848,000		340,838
China National Building Material Co., Ltd., ‘H’		1,156,000		999,034

				1,339,872

Containers & Packaging (0.1%)
Greatview Aseptic Packaging Co., Ltd. (a)		281,000		84,076

Diversified Telecommunication Services (1.1%)
China Telecom Corp. Ltd., ‘H’		1,400,000		891,697

Energy Equipment & Services (1.1%)
China Oilfield Services Ltd., ‘H’		682,000		882,780

Food & Staples Retailing (0.8%)
Beijing Jingkelong Co., Ltd., ‘H’		248,000		223,243
Lianhua Supermarket Holdings Co., Ltd., ‘H’		279,000		397,681

				620,924

Food Products (1.4%)
Want Want China Holdings Ltd.		1,284,000		1,167,363

Hotels, Restaurants & Leisure (1.6%)
Sands China Ltd. (a)		535,600		1,282,018

Insurance (3.6%)
China Pacific Insurance Group Co., Ltd., ‘H’		253,600		740,864
PICC Property & Casualty Co., Ltd., ‘H’		728,000		792,747
Ping An Insurance Group Co. of China Ltd., ‘H’		241,000		1,367,876

				2,901,487

Internet Software & Services (3.0%)
Tencent Holdings Ltd.		116,500		2,456,442

Metals & Mining (0.7%)
Aluminum Corp. of China Ltd., ‘H’		608,000		271,700
Hidili Industry International Development Ltd.		1,065,000		313,179

				584,879

Multiline Retail (2.8%)
Intime Department Store Group Co., Ltd.		783,000		875,765
Maoye International Holdings Ltd. (a)		975,000		204,080
Parkson Retail Group Ltd.		507,000		617,848
Springland International Holdings Ltd.		907,000		603,315

				2,301,008

Oil, Gas & Consumable Fuels (3.4%)
China Petroleum & Chemical Corp., ‘H’		1,904,000		1,877,741
Yanzhou Coal Mining Co., Ltd., ‘H’		416,000		914,544

				2,792,285

Real Estate Management & Development (1.8%)
Agile Property Holdings Ltd.		502,000		331,985
China Vanke Co., Ltd.,’B’		1,276,435		1,106,394

				1,438,379

Specialty Retail (0.4%)
China ZhengTong Auto Services Holdings Ltd. (a)		401,000		360,454

TOTAL CHINA				27,046,141

HONG KONG (32.8%)
Auto Components (0.6%)
Minth Group Ltd.		490,000		449,264

Capital Markets (0.2%)
Guotai Junan International Holdings Ltd.		614,000		125,364

Commercial Banks (2.4%)
BOC Hong Kong Holdings Ltd.		351,500		753,788
Chong Hing Bank Ltd.		150,000		268,511
Dah Sing Financial Holdings Ltd.		168,500		471,698
Wing Hang Bank Ltd.		59,082		481,007

				1,975,004

Consumer Finance (0.2%)
Public Financial Holdings Ltd.		436,000		169,083

Containers & Packaging (1.0%)
AMVIG Holdings Ltd.		1,404,000		796,887

Distributors (0.6%)
Dah Chong Hong Holdings Ltd.		475,000		495,287

Electric Utilities (2.0%)
Power Assets Holdings Ltd.		208,500		1,602,425

Gas Utilities (1.1%)
China Resources Gas Group Ltd.		682,000		924,817

Hotels, Restaurants & Leisure (1.2%)
REXLot Holdings Ltd.		7,650,000		461,708
SJM Holdings Ltd.		289,000		523,268

				984,976

Industrial Conglomerates (2.4%)
Jardine Matheson Holdings Ltd.		26,628		1,222,225
NWS Holdings Ltd.		313,000		417,205
Shun Tak Holdings Ltd.		890,000		324,576

				1,964,006

Insurance (2.7%)
AIA Group Ltd.		776,000		2,222,154

Machinery (0.5%)
EVA Precision Industrial Holdings Ltd.		1,418,000		356,895

Oil, Gas & Consumable Fuels (3.5%)
CNOOC Ltd.		1,718,000		2,867,966

Real Estate Management & Development (9.5%)
Cheung Kong Holdings Ltd.		221,000		2,429,257
China Overseas Land & Investment Ltd.		482,000		700,650
China Resources Land Ltd.		606,000		660,675

JF China Region Fund, Inc.

INVESTMENT PORTFOLIO

AT SEPTEMBER 30, 2011 (Unaudited) (continued)


DESCRIPTION	HOLDINGS (IN SHARES)		MARKET VALUE (IN US$)
COMMON STOCK — continued
Real Estate Management & Development — continued
Hang Lung Properties Ltd.		475,000		1,427,306
Kerry Properties Ltd.		217,500		699,640
Midland Holdings Ltd.		518,000		216,183
Wharf Holdings Ltd.		319,400		1,595,482

				7,729,193

Specialty Retail (1.6%)
Emperor Watch & Jewellery Ltd.		2,720,000		331,818
Hengdeli Holdings Ltd.		1,256,000		437,085
IT Ltd.		518,000		325,937
Luk Fook Holdings International Ltd.		75,000		223,438

				1,318,278

Wireless Telecommunication Services (3.3%)
China Mobile Ltd.		271,000		2,683,065

TOTAL HONG KONG				26,664,664

TAIWAN (28.3%)
Airlines (0.4%)
Eva Airways Corp.		491,700		328,338

Chemicals (4.3%)
China Petrochemical Development Corp.		617,100		669,242
Formosa Chemicals & Fibre Corp.		426,000		1,112,703
Formosa Plastics Corp.		420,000		1,125,972
Oriental Union Chemical Corp.		460,000		567,547

				3,475,464

Commercial Banks (3.6%)
E.Sun Financial Holding Co., Ltd.		2,195,504		1,087,846
First Financial Holding Co., Ltd.		1,179,000		766,011
Mega Financial Holding Co., Ltd.		1,519,920		1,064,817

				2,918,674

Communications Equipment (1.7%)
HTC Corp.		63,250		1,421,698

Computers & Peripherals (2.0%)
Catcher Technology Co., Ltd.		167,000		980,902
Foxconn Technology Co., Ltd.		191,100		620,801

				1,601,703

Construction Materials (0.8%)
Taiwan Cement Corp.		618,947		668,199

Diversified Financial Services (1.4%)
Fubon Financial Holding Co., Ltd.		1,068,877		1,125,872

Electronic Equipment, Instruments & Components (2.0%)
Largan Precision Co., Ltd.		33,700		792,876
TPK Holding Co., Ltd. (a)		43,050		815,089

				1,607,965

Food & Staples Retailing (1.2%)
President Chain Store Corp.		166,000		945,070

Real Estate Management & Development (1.7%)
Huaku Development Co., Ltd.		325,370		698,251
Prince Housing & Development Corp.		904,700		651,621

				1,349,872

Semiconductors & Semiconductor Equipment (8.9%)
Advanced Semiconductor Engineering, Inc.		1,937,640		1,684,904
Kinsus Interconnect Technology Corp.		233,000		768,384
MediaTek, Inc.		19,000		210,419
Taiwan Semiconductor Manufacturing Co., Ltd.		2,013,057		4,623,921

				7,287,628

Textiles, Apparel & Luxury Goods (0.3%)
Pou Chen Corp.		351,000		254,540

TOTAL TAIWAN				22,985,023

INVESTMENT COMPANY HONG KONG (4.2%)
JF China Pioneer A-Share Fund (a)		150,387		3,461,910

TOTAL INVESTMENTS (98.5% of Net Assets) (Cost $88,443,049)				80,157,738

Other assets in excess of liabilities (1.5% of Net Assets)				1,207,295

NET ASSETS (100.0%)				81,365,033

As of September 30, 2011, aggregate cost for Federal income tax purposes was $88,443,049. The aggregate unrealized loss for all securities is as follows


Excess of market value over cost	6,285,551
Excess of cost over market value	(14,570,862	)

Net unrealized loss	(8,285,311	)

NOTES TO PORTFOLIO INVESTMENTS :


(a)		Non-income producing security.
(g)		Amount rounds to less than 0.1%.
B		Chinese security traded on Shenzhen Stock Exchange or Shanghai Stock Exchange.
H		Chinese security traded on Hong Kong Stock Exchange.

JF China Region Fund, Inc.

INVESTMENT PORTFOLIO

AT SEPTEMBER 30, 2011 (Unaudited) (continued)

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)

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. 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 as presented on the Investment Portfolio:


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities (a)	$	80,157,738	$	—	$	—	$	80,157,738

(a)	Portfolio holdings designated as Level 1 are disclosed individually in the Investment Portfolio. Please refer to the Investment Portfolio for industry specifics of the portfolio holdings.

There were no transfers between Levels 1 and 2 during the period ended September 30, 2011.

ITEM 2. CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers have concluded based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding disclosure.

(b)

There were no changes in the registrant’s internal control over financial reporting 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.

(a)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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.

JF China Region Fund, Inc.

/s/ Simon Crinage

Simon Crinage

Director, President and Principal Executive

Officer of the JF China Region Fund, Inc.

November 28, 2011

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.

/s/ Simon Crinage

Simon Crinage

Director, President and Principal Executive

Officer of the JF China Region Fund, Inc.

November 28, 2011

/s/ Michael J. James

Michael J. James

Treasurer and Principal Financial

Officer of the JF China Region Fund, Inc.

November 28, 2011