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)
301 Bellevue Parkway
Wilmington, DE 19809
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(Address of principal executive offices) (Zip code)
Cleary, Gottlieb, Steen & Hamilton
1 Liberty Plaza
New York, NY 10006
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(Name and address of agent for service)
Registrant's telephone number, including area code: 800-441-9800
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Date of fiscal year end: December 31, 2005
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Date of reporting period: March 31, 2005
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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, 450 Fifth Street, NW, Washington,
DC 20549-0609. 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 of Investments is attached herewith.
[GRAPHIC OMITTED]
JF CHINA REGION FUND, INC.
INVESTMENT PORTFOLIO
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AT MARCH 31, 2005 (UNAUDITED)
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Holdings Market
(in shares Value
Description or par) (in US$)
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COMMON STOCKS (UNLESS OTHERWISE NOTED)
CHINA (23.9%)
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AIR FREIGHT & COURIERS (1.3%)
Sinotrans 'H' 2,932,000 845,840
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AIRLINES (0.8%)
China National Aviation 2,436,000 534,091
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1,062,193
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AUTO COMPONENTS (0.3%)
Weifu High-Technology 'B' 207,600 207,351
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COMMERCIAL SERVICES & SUPPLIES (0.2%)
* CCID Consulting 'H' 4,200,000 102,855
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DIVERSIFIED TELECOMMUNICATION SERVICES (3.0%)
China Telecom 'H' 5,576,000 1,948,188
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ELECTRIC UTILITIES (0.8%)
Huaneng Power International 712,000 520,351
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INSURANCE (0.8%)
China Life Insurance 'H' 763,000 508,709
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MACHINERY (5.1%)
China International Marine Containers 'B' 209,700 627,539
Shanghai Zhenhua Port Machinery 'B' 837,000 965,898
* Weichai Power 'H' 507,000 1,729,144
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3,322,581
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MARINE (0.9%)
China Shipping Development 'H' 620,000 544,532
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METALS & MINING (1.1%)
Angang New Steel 'H' 556,000 326,142
Inner Mongolia Yitai Coal Co., Ltd 361,700 396,785
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722,927
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OIL & GAS (5.5%)
China Petroleum and Chemical 'H' 1,566,000 632,476
PetroChina 'H' 3,002,000 1,866,784
Sinopec Zhenhai Refining and Chemical 'H' 978,000 1,059,588
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3,558,848
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PAPER & FOREST PRODUCTS (0.6%)
* Shandong Chenming Paper Holdings 'B' 532,000 396,305
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1
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JF CHINA REGION FUND, INC.
INVESTMENT PORTFOLIO (CONTINUED)
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AT MARCH 31, 2005 (UNAUDITED)
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Holdings Market
(in shares Value
Description or par) (in US$)
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PHARMACEUTICALS (0.7%)
Livzon Pharmaceutical Group Inc. 715,300 437,470
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TELECOMMUNICATIONS (1.2%)
Zte Corporation H 238,200 787,958
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TRANSPORTATION & INFRASTRUCTURE (0.2%)
Beijing Capital International Airport Company
Limited 428,000 160,513
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WIRELESS TELECOMMUNICATION SERVICES (1.4%)
China Unicom 1,156,000 896,716
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TOTAL CHINA 15,495,235
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HONG KONG (46.4%)
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AIRLINES (0.8%)
Air China Limited 1,458,000 528,102
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COMMERCIAL BANKS (2.5%)
BOC Hong Kong (Holdings) 529,000 973,305
Hang Seng Bank Limited 47,300 627,687
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1,600,992
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COMPUTERS & PERIPHERALS (1.0%)
TPV Technology 1,068,000 660,709
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CONSTRUCTION & ENGINEERING (0.5%)
* COSCO International Holdings 1,794,000 296,725
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CONTAINERS & PACKAGING (2.5%)
Hung Hing Printing Group 418,000 302,807
Singamas Container Holdings 1,544,000 1,346,164
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1,648,971
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DISTRIBUTORS (2.0%)
China Resources Enterprises 944,000 1,295,082
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DIVERSIFIED TELECOMMUNICATION SERVICES (2.5%)
China Netcom Group Corporation (Hong Kong) Limited 1,146,000 1,608,942
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ELECTRIC UTILITIES (2.1%)
Foshan Electrical & Lighting B 168,100 207,987
Hong Kong Electric Holdings 256,500 1,141,191
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1,349,178
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2
[GRAPHIC OMITTED]
JF CHINA REGION FUND, INC.
INVESTMENT PORTFOLIO (CONTINUED)
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AT MARCH 31, 2005 (UNAUDITED)
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Holdings Market
(in shares Value
Description or par) (in US$)
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ELECTRICAL & ELECTRONICS LTD . (0.9%)
Nam Tai Electronic & Electrical 1,887,000 616,955
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ELECTRONIC EQUIPMENT & INSTRUMENTS (1.2%)
Digital China Holdings 1,704,000 524,351
Varitronix International Limited 231,000 236,943
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761,294
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FOOD PRODUCTS (0.0%)
* Global Bio-chem Technology Group Warrants -
expire 05/31/2007 150,250 5,009
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HOTELS, RESTAURANTS & LEISURE (0.7%)
* Macau Success Limited 3,920,000 467,424
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HOUSEHOLD DURABLES (2.0%)
Dickson Concepts (International) Limited 334,500 596,146
Skyworth Digital Holdings 3,892,456 678,741
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1,274,887
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INDUSTRIAL CONGLOMERATES (3.0%)
Citic Pacific Ltd. 261,000 764,660
Hutchison Whampoa 118,000 1,002,327
Tianjin Development Holdings, Limited 434,000 178,066
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1,945,053
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LEISURE EQUIPMENT & PRODUCTS (0.2%)
Playmates Holdings 576,000 127,765
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METALS & MINING (0.5%)
Zijin Mining Group 732,000 300,333
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MISCELLANEOUS (0.0%)
* Health Asia MediCentres Beijing++ 1,000,000 0
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MULTILINE RETAIL (1.0%)
Lifestyle International Holdings 424,000 649,644
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OIL & GAS (0.5%)
CNOOC 619,000 333,335
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REAL ESTATE (11.0%)
Cheung Kong Holdings 273,000 2,423,952
3
[GRAPHIC OMITTED]
JF CHINA REGION FUND, INC.
INVESTMENT PORTFOLIO (CONTINUED)
--------------------------------------------------------------------------------
AT MARCH 31, 2005 (UNAUDITED)
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Holdings Market
(in shares Value
Description or par) (in US$)
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REAL ESTATE (CONTINUED)
China Overseas Land & Investment 'H' 2,612,000 579,376
Hang Lung Properties 635,000 920,013
Henderson Land 61,000 271,394
Hysan Development Company Limited 819,419 1,623,215
New World Development Company Limited 654,000 641,477
Swire Pacific 'A' 80,000 633,386
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7,092,813
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TEXTILES, APPAREL & LUXURY GOODS (1.9%)
Giordano International Limited 1,098,000 746,139
Texhong Textile Group Limited 3,000,000 480,809
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1,226,948
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TRANSPORTATION INFRASTRUCTURE (4.4%)
Cosco Pacific 1,154,000 2,507,940
GZI Transport 1,028,000 326,220
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2,834,160
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WIRELESS TELECOMMUNICATION SERVICES (5.2%)
China Mobile (Hong Kong) 1,040,000 3,400,283
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TOTAL HONG KONG 30,024,604
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SINGAPORE (1.5%)
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CONTAINERS & PACKAGING (0.7%)
Full Appex Holdings 2,000,000 454,339
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REAL ESTATE (0.8%)
Hong Kong Land Holdings Ltd. 199,000 535,310
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TOTAL SINGAPORE 989,649
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TAIWAN (19.3%)
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AIRLINES (0.0%)
EVA Airways 727 341
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COMPUTERS & PERIPHERALS (1.2%)
Asustek Computer Incorporated 293,000 809,084
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4
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JF CHINA REGION FUND, INC.
INVESTMENT PORTFOLIO (CONTINUED)
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AT MARCH 31, 2005 (UNAUDITED)
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Holdings Market
(in shares Value
Description or par) (in US$)
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ELECTRONIC EQUIPMENT & INSTRUMENTS (5.0%)
Au Optronics Corp. 47,071 690,061
Career Technology Company Limited 650,000 1,062,496
Synnex Technology International 222,000 339,630
Unimicron Technology Corporation 1,365,000 1,148,115
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3,240,302
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HOUSEHOLD DURABLES (0.5%)
Nien Made Enterprise 209,000 342,297
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INSURANCE (0.8%)
* Cathay Financial Holding GDR 26,618 503,080
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LEISURE EQUIPMENT & PRODUCTS (0.6%)
Premier Image Technology 650 736
Tripod Technology Corp. 230,000 365,010
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365,746
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METALS & MINING (0.8%)
China Steel 460,000 513,204
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PAPER & FOREST PRODUCTS (0.3%)
Chung Hwa Pulp 500 220
Yuen Foong Yu Manufacturing Company Limited 406,000 191,363
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191,583
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SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (7.4%)
Taiwan Semiconductor Manufacturing 1,893,184 3,094,616
* United Microelectronics 1,251,320 756,607
Vanguard International Semiconductor Corporation 814,000 612,321
* Windbond Electronics 1,001,000 347,900
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4,811,444
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SOFTWARE (0.5%)
Soft-World International 206,778 341,940
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TEXTILES, APPAREL & LUXURY GOODS (1.7%)
Far East Department Stores 2,129,000 1,091,327
Pou Chen 899 736
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1,092,063
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WIRELESS TELECOMMUNICATION SERVICES (0.5%)
Far EasTone Telecommunications 900 1,140
5
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JF CHINA REGION FUND, INC.
INVESTMENT PORTFOLIO (CONTINUED)
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AT MARCH 31, 2005 (UNAUDITED)
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Holdings Market
(in shares Value
Description or par) (in US$)
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WIRELESS TELECOMMUNICATION SERVICES (CONTINUED)
Taiwan Cellular 293,000 297,594
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298,734
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TOTAL TAIWAN 12,509,818
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TOTAL INVESTMENTS IN COMMMON STOCK
(91.1% of Net Assets) (Cost $56,031,444) 59,019,306
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UNITED STATES (0.0%)
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SHORT-TERM INVESTMENT (0.0%)
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Citibank Time Deposit, 2.63%, 04/04/05 1,901,432 1,901,432
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TOTAL UNITED STATES (Cost $1,901,432) 1,901,432
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TOTAL INVESTMENTS
(94.0% of Net Assets) (Cost $57,932,876) 60,920,738
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Other assets in excess of liabilities (6.0% of Net Assets) 3,871,640
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NET ASSETS (100.0%) 64,792,378
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As of December 31, 2004, aggregate cost for Federal income tax purposes was
$56,594,751.
The aggregate unrealized gain for all securities was as follows:
Excess of market value over cost 7,188,633
Excess of cost over market value (1,362,792)
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Net unrealized gain 5,825,841
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B - Chinese security traded on Shenzhen Stock Exchange or Shanghai Stock
Exchange.
H - Chinese security traded on Hong Kong Stock Exchange.
GDR-Global Depository Receipts
* Non-income producing security .
++ At fair value as determined under the supervision of the Board of Directors.
6
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, 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 a date within
90 days of the filing date of the report that includes the disclosure
required by this paragraph, 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 13a-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 (17
CFR 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.
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.
(Registrant) JF China Region Fund, Inc.
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By (Signature and Title)* /s/ Simon Crinage
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Simon Crinage, President
(principal executive officer)
Date April 21, 2005
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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
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Simon Crinage, President
(principal executive officer)
Date April 21, 2005
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By (Signature and Title)* /s/ Douglas Eu
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Douglas Eu, Treasurer
(principal financial officer)
Date April 26, 2005
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* Print the name and title of each signing officer under his or her signature.