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)
301 Bellevue Parkway
Wilmington, DE 19809
--------------------------------------------------
(Address of principal executive offices) (Zip code)
Cleary, Gottlieb, Steen & Hamilton
1 Liberty Plaza
New York, NY 10006
--------------------------------------------------
(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: March 31, 2006
--------------
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.
[LOGO]
JF CHINA REGION FUND, INC.
INVESTMENT PORTFOLIO
--------------------------------------------------------------------------------
AT MARCH 31, 2006 (UNAUDITED)
--------------------------------------------------------------------------------
Holdings Market
(in shares Value
Description or par) (in US$)
--------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (UNLESS OTHERWISE NOTED)
AUSTRALIA (2.0%)
--------------------------------------------------------------------------------------------------------------------------
METALS & MINING (2.0%)
Rio Tinto Ltd 29,692 1,669,398
--------------------------------------------------------------------------------------------------------------------------
TOTAL AUSTRALIA 1,669,398
--------------------------------------------------------------------------------------------------------------------------
CHINA (19.8%)
--------------------------------------------------------------------------------------------------------------------------
COMMERCIAL BANKS (2.8%)
Bank of Communications Co. 'H' 3,614,000 2,270,437
--------------------------------------------------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS (1.0%)
* Sina Corp. 30,408 848,383
--------------------------------------------------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (1.3%)
* Foxconn International Holdings 546,000 1,023,770
--------------------------------------------------------------------------------------------------------------------------
INSURANCE (1.9%)
* China Life Insurance Co. 'H' 1,254,000 1,583,690
--------------------------------------------------------------------------------------------------------------------------
METALS & MINING (5.0%)
Aluminum Corporation of China 'H' 1,160,000 1,225,797
Angang New Steel Co., Ltd. 'H' 1,444,000 1,358,428
Jiangxi Copper Company, Ltd. 'H' 1,661,000 1,476,949
--------------------------------------------------------------------------------------------------------------------------
4,061,174
--------------------------------------------------------------------------------------------------------------------------
OIL & GAS (5.2%)
China Petroleum and Chemical 'H' 3,334,000 1,933,414
PetroChina Co., Ltd. 'H' 2,212,000 2,308,962
--------------------------------------------------------------------------------------------------------------------------
4,242,376
--------------------------------------------------------------------------------------------------------------------------
PAPER & FOREST PRODUCTS (0.3%)
Shandong Chenming Paper Holdings, Ltd., 'B' 512,720 268,919
--------------------------------------------------------------------------------------------------------------------------
RETAIL (0.5%)
Wumart Stores, Inc. 'H' 124,000 431,452
--------------------------------------------------------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS (0.7%)
Weiqiao Textile Co., Ltd., 'H' 396,000 599,625
--------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION INFRASTRUCTURE (1.1%)
* Dongfeng Motors Group Corp., Ltd 'H' 2,076,000 909,605
--------------------------------------------------------------------------------------------------------------------------
TOTAL CHINA 16,239,431
--------------------------------------------------------------------------------------------------------------------------
1
[LOGO]
JF CHINA REGION FUND, INC.
INVESTMENT PORTFOLIO (CONTINUED)
--------------------------------------------------------------------------------
AT MARCH 31, 2006 (UNAUDITED)
--------------------------------------------------------------------------------
Holdings Market
(in shares Value
Description or par) (in US$)
--------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (UNLESS OTHERWISE NOTED) (CONTINUED)
HONG KONG (41.9%)
--------------------------------------------------------------------------------------------------------------------------
AIRLINES (1.3%)
* Air China, Ltd., 'H' 2,830,000 1,094,093
--------------------------------------------------------------------------------------------------------------------------
BUILDING MATERIALS (0.8%)
* China National Building Material Co., Ltd., 'H' 1,474,000 693,325
--------------------------------------------------------------------------------------------------------------------------
COMMERCIAL BANKS (4.0%)
BOC Hong Kong (Holdings) Ltd. 401,500 807,155
HSBC Holdings PLC 70,800 1,185,193
Standard Chartered PLC 51,361 1,297,287
--------------------------------------------------------------------------------------------------------------------------
3,289,635
--------------------------------------------------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS (1.5%)
Lenovo Group Ltd. 3,254,000 1,237,047
--------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION/WHOLESALE (1.5%)
Esprit Holdings Ltd. 155,000 1,206,467
--------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED OPERATIONS (6.7%)
Beijing Enterprises Holdings, Ltd. 316,000 588,439
China Merchants Holdings International Co., Ltd. 374,000 1,079,609
China Resources Enterprise Ltd. 516,000 1,063,938
Jardine Strategic Holdings Ltd. 104,000 1,154,400
Swire Pacific Ltd. 'A' 165,000 1,614,947
--------------------------------------------------------------------------------------------------------------------------
5,501,333
--------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES (2.0%)
China Netcom Group Corp (Hong Kong) Ltd. 908,000 1,603,072
--------------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES (0.3%)
Dongfang Electrical Machinery Co., Ltd., 'H' 100,000 203,612
--------------------------------------------------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (1.3%)
Techtronic Industries Company Limited 586,000 1,053,461
--------------------------------------------------------------------------------------------------------------------------
FOOD PRODUCTS (0.8%)
China Mengniu Dairy Co., Ltd. 598,000 666,598
--------------------------------------------------------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS (0.7%)
Li & Fung, Ltd. 260,000 586,352
--------------------------------------------------------------------------------------------------------------------------
MARINE (1.3%)
Pacific Basin Shipping Ltd 2,362,000 1,088,185
--------------------------------------------------------------------------------------------------------------------------
2
[LOGO]
JF CHINA REGION FUND, INC.
INVESTMENT PORTFOLIO (CONTINUED)
--------------------------------------------------------------------------------
AT MARCH 31, 2006 (UNAUDITED)
--------------------------------------------------------------------------------
Holdings Market
(in shares Value
Description or par) (in US$)
--------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (UNLESS OTHERWISE NOTED) (CONTINUED)
HONG KONG (CONTINUED)
--------------------------------------------------------------------------------------------------------------------------
METALS & MINING (1.3%)
China Shenhua Energy Co., Ltd., 'H' 601,500 1,058,071
--------------------------------------------------------------------------------------------------------------------------
MISCELLANEOUS (0.0%)
* Health Asia MediCentres Beijing++ 1,000,000 0
--------------------------------------------------------------------------------------------------------------------------
MULTILINE RETAIL (1.1%)
Lifestyle International Holdings Ltd. 532,500 912,679
--------------------------------------------------------------------------------------------------------------------------
OIL & GAS (2.4%)
CNOOC Ltd. 2,038,000 1,575,804
Xinao Gas Holdings Limited 388,000 360,007
--------------------------------------------------------------------------------------------------------------------------
1,935,811
--------------------------------------------------------------------------------------------------------------------------
REAL ESTATE (10.8%)
Agile Property Holdings Ltd. 1,120,000 930,946
Cheung Kong Holdings Ltd. 302,000 3,201,028
Guangzhou R&F Prop Co., Ltd., 'H' 221,800 1,174,763
Hysan Development Co. 253,419 721,736
Sun Hung Kai Properties 168,000 1,706,012
Wheelock and Company Ltd. 601,000 1,076,554
--------------------------------------------------------------------------------------------------------------------------
8,811,039
--------------------------------------------------------------------------------------------------------------------------
RETAIL (0.6%)
* Golden Eagle Retail Group, Ltd. 832,000 415,472
Parkson Retail Group, Ltd. 19,500 59,054
--------------------------------------------------------------------------------------------------------------------------
474,526
--------------------------------------------------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES (3.5%)
China Mobile (Hong Kong) Ltd. 545,000 2,862,007
China Unicom, Ltd. 26,000 21,109
--------------------------------------------------------------------------------------------------------------------------
2,883,116
--------------------------------------------------------------------------------------------------------------------------
TOTAL HONG KONG 34,298,422
--------------------------------------------------------------------------------------------------------------------------
TAIWAN (34.7%)
--------------------------------------------------------------------------------------------------------------------------
AUTO COMPONENTS (0.3%)
Tong Yang Industry Co., Ltd. 175,000 220,812
--------------------------------------------------------------------------------------------------------------------------
CIRCUIT BOARDS (1.5%)
Nan Ya Printed Circuit Board Corp. 130,000 1,265,792
--------------------------------------------------------------------------------------------------------------------------
3
[LOGO]
JF CHINA REGION FUND, INC.
INVESTMENT PORTFOLIO (CONTINUED)
--------------------------------------------------------------------------------
AT MARCH 31, 2006 (UNAUDITED)
--------------------------------------------------------------------------------
Holdings Market
(in shares Value
Description or par) (in US$)
--------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (UNLESS OTHERWISE NOTED) (CONTINUED)
TAIWAN (CONTINUED)
--------------------------------------------------------------------------------------------------------------------------
COMMERCIAL BANKS (0.2%)
Bank of Kaohsiung 185,000 82,655
Hsinchu International Bank 162,000 78,120
--------------------------------------------------------------------------------------------------------------------------
160,775
--------------------------------------------------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS (3.9%)
Acer Inc. 400,000 735,811
* Innolux Display Corp. 534,000 839,157
* Wistron Corp. 1,363,000 1,633,718
--------------------------------------------------------------------------------------------------------------------------
3,208,686
--------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES (1.6%)
First Financial Holding Co. 1,874,000 1,339,644
--------------------------------------------------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (8.7%)
Asustek Computer Inc. 424,700 1,151,587
* AU Optronics Corp. 1,068,820 1,607,149
* Delta Electronics Inc. 336,000 781,660
Hon Hai Precision Industry 446,487 2,765,265
* Taiwan Green Point Enterprises 140,000 426,203
Tripod Technology Corp. 109,000 354,332
--------------------------------------------------------------------------------------------------------------------------
7,086,196
--------------------------------------------------------------------------------------------------------------------------
METALS & MINING (1.6%)
* Catcher Technology Co., Ltd. 144,000 1,295,618
--------------------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (16.9%)
Advanced Semiconductor Engineering Inc. 1,519,000 1,436,905
Himax Technologies, Inc. - Sponsored ADR 84,000 730,800
MediaTek Inc. 171,800 1,987,764
Novatek Microelectronics Corporation Ltd. 240,000 1,704,566
* Powertech Technology, Inc. 256,000 859,802
ProMOS Technologies, Inc. 3,544,000 1,212,128
* Taiwan Semiconductor Manufacturing 2,993,836 5,922,360
--------------------------------------------------------------------------------------------------------------------------
13,854,325
--------------------------------------------------------------------------------------------------------------------------
TOTAL TAIWAN 28,431,848
--------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN COMMMON STOCK
(98.4% of Net Assets) (Cost $71,922,638) 80,639,099
===========================================================================================================================
4
[LOGO]
JF CHINA REGION FUND, INC.
INVESTMENT PORTFOLIO (CONTINUED)
--------------------------------------------------------------------------------
AT MARCH 31, 2006 (UNAUDITED)
--------------------------------------------------------------------------------
Holdings Market
(in shares Value
Description or par) (in US$)
--------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS
(98.4% of Net Assets) (Cost $71,922,638) 80,639,099
==========================================================================================================================
Other assets in excess of liabilities (1.6% of Net Assets) 1,277,604
==========================================================================================================================
NET ASSETS (100.0%) 81,916,703
==========================================================================================================================
As of December 31, 2005, aggregate cost for Federal income tax purposes was $65,230,006.
The aggregate unrealized gain for all securities is as follows:
Excess of market value over cost 10,293,332
Excess of cost over market value (2,111,241)
--------------------------------------------------------------------------------------------------------------------------
Net unrealized gain 8,182,091
==========================================================================================================================
B Chinese security traded on Shenzhen Stock Exchange or Shanghai Stock
Exchange
H Chinese security traded on Hong Kong Stock Exchange.
AD American Depository Receipts.
GD Global Depository Receipts.
* Non-income producing security .
++ At fair value as determined under the supervision of the Board of
Directors.
5
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.
-------------------------------------------------------
By (Signature and Title)* /s/ Simon Crinage
-------------------------------------------------------
Simon Crinage, President
(principal executive officer)
Date May 22, 2006
----------------------------------------------------------------------------
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
-------------------------------------------------------
Simon Crinage, President
(principal executive officer)
Date May 22, 2006
----------------------------------------------------------------------------
By (Signature and Title)* /s/ Douglas Eu
-------------------------------------------------------
Douglas Eu, Treasurer
(principal financial officer)
Date May 18, 2006
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.