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)
Finsbury Dials
20 Finsbury Street
London EC2Y 9AQ
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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: March 31, 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.
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JF China Region Fund, Inc. |
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INVESTMENT PORTFOLIO |
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AS OF MARCH 31, 2009 (Unaudited) |
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DESCRIPTION |
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HOLDINGS |
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MARKET |
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COMMON STOCK (unless otherwise noted) |
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CHINA (36.6%) |
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Commercial Banks (11.1%) |
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China Construction Bank Corp., ‘H’ |
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6,510,000 |
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3,695,714 |
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Industrial & Commercial Bank of China, ‘H’ |
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6,224,000 |
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3,236,229 |
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6,931,943 |
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Construction & Engineering (1.4%) |
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China Railway Construction Corp., Ltd., ‘H’ (a) |
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647,000 |
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844,791 |
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Construction Materials (2.1%) |
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Asia Cement China Holdings Corp. (a) |
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660,000 |
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357,650 |
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China National Building Material Co., Ltd., ‘H’ |
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654,000 |
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968,689 |
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1,326,339 |
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Diversified Telecommunication Services (1.8%) |
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China Telecom Corp., Ltd., ‘H’ |
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2,714,000 |
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1,120,533 |
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Industrial Conglomerates (0.9%) |
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Beijing Enterprises Holdings, Ltd. |
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137,000 |
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570,936 |
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Insurance (5.5%) |
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China Life Insurance Co., Ltd., ‘H’ |
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1,039,000 |
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3,445,191 |
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Internet Software & Services (1.5%) |
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Tencent Holdings, Ltd. |
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127,000 |
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940,547 |
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Leisure Equipment & Products (1.0%) |
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Li Ning Co., Ltd. |
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366,500 |
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605,269 |
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Marine (0.4%) |
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China Shipping Container Lines Co., Ltd., ‘H’ |
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1,323,000 |
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235,561 |
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Metals & Mining (1.8%) |
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Aluminum Corp of China Ltd., ‘H’ |
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978,000 |
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561,518 |
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Angang Steel Co., Ltd., ‘H’ |
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582,000 |
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589,464 |
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1,150,982 |
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Multiline Retail (0.7%) |
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Parkson Retail Group, Ltd. |
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428,500 |
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433,443 |
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Oil, Gas & Consumable Fuels (4.9%) |
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China Petroleum & Chemical Corp., ‘H’ |
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2,640,000 |
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1,689,469 |
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China Shenhua Energy Co., Ltd., ‘H’ |
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606,500 |
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1,366,280 |
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3,055,749 |
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Real Estate Management & Development (2.3%) |
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China Vanke Co., Ltd., ‘B’ |
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1,399,800 |
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1,462,904 |
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Transportation Infrastructure (1.2%) |
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China Merchants Holdings International Co., Ltd. |
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214,000 |
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492,576 |
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Zhejiang Expressway Co., Ltd., ‘H’ |
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340,000 |
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247,852 |
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740,428 |
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TOTAL CHINA |
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22,864,616 |
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HONG KONG (32.7%) |
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Commercial Banks (1.4%) |
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Hang Seng Bank, Ltd. |
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89,100 |
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897,254 |
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Diversified Financial Services (1.3%) |
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Hong Kong Exchanges and Clearing, Ltd. |
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85,600 |
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808,443 |
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Electric Utilities (2.4%) |
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Cheung Kong Infrastructure Holdings, Ltd. |
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380,000 |
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1,519,882 |
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Gas Utilities (1.0%) |
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Hong Kong & China Gas Co., Ltd. |
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381,000 |
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600,704 |
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Industrial Conglomerates (2.4%) |
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Hutchison Whampoa, Ltd. |
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229,000 |
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1,122,752 |
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Jardine Matheson Holdings, Ltd. |
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20,800 |
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378,560 |
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1,501,312 |
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Oil, Gas & Consumable Fuels (4.1%) |
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CNOOC, Ltd. |
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2,559,000 |
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2,535,690 |
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Real Estate Management & Development (12.6%) |
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Cheung Kong Holdings, Ltd. |
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269,000 |
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2,316,692 |
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China Overseas Land & Investment, Ltd. |
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746,000 |
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1,170,407 |
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Hang Lung Properties, Ltd. |
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486,000 |
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1,141,228 |
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Hongkong Land Holdings, Ltd. |
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186,000 |
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424,080 |
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Sun Hung Kai Properties, Ltd. |
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166,000 |
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1,486,388 |
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Wharf Holdings, Ltd. |
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529,000 |
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1,313,184 |
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7,851,979 |
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Wireless Telecommunication Services (7.5%) |
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China Mobile, Ltd. |
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541,500 |
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4,715,925 |
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TOTAL HONG KONG |
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20,431,189 |
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TAIWAN (26.4%) |
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Chemicals (2.3%) |
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Formosa Plastics Corp. |
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578,000 |
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870,954 |
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Taiwan Fertilizer Co., Ltd. |
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282,000 |
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577,937 |
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1,448,891 |
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Commercial Banks (1.2%) |
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First Financial Holding Co., Ltd. |
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1,538,000 |
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709,769 |
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Computers & Peripherals (4.9%) |
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Acer, Inc. |
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709,080 |
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1,066,380 |
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HTC Corp. |
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112,900 |
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1,388,279 |
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Quanta Computer, Inc. |
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491,000 |
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620,410 |
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3,075,069 |
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Diversified Financial Services (3.2%) |
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Fubon Financial Holding Co., Ltd. |
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1,723,000 |
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1,039,023 |
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Yuanta Financial Holding Co., Ltd. |
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2,063,000 |
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942,926 |
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1,981,949 |
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Diversified Telecommunication Services (2.4%) |
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Chunghwa Telecom Co., Ltd. |
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829,545 |
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1,514,179 |
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Electronic Equipment, Instruments & Components (4.1%) |
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AU Optronics Corp. |
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1,202,000 |
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994,223 |
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HON HAI Precision Industry Co., Ltd. |
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693,101 |
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1,567,612 |
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2,561,835 |
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Industrial Conglomerates (1.0%) |
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Far Eastern Textile Co., Ltd. |
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773,000 |
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601,769 |
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Semiconductors & Semiconductor Equipment (7.3%) |
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MediaTek, Inc. |
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109,420 |
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1,029,281 |
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Powertech Technology, Inc. |
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226,300 |
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408,397 |
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Taiwan Semiconductor Manufacturing Co., Ltd. |
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2,072,699 |
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3,141,565 |
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4,579,243 |
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TOTAL TAIWAN |
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16,472,704 |
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TOTAL
INVESTMENTS |
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59,768,509 |
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Assets in
excess of liabilities |
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2,677,093 |
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NET ASSETS (100.0%) |
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62,445,602 |
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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, 2009, aggregate cost for Federal income tax purposes was $73,434,541. The aggregate unrealized gain for all securities is as follows |
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Excess of market value over cost |
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1,918,282 |
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Excess of cost over market value |
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(15,584,314 |
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Net unrealized lost |
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(13,666,032 |
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Statement of Financial Accounting Standards No. 157 — Fair Value Measurements — (“SFAS 157”) defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements.
SFAS 157 requires disclosure surrounding the various inputs that are used in determining the value of the Fund’s investments. These inputs are summarized into the three broad levels listed below.
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Level 1 – quoted prices in active markets for identical securities
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Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
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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 is a summary of the inputs used as of March 31, 2009 in valuing the Fund’s assets and liabilities carried at fair value:
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| Valuation Inputs | Investments in Securities | Other Financial Instruments* |
| Level 1 – Quoted prices | $ 58,564,259 | $ — |
| Level 2 – Other significant observable inputs | 1,204,250 | — |
| Level 3 – Significant unobservable inputs | — | — |
| Total | $ 59,768,509 | $ — |
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* Other financial instruments may include futures, forwards and swap contracts.
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.
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.
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(Registrant) |
JF China Region Fund, Inc. |
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By (Signature and Title)* /s/ ____________________________________ |
Simon Crinage, President
(principal executive officer)
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Date |
May 21, 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.
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By (Signature and Title)* /s/ ___________________________________ |
Simon Crinage, President
(principal executive officer)
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Date |
May 21, 2009 |
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By (Signature and Title)* /s/ ____________________________________ |
Michael J. James, Treasurer
(principal financial officer)
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Date |
May 21, 2009 |
* Print the name and title of each signing officer under his or her signature.