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)
CSC
Suite 3100
1133 Avenue of the Americas
New York, NY 10036
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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
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Date of reporting period: September 30, 2006
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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.
INVESTMENT PORTFOLIO
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AT SEPTEMBER 30, 2006 (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 (19.9%)
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COMMERCIAL BANKS (5.2%)
Bank of Communications Co. 'H' 2,615,000 1,842,389
China Construction Bank 'H' 2,564,000 1,108,881
* China Merchants Bank 'H' 642,500 905,342
Ping An Insurance Group Co. 'H' 163,000 585,710
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4,442,322
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INSURANCE (2.9%)
China Life Insurance Co., Ltd. 'H' 1,275,000 2,493,631
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METALS & MINING (2.8%)
Angang New Steel Co., Ltd. 'H' 1,370,000 1,088,299
* Hunan Non-Ferrous Metals 'H' 918,000 388,771
Zijin Mining Group Co., Ltd. 'H' 1,776,000 884,325
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2,361,395
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OIL & GAS (5.4%)
China Petroleum and Chemical 'H' 3,020,000 1,875,813
PetroChina Co., Ltd. 'H' 2,480,000 2,667,060
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4,542,873
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REAL ESTATE (1.4%)
* Guangzhou R&F Prop Co., Ltd., 'H' 860,800 1,212,947
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SOFTWARE (0.5%)
Tencent Holdings, Ltd., 'H' 180,000 414,412
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TELECOMMUNICATIONS (0.8%)
China Telecom Corp., Ltd. 'H' 1,748,000 632,598
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TRANSPORTATION INFRASTRUCTURE (0.9%)
* Dongfeng Motors Group Corp., Ltd. 'H' 1,944,000 788,352
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TOTAL CHINA 16,888,530
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HONG KONG (45.3%)
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AIRLINES (1.2%)
Air China, Ltd., 'H' 2,302,000 992,617
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BUILDING MATERIALS (1.0%)
China National Building Material Co., Ltd., 'H' 1,782,000 857,583
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JF CHINA REGION FUND, INC.
INVESTMENT PORTFOLIO (CONTINUED)
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AT SEPTEMBER 30, 2006 (UNAUDITED)
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Holdings Market
(in shares Value
Description or par) (in US$)
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COMMON STOCKS (UNLESS OTHERWISE NOTED) (CONTINUED)
HONG KONG (CONTINUED)
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CHEMICALS (0.7%)
Sinochem Hong Kong Holdings, Ltd. 1,750,000 628,830
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COMMERCIAL BANKS (5.3%)
BOC Hong Kong (Holdings), Ltd. 867,500 1,948,250
Dah Sing Financial Group 123,600 1,112,713
HSBC Holdings PLC 18,400 335,544
Standard Chartered, PLC 41,125 1,069,258
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4,465,765
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DISTRIBUTION/WHOLESALE (3.9%)
Esprit Holdings, Ltd. 209,000 1,905,669
Li & Fung, Ltd. 578,600 1,437,543
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3,343,212
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DIVERSIFIED FINANCIAL SERVICES (1.1%)
Hong Kong Exchanges & Clearing, Ltd. 121,500 886,429
Shin Kong Financial Holding 61,792 56,910
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943,339
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DIVERSIFIED OPERATIONS (2.7%)
China Resources Enterprise Ltd. 384,000 831,842
Hutchison Whampoa Rts 12 0
Swire Pacific, Ltd., Class A 142,500 1,488,594
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2,320,436
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ELECTRIC UTILITIES (1.2%)
China Resources Power Holdings 996,000 1,053,231
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ELECTRONIC EQUIPMENT & INSTRUMENTS (0.4%)
* AAC Acoustic Technology, Inc. 300,000 346,498
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HOTELS, RESTAURANTS & LEISURE (1.5%)
Shangri-La Asia, Ltd. 578,000 1,284,733
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MACHINERY (0.9%)
Techtronic Industries Co., Ltd. 537,000 792,518
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MARINE (1.1%)
Pacific Basin Shipping, Ltd. 1,554,000 891,447
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METALS & MINING (1.3%)
China Shenhua Energy Co., Ltd., 'H' 684,500 1,101,560
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JF CHINA REGION FUND, INC.
INVESTMENT PORTFOLIO (CONTINUED)
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AT SEPTEMBER 30, 2006 (UNAUDITED)
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Holdings Market
(in shares Value
Description or par) (in US$)
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COMMON STOCKS (UNLESS OTHERWISE NOTED) (CONTINUED)
HONG KONG (CONTINUED)
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MISCELLANEOUS (0.0%)
* Health Asia MediCentres Beijing ++ 1,000,000 0
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OIL & GAS (3.8%)
CNPC Hong Kong, Ltd. 3,160,000 1,597,793
Hong Kong & China Gas Co., Ltd. 486,000 1,138,870
Xinao Gas Holdings, Ltd. 448,000 459,944
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3,196,607
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REAL ESTATE (9.2%)
Cheung Kong Holdings, Ltd. 340,000 3,649,908
Henderson Land Development Co., Ltd. 136,000 764,452
Hysan Development Co., Ltd. 231,419 593,378
New World Development Co., Ltd. 481,000 828,390
Sun Hung Kai Properties 184,000 2,008,303
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7,844,431
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RETAIL (2.8%)
Golden Eagle Retail Group, Ltd. 1,505,000 930,938
Lifestyle International Holdings, Ltd. 338,500 668,985
Parkson Retail Group, Ltd. 209,000 773,801
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2,373,724
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TRANSPORTATION INFRASTRUCTURE (1.1%)
Cosco Pacific, Ltd. 444,000 887,744
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WIRELESS TELECOMMUNICATION SERVICES (6.1%)
China Mobile (Hong Kong), Ltd. 738,500 5,217,290
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TOTAL HONG KONG 38,541,565
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SINGAPORE (1.1%)
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COMMERCIAL BANKS (1.1%)
Jardine Matheson Holdings Ltd. 52,000 951,600
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TOTAL SINGAPORE 951,600
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TAIWAN (33.2%)
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CHEMICALS (1.0%)
Formosa Chemical 593,000 877,921
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JF CHINA REGION FUND, INC.
INVESTMENT PORTFOLIO (CONTINUED)
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AT SEPTEMBER 30, 2006 (UNAUDITED)
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Holdings Market
(in shares Value
Description or par) (in US$)
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COMMON STOCKS (UNLESS OTHERWISE NOTED) (CONTINUED)
TAIWAN (CONTINUED)
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COMMERCIAL BANKS (1.3%)
* Chang Hwa Commercial Bank 1,840,000 1,109,087
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COMPUTERS & PERIPHERALS (1.6%)
High Tech Computer 52,000 1,376,297
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DIVERSIFIED FINANCIAL SERVICES (0.8%)
Chinatrust Financial Holding 946,000 705,981
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ELECTRONIC EQUIPMENT & INSTRUMENTS (9.6%)
Asustek Computer, Inc. 631,500 1,482,515
AU Optronics Corp. 114,214 161,672
AU Optronics Corp Warrants 19 Oct 2006 (UBS AG) 594,124 841,874
Delta Electronics, Inc. 433,000 1,242,843
Hon Hai Precision Industry 505,784 3,079,250
Silitech Technology Corp. 108,542 585,384
Tripod Technology Corp. 249,990 762,867
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8,156,405
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INSURANCE (3.4%)
Cathay Life Insurance Company 1,446,895 2,898,380
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METALS & MINING (1.1%)
Catcher Technology Co., Ltd. 103,658 889,459
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REAL ESTATE (1.1%)
Chong Hong Construction Co 164,187 456,385
Huaku Construction 230,000 471,154
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927,539
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RETAIL (0.0%)
Hotai Motor 3,000 5,774
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SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (13.2%)
Advanced Semiconductor Engineering, Inc. 1,628,000 1,512,531
MediaTek, Inc. 181,080 1,717,928
Novatek Microelectronics Corp., Ltd. 199,044 941,170
Novatek Microelectronics Corp., Ltd. Outperformance Warrants 29 March 2007 125,229 593,736
* ProMOS Technologies, Inc. 855,000 335,826
ProMOS Technologies, Inc. Outperformance Warrants 04 March 2007 1,214,000 477,345
Taiwan Semiconductor Manufacturing Co., Ltd. 3,126,787 5,639,978
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11,218,514
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JF CHINA REGION FUND, INC.
INVESTMENT PORTFOLIO (CONTINUED)
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AT SEPTEMBER 30, 2006 (UNAUDITED)
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Holdings Market
(in shares Value
Description or par) (in US$)
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COMMON STOCKS (UNLESS OTHERWISE NOTED) (CONTINUED)
TAIWAN (CONTINUED)
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WIRELESS TELECOMMUNICATION SERVICES (0.1%)
Far EasTone Telecommunications Co., Ltd. 76,000 82,320
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TOTAL TAIWAN 28,247,677
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TOTAL INVESTMENTS IN COMMMON STOCK
(99.5% of Net Assets) (Cost $75,707,979) 84,629,372
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TOTAL INVESTMENTS
(99.5% of Net Assets) (Cost $75,707,979) 84,629,372
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Other assets in excess of liabilities (0.5% of Net Assets) 412,743
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NET ASSETS (100.0%) 85,042,115
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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)
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Net unrealized gain 8,182,091
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H Chinese security traded on Hong Kong Stock Exchange.
* 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
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, 2006, 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 November 15, 2006
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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 November 15, 2006
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By (Signature and Title)* /s/ Michael J. James
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Michael J. James, Treasurer
(principal financial officer)
Date November 15, 2006
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* Print the name and title of each signing officer under his or her signature.