# EDGAR Filing Document

**Accession Number:** 0000845379
**File Stem:** 0001752724-25-213539
**Filing Date:** 2025-9
**Character Count:** 39279
**Document Hash:** 7269567619b642cc0587fcef39ed9791
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-213539.hdr.sgml**: 20250909

**ACCESSION NUMBER**: 0001752724-25-213539

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250909

**DATE AS OF CHANGE**: 20250909

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** China Fund, Inc.
- **CENTRAL INDEX KEY:** 0000845379

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05749
- **FILM NUMBER:** 251303088

**BUSINESS ADDRESS:**
- **STREET 1:** 50 POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 617 772 1616

**MAIL ADDRESS:**
- **STREET 1:** 50 POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHINA FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Nport-Ex

**THE CHINA FUND, INC.**

**SCHEDULE OF INVESTMENTS**

**July 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Name of Issuer and Title of Issue** | **Shares** | | **Value (Note A)** |
| **COMMON STOCK** |  |  |  |
| **CHINA — "A" SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Banks — 5.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Co., Ltd. — A | 1370447 |  | $8448497 |
| &nbsp;&nbsp;&nbsp;**Beverages — 3.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shanxi Xinghuacun Fen Wine Factory Co., Ltd. — A | 54600 |  | 1352079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wuliangye Yibin Co., Ltd. — A | 224496 |  | 3762379 |
|  |  |  | 5114458 |
| &nbsp;&nbsp;&nbsp;**Capital Markets — 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East Money Information Co., Ltd. — A | 589160 |  | 1889760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hithink RoyalFlush Information Network Co., Ltd. — A | 15900 |  | 621568 |
|  |  |  | 2511328 |
| &nbsp;&nbsp;&nbsp;**Communications Equipment — 1.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suzhou TFC Optical Communication Co., Ltd. — A | 203616 |  | 2951755 |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment — 3.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co., Ltd. — A | 73940 |  | 2705300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hongfa Technology Co., Ltd. — A | 549640 |  | 1868011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sungrow Power Supply Co., Ltd. — A | 161900 |  | 1612398 |
|  |  |  | 6185709 |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foxconn Industrial Internet Co., Ltd. — A | 552200 |  | 2622103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wingtech Technology Co., Ltd. — A | 300200 |  | 1533530 |
|  |  |  | 4155633 |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aier Eye Hospital Group Co., Ltd. — A | 179500 |  | 318551 |
| &nbsp;&nbsp;&nbsp;**Household Durables — 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midea Group Co., Ltd. — A | 229729 |  | 2232405 |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 2.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WuXi AppTec Co., Ltd. — A | 250700 |  | 3331333 |
| &nbsp;&nbsp;&nbsp;**Machinery — 2.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neway Valve Suzhou Co., Ltd. — A | 569400 |  | 2271888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yutong Bus Co., Ltd. — A | 370600 |  | 1279919 |
|  |  |  | 3551807 |
| &nbsp;&nbsp;&nbsp;**Media — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Focus Media Information Technology Co., Ltd. — A | 684000 |  | 710929 |
| &nbsp;&nbsp;&nbsp;**Metals & Mining — 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMOC Group, Ltd. — A | 1330100 |  | 1649431 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. — A | 176510 |  | 765718 |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 3.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cambricon Technologies Corp., Ltd. — A\* | 10677 |  | 1045978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAURA Technology Group Co., Ltd. — A | 12152 |  | 563310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OmniVision Integrated Circuits Group, Inc. — A | 221200 |  | 3704636 |
|  |  |  | 5313924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL CHINA — "A" SHARES —** (Cost $42,545,008) |  | 30.2% | 47241478 |

---

See notes to schedule of investments.

**THE CHINA FUND, INC.**

**SCHEDULE OF INVESTMENTS (continued)**

**July 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Name of Issuer and Title of Issue** | **Shares** | **Value (Note A)** |
| **COMMON STOCK (continued)** |  |  |
| **HONG KONG** |  |  |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JD Logistics, Inc. 144A\* | 1068500 | $1856484 |
| &nbsp;&nbsp;&nbsp;**Biotechnology — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovent Biologics, Inc. 144A\* | 248500 | 3101277 |
| &nbsp;&nbsp;&nbsp;**Broadline Retail — 11.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. | 595408 | 8842237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JD.com, Inc. | 329804 | 5183539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDD Holdings, Inc. ADR\* | 31411 | 3563578 |
|  |  | 17589354 |
| &nbsp;&nbsp;&nbsp;**Capital Markets — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing, Ltd. | 33800 | 1829583 |
| &nbsp;&nbsp;&nbsp;**Communications Equipment — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BYD Electronic International Co., Ltd. | 251000 | 1047218 |
| &nbsp;&nbsp;&nbsp;**Consumer Finance — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qifu Technology, Inc. ADR | 45699 | 1568847 |
| &nbsp;&nbsp;&nbsp;**Entertainment — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maoyan Entertainment 144A | 765000 | 758580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc. | 66200 | 1723089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR | 32049 | 672709 |
|  |  | 3154378 |
| &nbsp;&nbsp;&nbsp;**Ground Transportation — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DiDi Global, Inc. ADR\* | 775141 | 3898959 |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Entertainment Group, Ltd. | 527000 | 2576123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luckin Coffee, Inc. ADR\* | 12416 | 456412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meituan 144A\* | 192050 | 2965180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group, Ltd. ADR | 19629 | 1216017 |
|  |  | 7213732 |
| &nbsp;&nbsp;&nbsp;**Household Durables — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Man Wah Holdings, Ltd. | 3216000 | 1810706 |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services — 13.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baidu, Inc.\* | 90150 | 979439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kuaishou Technology 144A\* | 370600 | 3624047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. | 236200 | 16555569 |
|  |  | 21159055 |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Overseas Grand Oceans Group, Ltd. | 1198000 | 295989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Overseas Property Holdings, Ltd. | 2005000 | 1378973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFI Holdings Group Co., Ltd.\* | 10294968 | 346952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KE Holdings, Inc. ADR | 82020 | 1510808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Longfor Group Holdings, Ltd. 144A | 764000 | 952144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Times China Holdings, Ltd.\* | 6934000 | 177906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yuexiu Property Co., Ltd. | 1164000 | 684803 |
|  |  | 5347575 |

---

See notes to schedule of investments.

**THE CHINA FUND, INC.**

**SCHEDULE OF INVESTMENTS (continued)**

**July 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Name of Issuer and Title of Issue** | **Shares** | | **Value (Note A)** |
| **COMMON STOCK (continued)** |  |  |  |
| **HONG KONG (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lenovo Group, Ltd. | 1126000 |  | $1441459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL HONG KONG —** (Cost $61,552,317) |  | 45.4% | 71018627 |
| **HONG KONG — "H" SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Automobiles — 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BYD Co., Ltd. | 153000 |  | 2217131 |
| &nbsp;&nbsp;&nbsp;**Banks — 3.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Corp. | 5243000 |  | 5368229 |
| &nbsp;&nbsp;&nbsp;**Capital Markets — 5.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China International Capital Corp., Ltd. 144A | 1301600 |  | 3308696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Merchants Securities Co., Ltd. 144A | 1888200 |  | 3904758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CITIC Securities Co., Ltd. | 494625 |  | 1739369 |
|  |  |  | 8952823 |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Oilfield Services, Ltd. | 754000 |  | 667998 |
| &nbsp;&nbsp;&nbsp;**Household Durables — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hisense Home Appliances Group Co., Ltd. | 452000 |  | 1297758 |
| &nbsp;&nbsp;&nbsp;**Insurance — 8.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Life Insurance Co., Ltd. | 1487000 |  | 4301506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New China Life Insurance Co., Ltd. | 744100 |  | 4765454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group Co., of China Ltd. | 588000 |  | 4027141 |
|  |  |  | 13094101 |
| &nbsp;&nbsp;&nbsp;**Metals & Mining — 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMOC Group, Ltd. | 1746000 |  | 1993561 |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetroChina Co., Ltd. | 2190000 |  | 2143119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL HONG KONG — "H" SHARES —** (Cost $25,865,651) |  | 22.8% | 35734720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL HONG KONG (INCLUDING "H" SHARES) —** (Cost $87,417,968) |  | 68.2% | 106753347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCK —** (Cost $129,962,976) |  | 98.4% | 153994825 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | | |
| **SHORT TERM INVESTMENTS** |  |  |  |  |
| **Time Deposits — 1.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas - Paris, 0.01%, 8/1/2025 | HKD | 1096823 |  | 139723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank, London, 3.20%, 8/1/2025 | GBP | 3 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank, New York, 3.68%, 8/1/2025 | USD | 1827906 |  | 1827906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS —** (Cost $1,967,633) |  |  | 1.3% | 1967633 |
| **TOTAL INVESTMENTS —** (Cost $131,930,609) |  |  | 99.7% | 155962458 |
| **OTHER ASSETS AND LIABILITIES** |  |  | 0.3% | 468217 |
| **NET ASSETS** |  |  | 100.0% | $156430675 |

---

<u>Footnotes to Schedule of Investments</u>

\* Denotes non-income producing security.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2025, these restricted securities amounted to $20,471,166, which represented 13.09% of net assets.

ADR — American Depositary Receipt

GBP — British pound

HKD — Hong Kong dollar

USD — U.S. dollar

See notes to schedule of investments.

**THE CHINA FUND, INC.**

**NOTES TO SCHEDULE OF INVESTMENTS**

**July 31, 2025 (unaudited)**

**NOTE A — SECURITY VALUATION**

**Security Valuation:** Portfolio securities listed on recognized U.S. or foreign security exchanges are valued at the last quoted sales price in the principal market where they are traded. Listed securities with no such sales price and unlisted securities are valued at the mean between the current bid and asked prices, if any, from brokers. Short-term investments having maturities of sixty days or less are valued at amortized cost (original purchase cost as adjusted for amortization of premium or accretion of discount) which when combined with accrued interest approximates market value. Securities for which market quotations are not readily available or are deemed unreliable are valued at fair value in good faith by or at the direction of the Board of Directors (the "Board") in accordance with the Fund's Valuation Procedures. For securities listed on non-North American exchanges, the Fund fair values those securities daily using fair value factors provided by a third-party pricing service if certain thresholds determined by the Board are met. Direct Investments and derivatives investments, if any, are valued at fair value as determined by or at the direction of the Board based on financial and other information supplied by the Direct Investment Manager or a third-party pricing service.

Factors used in determining fair value may include, but are not limited to, the type of security, the size of the holding, the initial cost of the security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies, the availability of quotations from broker-dealers, the availability of values of third parties other than the Investment Manager, information obtained from the issuer, analysts, and/or the appropriate stock exchange (if available), an analysis of the company's financial statements, an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which they trade.

The Fund has adopted fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:

● Level 1 — Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date;

● Level 2 — Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active;

● Level 3 — Inputs that are unobservable.

The following is a summary of the inputs used as of July 31, 2025 in valuing the Fund's investments carried at value:

**ASSETS VALUATION INPUT**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock | $12887330 | $141107495 | $– | $153994825 |
| Short Term Investments | 1967633 | – | – | 1967633 |
| TOTAL INVESTMENTS | $14854963 | $141107495 | $– | $155962458 |

---

\* Please refer to the Schedule of Investments for additional security details.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** China Fund, Inc.

- **b. Investment Company Act file number:** 811-05749

- **c. CIK number of Registrant:** 0000845379

- **d. LEI of Registrant:** 549300U9N8NM2LYE5807

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 50 Post Office Square

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 617-772-1616

**Item A.2. Information about the Series.**

- **a. Name of Series:** China Fund, Inc.

- **c. LEI of Series:** 549300U9N8NM2LYE5807

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $157380472.14

**Total Liabilities:** $955675.32

**Net Assets:** $156424796.82

**Cash Not Reported:** $2545178.14

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 2.78%                | 6.59%                | 5.86%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-772433.32              | $4267244.41                                |
| Month 2  | $-348827.56              | $8871919.17                                |
| Month 3  | $-3787287.23             | $11778198.49                               |

### Schedule of Portfolio Investments

| Name                           | Title                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| WINGTECH TECHNOLOGY CO L /CNH/ | WINGTECH TECHNOLOGY CO LTD-A /CNH/ 0.00000000               | CUSIP: Y3745E106<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    300200 | NS      | $1533529.96   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| CIFI HOLDINGS GROUP CO L /HKD/ | CIFI HOLDINGS GROUP CO LTD /HKD/ 0.00000000                 | CUSIP: G2140A107<br>LEI: 549300WGKSV867C0JF48 | Long             | EC               | CORP              | KY        |  10294968 | NS      | $346952.22    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| SHANXI XINGHUACUN FEN WI /CNH/ | SHANXI XINGHUACUN FEN WINE-A /CNH/ 0.00000000               | CUSIP: Y77013103<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     54600 | NS      | $1352079.27   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA MERCHANTS BANK-A /CNY/   | CHINA MERCHANTS BANK-A /CNY/ 0.00000000                     | CUSIP: Y14896107<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |   1370447 | NS      | $8448498.16   | 5.40%             |  |  |  | No            |                  2 | On Loan: No      |
| CMOC GROUP LTD-H /HKD/         | CMOC GROUP LTD-H /HKD/ 0.00000000                           | CUSIP: Y1503Z105<br>LEI: 2549008KG3638J59U652 | Long             | EC               | CORP              | CN        |   1746000 | NS      | $1993561.45   | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| LUCKIN COFFEE INC - ADR        | LUCKIN COFFEE INC - ADR 0.00000000                          | CUSIP: 54951L109<br>LEI: 549300FO16ASCVSMYI15 | Long             | EC               | CORP              | KY        |     12416 | NS      | $456412.16    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| LENOVO GROUP LTD /HKD/         | LENOVO GROUP LTD /HKD/ 0.00000000                           | CUSIP: Y5257Y107<br>LEI: 254900VUZRGD5U73RE46 | Long             | EC               | CORP              | HK        |   1126000 | NS      | $1441459.44   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| WUXI APPTEC CO LTD A /CNH/     | WUXI APPTEC CO LTD A /CNH/ 0.00000000                       | CUSIP: Y971B1100<br>LEI: 254900OEPQLZSPLN9175 | Long             | EC               | CORP              | CN        |    250700 | NS      | $3331332.88   | 2.13%             |  |  |  | No            |                  2 | On Loan: No      |
| HONG KONG EXCHANGES & CL /HKD/ | HONG KONG EXCHANGES & CLEAR /HKD/ 0.00000000                | CUSIP: Y3506N139<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |     33800 | NS      | $1829583.48   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA MOLYBDENUM CO LTD- /CNY/ | CHINA MOLYBDENUM CO LTD-A /CNY/ 0.00000000                  | CUSIP: Y1503Z113<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   1330100 | NS      | $1649431.17   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| FOCUS MEDIA INFORMATION  /CNH/ | FOCUS MEDIA INFORMATION TE-A /CNH/ 0.00000000               | CUSIP: Y29327106<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    684000 | NS      | $710928.50    | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| AIER EYE HOSPITAL GROUP  /CNH/ | AIER EYE HOSPITAL GROUP CO-A   /CNH/ 0.00000000             | CUSIP: Y0029J108<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    179500 | NS      | $318550.90    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| JD LOGISTICS INC /HKD/         | JD LOGISTICS INC /HKD/ 144A 0.00000000                      | CUSIP: G5074S101<br>LEI: 655600LWTFVMV3E2A890 | Long             | EC               | CORP              | KY        |   1068500 | NS      | $1856483.77   | 1.19%             |  |  |  | Yes           |                  2 | On Loan: No      |
| BYD ELECTRONIC INTL CO L /HKD/ | BYD ELECTRONIC INTL CO LTD /HKD/ 0.00000000                 | CUSIP: Y1045N107<br>LEI: 5299001O3LAFGRPZ3Y63 | Long             | EC               | CORP              | HK        |    251000 | NS      | $1047217.92   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| WULIANGYE YIBIN CO LTD-A /CNH/ | WULIANGYE YIBIN CO LTD-A /CNH/ 0.00000000                   | CUSIP: Y9828D105<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    224496 | NS      | $3762378.37   | 2.41%             |  |  |  | No            |                  2 | On Loan: No      |
| NEW CHINA LIFE INSURANCE /HKD/ | NEW CHINA LIFE INSURANCE C-H /HKD/ 0.00000000               | CUSIP: Y625A4115<br>LEI: 300300F2001111000095 | Long             | EC               | CORP              | CN        |    744100 | NS      | $4765454.51   | 3.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SUZHOU TFC OPTICAL COMMU /CNH/ | SUZHOU TFC OPTICAL COMMUNI-A /CNH/ 0.00000000               | CUSIP: Y831BY104<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    203616 | NS      | $2951755.41   | 1.89%             |  |  |  | No            |                  2 | On Loan: No      |
| SUNGROW POWER SUPPLY CO  /CNH/ | SUNGROW POWER SUPPLY CO LT-A /CNH/ 0.00000000               | CUSIP: Y8211M102<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    161900 | NS      | $1612398.18   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| HONGFA TECHNOLOGY CO LTD /CNH/ | HONGFA TECHNOLOGY CO LTD A     /CNH/ 0.00000000             | CUSIP: Y9716T105<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    549640 | NS      | $1868010.79   | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| YUEXIU PROPERTY CO LTD /HKD/   | YUEXIU PROPERTY CO LTD /HKD/ 0.00000000                     | CUSIP: Y9863Z128<br>LEI: 529900GASK6R1FD08W10 | Long             | EC               | CORP              | HK        |   1164000 | NS      | $684802.55    | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| PDD HOLDINGS INC               | PDD HOLDINGS INC 0.00000000                                 | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |     31411 | NS      | $3563577.95   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BAIDU INC-CLASS A /HKD/        | BAIDU INC-CLASS A /HKD/ 0.00000000                          | CUSIP: G07034104<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | KY        |     90150 | NS      | $979439.34    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA OVERSEAS PROPERTY  /HKD/ | CHINA OVERSEAS PROPERTY HOLD /HKD/ 0.00000000               | CUSIP: G2118M109<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   2005000 | NS      | $1378972.85   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| LONGFOR GROUP HOLDINGS L /HKD/ | LONGFOR GROUP HOLDINGS LTD /HKD/ 144A 0.00000000            | CUSIP: G5635P109<br>LEI: 254900UJX27B2F1JYR13 | Long             | EC               | CORP              | KY        |    764000 | NS      | $952143.91    | 0.61%             |  |  |  | Yes           |                  2 | On Loan: No      |
| CHINA CONSTRUCTION BANK- /HKD/ | CHINA CONSTRUCTION BANK-H /HKD/ 0.00000000                  | CUSIP: Y1397N101<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |   5243000 | NS      | $5368228.89   | 3.43%             |  |  |  | No            |                  2 | On Loan: No      |
| CAMBRICON TEHNOLOGIES A /CNH/  | CAMBRICON TEHNOLOGIES A /CNH/ 0.00000000                    | CUSIP: Y10823105<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     10677 | NS      | $1045977.57   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| JD.COM INC-CLASS A /HKD/       | JD.COM INC-CLASS A /HKD/ 0.00000000                         | CUSIP: G8208B101<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |    329804 | NS      | $5183539.13   | 3.31%             |  |  |  | No            |                  2 | On Loan: No      |
| MAN WAH HOLDINGS LTD /HKD/     | MAN WAH HOLDINGS LTD /HKD/ 0.00000000                       | CUSIP: G5800U107<br>LEI: 52990005BW6K71UPKX41 | Long             | EC               | CORP              | BM        |   3216000 | NS      | $1810706.32   | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| MIDEA GROUP CO LTD-A /CNH/     | MIDEA GROUP CO LTD-A /CNH/ 0.00000000                       | CUSIP: Y6S40V103<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |    229729 | NS      | $2232404.88   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING LT /HKD/ | ALIBABA GROUP HOLDING LTD /HKD/ 0.00000000                  | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    595408 | NS      | $8842236.66   | 5.65%             |  |  |  | No            |                  2 | On Loan: No      |
| TIMES CHINA HOLDINGS LTD /HKD/ | TIMES CHINA HOLDINGS LTD /HKD/ 0.00000000                   | CUSIP: G8904A100<br>LEI: 2549000KTINB9ZPZP710 | Long             | EC               | CORP              | KY        |   6935000 | NS      | $177931.78    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| EAST MONEY INFORMATION C /CNH/ | EAST MONEY INFORMATION CO-A    /CNH/ 0.00000000             | CUSIP: Y2234B102<br>LEI: 836800ZFB0ZEK3KKW487 | Long             | EC               | CORP              | CN        |    589160 | NS      | $1889760.62   | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| FOXCONN INDUSTRIAL INTER /CNH/ | FOXCONN INDUSTRIAL INTERNE A   /CNH/ /601138 CH/ 0.00000000 | CUSIP: Y2620V100<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    552200 | NS      | $2622102.66   | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| QIFU TECHNOLOGY INC            | QIFU TECHNOLOGY INC 0.00000000                              | CUSIP: 88557W101<br>LEI: 836800R59NKEPDR6I240 | Long             | EC               | CORP              | KY        |     45699 | NS      | $1568846.67   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWAY VALVE SUZHOU CO LT /CNH/ | NEWAY VALVE SUZHOU CO LTD-A /CNH/ 0.00000000                | CUSIP: 603699C15<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    569400 | NS      | $2271887.36   | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA RESOURCES SANJIU M /CNH/ | CHINA RESOURCES SANJIU MED-A /CNH/ 0.00000000               | CUSIP: Y7503B105<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    176510 | NS      | $765718.05    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| PETROCHINA CO LTD H /HKD/      | PETROCHINA CO LTD H /HKD/ 0.00000000                        | CUSIP: Y6883Q104<br>LEI: 529900RPY4YG47TRSV05 | Long             | EC               | CORP              | CN        |   2190000 | NS      | $2143118.66   | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| WILL SEMICONDUCTOR LTD-A /CNH/ | WILL SEMICONDUCTOR LTD-A /CNH/ 0.00000000                   | CUSIP: Y9584K103<br>LEI: 8368000MFHXX01GPND38 | Long             | EC               | CORP              | CN        |    221200 | NS      | $3704636.52   | 2.37%             |  |  |  | No            |                  2 | On Loan: No      |
| HITHINK ROYALFLUSH INFOR /CNH/ | HITHINK ROYALFLUSH INFORMA-A   /CNH/ 0.00000000             | CUSIP: Y3181P102<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     15900 | NS      | $621567.78    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| KE HOLDINGS INC-ADR            | KE HOLDINGS INC-ADR 0.00000000                              | CUSIP: 482497104<br>LEI: 254900RHVY072XPAZE03 | Long             | EC               | CORP              | KY        |     82020 | NS      | $1510808.40   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIC SECURITIES CO LTD- /HKD/ | CITIC SECURITIES CO LTD-H /HKD/ 0.00000000                  | CUSIP: Y1639N117<br>LEI: 300300E1006744000068 | Long             | EC               | CORP              | CN        |    494625 | NS      | $1739369.35   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CONTEMPORARY AMPEREX TEC /CNH/ | CONTEMPORARY AMPEREX TECHN-A /CNH/ 0.00000000               | CUSIP: Y1R48E105<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     73940 | NS      | $2705299.87   | 1.73%             |  |  |  | No            |                  2 | On Loan: No      |
| GALAXY ENTERTAINMENT GRO /HKD/ | GALAXY ENTERTAINMENT GROUP L /HKD/ 0.00000000               | CUSIP: Y2679D118<br>LEI: 549300ZSEBV3HR826S10 | Long             | EC               | CORP              | HK        |    527000 | NS      | $2576122.75   | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| HISENSE HOME APPLIANCES  /HKD/ | HISENSE HOME APPLIANCES GROUP CO LTD /HKD/ 0.00000000       | CUSIP: Y3226R105<br>LEI: 529900PRGESPUBUBN103 | Long             | EC               | CORP              | CN        |    452000 | NS      | $1297757.70   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| ZHENGZHOU YUTONG BUS CO  /CNY/ | ZHENGZHOU YUTONG BUS CO -A /CNY/ 0.00000000                 | CUSIP: Y98913109<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    370600 | NS      | $1279919.46   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA INTERNATIONAL CAPI /HKD/ | CHINA INTERNATIONAL CAPITA-H /HKD/ 144A 0.00000000          | CUSIP: Y1R99Y109<br>LEI: 529900OS3SVVTT56QN67 | Long             | EC               | CORP              | CN        |   1301600 | NS      | $3308695.72   | 2.12%             |  |  |  | Yes           |                  2 | On Loan: No      |
| TENCENT HOLDINGS LTD /HKD/     | TENCENT HOLDINGS LTD /HKD/ 0.00000000                       | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |    236200 | NS      | $16555567.56  | 10.58%            |  |  |  | No            |                  2 | On Loan: No      |
| BYD CO LTD-H /HKD/             | BYD CO LTD-H /HKD/ 0.00000000                               | CUSIP: Y1023R104<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |    153000 | NS      | $2217130.54   | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| PING AN INSURANCE GROUP  /HKD/ | PING AN INSURANCE GROUP CO-H /HKD/ 0.00000000               | CUSIP: Y69790106<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |    588000 | NS      | $4027141.44   | 2.57%             |  |  |  | No            |                  2 | On Loan: No      |
| TENCENT MUSIC ENTERTAINM-ADR   | TENCENT MUSIC ENTERTAINM-ADR 0.00000000                     | CUSIP: 88034P109<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | KY        |     32049 | NS      | $672708.51    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| DIDI GLOBAL INC                | DIDI GLOBAL INC 0.00000000                                  | CUSIP: 23292E108<br>LEI: 8368006Y2DHY77ADSY31 | Long             | EC               | CORP              | KY        |    775141 | NS      | $3898959.23   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NETEASE INC /HKD/              | NETEASE INC /HKD/ 0.00000000                                | CUSIP: G6427A102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |     66200 | NS      | $1723089.86   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| MEITUAN-CLASS B /HKD/          | MEITUAN-CLASS B /HKD/ 144A 0.00000000                       | CUSIP: G59669104<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | KY        |    192050 | NS      | $2965180.56   | 1.90%             |  |  |  | Yes           |                  2 | On Loan: No      |
| CHINA OVERSEAS GRAND /HKD/     | CHINA OVERSEAS GRAND OCEAN____  GROUP  LTD /HKD/ 0.00000000 | CUSIP: Y1505S117<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |   1198000 | NS      | $295988.56    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA OILFIELD SERVICES- /HKD/ | CHINA OILFIELD SERVICES-H /HKD/ 0.00000000                  | CUSIP: Y15002101<br>LEI: 529900J4X53VL8QQW675 | Long             | EC               | CORP              | CN        |    754000 | NS      | $667997.99    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| KUAISHOU TECHNOLOGY /HKD/      | KUAISHOU TECHNOLOGY /HKD/ 144A 0.00000000                   | CUSIP: G53263102<br>LEI: 300300FCDZBE6UP9ED24 | Long             | EC               | CORP              | KY        |    370600 | NS      | $3624047.40   | 2.32%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MAOYAN ENTERTAINMENT /HKD/     | MAOYAN ENTERTAINMENT /HKD/ 144A 0.00000000                  | CUSIP: G5804A107<br>LEI: 254900DBFLAM1EAPV891 | Long             | EC               | CORP              | KY        |    765000 | NS      | $758579.65    | 0.48%             |  |  |  | Yes           |                  2 | On Loan: No      |
| INNOVENT BIOLOGICS INC /HKD/   | INNOVENT BIOLOGICS INC /HKD/ 144A 0.00000000                | CUSIP: G4818G101<br>LEI: 25490058ONL9SCIE1R22 | Long             | EC               | CORP              | KY        |    248500 | NS      | $3101277.12   | 1.98%             |  |  |  | Yes           |                  2 | On Loan: No      |
| TRIP.COM GROUP LTD-ADR         | TRIP.COM GROUP LTD-ADR 0.00000000                           | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |     19629 | NS      | $1216016.55   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA LIFE INSURANCE CO- /HKD/ | CHINA LIFE INSURANCE CO-H /HKD/ 0.00000000                  | CUSIP: Y1477R204<br>LEI: 549300J6TFLDXGH6S048 | Long             | EC               | CORP              | CN        |   1487000 | NS      | $4301506.27   | 2.75%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA MERCHANTS SECURITI /HKD/ | CHINA MERCHANTS SECURITIES-H /HKD/ 0.00000000               | CUSIP: Y14904117<br>LEI: 30030060IEIMX476KH87 | Long             | EC               | CORP              | CN        |   1888200 | NS      | $3904757.43   | 2.50%             |  |  |  | Yes           |                  2 | On Loan: No      |
| NAURA TECHNOLOGY GROUP C /CNH/ | NAURA TECHNOLOGY GROUP CO-A /CNH/ 0.00000000                | CUSIP: Y0772M100<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     12152 | NS      | $563309.89    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-29

**Name of Applicant:** China Fund, Inc.

**Signature:** Thomas Perugini

**Name of Signer:** Thomas Perugini

**Title:** Treasurer