Matthews China Small Companies Fund | March 31, 2024 |
Schedule of Investmentsa (unaudited)
COMMON EQUITIES: 98.8% | ||
Shares | Value | |
Consumer Discretionary: 22.5% | ||
Textiles, Apparel & Luxury Goods: 6.4% | ||
Samsonite International SAb,c,d | 1,021,800 | $3,871,468 |
Xtep International Holdings, Ltd. | 2,110,500 | 1,310,082 |
5,181,550 | ||
Household Durables: 6.3% | ||
Hisense Home Appliances Group Co., Ltd. H Shares | 834,000 | 2,597,640 |
Jason Furniture Hangzhou Co., Ltd. A Shares | 506,800 | 2,543,039 |
5,140,679 | ||
Hotels, Restaurants & Leisure: 4.6% | ||
Tongcheng Travel Holdings, Ltd.c,d | 1,276,400 | 3,374,446 |
DPC Dash, Ltd.c | 60,400 | 387,506 |
3,761,952 | ||
Automobile Components: 3.2% | ||
Zhejiang Shuanghuan Driveline Co., Ltd. A Shares | 566,203 | 1,808,805 |
Minth Group, Ltd. | 466,000 | 737,057 |
2,545,862 | ||
Automobiles: 1.6% | ||
Yadea Group Holdings, Ltd.b,d | 792,000 | 1,285,075 |
Diversified Consumer Services: 0.4% | ||
China Education Group Holdings, Ltd.d | 650,000 | 348,337 |
Total Consumer Discretionary | 18,263,455 | |
Industrials: 19.4% | ||
Machinery: 9.9% | ||
Yangzijiang Shipbuilding Holdings, Ltd. | 2,772,900 | 3,922,135 |
Morimatsu International Holdings Co., Ltd.c,d | 3,452,000 | 2,121,184 |
Airtac International Group | 58,191 | 2,017,437 |
8,060,756 | ||
Construction & Engineering: 2.8% | ||
Greentown Management Holdings Co., Ltd.b,d | 2,750,000 | 2,265,905 |
Electrical Equipment: 2.2% | ||
Hongfa Technology Co., Ltd. A Shares | 531,157 | 1,782,413 |
Ground Transportation: 2.0% | ||
Full Truck Alliance Co., Ltd. ADRc | 221,330 | 1,609,069 |
Professional Services: 1.0% | ||
Centre Testing International Group Co., Ltd. A Shares | 488,700 | 852,844 |
Marine Transportation: 1.0% | ||
SITC International Holdings Co., Ltd. | 450,500 | 823,631 |
Transportation Infrastructure: 0.5% | ||
Beijing Capital International Airport Co., Ltd. H Sharesc | 1,312,000 | 397,897 |
Total Industrials | 15,792,515 |
Shares | Value | |
Information Technology: 13.0% | ||
Semiconductors & Semiconductor Equipment: 7.5% | ||
ACM Research, Inc. Class Ac | 92,939 | $2,708,243 |
Alchip Technologies, Ltd. | 26,000 | 2,572,866 |
AP Memory Technology Corp. | 66,000 | 800,040 |
6,081,149 | ||
Electronic Equipment, Instruments & Components: 5.5% | ||
Elite Material Co., Ltd. | 146,000 | 1,839,597 |
Lotes Co., Ltd. | 40,000 | 1,730,670 |
Shenzhen Topband Co., Ltd. A Shares | 748,900 | 940,599 |
4,510,866 | ||
Total Information Technology | 10,592,015 | |
Health Care: 10.3% | ||
Health Care Equipment & Supplies: 2.9% | ||
AK Medical Holdings, Ltd.b,d | 2,328,000 | 1,463,384 |
Kangji Medical Holdings, Ltd. | 537,500 | 465,008 |
Peijia Medical, Ltd.b,c,d | 925,000 | 433,002 |
2,361,394 | ||
Biotechnology: 2.7% | ||
Legend Biotech Corp. ADRc | 29,089 | 1,631,602 |
Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd.c | 27,700 | 549,868 |
2,181,470 | ||
Health Care Technology: 1.7% | ||
Medlive Technology Co., Ltd.b,d | 1,456,500 | 1,406,988 |
Pharmaceuticals: 1.6% | ||
HUTCHMED China, Ltd.c | 380,000 | 1,300,961 |
Life Sciences Tools & Services: 1.4% | ||
Genscript Biotech Corp.c | 388,000 | 719,972 |
WuXi XDC Cayman, Inc.c | 180,500 | 422,993 |
1,142,965 | ||
Total Health Care | 8,393,778 | |
Consumer Staples: 9.4% | ||
Beverages: 3.6% | ||
Anhui Yingjia Distillery Co., Ltd. A Shares | 182,000 | 1,635,975 |
Anhui Kouzi Distillery Co., Ltd. A Shares | 234,300 | 1,304,679 |
2,940,654 | ||
Personal Care Products: 3.2% | ||
Giant Biogene Holding Co., Ltd.b,c,d | 472,200 | 2,570,541 |
Food Products: 2.6% | ||
Anjoy Foods Group Co., Ltd. A Shares | 130,347 | 1,489,866 |
Chacha Food Co., Ltd. A Shares | 133,600 | 650,076 |
2,139,942 | ||
Total Consumer Staples | 7,651,137 | |
Communication Services: 7.9% | ||
Interactive Media & Services: 4.1% | ||
Kanzhun, Ltd. ADR | 134,905 | 2,364,885 |
matthewsasia.com | 800.789.ASIA 1
Matthews China Small Companies Fund | March 31, 2024 |
Schedule of Investmentsa (unaudited) (continued)
COMMON EQUITIES (continued) | ||
Shares | Value | |
Zhihu, Inc. ADRc | 1,425,722 | $975,051 |
3,339,936 | ||
Entertainment: 3.8% | ||
Maoyan Entertainmentb,c,d | 1,373,800 | 1,680,487 |
Cloud Music, Inc.b,c,d | 119,850 | 1,415,648 |
3,096,135 | ||
Total Communication Services | 6,436,071 | |
Real Estate: 5.3% | ||
Real Estate Management & Development: 5.3% | ||
China Overseas Property Holdings, Ltd. | 4,290,000 | 2,377,789 |
KE Holdings, Inc. A Shares | 415,600 | 1,902,170 |
Total Real Estate | 4,279,959 | |
Utilities: 3.4% | ||
Gas Utilities: 3.4% | ||
ENN Natural Gas Co., Ltd. A Shares | 1,043,242 | 2,753,223 |
Total Utilities | 2,753,223 | |
Materials: 2.8% | ||
Chemicals: 2.8% | ||
Sunresin New Materials Co., Ltd. A Shares | 189,800 | 1,167,724 |
Nanjing Cosmos Chemical Co., Ltd. A Shares | 99,500 | 1,068,829 |
Total Materials | 2,236,553 | |
Energy: 2.5% | ||
Energy Equipment & Services: 2.5% | ||
Yantai Jereh Oilfield Services Group Co., Ltd. A Shares | 487,400 | 1,998,611 |
Total Energy | 1,998,611 |
Shares | Value | |
Financials: 2.3% | ||
Financial Services: 2.3% | ||
Chailease Holding Co., Ltd. | 353,106 | $1,892,106 |
Total Financials | 1,892,106 | |
Total Investments: 98.8% | 80,289,423 | |
(Cost $88,530,585) | ||
CASH AND OTHER ASSETS, LESS LIABILITIES: 1.2% | 977,854 | |
Net Assets: 100.0% | $81,267,277 |
a | Certain securities were fair valued under the valuation policies approved by the Board of Trustees. |
b | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At March 31, 2024, the aggregate value is $16,392,498, which is 20.17% of net assets. |
c | Non-income producing security. |
d | The securities may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
ADR | American Depositary Receipt |
Other information regarding the Fund is available in the Funds’ most recent report to shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
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