- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
November 26 2008 - 10:57AM
Edgar (US Regulatory)
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:
811-22081
China Finance,
Inc.
(Exact
name of registrant as specified in charter)
1330 Ave of Americas, 21st
floor, New York NY 10019
(Address
of principal executive offices) (Zip code)
Wei
Wei
1330 Ave of Americas, 21st
floor, New York NY 10019
(Name
and address of agent for service)
Registrant's
telephone number, including area code:
(212)
823-0530
Date of
fiscal year end:
December
31
Date of
reporting period:
September
30,
2008
ITEM
1. SCHEDULE OF INVESTMENTS
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China
Finance, Inc.
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Schedule
of Investments
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Market
Value
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As
of September 30, 2008
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Shares
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(Note
1)
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Common
Stocks - 24.05%
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Small
and Medium Sized Enterprises (or operating companies)
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in
the People's Republic of China
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*
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China
Organic Agriculture, Inc. - 1.97%
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(par
value $0.001)
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1,729,273
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605,246
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*
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Gulf
Resources, Inc. - 3.69%
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(par
value $0.001)
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3,339,000
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1,135,260
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*
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Home
System Group - 0.31%
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(par
value $0.001)
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480,000
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96,000
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*
µ
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Jade
Art Group, Inc. - 18.08%
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(par
value $0.001)
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4,340,700
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5,556,096
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*
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CellTeck,
Inc. - 0.00%
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(par
value $0.001)
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3,480,750
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-
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Total
Common Stocks (Cost $9,164,596)
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$
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7,392,602
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Loans
Receivable - 67.22%
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Shenzhen
HuaYinTong Electronics - 42.99%
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(9.00%,
due on October 15, 2008)
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13,213,652
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Shenzhen
HuanYaTong Investment Ltd. - 24.23%
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(8.50%,
due on April 1, 2009)
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7,446,197
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Total
Loans Receivable
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$
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20,659,849
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Real
Estate Held for Investment (a) - 5.01%
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$
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1,541,513
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Total
Investments - 96.28%
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$
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29,593,964
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Other
Assets less Liabilities - 3.72%
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1,142,289
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Net
Assets - 100.00%
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$
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30,736,253
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(a)
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The
Company’s real estate held for investment consists of a building and
related land use rights. The Company values the real estate based on the
cost to purchase and construct a building on the real
estate. The Company evaluates the market price semi-annually
for possible impairment loss, and, as needed, a certified independent
agent performs a property inspection and a market price
evaluation.
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*
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Non-income
producing security.
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µ
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Affiliated
issuer (Note 2).
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(Continued)
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China
Finance, Inc.
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Schedule
of Investments
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As
of September 30, 2008
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The
following information is based upon the federal income tax cost of
portfolio investments
as
of September 30,
2008.
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Gross
unrealized appreciation
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$
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1,215,396
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Gross
unrealized depreciation
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(2,987,390
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)
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Net
unrealized appreciation
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(depreciation)
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$
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(1,771,994
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)
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Federal
income tax cost
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$
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9,164,596
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The
difference between the acquisition cost and the federal income tax cost of
portfolio investments is due to
certain
timing differences in the recognition of capital losses under accounting
principles generally accepted
in
the United States and income tax
regulations.
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ITEM
2. CONTROLS AND PROCEDURES
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(a)
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The
Principal Executive Officer and the Principal Financial Officer have
concluded that the registrant’s disclosure controls and procedures are
effective based on their evaluation of the disclosure controls and
procedures required by Rule 30a-3(b) under the Investment Company Act of
1940 and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of
1934 as of a date within 90 days of the filing of this
report.
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(b)
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There
were no changes in the registrant's internal control over financial
reporting 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.
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ITEM
3. EXHIBITS
Certifications
for each principal executive officer and principal financial officer of the
registrant as required pursuant to Rule 30a-2(a) under the Investment Company
Act of 1940 (17 CFR 270.30a-2(a)) are filed herewith as Exhibit A.
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.
China
Finance, Inc.
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By:
(Signature and Title)
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/s/
Ann Yu
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Ann
Yu
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Chairman,
Chief Executive Officer and Principal Executive Officer
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China
Finance, Inc.
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Date:
November 25, 2008
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)
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/s/
Ann Yu
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Ann
Yu
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Chairman,
Chief Executive Officer and Principal Executive Officer
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China
Finance, Inc.
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Date:
November 25, ,2008
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By:
(Signature and Title)
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/s/
Liang Liao
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Liang
Liao
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Chief
Financial Officer and Principal Financial Officer
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China
Finance, Inc.
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Date:
November 25, 2008
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