CLIM Discloses 12.18M Shares (30%) in abrdn Emerging Markets ex-China Fund

Rhea-AI Filing Summary

The filing is an Amendment to a Schedule 13G reporting that City of London Investment Management Company Limited (CLIM) beneficially owns 12,175,804 shares of abrdn Emerging Markets ex-China Fund, Inc. (AEF), representing 30.0% of the class. CLIM reports sole voting and sole dispositive power over these shares and states the shares are owned directly by the City of London Funds and certain segregated accounts that CLIM manages.

The filing emphasizes these holdings are held in the ordinary course of business and were not acquired to change or influence control of the issuer. CLIM is a UK-registered investment adviser that exercises independent voting and investment authority for the reported accounts.

Positive

• Beneficial ownership of 12,175,804 shares representing 30.0% of the class
• Sole voting power and sole dispositive power over the reported shares
• Holdings owned directly by City of London Funds and segregated accounts managed by CLIM
• Filer states holdings are held in the ordinary course of business and not for control

Negative

• None.

Insights

Financial Analyst

TL;DR: A material 30% stake is reported, held with sole voting and dispositive power but claimed to be passive in nature.

CLIM's reported 30.0% position is large relative to a single shareholder and could affect liquidity and shareholder vote dynamics even if the filer asserts passive intent. The filing notes direct ownership by multiple City of London Funds and segregated accounts, indicating concentrated exposure managed by an adviser rather than a single operating entity. Investors should note the size and voting control when assessing potential influence on corporate actions.

Corporate Governance Expert

TL;DR: A significant ownership disclosure with sole voting power declared, yet the filer asserts no intention to seek control.

The Schedule 13G amendment discloses sole voting and dispositive power over a 30% stake, which is governance-relevant because it confers the practical ability to influence outcomes if exercised. However, CLIM states the position is held in the ordinary course of business and not for control, consistent with passive investor treatment. The distinction between passive intent and the practical leverage of a large, single-holder position is material to board and shareholder strategy.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 9)

abrdn Emerging Markets ex-China Fund, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

00301W105

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 00301W105

1

Names of Reporting Persons

City of London Investment Management Company Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 12,175,804.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 12,175,804.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,175,804.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

30.0 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: abrdn Emerging Markets ex-China Fund, Inc.
(b)	Address of issuer's principal executive offices: 1900 Market Street, Suite 200, Philadelphia, PA 19103
Item 2.
(a)	Name of person filing: This statement is being filed by City of London Investment Management Company Limited ("CLIM" or the "Reporting Person"). CLIM is a fund manager, which specializes in investing in closed-end investment companies and is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940. CLIM is controlled by City of London Investment Group plc ("CLIG"), which is listed on the London Stock Exchange. However, in accordance with SEC Release No. 34-39538 (January 12, 1998), effective informational barriers have been established between CLIM and CLIG such that voting and investment power over the subject securities is exercised by CLIM independently of CLIG, and, accordingly, attribution of beneficial ownership is not required between CLIM and CLIG. CLIM is principally engaged in the business of providing investment advisory services to various public and private investment funds, including Emerging (BMI) Markets Country Fund ("BMI"), a private investment fund organized as a Delaware business trust, Emerging Markets Free Fund ("CF"), a private investment fund organized as a Delaware business trust, Emerging Markets Global Fund ("CG"), a private investment fund organized as a Delaware business trust, Emerging Markets Investable Fund ("CI"), a private investment fund organized as a Delaware business trust, Global Emerging Markets Fund ("EUREKA"), a private investment fund organized as a Delaware business trust, The Emerging World Fund ("EWF"), a Dublin, Ireland-listed open-ended investment company, Emerging (Free) Markets Country Fund ("FREE"), a private investment fund organized as a Delaware business trust, Emerging Markets Country Fund ("GBL"), a private investment fund organized as a Delaware business trust, The EM Special Situations CEF Focused Fund ("UNIQUE"), a private investment fund organized as a Delaware business trust, and unaffiliated third-party segregated accounts over which CLIM exercises discretionary voting and investment authority (the "Segregated Accounts"). BMI, CF, CG, CI, EUREKA, EWF, FREE, GBL and UNIQUE are collectively referred to herein as the "City of London Funds." The Shares to which this Schedule 13G relates are owned directly by the City of London Funds and the Segregated Accounts.
(b)	Address or principal business office or, if none, residence: 77 Gracechurch Street London EC3V 0AS England
(c)	Citizenship: England and Wales
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 00301W105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 12,175,804.00
(b)	Percent of class: 30.0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 12,175,804.00
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 12,175,804.00
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

City of London Investment Management Company Limited

Signature:	/s/ Catrina Reagan
Name/Title:	Catrina Reagan/US Chief Compliance Officer
Date:	08/08/2025

FAQ

How many AEF shares does City of London report owning?

The filing reports 12,175,804 shares of AEF.

What percentage of AEF does this stake represent?

The reported holdings represent 30.0% of the outstanding class.

Does City of London claim voting or dispositive power over the AEF shares?

Yes. CLIM reports sole voting power and sole dispositive power over the shares.

Are the shares held on behalf of other funds or accounts?

Yes. The shares are owned directly by the City of London Funds and certain segregated accounts managed by CLIM.

Did the filer state an intent to change or influence control of AEF?

The filer certifies the shares were acquired and are held in the ordinary course of business and not to change or influence control of the issuer.