City of London Investment Management Company Limited reports beneficial ownership of 3,590,288 shares of China Fund, Inc., representing 37.4% of the class. The filing states CLIM has sole voting and sole dispositive power over all reported shares.
The shares are owned directly by various City of London Funds and by segregated accounts for which CLIM exercises discretionary authority; one segregated account is identified as having the right to receive dividends or proceeds on more than 5% of the reported shares. CLIM describes itself as a U.K.-organized investment adviser specializing in closed-end funds and certifies the holdings are held in the ordinary course of business and not to effect a change in control.
Positive
Material disclosed stake: CLIM beneficially owns 3,590,288 CHN shares (37.4%).
Sole voting and dispositive authority: CLIM reports sole power to vote and dispose of all reported shares.
Ordinary-course certification: CLIM certifies the shares are held in the ordinary course of business and not to effect a change in control.
Negative
None.
Insights
TL;DR: CLIM discloses a large, concentrated 37.4% stake (3.59M shares) in China Fund with sole voting and dispositive power.
CLIM's reported position—3,590,288 shares with sole voting and dispositive authority—is material relative to the class and could influence shareholder dynamics. The filing explicitly states the shares are held in the ordinary course of business and were not acquired to change or influence control. Ownership is held directly by a set of City of London Funds and segregated accounts, and one segregated account is noted as entitled to dividends or proceeds on more than 5% of the reported shares. From a market-impact perspective, the disclosure is significant but the filer affirms no control-seeking intent.
TL;DR: High ownership concentration disclosed; CLIM confirms independence from parent and ordinary-course intent.
The statement identifies CLIM as an investment adviser organized in England and Wales that manages the City of London Funds and certain segregated accounts which directly own the reported shares. The filing notes CLIM is controlled by a listed parent but asserts informational barriers that prevent attribution of ownership to the parent. The explicit certification that holdings are not intended to change or influence control and the disclosure of sole voting and dispositive powers are governance-relevant facts for investors and the issuer's board to consider when assessing shareholder composition.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 9)
China Fund, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
169373107
(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.
169373107
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
3,590,288.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
3,590,288.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,590,288.00
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)
37.4 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
China Fund, Inc.
(b)
Address of issuer's principal executive offices:
50 Post Office Square, Boston, MA 02110
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.:
169373107
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:
3,590,288.00
(b)
Percent of class:
37.4%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
3,590,288.00
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
3,590,288.00
(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.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
One of the Segregated Accounts is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, more than 5% of the Shares reported herein.
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
