CLIM Files Schedule 13G/A Reporting 2.79M Shares of CHN

Rhea-AI Filing Summary

City of London Investment Management Company Limited reports beneficial ownership of 2,788,999 shares of China Fund, Inc. common stock, representing 29.0% of the class. The filing states those shares are owned directly by several City of London-managed funds and segregated accounts for which CLIM exercises sole voting and dispositive power. The filing asserts the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer. One segregated account is noted as having the right to receive dividends or sale proceeds representing more than 5% of the reported shares.

Positive

• Material stake disclosed: Clear identification of a 2,788,999-share holding representing 29.0% of the class.
• Sole voting and dispositive power: CLIM reports sole authority to vote and dispose of the reported shares, ensuring clarity on control of the position.
• Transparent ownership structure: The filing lists the City of London Funds and segregated accounts as direct owners, providing beneficiary context.

Negative

• High concentration: A single reporting person holds a near-30% block, which is a material concentration of ownership.
• Potential beneficiary opacity: One segregated account is noted as entitled to dividends/proceeds >5%, indicating some underlying beneficiary-level detail is limited in the filing.

Insights

Financial Analyst

TL;DR: A single investment manager holds a material 29.0% stake, concentrating ownership and centralizing voting authority.

CLIM's reported 2,788,999-share position equals 29.0% of China Fund's common stock, giving it sole voting and dispositive power over the reported shares. The position is held across multiple City of London Funds and segregated accounts, which can complicate attribution but concentrates economic exposure under CLIM's advisory control. The filing's certification that the holdings are not intended to change control is standard; however, a near-30% block is material for governance and potential activist interest. Disclosure that one segregated account may receive dividends or proceeds above 5% is a relevant ownership detail for beneficiary identification.

Corporate Governance Expert

TL;DR: Material ownership with sole voting power raises governance significance despite the filer disclaiming control intent.

From a governance perspective, sole voting authority over 29.0% of the class is a significant influence marker. The filing clarifies CLIM acts as investment adviser to multiple funds and segregated accounts, which legally separates beneficial owners but leaves practical influence concentrated through CLIM's discretion. The signed certification denying an intent to change control is relevant but does not remove the practical importance of monitoring board relations and disclosure updates if the stake changes.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 10)

China Fund, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

169373107

(CUSIP Number)

08/31/2025

(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 2,788,999.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,788,999.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,788,999.00

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)

29.0 %

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: 2,788,999.00
(b)	Percent of class: 29.0%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,788,999.00
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,788,999.00
	(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

Signature:	/s/ Catrina Reagan
Name/Title:	Catrina Reagan/US Chief Compliance Officer
Date:	09/05/2025

FAQ

How many China Fund (CHN) shares does City of London Investment Management report owning?

The filing reports 2,788,999 shares beneficially owned by City of London Investment Management Company Limited.

What percentage of China Fund does the 2,788,999-share position represent?

The position represents 29.0% of the class according to the Schedule 13G/A.

Does City of London report voting control over the shares?

Yes, the filing states CLIM has sole voting power and sole dispositive power for the 2,788,999 reported shares.

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

Yes, the shares are owned directly by multiple City of London-managed funds and segregated accounts collectively referred to as the City of London Funds.

Does any account have the right to receive dividends or proceeds from these shares?

The filing discloses that one segregated account is known to have the right to receive dividends or sale proceeds representing more than 5% of the reported shares.