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Share Name | Share Symbol | Market | Type |
---|---|---|---|
China Finance Inc (CE) | USOTC:CHFI | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
China
Finance, Inc.
|
||||||||||
Schedule
of Investments
|
||||||||||
As
of March 31, 2009
|
Shares
|
Market
Value (Note 1)
|
||||||||
Common
Stocks - 15.72%
|
||||||||||
Small
and Medium Sized Enterprises (or operating companies)
|
||||||||||
in
the People's Republic of China
|
||||||||||
*
|
China
Organic Agriculture, Inc. - 1.30%
|
|||||||||
(par
value $0.001)
|
1,729,273
|
380,440
|
||||||||
*
|
Gulf
Resources, Inc. - 5.46%
|
|||||||||
(par
value $0.001)
|
3,339,000
|
1,602,720
|
||||||||
*
|
Home
System Group - 0.09%
|
|||||||||
(par
value $0.001)
|
480,000
|
26,400
|
||||||||
*
µ
|
Jade
Art Group, Inc. - 8.87%
|
|||||||||
(par
value $0.001)
|
4,340,700
|
2,604,420
|
||||||||
Total
Common Stocks (Cost $9,164,596)
|
$ 4,613,980
|
|||||||||
Loans
Receivable - 75.81%
|
||||||||||
Shenzhen
HuaYinTong Electronics - 49.22%
|
||||||||||
(9.00%,
due on October 15, 2009)
|
14,441,656
|
|||||||||
Shenzhen
HuanYaTong Investment Ltd. - 26.59%
|
||||||||||
(8.50%,
due on April 1, 2009)
|
7,801,325
|
|||||||||
Total
Loans Receivable
|
$ 22,242,981
|
|||||||||
Real
Estate Held for Investment (a) - 5.27%
|
$ 1,545,727
|
|||||||||
Total
Investments - 96.80%
|
$ 28,402,688
|
|||||||||
Other
Assets less Liabilities - 3.20%
|
938,509
|
|||||||||
Net
Assets - 100.00%
|
$ 29,341,197
|
|||||||||
(a)
|
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.
|
|||||||||
*
|
Non-income
producing security.
|
|||||||||
µ
|
Affiliated
issuer (Note 2).
|
(Continued)
|
||||||||||
China
Finance, Inc.
|
||||||||||
Schedule
of Investments
|
||||||||||
As
of March 31, 2009
|
||||||||||
The
following information is based upon the federal income tax cost of
portfolio investments
as
of March 31, 2009.
|
||||||||||
Gross
unrealized appreciation
|
$ -
|
|||||||||
Gross
unrealized depreciation
|
(4,550,616)
|
|||||||||
Net
unrealized appreciation
|
||||||||||
(depreciation)
|
$ (4,550,616)
|
|||||||||
Federal
income tax cost
|
$
9,164,596
|
|||||||||
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.
|
(Continued)
|
||||||||||
China
Finance, Inc.
|
||||||||||
Notes
to Schedule of Investments
|
||||||||||
As
of March 31, 2009
|
||||||||||
Note
1 - Investment Valuation
|
(Continued)
|
||||||||||||||||||||
China
Finance, Inc.
|
||||||||||||||||||||
Affiliated
Securities
|
||||||||||||||||||||
As
of March 31, 2009
|
||||||||||||||||||||
Note
2
|
||||||||||||||||||||
The
company included in the table below is an affiliated issuer (as defined in
The Investment Company Act of 1940) of the Company because the Company
owns 5% or more of the outstanding voting securities of each issuer
listed. A summary of the Company's investments in affiliates for the
period ended March 31, 2009 is noted below:
|
||||||||||||||||||||
|
|
|||||||||||||||||||
Affiliate
|
Balance
3/31/2009
|
Dividends
|
Realized
Gain/Loss
|
Value
3/31/2009
|
Acquisition
Cost
|
|||||||||||||||
Jade
Art Group, Inc.
|
4,340,700 | $ | - | $ | - | $ | 2,604,420 | $ | 1,446,900 |
(Continued)
|
||||||||||
China
Finance, Inc.
|
||||||||||
Statement
of Financial Accounting Standard No. 157
|
||||||||||
As
of March 31, 2009
|
||||||||||
In
September 2006, the FASB issued Statement of Financial Accounting
Standards ("SFAS") No. 157, "Fair Value Measurements." This
standard establishes a single authoritative definition of fair value, sets
out a framework for measuring fair value, and requires additional
disclosures about fair value measurements. SFAS No. 157 applies
to fair value measurements already required or permitted by existing
standards. SFAS No. 157 is effective for financial statements
issued for fiscal years beginning after November 15, 2007, and interim
periods within those fiscal years. The changes to current GAAP
from the application of this Statement relate to the definition of fair
value, the methods used to measure fair value, and the expanded
disclosures about fair value measurements.
|
||||||||||
One
key component of the implementation of SFAS 157 included the development
of a three-tier fair value heirarchy. The basis of the tiers is
dependent upon the various "inputs" used to determine the value of the
Company's investments. These inputs are summarized in the three
broad levels listed below:
|
||||||||||
•
|
Level
1 - quoted prices in active markets for identical
securities.
|
|||||||||
•
|
Level
2 - other significant inputs (including quoted prices of similar
securities, interest rates,
prepayment
speeds, credit risk, etc.)
|
|||||||||
•
|
Level
3 - significant unobservable inputs (including the Company's own
assumptions in determining
the
fair value of investments.)
|
|||||||||
The
inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those
securities. For example, money market securities are valued
using amortized cost, in accordance with rules under the Investment
Company Act of 1940. Generally, amortized cost approximates the
current market value of a security, but since the valuation is not
obtained from a quoted price in an active market, such securities are
reflected as Level 2.
|
||||||||||
The
following is a summary of the inputs used to value the following Company's
net assets as of March
31,
2009:
|
||||||||||
Level
1
|
Level
2
|
Level
3
|
|
|||||||
Quoted Prices |
Other
Significant
Observable
Inputs
|
Significant
Unoberservable
Inputs
|
|
|||||||
$1,983,160
|
-
|
$26,419,528
|
||||||||
Following
is a reconciliation of Level 3 assets (at either the beginning or the
ending of the period) for which
significant
unobservable inputs were used to determine fair
value.
|
||||||||||
Investments
in Securities
|
||||||||||
Balance
as of 01/01/09
|
$34,881,493
|
|||||||||
Change in Unrealized Appreciation/(Depreciation) |
($8,461,965)
|
|||||||||
Balance
as of 03/31/09
|
$26,419,528
|
|||||||||
For
information on the Company's policy regarding valuation of investments and
other significant accounting
policies,
please refer to the Company's most recent semi-annual or annual
shareholder
report.
|
(a)
|
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.
|
(b)
|
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.
|
By: (Signature and Title) |
/s/
Ann
Yu
Ann
Yu
Chairman,
Chief Executive Officer and Principal Executive Officer
China
Finance, Inc.
|
By: (Signature and Title) |
/s/
Ann
Yu
Ann
Yu
Chairman,
Chief Executive Officer and Principal Executive Officer
China
Finance, Inc.
|
By: (Signature and Title) |
/s/
Liang
Liao
Liang
Liao
Chief
Financial Officer and Principal Financial Officer
China
Finance, Inc.
|
1 Year China Finance (CE) Chart |
1 Month China Finance (CE) Chart |
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