Abrdn China Investment : Interim Report to 30 April 2023

abrdn China Investment Company Limited

Half Yearly Report 30 April 2023

Seeking long-term capital growth by investing predominantly in Chinese equities

abrdnchina.co.uk

Contents

Overview
Performance Highlights	1
Financial Calendar and Highlights	2
Chairman's Statement	4
Investment Manager's Review	7
Portfolio
Ten Largest Investments	10
Investment Portfolio	11
Case Studies and Engagement Activity	14
Financial Statements
Interim Management Report and Directors' Responsibility Statement	16
Independent Review Report	18
Condensed Unaudited Statement of Comprehensive Income	20
Condensed Unaudited Statement of Financial Position	21
Condensed Unaudited Statement of Changes in Equity	22
Condensed Unaudited Statement of Cash Flows	23
Selected Explanatory Notes to the Condensed Unaudited Financial
Statements	24
General Information
Alternative Performance Measures ("APMs")	34
Investor Information	36
Company Information	41

Performance Highlights

	NAV per Ordinary share			NAV per ordinary share total returnA
	As at 30 April 2023			Six months ended 30 April 2023
	580.9p			+14.0%
	As at 31 October 2022	512.0p		Year ended 31 October 2022	-37.0%
	Ordinary share price			Ordinary share price total returnA
	As at 30 April 2023			Six months ended 30 April 2023
	497.0p			+11.5%
	As at 31 October 2022	448.0p		Year ended 31 October 2022	-35.5%
	DiscountA			MSCI China All Share Index total
			return (in sterling terms)
	As at 30 April 2023			Six months ended 30 April 2023
	14.4%			+16.7%
	As at 31 October 2022	12.5%		Year ended 31 October 2022	+31.5%
	Net assets			Net gearing/(cash)A
	As at 30 April 2023			As at 30 April 2023
	£253.1m			2.6%
	As at 31 October 2022	£231.8m		As at 31 October 2022	-3.6%
	Revenue return per Ordinary share			Ongoing charges ratio ('OCR')AB
	Six months ended 30 April 2023			Forecast for year ending 31 October 2023
	-2.52p			1.09%
	Six months ended 30 April 2022	-0.47p		Year ended 31 October 2022	0.60%

1. Considered to be an Alternative Performance Measure. Further details can be found on pages 34 and 35.
2. The OCR for the year ended 31 October 2022 benefited from a six months' waiver of the management fee charged by abrdn plc and a twelve months' waiver of marketing fees.

Overview

Portfolio

General Information Financial Statements

abrdn China Investment Company Limited

1

Financial Calendar and Highlights

Financial year end	31 October 2023
Expected announcement of results for year ended 31 October 2023	February 2024
Annual General Meeting (London)	April 2024

Performance (total return)

	Six months ended	Year ended	31 October 2021 -
	30 April 2023	31 October 2022	30 April 2023
	%	%	%
Net asset valueA	14.0	-37.0	-28.2
Share priceA	11.5	-35.5	-28.1
MSCI China All Share Index (in sterling terms)	16.7	-31.5	-20.1

1. Considered to be an Alternative Performance Measure (see page 35).

2	abrdn China Investment Company Limited

"The Chinese economy appears to be moving in the right direction. After a lengthy period of social and travel restrictions, we believe there is pent-up consumer demand in China."

abrdn China Investment Company Limited

3