Baring Asset Management
New York, May 16, 2005 -- The Greater China Fund, Inc. (the "Fund") (GCH), a closed-end, non-diversified management investment company seeking long-term capital appreciation, today announced its investment results for the first quarter ended March 31, 2005.
At March 31,
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2005 2004
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Net Assets $225,460,968 $217,689,170
Shares Outstanding 12,597,503 12,597,503
Net Asset Value ("NAV") $17.90 $17.28
Market Price $15.75 $16.00
Discount to NAV (12.01)% (7.41)%
Quarter Ended March 31,
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2005 2004
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Net Investment Loss ($456,775) ($457,682)
Per Share ($0.04) ($0.04)
Net Realized and Unrealized Gain $9,483,356 $9,366,544
Per Share $0.75 $0.74
Allocation of Net Assets Top Ten Equity Holdings
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Equities: Representing 36.4% of net assets
Hong Kong - Kingboard Chemical Holdings Ltd.
55.8% - PetroChina Co. Ltd. "H"
China 36.8% - Hong Kong & China Gas Co. Ltd.
Taiwan 6.8% - Cosco Pacific Ltd.
------- - Top Form International Ltd.
99.4% - CNOOC Ltd.
Other Assets in - Techtronic Industries Co.
Excess of - Industrial & Commercial Bank
Liabilities 0.6% of China Ltd.
------- - Hon Hai Precision Industry Co.
Net Assets 100.0% Ltd.
======= - China Merchants Holdings
International Co. Ltd. |
The Fund's investment manager is Baring Asset Management (Asia) Limited.
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