Final Results

RNS Number : 3591C

JPMorgan Chinese Inv Tst PLC

11 November 2009

 



LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN CHINESE INVESTMENT TRUST PLC

FINAL RESULTS FOR THE YEAR ENDED 30TH SEPTEMBER 2009

Chairman's Statement

Performance

During the year to 30th September 2009, the Greater China equity markets were at the forefront of the global economic recovery, as they staged a strong and faster than expected rebound from the previous year's downturn. It is pleasing to report that the Company's total return on net assets, which comprises the change in net asset value ('NAV') with the dividend reinvested, was +44.9% during the year, outperforming the Company's benchmark, the MSCI Golden Dragon Index (in sterling terms), which returned +43.4%. The Company's Ordinary share price total return was +50.8%, reflecting a narrowing of the discount from 4.8% to 1.6%. Over the same period, the Company's Subscription share price return was +190.7% and the 'Unit' share price total return, which comprises the total return from 5 Ordinary shares and 1 Subscription share (as issued to shareholders on 16th April 2008), was +53.1%. 

Revenue and Dividends

Revenue for the year, after taxation, was £1,094,000 (2008: £364,000) and earnings per share, calculated on the average number of shares in issue during the year, were 1.53 pence (2008: 0.51 pence).

Given the Company's surplus on its revenue account, the Board is recommending a dividend of 1.5 pence (2008: 0.5 pence) per share in respect of the financial year ended 30th September 2009. Subject to shareholders' approval at the forthcoming Annual General Meeting, this dividend will be paid on 18th December 2009 to shareholders on the register at close of business on 27th November 2009. Whilst it is the Company's policy to distribute substantially all the available income each year, shareholders should note that the Company's objective remains that of long term capital growth and dividends will vary from year to year accordingly.

Gearing

The Company has an £8 million revolving credit facility with Lloyds TSB Bank which gives the Investment Managers the ability to gear tactically. The facility matures at the end of January 2010 and is in the process of being renewed. The Board has given the Investment Managers the flexibility to gear the portfolio up to 115% invested. At the time of writing, the Company was 105% geared.

Subscription Shares

On 16th April 2008 the Company issued Subscription shares to qualifying shareholders on the basis of one Subscription share for every five Ordinary shares held. Each Subscription share confers the right (but not the obligation) to subscribe for one Ordinary share on 15th May in each year until 15th May 2013, whereupon the rights under the Subscription shares will lapse.

On 29th May 2009 the Company issued 79,460 Ordinary shares following valid applications to exercise Subscription shares on 15th May 2009. Future exercise prices have been determined as follows: 143 pence if Subscription share rights are exercised on 15th May 2010; and 168 pence if Subscription share rights are exercised on 15 May 2011, 2012 or 2013. 

Share Issues and Repurchases

The Directors consider it to be in the interests of shareholders that the Company's share price reflects, as closely as possible, the NAV per share. The Company has authority to issue new Ordinary shares for cash and to repurchase shares in the market for cancellation or to hold in Treasury.

As previously stated, repurchases will only be made in the market at prices below the prevailing net asset value per share and the Company will re-issue shares held in Treasury only at a premium to NAV.

During the year and up to the time of writing, the Company has issued 2,675,000 Ordinary shares out of Treasury for a total consideration of £3,317,000 at a weighted average premium to NAV of 2.80%. The Company did not repurchase any shares during this period.

The Board believes that its policy of share issuance and repurchases has helped to reduce discount volatility and recommends that the authorities be kept in place. Accordingly, it is seeking approval from shareholders to renew the share issue and repurchase authorities at the forthcoming Annual General Meeting. 

Corporate Governance

The Company operates in accordance with corporate governance best practice and the Board is committed to the highest standards of corporate governance applicable under the Combined Code and the 'Association of Investment Companies' ('AIC') Code of Corporate Governance for Investment Trusts. 

Review of services provided by the Manager

During the year the Board carried out a thorough review of the services provided by the Manager, noting in particular the performance against the benchmark in both the past year and over the longer term. Following this review, the Board has concluded that the continued appointment of the Manager on the terms agreed is in the interests of the shareholders as a whole. 

The fees payable to the Manager comprise a fixed basic management fee of 1% of total assets per annum and a performance related fee of 15% of any outperformance of the NAV total return over the benchmark. The amount of the latter fee actually payable to the Manager is capped at 1% in any one year, with any excess being carried forward and either paid out (subject to the 1% cap) or absorbed by any underperformance in subsequent years.

The outperformance in this financial year has earned the Manager a performance fee of £340,000 which is added to the performance fee of £2,037,000 brought forward from the previous year. In accordance with the terms of the arrangement, a performance fee of £2,377,000 is payable, which, under the cap arrangement, £842,000 is payable now and £1,535,000 is carried forward.

The Company's Total Expense Ratio for the financial year, as a percentage of the average of the opening and closing net assets, was 1.39% before accounting for the performance fee and 2.40% after doing so. These ratios compare favourably against the previous year and those of similar funds.

Board of Directors

In August 2009, the Nomination Committee of the Board met and carried out an evaluation of the Chairman, the Board and its committees. I am pleased to report that no concerns were raised in these appraisals. However, having considered appropriate succession planning and the requirements of the Combined Code to refresh the Board, I have decided that it is appropriate for me to retire from the Board and, in order to provide sufficient time for the Committee to consider and recommend my successor, have agreed with my fellow Directors that I shall step down from the Board at the AGM to be held in 2011.

In accordance with the Company's Articles of Association, William Knight will retire by rotation at the forthcoming Annual General Meeting. In addition, having served as a Director for more than nine years, I offer myself for re-election on an annual basis. The Board does not believe that length of service in itself should disqualify a Director from seeking re-election and, in proposing my re-election, it has taken into account the ongoing requirements of the Combined Code. The Nomination Committee has considered the attributes and contributions of William and myself and, following this review, has no hesitation in recommending our re-elections at the Annual General Meeting.

Investment Managers

The Greater China Team, headed by Howard Wang, continues to adopt a team-based approach and remains well supported. Shortly after the year end, Kevin Chan decided to leave the Greater China Investment Management team in order to explore alternative opportunities.

Annual General Meeting

This year's Annual General Meeting will be held on Tuesday 15th December 2009 at 11.00 a.m. at the Armourers' Hall, 81 Coleman Street, London EC2R 5BJ. 

Outlook

On 1st October 2009, China held a military parade to commemorate the sixtieth anniversary of the People's Republic and to celebrate and reflect on its achievements during this period. In economic terms, the People's Republic has come a long way, particularly since the economic reforms introduced by Deng Xiaoping in 1978. 

It is significant to note that China is now playing an integral role in the recovery from the global economic fallout. The large scale stimulus policies announced by the Chinese Government at the start of the year have proved successful to date with encouraging results. It is evident that China is emerging from the economic fallout relatively stronger than when it entered it and it seems likely that the Greater China Region as a whole will benefit as a result.

The growth opportunities in the Greater China Region remain clear to see. The expectation of continued low interest rates, stabilising growth and inventory re-stocking in the developed world will provide a supportive environment for Greater China equity markets.

Nigel Melville

Chairman

11th November 2009

Investment Managers' Report

In the twelve months ended 30th September 2009, the Company produced a total return on net assets of +44.9% against a benchmark return of +43.4%, an outperformance of 1.5%. Over the year, stock selection in all three markets contributed positively with the largest contribution from China followed by Taiwan and Hong Kong. An overweight position in China and underweight position in Hong Kong also contributed to returns.

China

Market Performance

Despite the large stimulus packages announced by the Chinese Government and falling interest rates, Chinese equities faced a challenging last quarter in 2008 due to rising concerns about much slower than expected global growth. The much publicised 4 trillion renminbi ('RMB') fiscal stimulus package was designed to support GDP growth, with a focus on infrastructure, social welfare, rural reform as well as credit easing.

Chinese equities began to move up strongly in late March, supported by falling interest rates and expectations of the large scale stimulus packages showing signs of traction. This rally continued against a backdrop of rising global equities triggered by the "green shoots" observed in the global economy and an increased risk appetite amid the low interest rate environments. Buoyant liquidity and a weak US dollar led to reflationary expectations. Despite capital raising activities, property stocks were well supported on the back of strong transaction volumes, stabilised property prices and increasing land acquisitions.

While the rally continued into the third quarter of 2009 alongside the global markets, there was a temporary pull back caused by a panic sell-off in the domestic A-Share market. This reflected concerns over "policy tightening" due to much lower loan growth in July and August, relatively stagnant property sales during the summer and the Government's suspension of capacity expansion for selective industries.

Market Outlook

With an expectation of low interest rates, stabilising growth and inventory re-stocking in the developed world, the environment should remain supportive for China equities. We anticipate, however, that market volatility could remain high as mixed macro numbers in the developed economies and increasing capital raising activities impact short term sentiment.

China's year on year loan growth to 31st July 2009 had reached 34%, so a slowdown in liquidity growth, not shrinkage, should be viewed as a prudent move. Furthermore, efforts to control capacity increases should help support China's economic growth at a more sustainable level in the longer term. We remain confident about the Government's strong commitment in supporting economic growth but would be concerned about the leverage to global growth should the policies fail to boost private investment/consumption.

In our view, "China tightening" will most likely materialise only with a recovery of export growth coupled with sustained growth of fixed-asset investment and consumption (as the multiplier effect of the Government stimulus kicks in) and/or faster-than-expected inflation.

Hong Kong

Market Performance

In the last quarter of 2008, Hong Kong shares underperformed their China counterparts with the MSCI Hong Kong Index losing almost 19%. This underperformance was primarily due to Hong Kong's greater sensitivity to external conditions.

In the first quarter of 2009, worsening economic data both in the US and mainland China weighed on the equity market, with the Hang Seng Index almost reaching its October 2008 low on 9th March 2009 before staging a sharp 20% rally to the end of the quarter. Corporate results were on average slightly behind expectations. In particular, property companies' earnings were adversely affected by booking delays but write-downs, due to property revaluations, were largely within expectations. Contrary to the previous six months, the second quarter of 2009 witnessed one of the strongest rallies in the Hong Kong market with the Hang Seng Index up 37.7%, building on top of the 20% end-of-quarter rally in mid-March. The primary driver for this rally was a recovery in risk appetite on the back of capital inflows into Hong Kong due to loose global monetary conditions coupled with reinforced confidence in the strength of the economic recovery in China.

Over the third quarter of 2009, the Hang Seng Index extended its rally achieving a return of 14.8%, despite worries over credit tightening in China. Residential property sales and volumes continued to show strength, including some record-setting transactions, and even the hardest hit office rental segment began to show signs of a turnaround.

Market Outlook

Taking account of the stabilising unemployment situation and retail sales coming in ahead of expectations, we are beginning to see early signs of a domestic economic recovery. With the external economic environment likely to remain weak, this should prolong the loose monetary conditions which are conducive to further asset reflation and equity market performance. Despite short-term pullbacks and negative sentiment, owing to tightening concerns and poor initial public offering ('IPO') performances in late September, we believe that buoyant liquidity conditions will  sustain and underpin stock market performance.

Taiwan

Market Performance

In the last quarter of 2008, Taiwanese equities saw a sharp synchronised sell down alongside global markets with the MSCI Taiwan Index falling 24%. The concerns over both the global and domestic economies were overwhelming and redemption selling pressures dampened sentiment.

The trend for Taiwanese equities reversed in the first quarter of 2009, as it was the best performing Asian market despite the still uncertain economic backdrop. The rally was mainly driven by retail participants due to the large repatriation of capital into Taiwan amidst global uncertainty. The rally was also backed by an improved revenue outlook and company restocking after overly aggressive order cuts in late 2008.

The Taiwan market continued on this trend into the second quarter of 2009 closing up 23.4% quarter on quarter. This performance was primarily fueled by continuing technology demand and further momentum on improving cross-straits relations. In the third quarter of 2009, the Technology sector outperformed, aided by strong second quarter earnings reports and positive third quarter guidance, backed by generally improving economic data. The main setback for the quarter was in August, in part due to weakness in the Chinese markets, but also due to the public relations disaster caused by the Government's slow response to damage from Typhoon Morakot.

Market Outlook

After several strong quarters, some consolidation could take place. Companies will have to deliver strong earnings growth and forward guidance to sustain performance. All eyes will now turn to year end sales in China and globally. A strong outcome could boost orders for Taiwan technology stocks due to the tightness in the supply chain. On the political front, the reshuffling of the cabinet with a new Premier Wu and Vice Premier Chu should be seen as positive. However, the Kuomintang's (KMT) recent setback in the by-elections and the upcoming elections in December could bring back political ambiguity. With low interest rates and increasing confidence, the asset reflation theme could continue to be of focus.

Greater China Region

Market Outlook

While corrections and consolidation periods are inevitable due to the strength and speed of the recovery in global asset markets, we are happy to buy on dips in core holdings. On the margin, we have trimmed our positions in Chinese property stocks due to the substantially lower valuation benchmarks set by new offerings and the increased competitiveness in auctions for raw land. We have increased our

weightings in Chinese consumption as a result of the economic recovery and the imminent return of positive CPI inflation. In addition, we have retained our core portfolio biases, including an overweight position in China anchored in financial stocks, a positive position in asset reflation in Hong Kong and a constructive view on the technology cycle.

Howard Wang

Emerson Yip

Shumin Huang

Investment Managers

11th November 2009

Principal Risks

With the assistance of the Manager, the Board has drawn up a risk matrix, which identifies the key risks to the Company. These key risks fall broadly under the following categories:

• Investment Underperformance: An inappropriate investment strategy, for example asset allocation, the level of gearing or the degree of portfolio risk, could lead to underperformance against the Company's benchmark index and peer companies, resulting in the Company's shares trading on a wider discount. The Board manages these risks by diversification of investments and through a set of investment restrictions and guidelines which are monitored and reported on by the Manager. JPMorgan

Asset Management (UK) Limited ('JPMAM') provides the Directors with timely and accurate management information, including performance data and attribution analyses, revenue estimates, liquidity reports and shareholder analyses. The Board monitors the implementation and results of the investment process with the Investment Manager, who attends all Board meetings, and reviews data which show statistical measures of the Company's risk profile. The Board holds a separate meeting

devoted to strategy each year.

• Loss of Investment Team or Investment Manager: A sudden departure of several members of the investment management team could result in a short-term deterioration in investment performance. The Manager takes steps to reduce the likelihood of such an event by ensuring appropriate succession planning and the adoption of a team based approach, as well as special efforts to retain key personnel.

• Discount: A disproportionate widening of the discount relative to the Company's peers could result in loss of value for shareholders. In order to manage the Company's discount, which can be volatile, the Company operates a share issuance and repurchase programme.

• Market: Market risk arises from uncertainty about the future prices of the Company's investments. It represents the potential loss that the Company might suffer through holding investments in the face of negative market movements. The Board considers asset allocation, stock selection and levels of gearing on a regular basis and has set investment restrictions and guidelines, which are monitored and reported on by JPMAM. The Board monitors the implementation and results of the investment process with the Manager.

• Accounting, Legal and Regulatory: In order to qualify as an investment trust, the Company must comply with Section 842 of the Income and Corporation Taxes Act 1988 ('Section 842'). Details of the Company's approval are given under "Business of the Company" above. Were the Company to breach Section 842, it might lose investment trust status and, as a consequence, gains within the Company's portfolio would be subject to Capital Gains Tax. The Section 842 qualification criteria are continually monitored by JPMAM and the results reported to the Board each month. The Company must also comply with the provisions of the Companies Act 2006 and, since its shares are listed on the London Stock Exchange, the UKLA Listing Rules. A breach of the Companies Act 2006 could result in the Company and/or the Directors being fined or the subject of criminal proceedings. Breach of the UKLA Listing Rules could result in the Company's shares being suspended from listing which in turn would breach Section 842. The Board relies on the services of its Company Secretary, JPMAM, and its professional advisers to ensure compliance with the Companies Act 2006 and the UKLA Listing Rules.

• Corporate Governance and Shareholder Relations: Details of the Company's compliance with Corporate Governance best practice, including information on relations with shareholders, are set out in the Corporate Governance report within the Annual Report. 

• Operational: Disruption to, or failure of, JPMAM's accounting, dealing or payments systems or the custodian's records could prevent accurate reporting and monitoring of the Company's financial position. Details of how the Board monitors the services provided by JPMAM and its associates and the key elements designed to provide effective internal control are included within the Internal

Control section of the Corporate Governance report within the Annual Report.

• Financial: The financial risks faced by the Company include market price risk, interest rate risk, liquidity risk and credit risk. Bank counterparties are subject to daily credit analysis by the Manager and regular consideration at meetings of the Board..

• Political and Economic: Changes in financial or tax legislation, including in the European Union, may

adversely effect the Company. The Manager makes recommendations to the Board on accounting, dividend and tax policies, and seeks external advice where appropriate. In addition, the Company is subject to administrative risks, such as the imposition of restrictions on the free movement of capital.

Future

Directors' Responsibilities

The Directors each confirm to the best of their knowledge that:

(a) the accounts, prepared in accordance with applicable accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and

(b) the Annual Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it face.

Nigel Melville

Chairman

11th November 2009

Please note that up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can be found at www.jpmchinese.co.uk.

For further information please contact:

Christopher Legg

For and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

020 7742 6000

Income Statement

for the year ended 30th September 2009

			2009			2008
		Revenue	Capital	Total	Revenue	Capital	Total
		£'000	£'000	£'000	£'000	£'000	£'000
Gains/(losses) on investments held at
fair value through profit or loss		-	30,065	30,065	-	(39,414)	(39,414)
Net foreign currency gains		-	166	166	-	103	103
Income from investments		2,445	-	2,445	2,306	-	2,306
Other interest receivable and similar income		26	-	26	30	-	30
Gross return/(loss)		2,471	30,231	32,702	2,336	(39,311)	(36,975)
Management fee		(744)	-	(744)	(933)	-	(933)
Performance fee (charge)/writeback		-	(340)	(340)	-	627	627
VAT recoverable		3	16	19	-	-	-
Other administrative expenses		(426)	-	(426)	(705)	-	(705)
Net return/(loss) on ordinary activities
before finance costs and taxation		1,304	29,907	31,211	698	(38,684)	(37,986)
Finance costs		(35)	-	(35)	(150)	-	(150)
Net return/(loss) on ordinary activities
before taxation		1,269	29,907	31,176	548	(38,684)	(38,136)
Taxation		(175)	-	(175)	(184)	-	(184)
Net return/(loss) on ordinary activities
after taxation		1,094	29,907	31,001	364	(38,684)	(38,320)
Return/(loss) per share (basic and diluted) (note 3)		1.53p	41.88p	43.41p	0.51p	(54.64)p	(54.13)p

A final dividend of 1.5p (2008: 0.5p) per share is proposed in respect of the year ended 30th September 2009, costing £1,090,000 (2008: £353,000). 

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year.

The 'Total' column of this statement is the profit and loss account of the Company and the 'Revenue' and 'Capital' columns represent supplementary information prepared under guidance issued by the Association of Investment Companies. The Total column represents all the information that is required to be disclosed in a Statement of Total Recognised Gains and Losses ('STRGL'). For this reason a STRGL has not been presented.

  Reconciliation of Movements in Shareholders' Funds

	Called up		Exercised	Capital
	share	Share	warrant	redemption	Other	Capital	Revenue
	capital	premium	reserve	reserve	reserve	reserves	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At 30th September 2007	18,866	8,712	3	581	33,364	44,647	796	106,969
Bonus issue of Subscription shares	141	(141)	-	-	-	-	-	-
Repurchase of shares into Treasury	-	-	-	-	(857)	-	-	(857)
Net (loss)/return on ordinary
activities	-	-	-	-	-	(38,684)	364	(38,320)
Dividends appropriated in the year	-	-	-	-	-	-	(357)	(357)
At 30th September 2008	19,007	8,571	3	581	32,507	5,963	803	67,435
Reissue of Ordinary shares from Treasury	-	333	-	-	856	-	-	2,189
Exercise of Subscription shares
into Ordinary shares	(1)	1	-	-	-	-	-	-
Issue of Ordinary shares on exercise
of Subscription shares	20	84	-	-	-	-	-	104
Net return on ordinary activities	-	-	-	-	-	29,907	1,094	31,001
Dividends appropriated in the year	-	-	-	-	-	-	(355)	(355)
At 30th September 2009	19,026	8,989	3	581	34,363	35,870	1,542	100,374

  Balance Sheet

at 30th September 2009

		2009	2008
		£'000	£'000
Fixed assets
Investments held at fair value through profit or loss		104,180	67,179
Current assets
Debtors		643	685
Cash and short term deposits		947	3,478
		1,590	4,163
Creditors: amounts falling due within one year		(3,861)	(1,870)
Net current (liabilities)/assets		(2,271)	2,293
Total assets less current liabilities		101,909	69,472
Provisions for liabilities and charges
Deferred tax		-	-
Performance fee		(1,535)	(2,037)
Total net assets		100,374	67,435
Capital and reserves
Called up share capital		19,026	19,007
Share premium		8,989	8,571
Exercised warrant reserve		3	3
Capital redemption reserve		581	581
Other reserve		34,363	32,507
Capital reserves		35,870	5,963
Revenue reserve		1,542	803
Shareholders' funds		100,374	67,435
Net asset value per share (note 4)		138.2p	95.4p

  Cash Flow Statement

for the year ended 30th September 2009

		2009	2008
		£'000	£'000
Net cash inflow/(outflow) from operating activities		45	(386)
Net cash outflow from returns on investments and servicing of finance
Interest		(35)	(159)
Capital expenditure and financial investment
Purchases of investments		(102,581)	(126,382)
Sales of investments		96,471	134,215
Settlement of futures contracts		-	221
Other capital charges		(98)	(75)
Net cash (outflow)/inflow from capital expenditure and financial investment		(6,208)	7,979
Dividend paid		(355)	(357)
Net cash (outflow)/inflow before financing		(6,553)	7,077
Financing
Drawdown/(repayment) of short term loans		1,529	(3,776)
Issue of Ordinary shares on exercise of Subscription shares		104	-
Reissue of Ordinary shares from Treasury		2,189	-
Repurchase of Ordinary shares into Treasury		-	(857)
Net cash inflow/(outflow) from financing		3,822	(4,633)
(Decrease)/increase in cash in the year		(2,731)	2,444

  Notes to the Accounts

for the year ended 30th September 2009

1.             Accounting policies

                Basis of accounting

The accounts are prepared in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice ('UK GAAP') and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies' (the 'SORP') issued by the AIC in January 2009.

               All of the Company's operations are of a continuing nature.

The accounts have been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of investments and derivative financial instruments at fair value.

2.    Dividends

	2009	2008
	£'000	£'000
Dividends paid and proposed
2008 Final dividend paid of 0.5p (2007: 0.5p)	355	357
Final dividend proposed of 1.5p (2008: 0.5p)	1,090	353

For the year ended 30th September 2008, the Company declared a dividend of £353,000 but the final dividend paid amounted to £355,000 due to share issues after the balance sheet data but prior to the share register record date.

3.             Return/(loss) per share (basic and diluted)

The revenue return per share is based on the revenue earnings attributable to the Ordinary shares of £1,094,000 (2008: £364,000) and on the weighted average number of shares in issue during the year of 71,418,199 (2008: 70,791,482) excluding shares held in Treasury.

The capital return per share is based on the capital earnings attributable to the Ordinary shares of £29,907,000 (2008: losses of £38,684,000) and on the weighted average number of shares in issue during the year of 71,418,199 (2008: 70,791,482) excluding shares held in Treasury.

The total return per share is based on the total earnings attributable to the Ordinary shares of £31,001,000 (2008: loss of £38,320,000) and on the weighted average number of shares in issue during the year of 71,418,199 (2008: 70,791,482) excluding shares held in Treasury.

4.             Net asset value per share

The net asset value per share is based on the net assets attributable to the Ordinary shareholders of £100,374,000 (2008: £67,435,000) and on the 72,637,461 (2008: 70,683,001) shares in issue at the year end, excluding shares held in Treasury.

5.             Status of announcement

           2008 Financial Information

The figures and financial information for 2008 are extracted from the published Annual Report and Accounts for the year ended 30th September 2008 and do not constitute the statutory accounts for that year.  The Annual Report and Accounts has been delivered to the Registrar of Companies and included the Report of the Independent Auditors which was unqualified and did not contain a statement under either section 237(2) or section 237(3) of the Companies Act 1985.

               2009 Financial Information

The figures and financial information for 2009 are extracted from the Annual Report and Accounts for the year ended 30th September 2009 and do not constitute the statutory accounts for the year.  The Annual Report and Financial Statements includes the Report of the Independent Auditors which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The Annual Report and Accounts will be delivered to the Registrar of Companies in due course.

               Annual Report and Accounts

The Annual Report and Accounts will be posted to shareholders on 16th November 2009 and will shortly be available on the Company's website (www.jpmchinese.co.uk ) or in hard copy format from the Company's Registered Office, Finsbury Dials, 20 Finsbury Street, London EC2Y 9AQ. 

           JPMORGAN ASSET MANAGEMENT (UK) LIMITED

 

END

 

 

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