Daily NAV AnnouncementFidelity China Special Situations PLCThe net asset value (unaudited) for the above company as at close of business on 11-12-2024 was:255.34pThe above net asset value was calculated on a "cum" income basis in accordance with applicable accounting standards and AIC recommendations.

FIDELITY CHINA SPECIAL SITUATIONS PLC (the 'Company')

 

 

TRANSACTION IN OWN SHARES

 

 

The Board of the Company announces that it has repurchased for cancellation.

 

 

Number of shares repurchased:

295,433

Date of transaction:

11 December 2024

Average share price paid per share (GBp):

219.710

Lowest share price paid per share (GBp):

219.000

Highest share price paid per share (GBp):

221.000

 

 

Following this transaction the Company has:

 

 

 

Issued Share Capital:

591,935,299

Total Shares held in Treasury:

85,629,548

Total Voting Rights:

506,305,751

 

 

Notes:

 

1. The above total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

 

2. The Company's issued share capital held in Treasury attract no voting rights.

 

 

Contact:

 

George Bayer

 

For and on behalf of FIL Investments International

 

Company Secretary

 

020 7961 4240

 

 

Daily NAV AnnouncementFidelity China Special Situations PLCThe net asset value (unaudited) for the above company as at close of business on 10-12-2024 was:255.53pThe above net asset value was calculated on a "cum" income basis in accordance with applicable accounting standards and AIC recommendations.

FIDELITY CHINA SPECIAL SITUATIONS PLC (the 'Company')

 

 

TRANSACTION IN OWN SHARES

 

 

The Board of the Company announces that it has repurchased for cancellation.

 

 

Number of shares repurchased:

254,387

Date of transaction:

10 December 2024

Average share price paid per share (GBp):

219.900

Lowest share price paid per share (GBp):

219.000

Highest share price paid per share (GBp):

222.500

 

 

Following this transaction the Company has:

 

 

Issued Share Capital:

592,230,732

Total Shares held in Treasury:

85,629,548

Total Voting Rights:

506,601,184

 

 

Notes:

 

1. The above total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

 

2. The Company's issued share capital held in Treasury attract no voting rights.

 

 

Contact:

 

George Bayer

 

For and on behalf of FIL Investments International

Company Secretary

 

020 7961 4240

 

 

Daily NAV AnnouncementFidelity China Special Situations PLCThe net asset value (unaudited) for the above company as at close of business on 09-12-2024 was:257.76pThe above net asset value was calculated on a "cum" income basis in accordance with applicable accounting standards and AIC recommendations.

Daily NAV AnnouncementFidelity China Special Situations PLCThe net asset value (unaudited) for the above company as at close of business on 06-12-2024 was:249.67pThe above net asset value was calculated on a "cum" income basis in accordance with applicable accounting standards and AIC recommendations.

FIDELITY CHINA SPECIAL SITUATIONS PLC

Half-Yearly results for the six months ended 30 September 2024 (unaudited)

 

Financial Highlights:

 

During the six months ended 30 September 2024, Fidelity China Special Situations PLC reported a Net Asset Value (NAV) total return of +16.1% and an ordinary share price total return of +13.3%.

 

The Benchmark Index, the MSCI China Index, returned (in UK sterling terms) +24.5% over the same period.

 

The trend of increasing shareholder returns through dividends and buybacks remains strong.

 

There are signs of confidence growing among domestic investors who recognise the fundamental change in the level of commitment by the government to tackling economic challenges.

 

 

Contacts

 

For further information, please contact:

 

George Bayer

Company Secretary

FIL Investments International

0207 961 4240

 

PORTFOLIO MANAGER’S HALF-YEARLY REVIEW

MACRO AND MARKET BACKDROPThe current year began as a continuation of the challenges seen in the Chinese equity market last year, with ongoing uncertainty over the macroeconomic outlook, negative headlines in the property sector and consumer confidence remaining fragile. This was the picture for much of the six month period under review. However, a raft of stimulus measures announced by the Chinese authorities in late September saw the stock market surge in the last few days of the half-year.

In brief, the announcement from the People’s Bank of China on 24 September 2024 included rate cuts and other monetary policy measures to support capital markets. This was followed two days later by positive rhetoric from the Politburo meeting signalling policymakers’ willingness to accelerate necessary fiscal spending to achieve the aims of revitalising the economy, stabilising the property market and boosting consumption and employment.

Key among the factors underlying these announcements is an increasing focus on the risk of deflation. Consumer price inflation in China has been muted, while producer prices have been falling for some time. Importantly, further progress has been made on easing purchasing restrictions and having programmes to address housing inventories. While lacking specific numbers, the Ministry of Finance briefing on 12 October 2024 confirmed a commitment to incremental fiscal stimulus, with expanded government debt limits and local government debt resolutions. In my mind, broadening the scope of local government special bond proceeds to help address the problem of excess housing inventories is probably the most positive outcome, given the property sector’s importance in the economy and funding challenges faced at the local level.

Weak consumer confidence has been a feature of the Chinese economy since the pandemic, partly driven by the troubled property market, but also by employment and wage concerns. Our sense from discussions with many companies on the ground is that we have now most likely seen the worst of the job cuts, particularly in areas like the big technology companies. Coupled with the policy support for the real estate sector, there is meaningful scope for confidence to gradually improve.

Meanwhile, savings rates remain elevated and consumer balance sheets are relatively healthy, suggesting that there is buying power to support any recovery in consumer sentiment.

PERFORMANCE AND PORTFOLIO REVIEWThe surge in Chinese equities in the last week of the review period masks the broader picture, where the best performance for most of the period came from traditionally defensive sectors such as energy, utilities, telecoms and state-owned banks. From January to August 2024, market returns were relatively flat against a backdrop of economic uncertainty with investors favouring large-cap national champions, and companies with more stable earnings and cash flows that provide a higher share of their returns through dividends.

Following the announcement of the stimulus measures, money flowed into sectors that were seen as the direct beneficiaries or had been sold off the most, leading to a strong rally in real estate, consumer stocks (both staples and discretionary) and healthcare in late September and early October 2024.

The trend of increasing shareholder returns through dividends and buybacks remains strong, supported by favourable government policies and investor demand. This year, total dividends and buybacks across all companies listed in China are expected to reach around 3 trillion renminbi. This trend has also contributed to the Company receiving significantly higher investment income over the review period.

In the context of this mixed picture, the Company’s NAV rose by 16.1% in the six-month reporting period to 30 September 2024, underperforming the MSCI China Index (the Benchmark Index) which saw a gain of 24.5%, mostly generated in September alone. The Company’s share price rose by 13.3% over the same period, reflecting a widening in the discount to NAV, which moved from 10.2% at the start of the period to end at 12.4%. (All performance data on a total return basis.)

For the first half of the financial year, an overweight in financials, through insurers and financial services, contributed positively to performance. An underweight position in the utilities and energy sectors and security selection within the information technology space also enhanced relative returns. Meanwhile, selected consumer discretionary holdings detracted from performance.

The top stock contributors include insurers Ping An Insurance Company and China Life Insurance. Their shares advanced strongly amid a lift in sentiment post China’s recent stimulus announcement. Ping An also reported better-than-expected earnings for the first half of 2024, with robust growth in the value of new business in its life and health insurance segments, reflecting strong demand and effective sales strategies. Elsewhere within financials, Qifu Technology, a credit-tech platform provider, benefitted from strong business execution and better-than-expected results, successfully navigating the weak macroeconomic environment.

Elsewhere among the top contributors, we saw good performance from VNET Group, a technology company involved in the provision of data centre services, which is experiencing significant demand growth from increasing adoption of digitalisation and artificial intelligence (AI). Demand from wholesale clients remains strong, with ByteDance serving as a prime example. The company has secured several key contracts and is primarily focused on providing cloud services and infrastructure to support its vast user base across various platforms. Our investment in VNET was trimmed slightly after its recent share price strength.

In addition, Cutia Therapeutics, a long-standing holding that has been in the portfolio since before it was listed, also advanced. Investor confidence in the dermatology-focused biopharmaceutical company was underpinned by its solid product pipeline execution, sales ramp up and cost control measures.

Meanwhile, an underweight position in consumer-related Chinese internet players, including Alibaba Group Holding, Meituan and JD.com, which received a big boost in sentiment post the stimulus announcement, weighed on relative returns.

Exposure to unlisted names were also a meaningful factor in the Company’s underperformance, especially positions in Pony.ai, Venturous Holdings and ByteDance. While moves in the price of listed equities are immediately reflected in portfolio performance, unlisted companies are revalued on a periodic rather than a real-time basis. Given the difficult market backdrop, we marked down the valuations of these assets during the period under review. However, we believe that the solid business performance of many of the listed companies bodes well for more positive valuations for these companies going forward.

CURRENT PORTFOLIO POSITIONINGIndustrials remain the Company’s largest sector overweight compared to the Benchmark Index. Significant domestic innovation continues to take place across various sub-sectors, reflecting companies’ focus on building competitiveness and improving pricing power. Despite a relatively weak domestic environment, we are seeing companies remain committed to investing in research and development. This includes areas such as renewables, automation and the electric vehicle value chain. In my view, this will only reinforce the trend of domestic players in taking market share from foreign players.

A key holding in the sector is Tuhu Car, the leading auto maintenance service franchise in China. With rising automobile penetration in China in recent years, maintenance is a growing market, resulting from an aging car fleet, and we see great potential for Tuhu Car to gain further market share through industry consolidation. The company should also be a beneficiary of any improvement in consumer confidence. Tuhu Car, previously one of our unlisted holdings which went public in September 2023, was our biggest purchase in the reporting period following share price weakness post its stock market listing.

The Company also remains overweight in consumer discretionary and staples. The weakness in consumption in recent months has been reflected in lacklustre performance for many consumer-related stocks, and this is where we have been allocating more capital. Staples is an interesting area – although it is usually seen as being more defensive, it was not immune from the poor market sentiment earlier in the year, and in fact posted the second-worst performance of all the MSCI China Index sectors in the period from the start of 2024 to the end of August, before the stimulus measures were introduced. As is often the case with broad-based corrections, this created opportunities in some very strong franchises spanning areas such as beer, condiments and dairy products, where we saw depressed valuations making these some of the cheapest companies globally in their respective sectors.

Sell-offs in structural growth stories in the consumer discretionary space such as sportswear and household appliances also created opportunities.

We added to PDD Holdings to take advantage of its very attractive valuation in absolute terms versus its e-commerce competitors, its generally higher growth trajectory and superior returns profile. We also purchased shares in Man Wah, a leading mattress maker and retailer, with a strong record of market share gains both domestically and overseas. Its valuation had been depressed to an attractive level on concerns over its property-related exposure, the risk of which we felt to be priced in. These purchases were funded by profit-taking in long-held names such as Hisense Home Appliances Group and Crystal International Group as their valuations became less attractive. We also closed the position in JD.com in order to capitalise on better risk/reward opportunities elsewhere.

More broadly, our positioning in other consumer focused segments such as travel, education, consumer finance and insurance, stands to benefit from any improvement in consumer sentiment. For example, we increased our high-conviction position in Ping An Insurance. The insurance market in China has had a tough few years; nonetheless, life insurance remains at much lower levels of penetration than in the West and offers significant scope to grow which is not reflected in what in our view are still attractive valuation levels. Ping An is targeting further growth through continued expansion of its financial services offerings, diversifying life insurance products, tightening risk management, and improving service quality. We also added to our stake in ByteDance, an unlisted holding. It is an important benefit of our closed-ended structure that we are able to hold a portion of our assets in private investments, particularly in names such as ByteDance, which is among the most valuable private companies globally.

In addition to industrial and consumer staples stocks, we remain overweight in healthcare, broadly neutral versus the Index in information technology, and underweight in communication services and financials, the latter mainly through being underweight in banks, where we see fewer opportunities and greater risk.

We have outlined our five largest holdings below.

GEARINGAs with the ability to hold unlisted stocks, gearing is an important benefit of the investment trust structure, and we continue to believe that the prudent use of gearing can be accretive to long-term capital and income returns. Our gearing is currently deployed using contracts for difference (CFDs), which are relatively low cost and represent a flexible way of increasing investment exposure. The Company repaid its fixed term loan in February 2024 and did not renew it given prevailing interest rate levels, so 100% of the gearing in the six months to 30 September 2024 has been via CFDs. During the period, the level of net market exposure averaged around 120%, with net gearing falling to 17.0% at the end of the period from 20.8% at the start of the year. Total gearing impact contributed positively over the six months, adding 4.5% to relative returns.

OUTLOOKDespite the rally in Chinese equities following the stimulus measures announced in late September, sentiment towards the market remains quite mixed. This has been evident in the early days of the second half of our financial year, with something of a retrenchment as investors await further details of the scale and deployment of some of the stimulus programmes. That said, there are signs of confidence growing among domestic investors who recognise the fundamental change in the level of commitment by the government to tackling economic challenges.

The widely anticipated China National People's Congress (NPC) Standing Committee meeting on 8 November approved another series of stimulus measures, though their scale and detail may have fallen short of lofty market expectations. Key policies included raising the ceiling for local government special bonds and targets to reduce local government implicit debt by 2029. But the forward-looking signals from the Finance Minister were encouraging, particularly the emphasis on more proactive fiscal policy planning for 2025, suggesting a path of further easing. I anticipate more concrete actions in upcoming policy meetings, which will be important in addressing China’s domestic demand challenges. While the earnings outlook for China in aggregate is not weak in a global context, and we see improvement in areas like technology, until very recently the general trend of earnings revisions has been downward. The hope is that supportive policies can help drive a turn in economic fundamentals, leading to an improved earnings outlook. Such a virtuous circle would almost certainly drive a sustained improvement in market sentiment and further re-rating. Meanwhile, the announcements in late September have only moved the valuation needle in Chinese equities from ‘historically cheap’ to ‘still pretty cheap’ versus other global markets, and I believe there is still ample room for valuation multiples to expand further.

Of course, geopolitical worries persist, especially around US tariffs on Chinese goods, which are likely to increase following the US Presidential election. However, investors and companies are well aware of this prospect.

Chinese companies have been dealing with tariffs and import barriers for some time now. In fact, some of the export-focused companies we see on the ground have remained extremely competitive and have been taking pre-emptive actions for years, with many of them moving production offshore. The Company is already focused on companies that generate the vast majority of their revenues domestically, but I continue to pay close attention to the different scenarios and assess how these risks are reflected in valuations.

With so much focus on the macro considerations, it can be easy for investors to forget that what really drives superior returns are great companies executing well in growing industries where they have strong competitive advantages. While the headwinds – and indeed the tailwinds, given the impact of the recent stimulus measures on the stock market – are well recognised, your Company remains focused on finding opportunities amidst the volatility where fundamental value and value-creation should be recognised by the market over the medium-term.

DALE NICHOLLS

Portfolio Manager

6 December 2024

SPOTLIGHT ON THE TOP 5 HOLDINGS AS AT 30 SEPTEMBER 2024

The top five holdings comprise 31.3% of the Company’s Net Assets.

Industry Communication ServicesTencent Holdings% of Net Assets 12.9%

Tencent Holdings has a dominant position in social networking in China and benefits from a sizeable user base. As China’s internet user growth slows down and the internet industry focuses increasingly on monetisation, Tencent is one of the best-positioned companies because of its very sticky user base and strong ecosystem which should lead to overall margin expansion. Furthermore, an increasing revenue mix from new higher-margin business segments, including short-form video, mini program games and e-commerce services underpins a robust outlook. Growth from its gaming segment is expected to accelerate, and its increasing shareholder returns also underpin its long-term investment thesis.

Industry FinancialsPing An Insurance Company of China% of Net Assets 6.1%

Ping An Insurance Company of China is a financial services holding company whose subsidiaries provide insurance, banking, asset management, and financial services. It has a strong presence in China, Hong Kong, and Macau, with expanding operations overseas. It has a robust structural growth outlook. Within the broader sector, its operations are of relatively better quality, with strong distribution channels, earnings quality, and a strong management team. It trades at an attractive valuation in comparison to its historical averages and the broader index.

Industry Consumer DiscretionaryAlibaba Group Holding% of Net Assets 5.1%

Alibaba Group Holding has a leading position in the e-commerce market. Its core e-commerce categories, including apparel and makeup, stand to benefit from any recovery in consumption. Its new management team is focused on a clearer strategy by investing in technology and user experiences, including logistics, product return, and customer service. Strategic focus on core e-commerce services, investment in cloud technology, exit from non-core businesses, and commitment to improving shareholder returns, underpin a strong growth outlook.

Industry Consumer DiscretionaryPDD Holdings% of Net Assets 4.3%

PDD Holdings is the third largest e-commerce platform by Gross Merchandise Value (GMV) in China, with outstanding efficiency in supply chain management and cost control. With its unique traffic distribution method, PDD is able to offer the cheapest version of products and continuously gains market share. The company is also expanding internationally to more than 50 countries through its shopping app called Temu by leveraging domestic supply chains in order to meet offshore demand.

Industry Consumer DiscretionaryMeituan% of Net Assets 2.9%

Meituan is a leading online shopping platform that offers a wide range of locally sourced consumer products and retail services, including entertainment, dining, delivery, travel, etc. It has a long-term penetration story (bringing ‘service online’) which will drive revenue growth and market share expansion. It has delivered a strong margin improvement with the stabilisation of competitive pressures. Despite macro headwinds (which has particularly impacted tier 1-2 cities), Meituan has been actively penetrating in lower tier cities and using Shen Hui Yuan membership to cross sell delivery and local services. Its management is implementing strategic changes to reduce losses in non-core businesses and return cash to shareholders.

Twenty Largest Holdings as at 30 September 2024

The Asset Exposures shown below measure the exposure of the Company’s portfolio to market price movements in the shares, equity linked notes and convertible bonds owned or in the shares underlying the derivative instruments. The Fair Value is the value the portfolio could be sold for and is the value shown on the Balance Sheet. Where a contract for difference (“CFD”) is held, the fair value reflects the profit or loss on the contract since it was opened and is based on how much the share price of the underlying shares has moved.

 

Asset Exposure

Fair Value  £’000 

£’000 

%1 

Long Exposures – shares unless otherwise stated

 

 

 

Tencent Holdings (shares and long CFDs)

 

 

 

Internet, mobile and telecommunications service provider

167,788 

12.9 

111,815 

Ping An Insurance Company of China (long CFD)

 

 

 

Provider of insurance, banking and investment products

79,380 

6.1 

19,060 

Alibaba Group Holding (call option and long CFDs)

 

 

 

e-commerce group

66,804 

5.1 

13,504 

PDD Holdings (long CFD)

 

 

 

e-commerce group

55,778 

4.3 

23,343 

Meituan (shares and long CFDs)

 

 

 

Shopping platform for locally found consumer products and retail services

38,004 

2.9 

19,133 

ByteDance (unlisted)

 

 

 

Technology company

35,451 

2.7 

35,451 

Pony.ai (unlisted)

 

 

 

Developer of artificial intelligence and autonomous driving technology solutions

30,934 

2.4

FIDELITY CHINA SPECIAL SITUATIONS PLC (the 'Company')

 

 

TRANSACTION IN OWN SHARES

 

 

The Board of the Company announces that it has repurchased for cancellation.

 

 

Number of shares repurchased:

211,552

Date of transaction:

06 December 2024

Average share price paid per share (GBp):

215.370

Lowest share price paid per share (GBp):

214.500

Highest share price paid per share (GBp):

215.500

 

 

Following this transaction the Company has:

 

 

Issued Share Capital:

592,485,119

Total Shares held in Treasury:

85,629,548

Total Voting Rights:

506,855,571

 

 

Notes:

 

1. The above total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

 

2. The Company's issued share capital held in Treasury attract no voting rights.

 

 

Contact:

 

George Bayer

 

For and on behalf of FIL Investments International

Company Secretary

 

020 7961 4240

 

 

Daily NAV AnnouncementFidelity China Special Situations PLCThe net asset value (unaudited) for the above company as at close of business on 05-12-2024 was:244.60pThe above net asset value was calculated on a "cum" income basis in accordance with applicable accounting standards and AIC recommendations.

FIDELITY CHINA SPECIAL SITUATIONS PLC (the 'Company')

 

 

TRANSACTION IN OWN SHARES

 

 

The Board of the Company announces that it has repurchased for cancellation.

 

 

Number of shares repurchased:

125,186

Date of transaction:

05 December 2024

Average share price paid per share (GBp):

212.280

Lowest share price paid per share (GBp):

211.000

Highest share price paid per share (GBp):

213.500

 

 

Following this transaction the Company has:

 

 

Issued Share Capital:

592,696,671

Total Shares held in Treasury:

85,629,548

Total Voting Rights:

507,067,123

 

 

Notes:

 

1. The above total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

 

2. The Company's issued share capital held in Treasury attract no voting rights.

 

 

Contact:

 

George Bayer

 

For and on behalf of FIL Investments International

Company Secretary

 

020 7961 4240

 

 

FIDELITY CHINA SPECIAL SITUATIONS PLC (the 'Company')

 

 

TRANSACTION IN OWN SHARES

 

 

The Board of the Company announces that it has repurchased for cancellation.

 

 

Number of shares repurchased:

250,000

Date of transaction:

04 December 2024

Average share price paid per share (GBp):

213.340

Lowest share price paid per share (GBp):

211.000

Highest share price paid per share (GBp):

214.500

 

 

Following this transaction the Company has:

 

 

Issued Share Capital:

592,821,857

Total Shares held in Treasury:

85,629,548

Total Voting Rights:

507,192,309

 

 

Notes:

 

1. The above total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

 

2. The Company's issued share capital held in Treasury attract no voting rights.

 

 

Contact:

 

George Bayer

 

For and on behalf of FIL Investments International

Company Secretary

 

020 7961 4240

 

 

Daily NAV AnnouncementFidelity China Special Situations PLCThe net asset value (unaudited) for the above company as at close of business on 03-12-2024 was:248.05pThe above net asset value was calculated on a "cum" income basis in accordance with applicable accounting standards and AIC recommendations.

FIDELITY CHINA SPECIAL SITUATIONS PLC (the 'Company')

 

 

TRANSACTION IN OWN SHARES

 

 

The Board of the Company announces that it has repurchased for cancellation.

 

 

Number of shares repurchased:

248,368

Date of transaction:

03 December 2024

Average share price paid per share (GBp):

213.490

Lowest share price paid per share (GBp):

213.000

Highest share price paid per share (GBp):

214.000

 

 

Following this transaction the Company has:

 

 

Issued Share Capital:

593,071,857

Total Shares held in Treasury:

85,629,548

Total Voting Rights:

507,442,309

 

 

Notes:

 

1. The above total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

 

2. The Company's issued share capital held in Treasury attract no voting rights.

 

 

Contact:

 

George Bayer

 

For and on behalf of FIL Investments International

Company Secretary

 

020 7961 4240

 

 

Daily NAV AnnouncementFidelity China Special Situations PLCThe net asset value (unaudited) for the above company as at close of business on 02-12-2024 was:246.25pThe above net asset value was calculated on a "cum" income basis in accordance with applicable accounting standards and AIC recommendations.

02 December 2024

 

FIDELITY CHINA SPECIAL SITUATIONS PLC

 

LEI: 54930076MSJ0ZW67JB75

 

TOTAL NUMBER OF VOTING RIGHTS AND CAPITAL

 

This announcement is made in accordance with DTR 5.6.1 of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

 

During the month of November 2024, Fidelity China Special Situations PLC repurchased 4,831,117 ordinary shares for cancellation.

 

No ordinary shares were issued.

 

As at 30 November 2024, Fidelity China Special Situations PLC's issued share capital consisted of 593,570,225 ordinary shares. This figure also includes 85,629,548 ordinary shares held in Treasury, which attract no voting rights; therefore, the total number of voting rights in Fidelity China Special Situations PLC is 507,940,677.

 

The above figure (507,940,677) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Fidelity China Special Situations PLC under the FCA's Disclosure Guidance and Transparency Rules.

 

George Bayer

For and on behalf of FIL Investments International

Company Secretary

02079614240

 

FIDELITY CHINA SPECIAL SITUATIONS PLC (the 'Company')

 

 

TRANSACTION IN OWN SHARES

 

 

The Board of the Company announces that it has repurchased for cancellation.

 

 

Number of shares repurchased:

250,000

Date of transaction:

02 December 2024

Average share price paid per share (GBp):

212.760

Lowest share price paid per share (GBp):

210.500

Highest share price paid per share (GBp):

213.500

 

 

Following this transaction the Company has:

 

 

Issued Share Capital:

593,320,225

Total Shares held in Treasury:

85,629,548

Total Voting Rights:

507,690,677

 

 

Notes:

 

1. The above total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

 

2. The Company's issued share capital held in Treasury attract no voting rights.

 

 

Contact:

 

George Bayer

 

For and on behalf of FIL Investments International

Company Secretary

 

020 7961 4240

 

 

Daily NAV AnnouncementFidelity China Special Situations PLCThe net asset value (unaudited) for the above company as at close of business on 29-11-2024 was:243.18pThe above net asset value was calculated on a "cum" income basis in accordance with applicable accounting standards and AIC recommendations.

FIDELITY CHINA SPECIAL SITUATIONS PLC (the 'Company')

 

 

TRANSACTION IN OWN SHARES

 

 

The Board of the Company announces that it has repurchased for cancellation.

 

 

Number of shares repurchased:

244,582

Date of transaction:

29 November 2024

Average share price paid per share (GBp):

210.090

Lowest share price paid per share (GBp):

210.000

Highest share price paid per share (GBp):

211.500

 

 

Following this transaction the Company has:

 

 

Issued Share Capital:

593,570,225

Total Shares held in Treasury:

85,629,548

Total Voting Rights:

507,940,677

 

 

Notes:

 

1. The above total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

 

2. The Company's issued share capital held in Treasury attract no voting rights.

 

 

Contact:

 

George Bayer

 

For and on behalf of FIL Investments International

Company Secretary

 

020 7961 4240

 

 

Daily NAV AnnouncementFidelity China Special Situations PLCThe net asset value (unaudited) for the above company as at close of business on 28-11-2024 was:240.85pThe above net asset value was calculated on a "cum" income basis in accordance with applicable accounting standards and AIC recommendations.

FIDELITY CHINA SPECIAL SITUATIONS PLC (the 'Company')

 

 

TRANSACTION IN OWN SHARES

 

 

The Board of the Company announces that it has repurchased for cancellation.

 

 

Number of shares repurchased:

250,000

Date of transaction:

28 November 2024

Average share price paid per share (GBp):

209.980

Lowest share price paid per share (GBp):

208.000

Highest share price paid per share (GBp):

210.500

 

 

Following this transaction the Company has:

 

 

Issued Share Capital:

593,814,807

Total Shares held in Treasury:

85,629,548

Total Voting Rights:

508,185,259

 

 

Notes:

 

1. The above total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

 

2. The Company's issued share capital held in Treasury attract no voting rights.

 

 

Contact:

 

George Bayer

 

For and on behalf of FIL Investments International

Company Secretary

 

020 7961 4240