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FIDELITY CHINA SPECIAL SITUATIONS PLC: Interim Management Statement

FIDELITY CHINA SPECIAL SITUATIONS PLC: Interim Management Statement
FIDELITY CHINA SPECIAL SITUATIONS PLC - INTERIM MANAGEMENT STATEMENT FOR THE     
QUARTER ENDED 31 DECEMBER 2012                                                   
                                                                             
Issued pursuant to the requirements of Chapter 4 of the Disclosure and           
Transparency Rules                                                               
                                                                             
Objective                                                                        
                                                                             
Fidelity China Special Situations PLC is focused on the long-term growth         
potential of China. The portfolio is made up primarily of securities issued by   
companies listed in China or Hong Kong and Chinese companies listed elsewhere.   
It may also invest in listed companies with significant interest in China and    
Hong Kong.                                                                       
                                                                             
Benchmark                                                                        
                                                                             
MSCI China Index (Sterling Equivalent)                                           
                                                                             
Review of Period (total return)                                                  
                                                                             
During the period:                                                               
                                                                             
- the NAV increased by 9.07% (debt at par) against a 12.13% increase by the      
benchmark.                                                                       
                                                                             
- the share price increased by 16.57%.                                           
                                                                             
- main portfolio changes are detailed in the top ten holdings below.             
                                                                             
Gearing was 124.68% on 31 December 2012.                                         
                                                                             
Material transactions                                                            
                                                                             
- During the quarter the Company repurchased 500,000 shares for cancellation.    
                                                                             
- Since the quarter end no shares have been repurchased.                         
                                                                             
Material Events                                                                  


                                                                                

  * Interim Results for the Company for the 6 months ended 30 September 2012    
    were released on 14 November 2012.                                          
                                                                                

Additional Information                                                          
              


                                                              
Details of the Company                              Dealing Information          


                                                                                

Fund Manager:   Anthony Bolton                      Listed:         London 
Stock
                                                                    Exchange    
                                                                                

Enquiries:      08457 100 456                       Broker:         Cenkos      
                                                                                

WWW Address:    www.fidelity.co.uk/                 Price Quoted:   Financial   
                its                                                 Times       
                                                                                
                Copies of major                                                 
                announcements and                                               
                documentation                                                   
                relating to the                                                 
                Company may be                                                  
                found on the                                                    
                website                                                         
                                                                                

Launch Date:    19 April 2010                       Reuters Code:   FCSS        
                                                                                
                As at 31 December   As at 13        SEAQ Code:      B62Z3C7     
                2012                February 2013                               
                                                                                

Ordinary Shares 655,229,480         655,229,480     ISIN:           
GB00B62Z3C74
In Issue:                                                                       
                                                                                

Share price     1.71%               3.77%           Registered                  

discount to                                         office                      

NAV:                                                                            
                                                                                

Total Assets:   £654.9m             £742.4m         Beech Gate                
                                                                                   

Loan:           £92.2m              £96.5m          Millfield Lane            
                                                                                   

Total Net       £562.7m             £645.9m         Lower Kingswood           
  
Assets:                                                                         
                                                    Tadworth                    

Gross Asset     £701.6m             £769.2m                                   
  
Exposure:                                           Surrey KT20 6RP             
                124.68%             119.10%                                     

Gearing:                                                                        
                                                                                

The Company's net asset value per share is announced daily and may be found on  

the Stock Exchange website www.londonstockexchange.com                          
         


                                                                   
Portfolio Breakdowns                                                             
                                                                             
Industry      As at 31      As at 30      Largest 10 Holdings As at 31 As at 30  
Analysis (%   December 2012 September     (% total assets)    December 
September
total assets)               2012                              2012     2012      
                                                                             
Consumer      27.7          28.7          Tencent Holdings    5.2      3.9       
Discretionary                                                                    


                                                                                

Financials    24.7          24.3          Ping An Insurance   4.0      4.3      
                                          (Group) Company of                    
                                          China                                 
                                                                                

IT            20.4          16.7          Citic Securities    3.5      3.2      
                                          Company                               
                                                                                

Health Care   10.8          12.8          HSBC Holdings       3.0               
                                                                                

Industrials   4.1           3.5           Bank of China Hong  3.0      2.9      
                                          Kong                                  
                                                                                

Energy        3.4           2.0           AIA Group           2.9      3.3      
                                                                                

Consumer      2.6           3.5           Wing Hang Bank      2.8      3.1      

Staples                                                                         
                                                                                

Telecom       2.1           4.2           SAIC Motor          2.6      2.3      

Services                                  Corporation                           
                                                                                

Other         2.9           -             Asiainfo Linkage ** 2.4      -        
                                                                                

Cash          1.2           -             Huaneng Power       2.2      -        
                                          International **                      
                                                                                

Materials     -             1.2           China Unicom (Hong  -        3.6      
                                          Kong)*                                
                                                                                

Utilities     -             1.0           TVB*                -        2.6      
                                                                                

Cash & Others -             2.1           Alibaba Group*      -        2.6      
                                                                                

Total         100           100                                                 
                                                                                


                                      * Not currently in the top 10 
holdings 
                                                                             
                                      ** Not in the top 10 holdings as at 
30 


                                          September 2012                        
                    
                                                            
                Price at 31 Quarter to 31 Quarter   1 Year to 2 Years           
                December    December 2012 to 30     31        to 31             
                2012 (p)                  September December  December          
                                          2012      2012      2012              
                                                                                

NAV (debt at    85.87       9.07            1.39      13.34    -22.37           

par)                                                                            
                                                                                

Ordinary Share  84.40       16.57           -2.99     16.02    -27.98           

price                                                                           
                                                                                

Benchmark Index             12.13           1.66      17.36    -3.54            
                                                                                


As at 13 February 2013 the Company's NAV per share was 98.57p (debt at par) and
the Company's share price was 94.85p per share.


By order of the Board
Christopher Pirnie

For and on behalf of FIL Investments International

Company Secretary

14 February 2013

Past performance is not a guide to future returns. The value of investments can
go down as well as up. For funds that invest in overseas markets, changes in
currency exchange rates may affect the value of an investment. Investments in
small and emerging markets can be more volatile than other more developed
markets. Source of performance: Fidelity and Datastream as at 31 December 2012.
Basis: bid-bid with net income reinvested. Fidelity only gives information
about its own products and services and does not provide investment advice
based on individual circumstances.



END

-0- Feb/14/2013 15:23 GMT


 
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