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The China Fund, Inc. Announces a Temporary Halt in its Discount Management Program
BOSTON, March 23, 2020
BOSTON, March 23, 2020 /PRNewswire/ -- The Board of Directors of the China Fund, Inc. (NYSE: CHN) (the "Fund") announced today that it will continue the temporary suspension of the Fund's Discount Management Program ("DMP"), which was initiated on Monday, March 16, 2020.
At a meeting of the Board of Directors on Friday March 20, 2020 the effects of the COVID-19 pandemic were considered impactful to both global economies and stock markets and hence responsible for creating the present excessive volatility in stock prices. Under such conditions, the Board determined that the Discount Management Program is currently unable to provide cost-effective value to stockholders and thus, its continuation currently is not in the best interests of the Fund or its stockholders. The Board will continue to monitor the situation on a daily basis and look to reinstate the Discount Management Program as soon as it is in the best interests of the Fund and its stockholders to do so.
The Fund is a closed-end management investment company with the objective of seeking long-term capital appreciation by investing primarily in equity securities (i) of companies for which the principal securities trading market is the People's Republic of China ("China"), or (ii) of companies for which the principal securities trading market is outside of China, or constituting direct equity investments in companies organized outside of China, that in both cases derive at least 50% of their revenues from goods and services sold or produced, or have at least 50% of their assets, in China.
For further information regarding the Fund and the Fund's holdings, please call (888)-CHN-CALL or visit the Fund's website at www.chinafundinc.com.
SOURCE The China Fund, Inc.