Welcome to our dedicated page for China Fund news (Ticker: CHN), a resource for investors and traders seeking the latest updates and insights on China Fund stock.
The news page for The China Fund, Inc. (CHN) provides an organized view of the Fund's publicly released updates and regulatory communications. As a closed-end management investment company focused on China-related equity securities, the Fund has issued news covering its investment objective, performance, governance decisions, and structural changes. These items help investors understand how the Fund has approached long-term capital appreciation in companies that derive significant revenues or hold substantial assets in the People's Republic of China.
Among the most significant news items for CHN are announcements related to its strategic and corporate direction. The Fund has reported on policies such as its Discount Management Program, which addresses the trading discount of its shares relative to net asset value through potential open-market repurchases, and its conditional performance tender offer policy, which links potential tender offers to the Fund's performance relative to the MSCI China All Shares Index. These disclosures provide insight into how the Board of Directors has evaluated market conditions, shareholder value, and the Fund's trading characteristics.
Recent news has focused on the Board's decision to approve, and stockholders' subsequent approval of, a Plan of Liquidation and Dissolution. Press releases and related filings describe the rationale for recommending liquidation, including the Fund's size, expense ratio pressures, persistent discount to net asset value, investor demand for more liquid competing products, and prevailing geopolitical and market conditions. Additional news items outline the scheduling and conduct of the special meeting of stockholders, the terms of the liquidation, expected timing of liquidating distributions, and the anticipated cessation of trading of CHN shares on the New York Stock Exchange.
Investors reviewing CHN news can expect coverage of quarterly financial results, including net investment income and net realized and unrealized gains or losses, as well as updates on distributions. Together, these releases form a historical record of how The China Fund, Inc. has managed its China-focused investment mandate and, ultimately, how it has chosen to wind down and return capital to stockholders. This news archive is useful for understanding the Fund's evolution, decision-making by its Board, and the sequence of events leading to its liquidation and delisting.
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The China Fund, Inc. (NYSE: CHN) reported its financial results for the first fiscal quarter ending January 31, 2023. The Fund recorded a net investment loss of $420,723 or $0.04 per share, an improvement from a loss of $686,054 or $0.07 per share for the same quarter in 2022. Net realized and unrealized gains on investments reached $60,819,850 or $5.99 per share, recovering from a loss of $36,047,907 or $3.49 per share in the prior year. Total net assets as of January 31, 2023, stood at $170,819,534, with a net asset value per share of $16.83.
The China Fund, Inc. (NYSE: CHN) has announced a new Performance Policy for a potential performance tender offer of up to 25% of its outstanding shares. This offer is contingent on the Fund's performance relative to the MSCI China All Shares Index over the period from January 1, 2023, to December 31, 2027. If the Fund's performance fails to meet the benchmark, the Board will initiate the tender offer on or before March 31, 2028, and subsequently every five years. The Board will exercise discretion on the terms of the offer based on market conditions. This policy does not affect the Fund's existing Discount Management Program, which may be temporarily halted during tender offers.
The China Fund, Inc. (NYSE: CHN) has scheduled its annual stockholder meeting for March 9, 2023, at 11:00 a.m. EST, to be held virtually. Stockholders registered by January 23, 2023 can attend and vote at this meeting. Notices will be sent out on or about February 10, 2023. The Fund aims for long-term capital appreciation through investments in equity securities primarily linked to companies in or deriving significant revenues from China.
The Board of The China Fund, Inc. has declared a capital gain distribution of $0.6748 per share, payable on January 10, 2023, to stockholders of record as of December 28, 2022. The distribution consists entirely of long-term capital gains, with an ex-dividend date set for December 27, 2022. The Fund's Dividend Reinvestment and Cash Purchase Plan allows stockholders to automatically reinvest distributions unless they opt out. The Fund primarily invests in companies trading in China or deriving revenue from China, with shares traded under the ticker symbol CHN.
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