The China Fund, Inc. Announces the Withdrawal of the Stockholder Proposal to Terminate the Fund's Investment Advisory and Management Agreements
August 20, 2018 – The China Fund, Inc. (NYSE: CHN) (the “Fund”) announced today that the proposal previously filed by City of London Investment Management Limited to terminate the Fund’s investment advisory and management agreements with Allianz Global Investors U.S. LLC (“Termination Proposal”) has been withdrawn. This follows the Fund’s announcement of July 30 that the Board of Directors has retained Mercer Investments (HK) to undertake a comprehensive search for an investment manager. The proposal was to have been considered at the Annual Meeting of the Fund’s shareholders which was scheduled to be reconvened on August 29, 2018. Since the Termination Proposal was the only item of business slated to be conducted at that meeting it will no longer be held.
The Fund also announced that its Board of Directors continues to work on development of other outstanding matters including, but not limited to, the ultimate size and structure of the Fund and its board, a shareholder event such as a significant tender, and the adoption of enhanced Corporate Governance standards. The Board is scheduled to further consider such items at its next meeting, scheduled for August 24, 2018 in New York.
The Fund is a diversified closed-end investment company, which seeks long term capital appreciation primarily through investments in China companies. Shares of the Fund are listed on the New York Stock Exchange under the ticker symbol “CHN.”
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.
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