The China Fund, Inc. Announces Election of New Directors
May 24, 2018 – The China Fund, Inc. (NYSE: CHN) (the “Fund”) announced today the results of elections of new directors at its Annual Stockholders Meeting held on May 23, 2018 (“Annual Meeting”). The proposal by City of London Investment Management Limited to terminate the Fund’s investment advisory and management agreements with Allianz Global Investors U.S. LLC will be considered when the Annual Meeting is reconvened on August 29, 2018. At the Annual Meeting, the Fund’s stockholders elected Julian Reid and Richard A. Silver to the Board of Directors (the “Board”) for three-year terms, expiring in 2021. Messrs. Reid and Silver replace Joe O. Rogers and Richard Shore, both of whom recently resigned from the Board.
Mr. Reid has more than 30 years of U.S. and non-U.S. closed-end fund experience, including serving as the head of the closed-end fund business for Jardine Fleming Investment Management (at the time, a leading investment management company in Asia, subsequently acquired by JP Morgan) and as the chairman and/or a director of numerous closed-end funds. Mr. Reid has spent over 40 years in the financial services industry spanning Europe, Asia, where he was based for approximately 25 years, and the Americas. He is an Affiliate of the Securities Industry of Australia and has been licensed by the respective regulatory bodies in the United Kingdom, Hong Kong, Singapore and Australia. In 2007, Mr. Reid was named “Small Board Trustee of the Year” by Fund Directions, a U.S. magazine focusing on corporate governance matters, for his work as the independent chairman of The Korea Fund, Inc.
Mr. Silver has more than 30 years of senior executive experience in the investment management industry. Mr. Silver served as treasurer and chief financial officer of all Fidelity Mutual Funds and as executive vice president of Fidelity Investments, during which time he oversaw accounting, financial reporting and related operations for more than 400 mutual funds and 2,300 other investment portfolios. He also served as senior vice president, treasurer and chief financial officer of The Colonial Group, Inc. for nearly 19 years, heading the company’s financial services group. In addition, Mr. Silver served as the chairman of the Accounting/Treasurers’ Committee of the Investment Company Institute for approximately seven years.
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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