BOSTON, June 2, 2020 /PRNewswire/ -- The Board of Directors of the China Fund, Inc. (NYSE: CHN) (the "Fund") announced today that it will resume the operation of its Discount Management Program (the "Program"), which was temporarily halted on Monday, March 16, 2020 in response due to the extreme volatility introduced to world markets by the COVID-19 pandemic.
At a meeting of the Board of Directors on Friday May 29, 2020, the Directors considered the primary factors affecting the Fund's market price relative to its NAV, namely the level of overall market volatility as measured by the VIX® Index, the extent of the Fund's discount, including relative to the discounts experienced by its peer group, and the volume of trading in the Fund, and determined the resumption of the Program would be in the best interest of the Fund and its stockholders. The Program will operate in accordance with the procedures and parameters previously adopted by the Board of Directors.
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 Program, please call (888)-CHN-CALL or visit the Fund's website at www.chinafundinc.com.
SOURCE The China Fund, Inc.