NEW YORK, April 29, 2015 /PRNewswire/ -- The China Fund, Inc. (NYSE: CHN) today announced that it has received from the China Construction Bank repatriated cash totaling $39,708,942.06 or approximately 10% of its net assets as of April 28, 2015. This represents the proceeds of the sale of the Fund's holdings of Hand Enterprise, a listed China A-Share. Under the regulations and restrictions governing the Fund's right to hold Hand Enterprise as an A-share without the QFII quota normally required to hold A-shares, proceeds from the sale of the security could only be held in a special RMB cash custody account at China Construction Bank until repatriated. The process to gain approval to repatriate the proceeds was long and complex and this was particularly due to the recapitalization that Hand Enterprise went through in connection with its redomicile from Singapore to China prior to its listing on the Shanghai Stock Exchange.
The Fund is a closed-end management investment company seeking long-term capital appreciation primarily through investment in the equity securities of companies engaged in a substantial amount of business in the People's Republic of China.
The China Fund, Inc. is listed on the New York Stock Exchange under the ticker symbol "CHN".
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful under the securities laws of any such state.
SOURCE The China Fund, Inc.