Press release from PR Newswire
The China Fund, Inc. Reports First Quarter Results
Wednesday, March 14, 2012
The China Fund, Inc. Reports First Quarter Results16:05 EDT Wednesday, March 14, 2012NEW YORK, March 14, 2012 /PRNewswire/ -- The China Fund, Inc. (NYSE: CHN) today announced its financial results for the first quarter ended January 31, 2012. The Fund is a closed-end management investment company with the investment objective of long-term capital appreciation which it seeks to achieve by investing primarily in equity securities (i) of companies for which the principal securities trading market is the People's Republic of China ("China"), (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 and (iii) constituting direct equity investments in companies organized in China.On December 8, 2011, the Fund announced that it had declared an estimated annual dividend and capital gain distribution to the Fund's stockholders, totaling $2.9964 per share. The capital gain portion of the distribution was comprised of long-term capital gains estimated to be $2.8222 per share. The net investment income portion of the distributions was estimated to be $0.1742 per share. On December 21, 2011, the Fund confirmed an actual annual dividend distribution of $2.9964 per share. The dividend distribution consisted of net investment income of $0.1742 per share and long-term capital gains of $2.8222 per share. The dividend distribution was paid on December 29, 2011 to the stockholders of record at the close of business on December 23, 2011. On January 31, 2012, the Fund's total net assets were $549,529,381 and its net asset value per share was $24.12 based on 22,781,762 shares outstanding. After taking into consideration the distribution of $2.9964, the Fund's total return for the quarter ended January 31, 2012 was -4.43%. For the quarter ended January 31, 2012, the Fund reported a net investment loss of approximately $1,068,115 versus a net investment loss of approximately $802,903 for the quarter ended January 31, 2011. Net realized and unrealized losses, for the three months ended January 31, 2012 were -$41,583,147 or -$1.83 per share compared to net realized and unrealized gains of $21,455,268 or $0.94 per share for the first quarter of fiscal year 2011. January 31, 2012October 31, 2011January 31, 2011Total Net Assets$549,529,381$660,443,914$774,668,423Net Asset Value$24.12$28.99$34.00Shares Outstanding22,781,76222,781,76222,781,762 The China Fund, Inc. is 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.CONTACT:Warren AntlerThe Altman Group firstname.lastname@example.orgSOURCE The China Fund, Inc.