The China Fund, Inc. Appoints New Agent for its Discount Management Program and Announces Continuation of the Reduced Management Fee

PR Newswire12-19

BOSTON, Dec. 18, 2024 /PRNewswire/ -- The Board of Directors (the "Board") of The China Fund, Inc. (NYSE: CHN) (the "Fund") has appointed Stifel, Nicolaus & Company, Incorporated (the "Program Manager...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2492151745?lang=en_US&edition=fundamental","thumbnail":"https://s.yimg.com/uu/api/res/1.2/Ut9l8EbzG2bKIhkBHmNXmg--~B/aD0xNjt3PTE2O2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/prnewswire.com/e51a7b6053fa03e273bf6d886ae7a9f1","is_english":true,"pubTime":"2024-12-19 05:00","share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","id":"2492151745","market":"us","top_or_hot":-1,"title":"The China Fund, Inc. Appoints New Agent for its Discount Management Program and Announces Continuation of the Reduced Management Fee","media":"PR Newswire","content":"<div>\n<p>BOSTON, Dec. 18, 2024 /PRNewswire/ -- The Board of Directors (the \"Board\") of The China Fund, Inc. (NYSE: CHN) (the \"Fund\") has appointed Stifel, Nicolaus & Company, Incorporated (the \"Program Manager...</p>\n\n<a href=\"https://finance.yahoo.com/news/china-fund-inc-appoints-agent-210000948.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The China Fund, Inc. Appoints New Agent for its Discount Management Program and Announces Continuation of the Reduced Management Fee</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe China Fund, Inc. Appoints New Agent for its Discount Management Program and Announces Continuation of the Reduced Management Fee\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-19 05:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/china-fund-inc-appoints-agent-210000948.html><strong>PR Newswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>BOSTON, Dec. 18, 2024 /PRNewswire/ -- The Board of Directors (the \"Board\") of The China Fund, Inc. (NYSE: CHN) (the \"Fund\") has appointed Stifel, Nicolaus & Company, Incorporated (the \"Program Manager...</p>\n\n<a href=\"https://finance.yahoo.com/news/china-fund-inc-appoints-agent-210000948.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CHN","symbol_name":"中国基金","start_time":0,"source_url":"https://finance.yahoo.com/news/china-fund-inc-appoints-agent-210000948.html","article_id":"2492151745","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/Ut9l8EbzG2bKIhkBHmNXmg--~B/aD0xNjt3PTE2O2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/prnewswire.com/e51a7b6053fa03e273bf6d886ae7a9f1"],"rights":{"source":"yahoofinance","url":"https://finance.yahoo.com/news/china-fund-inc-appoints-agent-210000948.html","rn_cache_url":null,"customStyle":"img, svg { display: none !important; }","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2492151745","pubTimestamp":1734555600,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"BOSTON, Dec. 18, 2024 /PRNewswire/ -- The Board of Directors  of The China Fund, Inc.   has appointed Stifel, Nicolaus & Company, Incorporated  to serve as its agent and broker for purposes of implementing the Fund's Discount Management Program , with effect as of January 1, 2025.The Board is pleased to announce that the Fund's investment adviser, Matthews Inter","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"CHN":"中国基金","GRO":"Brazil Potash Corp."},"translate_title":"中国基金公司为其折扣管理计划任命新代理人并宣布继续降低管理费","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CHN":1,"GRO":1},"content_text":"BOSTON, Dec. 18, 2024 /PRNewswire/ -- The Board of Directors (the \"Board\") of The China Fund, Inc. (NYSE: CHN) (the \"Fund\") has appointed Stifel, Nicolaus & Company, Incorporated (the \"Program Manager\") to serve as its agent and broker for purposes of implementing the Fund's Discount Management Program (the \"Program\"), with effect as of January 1, 2025.\nThe Program provides that the Fund may repurchase annually up to 10% of its common shares outstanding as of the close of business on October 31st of the prior year in open market transactions when such shares are trading above a specified discount threshold in accordance with the procedures and parameters (the \"Share Purchase Procedures\") adopted by the Board. The Board may amend the Share Purchase Procedures, including the discount threshold, from time to time without prior notice, when it believes such amendment is in the best interest of the Fund and its shareholders. The Share Purchase Procedures, including any amendments thereto, are designed to comply with the conditions set forth in Rule 10b-18 under the Securities Exchange Act of 1934 (the \"Exchange Act\"), which generally provides issuers, such as the Fund, with a safe harbor from liability for market manipulation when they repurchase their common stock in the open market in accordance with the conditions of the Rule. Any repurchases made pursuant to the Program will be made on a national securities exchange at the prevailing market price, subject to exchange requirements. The Fund's share repurchase activity pursuant to the Program will be disclosed in its shareholder report for the relevant fiscal period.\nThe Program is intended to enhance shareholder value by purchasing Fund shares trading at a discount from their net asset value (\"NAV\") per share, which could result in incremental accretion to the Fund's NAV. However, there is no assurance that share repurchases executed pursuant to the Program will be effective at reducing any discount in the open market price of Fund shares. There is also no assurance that the Fund will purchase shares at any particular discount levels or in any particular amounts, and the Fund may commence purchasing shares pursuant to the Program or suspend the Program at any time with or without prior notice. In addition, the Fund's ability to purchase its shares may be limited due to reasons beyond the control of the Fund, including due to regulatory requirements or other legal considerations or adverse market conditions. The Board regularly monitors the effectiveness of the Program and may modify the Share Purchase Procedures, consistent with applicable law, at any time when it believes such modification to be in the best interest of the Fund and its shareholders. The Board also may elect, at any time, to take actions other than open market purchases pursuant to the Program to seek to address the value of shareholder investments.\nThe Board is pleased to announce that the Fund's investment adviser, Matthews International Capital Management, LLC (the \"Adviser\"), has agreed to continue to waive a portion of the management fee paid to it by the Fund, which will reduce the Fund's total expense ratio and the indirect cost to shareholders of investing in the Fund. In light of current economic and market conditions affecting the performance of Chinese securities generally, the Board and the Adviser believe it is appropriate and in the best interest of the Fund and its shareholders to consider all available measures to reduce the expenses of the Fund. At the Board's request, the Adviser has agreed to continue to voluntarily waive a portion of the management fee it receives from the Fund by reducing the management fee rate applied when the Fund's monthly average assets are less than $150 million from 0.80% to 0.75%. The Adviser has agreed to maintain the fee waiver (i) for a period of one year from February 1, 2025, or (ii) until the Fund's investment performance exceeds that of the Fund's performance benchmark, the MSCI China All Shares Index (the \"Index\"), for the period from January 1, 2023 through the end of the second month after which the Fund's performance first exceeds the Index's performance, whichever occurs first. Upon the occurrence of (i) or (ii) above, the fee waiver will terminate without further notice, unless the Adviser, in its sole discretion, agrees to continue the waiver.\nThe Fund is a closed-end management investment company with an objective to seek 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 revenue from goods and services sold or produced, or have at least 50% of their assets, in China. While the Fund is permitted to invest in direct equity investments of companies organized in China, it presently holds no such investments. The Fund's investment manager is Matthews International Capital Management, LLC.\nYou should consider the Fund's investment objectives, risks, and charges and expenses carefully before you invest. For further information regarding the Fund, please call (888)-CHN-CALL or visit the Fund's website at www.chinafundinc.com.\nThis announcement contains certain statements that may be deemed to constitute \"forward-looking statements\" within the meaning of certain provisions of the Securities Act of 1933 and Exchange Act with respect to the Fund's future financial or business performance, strategies or expectations. Although the Fund believes that any forward-looking statements included herein are reasonable, it cautions that such statements are subject to numerous assumptions, risks and uncertainties, which change over time and ultimately may prove to be incorrect. Forward-looking statements speak only as of the date they are made or the date of this press release, and the Fund does not undertake to update any forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.\nThis announcement is not a recommendation, an offer to purchase, or a solicitation of an offer to sell shares of the Fund. The Fund has not commenced the tender offer described in this announcement. Any such tender offer will be made only by an offer to purchase, a related letter of transmittal and other documents filed with the U.S. Securities and Exchange Commission (\"SEC\") as exhibits to a tender offer statement on Schedule TO, with all such documents available on the SEC's website at www.sec.gov. For any tender offer, the Fund will also make available to shareholders without charge the offer to purchase and the letter of transmittal. Shareholders should read these documents carefully, as they will contain important information about the tender offer.\n View original content:https://www.prnewswire.com/news-releases/the-china-fund-inc-appoints-new-agent-for-its-discount-management-program-and-announces-continuation-of-the-reduced-management-fee-302335468.html\nSOURCE The China Fund, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2492151745"}