NEW YORK, July 28, 2011 /PRNewswire/ -- The China Fund, Inc. (the "Fund") announces today that it has been informed by its Investment Manager, Martin Currie, Inc. (" Martin Currie"), that Chris Ruffle ceased to be a Vice President of the Fund from July 28, 2011 and will cease to be a Portfolio Manager of the Fund from July 29, 2011. Shifeng Ke will continue to serve as the Fund's Portfolio Manager and as a Vice President of the Fund until the termination of the joint venture, which is described below.
Martin Currie has also informed the Fund that Heartland Capital Management Limited ("Heartland") has given notice that in November 2011, Heartland intends to exercise its option to acquire Martin Currie Ltd's interest in MC China Limited, the joint venture of Martin Currie's parent, Martin Currie Ltd. and Heartland through which Martin Currie has provided the Fund with the services of Chris Ruffle and Shifeng Ke, as well as a team of analysts based in Shanghai. It is anticipated that this acquisition will be completed early in November, 2011.
Shifeng Ke serves as the portfolio manager for the Fund's portfolio of listed and direct securities. Mr. Ke joined Martin Currie's Asia team in 1997 and, until 2002, co-managed the China Heartland Fund, which at that time was the only offshore fund to access China's A-share market. In 2006, Martin Currie Ltd., Mr. Ruffle and Mr. Ke established MC China Limited: a joint venture providing services to a range of specialist China strategies. Mr. Ke has served as co-manager of the Fund since 2001. He is also co-manager of Martin Currie's A-share products, Martin Currie's China Hedge Fund and the micro-cap China Development Capital Partnership. Mr. Ke practiced law before moving to China's ministry of labor and social security in 1990.
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". For additional information on the Fund visit the Fund's website at www.chinafundinc.com or call 1-888-CHN-CALL (1-888-246-2255).SOURCE The China Fund, Inc.