NEW YORK, Jan. 6, 2012 /PRNewswire/ -- The China Fund, Inc. (the "Fund") (NYSE: CHN) announces that the Board of Directors has appointed RCM Asia Pacific Limited ("RCM") as the investment adviser of the Fund subject to stockholder approval. RCM is a Hong Kong based Asia specialist manager with over $2.5 billion in assets under management in Greater China mandates. RCM is part of the Allianz Global Investors, which is wholly owned by the Allianz Group. Allianz Global Investors has over $350 billion in assets under management.
It is anticipated that RCM will begin managing the Fund in early February 2012 on an interim basis until stockholder approval of the new management agreements is obtained. Under the interim arrangement and the new management agreements, the fee paid by the Fund for the management of the Fund's listed portfolio will remain the same as under the Fund's existing management arrangements and the annual fee paid by the Fund for the management of the Fund's direct investment portfolio will decrease from 2.0% to 1.5% of the average weekly value of the Fund's assets invested in direct investments.
The new investment management agreements with RCM will be submitted to stockholders for approval at the Fund's annual stockholders' meeting. The Board also set March 8, 2012 as the date of the Fund's annual stockholders meeting, with January 23, 2012 being the record date for that meeting.
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. 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:
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