NEW YORK, May 21, 2018 /PRNewswire/ --
Re: The China Fund, Inc. (the "Fund")
Dear Fellow Stockholder:
The 2018 Annual Meeting of Stockholders (the "Annual Meeting")
of the Fund will be held on May 23,
2018, for the purpose of electing two directors. After
that business is concluded, the Annual Meeting will be adjourned to
a later date, which is currently scheduled to be August 29, 2018.
When the adjourned meeting is reconvened, stockholders will vote
on a proposal by City of London Investment Management Limited
("CLIM"), to terminate the Fund's investment advisory and
management agreements with Allianz Global Investors U.S. LLC (the
"Termination Proposal").
As we have previously reported, the Fund has sued CLIM in
federal court seeking an order requiring CLIM to make corrective
disclosures in its proxy materials. The court declined to
grant that order and the Fund has appealed. Your Fund's Board
believes the appeal will be successful and will be adjourning the
Annual Meeting to allow time for the court to render its
decision. If the Fund's appeal is successful, stockholders
should then have the benefit of receiving and considering CLIM's
corrective disclosures before the adjourned Annual Meeting is
reconvened.
It is also possible that the appellate court will invalidate the
election of directors at the May 23,
2018 meeting. In that case, both the election of
directors and the Termination Proposal will be considered at the
reconvened Annual Meeting.
It will be necessary for the Fund to set a new record date for
determining the stockholders entitled to vote at the reconvened
portion of the Annual Meeting. This change of record date
will not affect the first part of the Annual Meeting, to be held on
May 23, 2018. The Fund will
notify stockholders of the new record date when it is set.
Thank you for your patience in dealing with this very difficult
and complex situation.
Sincerely,
/s/
Gary L. French
Chairman
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SOURCE The China Fund, Inc.