THE CHINA FUND, INC. RECORDS FIRST QUARTER 2021/2022 RESULTS

Rhea-AI Summary

The China Fund, Inc. (NYSE: CHN) reported a net investment loss of $(686,054) or $(0.07) per share for Q1 FY2022, compared to a loss of $(745,621) or $(0.07) per share in Q1 FY2021. The fund experienced substantial net realized and unrealized losses of $(36,047,907) or $(3.49) per share, contrasting with a gain of $50,710,836 or $4.86 per share a year earlier. Total net assets on January 31, 2022, reached $201,506,557, with a net asset value per share of $19.51 based on 10,328,734 shares outstanding.

Positive

• Reduction in net investment loss from $(745,621) to $(686,054) year-over-year.

Negative

• Net realized and unrealized losses on investments totaled $(36,047,907), a significant decline from the previous year's gain of $50,710,836.
• Total net assets decreased from $355,031,181 to $201,506,557 compared to the same quarter last year.
• Net asset value per share dropped from $34.00 to $19.51 year-over-year.

BOSTON, March 16, 2022 /PRNewswire/ -- The China Fund, Inc. (NYSE: CHN) today announced its financial results for its first fiscal quarter ended January 31, 2022.

For the quarter ended January 31, 2022, the Fund recorded net investment loss of $(686,054) or $(0.07) per share versus net investment loss of $(745,621) or $(0.07) per share for the quarter ended January 31, 2021. Net realized and unrealized losses on investments and foreign currency transactions for the quarter ended January 31, 2022, was $(36,047,907) or $(3.49) per share, compared to net realized and unrealized gain on investments and foreign currency transactions of $50,710,836 or $4.86 per share, for the quarter ended January 31, 2021.

The Fund's total net assets on January 31, 2022 were $201,506,557 and its net asset value per share was $19.51 based on 10,328,734 shares outstanding. A combined distribution of $7.2669 per share from net investment income and realized gains was declared in December 2021 and paid in January 2022.

	January 31, 2022	October 31, 2021	January 31, 2021
Total Net Assets Per Share	$201,506,557	$314,302,451	$355,031,181
Net Asset Value Per Share	$19.51	$30.32	$34.00
Shares Outstanding Per Share	10,328,734	10,366,808	10,443,315

The China Fund, Inc. is a closed-end management investment company with the objective of seeking long-term capital appreciation by investing primarily in equity securities (i) of companies for which the principal securities trading market is in 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 revenues from goods and services sold or produced, or have at least 50% of their assets, in China. Whilst the Fund is permitted to invest in direct equity investments of companies organized in China, it presently holds no such investments. The Fund is listed on the New York Stock Exchange under the ticker symbol "CHN".  The Fund's investment manager is Matthews International Capital Management, LLC.

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.

View original content:https://www.prnewswire.com/news-releases/the-china-fund-inc-records-first-quarter-20212022-results-301504469.html

SOURCE The China Fund, Inc.

FAQ

What were the financial results of The China Fund (CHN) for Q1 FY2022?

The China Fund (CHN) reported a net investment loss of $(686,054) or $(0.07) per share for Q1 FY2022.

How did net assets change for The China Fund (CHN) from Q1 FY2021 to Q1 FY2022?

Total net assets decreased from $355,031,181 in Q1 FY2021 to $201,506,557 in Q1 FY2022.

What was the net asset value per share for The China Fund (CHN) on January 31, 2022?

The net asset value per share on January 31, 2022, was $19.51.

What are the key losses reported by The China Fund (CHN) in Q1 FY2022?

The fund reported net realized and unrealized losses of $(36,047,907) or $(3.49) per share.

How much was the combined distribution paid by The China Fund (CHN) in January 2022?

The combined distribution was $7.2669 per share.