THE CHINA FUND, INC. RECORDS FIRST QUARTER 2022/2023 RESULTS

Rhea-AI Summary

The China Fund, Inc. (NYSE: CHN) reported its financial results for the first fiscal quarter ending January 31, 2023. The Fund recorded a net investment loss of $420,723 or $0.04 per share, an improvement from a loss of $686,054 or $0.07 per share for the same quarter in 2022. Net realized and unrealized gains on investments reached $60,819,850 or $5.99 per share, recovering from a loss of $36,047,907 or $3.49 per share in the prior year. Total net assets as of January 31, 2023, stood at $170,819,534, with a net asset value per share of $16.83.

Positive

• Improvement in net investment loss from $686,054 to $420,723 year-over-year.
• Net realized and unrealized gains of $60,819,850 compared to a loss of $36,047,907 last year.
• Total net assets increased to $170,819,534.

Negative

• Net investment loss of $420,723 indicates ongoing financial challenges.

BOSTON, March 21, 2023 /PRNewswire/ -- The China Fund, Inc. (NYSE: CHN) today announced its financial results for its first fiscal quarter ended January 31, 2023.

For the three months ended January 31, 2023, the Fund recorded net investment loss of $420,723 or $0.04 per share, versus net investment loss of $686,054 or $0.07 per share, for the quarter ended January 31, 2022. Net realized and unrealized gain on investments and foreign currency transactions for the three months ended January 31, 2023 was $60,819,850 or $5.99 per share, compared to net realized and unrealized loss on investments and foreign currency transactions of $36,047,907 or $3.49 per share, for the three months ended January 31, 2022.

The Fund's total net assets on January 31, 2023 were $170,819,534 and its net asset value per share was $16.83 based on 10,148,009 shares outstanding. A distribution of $0.6748 per share from realized gains was declared in December 2022 and paid in January 2023.

 

	January 31, 2023	October 31, 2022	January 31, 2022
Total Net Assets	$170,819,534	$118,765,315	$201,506,557
Net Asset Value	$16.83	$11.58	$19.51
Shares Outstanding	10,148,009	10,258,595	10,328,734

 

The Fund 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-20222023-results-301777909.html

SOURCE The China Fund, Inc.

FAQ

What were the financial results of The China Fund for Q1 2023?

For the first fiscal quarter ended January 31, 2023, The China Fund reported a net investment loss of $420,723.

How did The China Fund's investment performance change compared to Q1 2022?

The Fund improved its net realized and unrealized gains, reporting $60,819,850 in gains compared to a loss of $36,047,907 in Q1 2022.

What is the net asset value per share for The China Fund as of January 31, 2023?

The net asset value per share for The China Fund was $16.83 as of January 31, 2023.

What is the total net assets of The China Fund for Q1 2023?

The total net assets of The China Fund as of January 31, 2023, were $170,819,534.

What was the distribution declared by The China Fund in December 2022?

A distribution of $0.6748 per share from realized gains was declared in December 2022.