The China Fund, Inc. Records First Quarter Results

Rhea-AI Summary

The China Fund, Inc. (NYSE: CHN) reported its financial results for Q1 of fiscal year 2021, ending January 31, 2021. The fund experienced a net investment loss of $(745,621), or $(0.07) per share, compared to $(644,789) or $(0.06) per share in the same period last year. Despite the loss, net realized and unrealized gains on investments reached $50,710,836, equating to $4.86 per share, significantly up from $6,774,596 or $0.64 per share in the previous year. The total net assets were $355,031,181, with a net asset value per share of $34.00.

Positive

• Net realized and unrealized gains increased to $50,710,836 ($4.86 per share) from $6,774,596 ($0.64 per share) year-over-year.
• Total net assets rose to $355,031,181 from $329,412,097 in the prior quarter.

Negative

• Net investment loss increased to $(745,621) from $(644,789) year-over-year.
• Net asset value per share increased, but still reflects ongoing investment losses.

NEW YORK, March 16, 2021 /PRNewswire/ -- The China Fund, Inc. (NYSE: CHN) today announced its financial results for its first fiscal quarter ended January 31, 2021. 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.

For the quarter ended January 31, 2021, the Fund recorded net investment loss of $(745,621), or $(0.07) per share, versus net investment loss of $(644,789) or $(0.06) per share, for the quarter ended January 31, 2020. Net realized and unrealized gains on investments and foreign currency transactions for the quarter ended January 31, 2021 was $50,710,836 or $4.86 per share, compared to net realized and unrealized gain on investments and foreign currency transactions of $6,774,596 or $0.64 per share, for the quarter ended January 31, 2020.

The Fund's total net assets on January 31, 2021 were $355,031,181 and its net asset value per share was $34.00 based on 10,443,315 shares outstanding. A combined distribution of $2.3123 per share from net investment income and realized gains was made in December 2020.

	January 31, 2021	October 31, 2020	January 31, 2020
Total Net Assets Per Share	$355,031,181	$329,412,097	$231,838,694
Net Asset Value Per Share	$34.00	$31.52	$22.01
Shares Outstanding Per Share	10,443,315	10,449,992	10,533,371

The China Fund, Inc. 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.

 

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SOURCE The China Fund, Inc.

FAQ

What were the financial results of The China Fund, Inc. for Q1 2021?

The China Fund reported a net investment loss of $(745,621) or $(0.07) per share, while net realized and unrealized gains were $50,710,836 or $4.86 per share.

How did the net asset value of CHN change in Q1 2021?

The net asset value per share of CHN increased to $34.00 as of January 31, 2021.

What were The China Fund's total net assets as of January 31, 2021?

As of January 31, 2021, The China Fund's total net assets were $355,031,181.

How does The China Fund's Q1 2021 performance compare to the previous year?

In Q1 2021, The China Fund saw a higher net investment loss but significantly increased net realized and unrealized gains compared to Q1 2020.