City of London Calls The China Fund's Postponement of its Annual Meeting an Attempt to Further Entrench the Board

COATESVILLE, Pa., March 26, 2018 /PRNewswire/ -- City of London Investment Management Company Limited today issued a statement in response to The China Fund, Inc. (NYSE: CHN) announcement that it postponed the 2018 annual meeting of stockholders from March 27, 2018 to April 26, 2018.  City of London represents clients who are the beneficial owners of approximately 27.2% of the outstanding shares of common stock of The China Fund, Inc.

• We are disappointed that the CHN Board continues to exhibit self-serving behavior, highlighted by its decision to postpone the annual meeting to focus more on entrenchment than allowing stockholders to act as owners of the Fund.
• We believe that the results of the annual meeting, which was scheduled for tomorrow, were clear to the Board at the time it decided to postpone the meeting, and the postponement is a disturbing attempt to improperly influence the outcome of the election of directors and proposal to terminate the investment adviser.
• We believe that a quorum would have been present at the annual meeting, and that our two nominees have received overwhelming support from stockholders in opposition to Joe Rogers and Richard Shore, the two incumbent and entrenched Directors.
• This Board also denied its largest stockholder the right to directly contact many of the Fund's stockholders with the same shareholder list they themselves have been using.
• We urge the Board to add our two director nominees, Julian Reid and Rich Silver, to the Board immediately and for the two incumbent directors, Joe Rogers and Richard Shore, to resign.

We encourage all China Fund stockholders to vote their shares on the BLUE proxy card.  If stockholders have already voted China Fund's white proxy card, they can still vote the BLUE card.  Every vote counts. China Fund stockholders have an opportunity to effect meaningful change by rejecting the China Fund Board's affront to stockholder rights.

If you have any questions or need assistance with voting your BLUE proxy card, or need additional copies of our proxy materials, please contact our proxy solicitor, Saratoga Proxy Consulting LLC at (212) 257-1311 or toll-free at (888) 368-0379.  

SOURCE City of London Investment Management Company Limited