City of London Files Lawsuit Against The China Fund and its Board of Directors Regarding Their Last-Minute Postponement of The China Fund's Annual Meeting of Stockholders and Seeks Injunctive Relief

COATESVILLE, Pa., April 2, 2018 /PRNewswire/ -- City of London Investment Management Company Limited, which represents clients who are the beneficial owners of approximately 27.2% of the outstanding shares of common stock of The China Fund, Inc. (NYSE: CHN), today announced the filing of a Verified Complaint in the Circuit Court for Baltimore County, Maryland bringing claims against China Fund and the members of its Board of Directors related to China Fund's postponement of its 2018 annual meeting of stockholders to April 26, 2018, which was announced only two business days prior to the previously scheduled meeting date. The Plaintiffs also filed and served a motion for preliminary injunction seeking an order in advance of the April 26, 2018 meeting date.

The Plaintiffs are seeking the following relief from the Court:

• A declaration and injunctive relief from the Court declaring that China Fund must conduct the annual meeting on April 26, 2018, and enjoining China Fund from any further adjournments;
• An order declaring that the votes taken by proxy as of March 27, 2018, the date the annual meeting was originally scheduled for, constituted a quorum for purposes of the annual meeting and that the vote as of March 27, 2018 should be certified;
• An order declaring that the last-minute postponement of the annual meeting by China Fund's Board of Directors was an improper entrenchment device in violation of its bylaws and constituted a breach of the directors' statutory and common law duties.

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