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

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.

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.

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SOURCE The China Fund, Inc.