NEW YORK, Nov. 10, 2011 /PRNewswire/ -- The China Fund, Inc. (the "Fund") (NYSE: [ CHN ]) announces that the Fund has been advised by its Investment Manager, Martin Currie Inc., that Heartland Capital Management Limited ("Heartland") exercised its option to acquire Martin Currie Ltd.'s interest in MC China Limited, the joint venture of Martin Currie Inc.'s parent, Martin Currie Ltd., and Heartland and that Martin Currie Ltd.'s interest in MC China Limited has been transferred to Heartland (or its nominee).

With this transfer, Shifeng Ke is no longer with Martin Currie Inc. and accordingly has ceased to act as the Fund's portfolio manager. Further, as a result of the transfer Martin Currie Inc. is no longer able to provide the Fund with the services of the existing team of eight analysts based in Shanghai who assisted Mr. Ke, all of whom are associated with MC China Limited.

To address this, the Fund has entered into interim arrangements with Martin Currie Inc. and APS Asset Management Pte Ltd. to manage the Fund's portfolio until new management arrangements can be put in place. APS Asset Management Pte Ltd. is a Singapore based investment management firm that specializes in Asia Pacific equity investments with a particular focus on China and Greater China. APS has a team of ten analysts based across Beijing, Shanghai and Shenzhen.

The interim arrangements will remain in place for a maximum of 150 days. The Board is also considering potential managers, including Martin Currie Inc. and APS Asset Management Pte Ltd., to take over the management of the Fund's portfolio at the end of the term of the interim arrangements. The selection of any such manager by the Board will be subject to stockholder approval.

The Fund is a closed-end management investment company with the investment objective of long-term capital appreciation which it seeks to achieve by investing primarily in equity securities (i) of companies for which the principal securities trading market is the People's Republic of China ("China"), (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 and (iii) constituting direct equity investments in companies organized in China. The China Fund, Inc. is listed on the New York Stock Exchange under the ticker symbol "CHN".

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 ].

CONTACT:

Warren Antler
The Altman Group
212-400-2605
[ wantler@altmangroup.com ]

SOURCE The China Fund, Inc.

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The China Fund, Inc. Announces Interim Management Arrangements

The China Fund, Inc. Announces Interim Management Arrangements