BOSTON --(BUSINESS WIRE)--
JPMorgan China Region Fund, Inc. (‘JFC’ or the ‘Fund’) announced today that the Board of Directors of the Fund has determined to submit a proposal to liquidate the Fund to a vote of all stockholders at the Fund’s next Annual Meeting of Stockholders, which is scheduled to be held on May 11, 2017.
If Stockholders vote to approve the proposal, proceeds will be paid to Stockholders pursuant to a plan of liquidation. Stockholders should note that any proceeds attributable to the Fund’s investments in China A-shares may only be repatriated under certain conditions including clearance from the People's Republic of China tax authorities and upon the approval of the Chinese State Administration of Foreign Exchange. Such proceeds will only be distributed to Stockholders upon such approvals being granted; the timing of which is unclear. In the interests of expediting this process the Fund has already commenced discussions with its tax advisers in relation to the repatriation process.
Further information regarding the liquidation proposal will be included in the proxy materials that will be mailed to Stockholders in advance of the Stockholders meeting.
The Fund is a non-diversified, closed-end management investment company whose shares are traded on the New York Stock Exchange. The Fund trades under the symbol “JFC.”
The Fund seeks to achieve long-term capital appreciation through investments primarily in equity securities of companies with substantial assets in, or revenues derived from, the People's Republic of China, Hong Kong, Taiwan and Macau—collectively, the China Region.
Certain information discussed in this press release may constitute forward-looking statements within the meaning of the United States federal securities laws. Although the Fund believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, the Fund can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.
This release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of Fund securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Investing involves risk and it is possible to lose money on any investment in the Fund. Past performance is no guarantee of future returns.
Copies of the documents filed with the Securities & Exchange Commission by the Fund are available free of charge on the Fund’s internet website at http://www.jpmchinaregionfund.com
JPMorgan Fund Services, in Boston, MA is the Fund’s accounting and administrative agent.
(c)Business Wire. All of the news releases contained herein are protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Business Wire's members, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. All reproduction, other than for an individual user's personal reference, is prohibited without prior written permission.