China Fund Inc (NYSE:CHN) shares hit a new 52-week high on Friday following insider buying activity. The stock traded as high as $21.32 and last traded at $0.00, with a volume of 0 shares trading hands. Specifically, major shareholder City Of London Investment Grou bought 3,109 shares of the stock in a transaction that occurred on Wednesday, November 1st. The stock was acquired at an average price of $21.29 per share, with a total value of $66,190.61. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Hedge funds have recently made changes to their positions in the business. Royal Bank of Canada raised its position in shares of China Fund by 281.6% in the second quarter. Royal Bank of Canada now owns 9,300 shares of the investment management company’s stock valued at $174,000 after purchasing an additional 6,863 shares during the period. Gramercy Funds Management LLC grew its stake in China Fund by 37.4% in the 2nd quarter. Gramercy Funds Management LLC now owns 94,532 shares of the investment management company’s stock worth $1,766,000 after buying an additional 25,711 shares in the last quarter. Finally, City of London Investment Management Co. Ltd. grew its stake in China Fund by 3.2% in the 2nd quarter. City of London Investment Management Co. Ltd. now owns 3,909,903 shares of the investment management company’s stock worth $73,076,000 after buying an additional 121,392 shares in the last quarter.
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About China Fund
The China Fund, Inc is a non-diversified, closed-end management investment company. The Fund’s investment objective is long-term capital appreciation, which it seeks to achieve by investing primarily in equity securities of companies for which the principal securities trading market is the People’s Republic of China (China); 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 over 50% of their revenues from goods and services sold or produced, or have approximately 50% of their assets, in China, and constituting direct equity investments in companies organized in China.
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