A few days ago, we wrote that China Merchants China Direct Investments (133 HK, the “Fund”) sold some of its shares in China UnionPay, and recovered US$ 38.69m.

However, a Xueqiu user commented our Xueqiu post, and wonder how we found out about the disposal, and why no announcement was made:

The answer lies in P. 26 of the 2023 annual report published on 24 April 2024. It turns out that the disposal agreement was signed on 20 November 2023 (completion probably happened in 1Q2024), but shareholders only learned about this 156 days later.

We congratulate the Fund again on the successful and very important disposal. Going forward, we encourage the Fund to make voluntary announcements on similar disposal events as and when they occur. Transparency is the first step towards maximizing value and narrowing discount to NAV.

Visit us:  UnlockValueChinaMerchants.com

Write to us:  ChinaMerchants@asmhk.com

几天前,我们发布了一篇关于招商局中国基金(“中国基金”,股票代号:133 HK)出售了其持有的大部分中国银联股权,并回收了3869万美元的帖子。

但是一位雪球用户在我们雪球帖子下留言,询问我们如何了解到此次出售并且为什么没有相关公告。

答案可以在中国基金于2024年4月24日发布的2023年度报告的第26页找到。年度报告披露本次产权交易合同是在2023年11月20日完成签署(交割可能是在2024年1季度内完成),但是股东们是在156天后才了解到是次情况。

我们再次祝贺中国基金成功完成这次重要的资产处置。展望未来,我们鼓励中国基金在发生类似的资产处置事件时可以进行自愿公告。透明度是实现价值最大化和缩小与净资产值折价之间差距的第一步。

访问我们:UnlockValueChinaMerchants.com

电邮我们:ChinaMerchants@asmhk.com

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