Unlocking Value

China Merchants China Direct Investments (133 HK, the “Fund”) is investigating who its shareholders are.

Under section 329 of the Securities and Futures Ordinance, a listed company has the power to investigate who its shareholders are. The short version is: when the company asks, the shareholders must tell.

Here is how it was done in practice: a few weeks ago, the Fund sent notices to the numerous custodians (e.g. HSBC) which hold Fund shares on behalf of their clients, to ask the custodians who the shareholders are “behind” these custodians.

We, Argyle Street Management, are not sure why the Fund did such investigation at this juncture. Nonetheless, we are in favor of transparency and disclosure, and support the investigation.

For our part, we have filed our own disclosure of interest as the rules require (our entities own approximately 8% now), and would like to remind all shareholders to do the same.

Visit us:  UnlockValueChinaMerchants.com

Write to us:  ChinaMerchants@asmhk.com

招商局中国基金（133 HK，以下简称“中国基金”）正在调查其股东身份。

根据《证券及期货条例》第329条，上市公司有权调查其股东身份。简而言之：当公司提出要求时，股东必须提供信息。

具体操作如下：一般由托管人代表其客户持有中国基金股份。几周前，中国基金向多家托管人（例如汇丰HSBC）发出通知，要求托管人披露“背后”的股东身份。

我们Argyle Street Management不确定中国基金为何选择在此时进行此类调查。尽管如此，我们支持提升透明度和信息披露，并支持这项调查。

我们已经按照规定提交了我们自己的权益披露（我們的現持股約8%），并希望提醒所有股东也这样做。

访问我们：UnlockValueChinaMerchants.com

电邮我们：ChinaMerchants@asmhk.com

Disclaimer: please seek your own legal advice.

免责声明：请自行寻求法律意见。