Unlocking Value

We, Argyle Street Management (ASM), plan to vote against the re-election of Elizabeth Kan (Elizabeth) at the annual general meeting of China Merchants China Direct Investments (133 HK, CMCDI) on 20 June 2024.

To recap, Elizabeth is the Managing Director of the First Eastern Investment Group (FEIG). The principal of the FEIG is Mr. Victor Chu (諸立力, Victor). Elizabeth has been Victor’s long-time lieutenant.

The investment manager of CMCDI is a joint venture between China Merchants Group (through associates) and Victor Chu China Investment Limited (VCCI).

VCCI itself is owned by Victor and Elizabeth together.

This old circular says that “VCCI and/or its associates collectively held 3,030,024 Shares in CMCDI“, equivalent to 1.99% shares in CMCDI.

Also, the same circular says that “the ultimate beneficial owners of [VCCI] are [Victor] and [Elizabeth]“.

However, from 2021 to 2023, under the “Directors’ and Chief Executives’ Interest in Shares” section of CMCDI’s annual reports, Elizabeth, a director of CMCDI, was silent on VCCI’s shareholding in CMCDI.

Directors of a listed company are required to disclosed their shareholding in that listed company.

For example, Mr. Wang Xiaoding, who is Elizabeth’s fellow director, dutifully disclosed his 0.14% shareholding in CMCDI.👍

Revealingly, as at 23 May 2023, FE Securities Limited (of which Elizabeth is a Responsible Officer) still holds 1.99% shares in CMCDI.

👎 Does VCCI have any (direct or indirect) interest in CMCDI?

👎 Does Elizabeth Kan have any undisclosed interest in CMCDI shares? Has she violated any rules on shareholding disclosure?

👎 Who are the CMCDI shareholders behind FE Securities? Who are the ultimate beneficiaries?

👎 Does Elizabeth have any interest in these four companies?

Visit us:  UnlockValueChinaMerchants.com

Write to us:  ChinaMerchants@asmhk.com

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我们Argyle Street Management (ASM)计划在招商局中国基金（133 HK，“中国基金“）2024年6月20日举行的股东周年大会中投票反对重选簡家宜女士为董事。

簡家宜女士（ “简女士”，英文名KAN Ka Yee, Elizabeth）是第一东方投资集团（“第一东方”）的董事总经理。第一东方的主要负责人是诸立力先生（”诸先生”，英文名Victor Chu Lap Lik）。简女士长期以来是诸先生的副手。

中国基金的投资经理招商局中國投資管理有限公司（“投资经理”）是中国招商集团（通过关联公司）和Victor Chu China Investment Limited（ “VCCI”）的合资企业。

VCCI由诸先生和简女士共同拥有。

这份旧的通函（2021年11月8日）表示”Victor Chu China Investment Limited及╱或其聯繫人則合共持有3,030,024股股份（即1.99%權益）”。同样，该通函还表示”Victor Chu China Investment Limited的最終受益人為诸先生及简女士 “。

然而，从2021年到2023年，在年度报告的”董事及主要行政人員之股份權益”一节中，作为中国基金董事的简女士对VCCI在中国基金的股份，并未进行任何申报。

上市公司的董事需要披露他们持有的该公司股份。

例如：与简女士同为董事的王效釘先生，尽职尽责地披露了他持有的中国基金0.14%的股份。👍

值得注意的是，截至2023年5月23日，广利証券（简女士是其负责人员）仍持有中国基金1.99%的股份。

👎 VCCI在中国基金有沒有任何直接或間接权益？

👎 简女士是否持有未披露的中国基金股份？ 有沒有违反股份权益披露规则？

👎广利証券背后的中国基金的股东是谁？谁是最终受益人？

访问我们:  UnlockValueChinaMerchants.com

电邮我们:  ChinaMerchants@asmhk.com