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.

Our investigation reveals that Elizabeth is currently the directors of 30 companies (see this and this) in Hong Kong, on top of her directorships at CMCDI.

Elizabeth has not disclosed the vast majority of these directorships in her biography. She has only selectively disclosed a few.

And we don’t even know if she has directorships at offshore companies (e.g. BVI, Cayman Islands, Bermuda), because of secrecy laws.

Elizabeth owes CMCDI shareholders an explanation:

👎 Is Elizabeth a director of any other companies that we do not know about?

👎 Why does Elizabeth selectively disclose her directorships in the biography?

👎 What do each of these companies do? What is Elizabeth’s role in each of them?

👎 Does Elizabeth’s “outside” directorship conflict with her duties as CMCDI’s director?

👎 Do these companies do the same business as CMCDI? Do they compete with CMCDI?

👎 If Elizabeth has so many directorship duties outside CMCDI, how does she even have time to perform her duties at CMCDI?

👎 Has Elizabeth sought CMCDI’s approval, before taking up these directorships?

👎 Has Elizabeth (as the SFC-licensed Responsible Officer of the Manager of CMCDI) told the SFC about these directorships (which she has to do)?

On top of these directorships at Hong Kong companies, Elizabeth is also a director of a UK company called “Net Zero Investments Limited” (“Net Zero”) since 2021.

We do not know what business Net Zero does, but we know that is definitely not a dormant company. Its had millions of dollars of assets in 2022.

Elizabeth owes CMCDI shareholders an explanation:

👎 What does Net Zero do? What is her role in Net Zero?

👎 Does her Net Zero directorship might conflict with her duties at CMCDI, given that CMCDI has also recently made net-zero-emission related investments?

👎 Why has Elizabeth not disclosed her Net Zero directorship in CMCDI’s disclosures (despite disclosing her other directorships)?

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。

我们的调查显示，除了在中国基金的董事职位外，简家宜女士目前还是30家香港公司的董事（见此和见此）。

简家宜女士在她的个人简历中没有披露这些董事职位。她只是选择性地披露少数职位。

鉴于保密相关要求，我们更不知道她是否在海外公司（例如英属维尔京群岛、开曼群岛、百慕大）担任董事。

简女士有责任向中国基金的股东们解释：

👎简女士是否还有其他我们不知道的公司董事职位？

👎为什么简女士在个人简历中选择性的披露她的董事职位？

👎这些公司是做什么业务？简女士在它们中扮演什么角色？

👎简女士的董事职位是否与中国基金董事的职责发生冲突？

👎这些公司是否与中国基金做相同的业务？它们是否与中国基金构成竞争？

👎如果简女士在中国基金外部有这么多董事职责，她怎么还有时间履行她在中国基金的职责？

👎在担任这些董事职位之前，简女士是否征求了中国基金的批准？

👎作为香港证监会规管的中国基金投资经理的负责人，简女士是否已向香港证监会披露了这些董事职位（根据证监会规定，她必须这样做）？

除了在香港公司的这些董事职位外，自2021年以来，简女士还是一家名为”Net Zero Investments Limited”（”Net Zero”）的英国公司的董事。

我们不知道Net Zero做什么业务，但我们知道它肯定不是一家完全没有业务的公司。它在2022年拥有数百万美元的资产。

👎Net Zero做什么业务？她在Net Zero中扮演什么角色？

👎鉴于中国基金最近也进行了与零排放相关的投资，她的Net Zero董事职位是否会与中国基金的职责发生冲突？

👎简女士在中国基金的披露中披露了其他董事职位，但是为什么没有披露她的Net Zero董事职位？

访问我们:  UnlockValueChinaMerchants.com

电邮我们:  ChinaMerchants@asmhk.com