David Blennerhassett, an analyst on SmartKarma.com, wrote another excellent analysis on China Merchants China Direct Investments (CMCDI, 133 HK).

SmartKarma.com has a paywall, so we can only quote extracts.

David correctly points out that:

At the AGM yesterday, [CMCDI]’s director Elizabeth Kan was re-appointed, but by a wafer-thin margin: 29.97% of shares out FOR, and 29.44% AGAINST. Stripping out Victor Chu’s stake (~2%?) and China Merchant’s (27.6%), or collectively ~29.6% of shares out, it’s fair to say the remainder of the shareholder register wants her out.

Also:

One of CMCDI’s IR guys mentioned to me when I met earlier this
month, that selling out of [China Merchants Bank shares] and distributing the proceeds won’t leave the company with sufficient (liquid) funds to operate, as the majority of their investments are tied up in unlisted, illiquid projects.

I don’t agree. They can distribute 90% of the proceeds, and that will leave them a lot of money to pay management fees.

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SmartKarma.com的David Blennerhassett也发布了另一篇关于招商局中国基金(133 HK,“中国基金”)的优秀分析。

由于SmartKarma.com是一个付费网站,因此我们只能引用一些摘录:

David 指出:

昨天在股东大会上,[中国基金]的现任董事简女士以微弱的优势被重新任命为董事,赞成方占有29.97%的股份,反对方占有29.44%的股份。如果排除掉诸先生的股份(约2%?)和招商局的股份(27.6%),即总共约占29.6%的股份,可以说其他投票股东都希望她离任。

同时:

本月早些时候,中国基金的一位负责投资者关系相关的人员在我与其会面时提出,出售[招商银行股份]并分配收益将使中国基金缺乏足够的(流动)资金来运营,因为他们大部分的投资都被束缚在未上市、不流动的项目中。

我不同意这种说法。他们可以分配收益的90%,剩下的钱仍远远足够支付投资经理的管理费。

我们现在有了微信账号(ASM_Argyle)和WhatsApp账号(+852 6317 6371)。如有任何问题,欢迎随时跟我们联系。

 💬 微信账号: ASM_Argyle

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