On 28 August 2024, China Merchants China Direct Investments (CMCDI, 133 HK) announced that it will pay an interim dividend of US$ 0.04, or HK$ 0.312, per share.

This is clearly inadequate.  While we acknowledge that this is CMCDI’s first interim dividend since 2019, the amount is at best symbolic.  The aggregate amount of dividend is merely US$ 6.1 million, which is tiny when CMCDI’s cash balance was US$ 42.3 million as at 30 June 2024.

The market has expressed its disappointment:  since the interim dividend announcement, the share price of CMCDI has declined by 7%.  At current share price, CMCDI is trading at price-to-NAV ratio of merely 0.37x.

We re-iterate our proposal to CMCDI, that CMCDI shall buy back shares and implement a discount management program.  Read our proposal to find out how.

If you are new to CMCDI, read our primer.

Chat with us on WeChat or WhatsApp:

💬 WeChat ID: ASM_Argyle

💬 WhatsApp ID: +852 6317 6371

🖥️ UnlockValueChinaMerchants.com

📧 ChinaMerchants@asmhk.com


在2024年8月28日,招商局中国基金(“中国基金”,133HK)宣布将支付0.04美元/每股或0.312港元/每股的中期股息。

这显然是不足的。虽然这是中国基金自2019年以来首次派发中期股息,但这个金额充其量只是象征性的。本次支付的股息总额仅为610万美元,而中国基金的现金余额为4230万美元(截至2024年6月30日)。

市场已经表达了失望情绪:自中期股息公告发布以来,中国基金的股价已下跌7%。根据当前股价,中国基金的股价较净资产值比率(P/NAV)仅为0.37倍。

我们重申向中国基金的提案,即中国基金应回购股份并实施折扣管理计划。详情请阅读我们的提案

如果您刚开始了解中国基金,请阅读我们的指南

欢迎随时与我们联系:

💬 微信: ASM_Argyle

💬 WhatsApp: +852 6317 6371

🖥️ UnlockValueChinaMerchants.com

📧 ChinaMerchants@asmhk.com

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