On 22 October 2024, 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:

CMCDI has also now offered to reduce management fees by 25 basis points in the new management agreement, which will be voted on by independent shareholders in November/December.

This concession does not go far enough. Especially when 45% of the management fees are received by founder Victor Chu.

Also:

[Argyle Street Management] is also proposing a management fee cut of 45%. Basically carving out Victor’s share. Argyle is supportive of CMG as a manager; but not Victor.

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


2024年10月22日,SmartKarma.com的David Blennerhassett发布了另一篇关于招商局中国基金(133 HK,“招商基金”)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:

招商基金现在提议在新的管理协议中将管理费率降低25个基点(即0.25%),这将由独立股东在11月或12月的特别股东大会进行投票表决是否通过。

这一让步远远不够。特别是当45%的管理费收入都归联合创始人之一的诸立力先生。

以及

Argyle (即ASM) 还提议将管理费削减45%。基本上是削减诸立力先生的份额。Argyle 支持招商局集团继续作为管理者,但不支持诸立力先生。

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

Leave a comment