It has been an eventful year for China Merchants China Direct Investments (CMCDI, 133 HK).

In 2024, there has been much Chinese Tailwind behind CMCDI:

  • The share price of China Merchants Bank, the single largest investment of CMCDI, was up ~40% thanks to Chinese government stimulus.
  • Pony AI and iFlyHealth, both AI companies under CMCDI, went IPO successfully.
  • The valuation of Moonshot AI, a national champion of artificial intelligence, increased dramatically thanks to Alibaba and Tencent.
  • Insta360, which makes GoPro-like cameras, may soon go IPO.

Unfortunately, CMCDI continues to resist against proposals that create value for shareholders, which means the discount to net asset value remains unacceptably large.

  • Shareholders fired the incumbent manager, and reduced the term of future management agreements to one year. Yet CMCDI came back with a “temporary” management agreement that does nothing to address the large discount.
  • CMCDI announced a vague plan of buying back shares with no details. That is unacceptable.
  • Elizabeth Kan, the director with unacceptable conflict of interest, is is still a director.

We, Argyle Street Management, will continue to work hard to unlock value in 2025.

Happy new year!

Chat with us on WeChat or WhatsApp:

💬 WeChat ID: ASM_Argyle

💬 WhatsApp ID: +852 6317 6371

🖥️ UnlockValueChinaMerchants.com

📧 ChinaMerchants@asmhk.com


我们总结一下今年招商局中国基金(招商局基金,133 HK)发生的大事。

下半年的牛市让招商局基金水涨船高:

  • 招商银行是招商局基金最大的单笔投资,受中国政府刺激政策推动,其股价上涨了约 40%。
  • 小马智行讯飞医疗是招商局基金投资的的两家人工智能公司,均成功上市。
  • 在阿里巴巴和腾讯的推动下,人工智能领军企业月之暗面的估值大幅上升
  • 生产类似 GoPro 相机的 Insta360 可能很快就会上市

不幸的是,招商局基金继续无视我们提出为股东创造价值的提议,令净资产价值的折价仍然很大。

  • 股东炒了现任经理,并将未来管理协议的期限缩短至一年。招商局基金提出了一项“临时”管理协议,新协议完全没有解决折价问题。
  • 招商局基金宣布了一项模糊的回购股票计划,没有具体细节。这是不可接受的。
  • 存在重大利益冲突的董事简家宜女仕今天仍然是董事。

我们 Argyle Street Management 将继续努力在 2025 年释放价值。

新年快乐!

欢迎随时跟我们联系:

💬 微信: ASM_Argyle

💬 WhatsApp: +852 6317 6371

🖥️ UnlockValueChinaMerchants.com

📧 ChinaMerchants@asmhk.com

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