Unlocking Value

China Merchants China Direct Investments (CMCDI, 133 HK) published its quarterly “breakdown of total assets” as at 31 March 2025.

CMCDI doesn’t comment on its portfolio, so here is our take:

• The net asset value on 31 March 2025 was HK$ 34.48 per share (or US$677 million in total), +2.7% from three months ago.
• Discount has widened due to the unacceptably small dividends and no buybacks. CMCDI is now trading at price-to-NAV ratio of 0.37x, which is among the lowest in the world .
• Cash balance is US$ 35 million. We urge CMCDI to prioritize buying back shares over new investments, as we proposed.
• CMCDI sold its CICC and Oriental Pearl Media Co., Ltd. listed shares and recovered a small amount of cash, which is good (but not enough)
• Pony.ai, the autonomous driving champion, went IPO in the US at $13 per share. Share price has slumped to $4.69. CMCDI marked its stake at US$ 18m.
• iFlyHealth (also know as Xunfei Healthcare), which is iFlytek’s AI healthcare subsidiary, also went IPO in Hong Kong at $82.8 per share. Now share price is $108.9. CMCDI marked its stake at US$ 62m.
• Insta360 (also known as Arashi Vision), the maker of GoPro-like cameras, may also go IPO in Hong Kong.
• As a result of the various IPOs, cash and listed shares account for ~58.3% of CMCDI’s total asset. If Insta360 goes IPO at CMCDI’s valuation, that will will become ~62.4% on a pro forma basis.

Here is a summary of CMCDI’s portfolio:

	Carrying value (US$m) 账面价值 （百万美金） as of 31/3/2025 截至2025年3月31日	CMCDI’s stake 中国基金持股量 as of 31/12 /2023 截至2023年12月31日	% total assets 占总资产比例 as of 31/3 /2025 截至2025年3月31日	Industry 行业	Remarks 备注
Liquid assets 较流动资产
China Merchants Bank (listed shares) 中国招商银行(上市股票)	333	0.2%	39.4%	Banking 银行	One of the biggest banks in China. Listed and very liquid. 中国最大的银行之一。流动性非常好。
iFLYTEK (listed shares) 科大讯飞(上市股票)	45	0.3%	5.3%	Artificial intelligence 人工智能	SparkDesk chatbot. Listed and very liquid. 星火大模型聊天机器人。非常流动。
Xunfei Healthcare (listed shares) 讯飞医疗 (上市股票)	62	3.4%	7.3%	AI medical 人工智能医疗	Spun off from iFlytek. HK Listed. 从科大讯飞分拆出来。在香港上市。
Pony.ai (listed shares) 小马智行 (上市股票)	18	0.65%	2.1%	Autonomous driving 自动驾驶	Robotaxies are already running in big Chinese cities. US listed. 自动驾驶出租车已经在中国的大城市中开始运营。美国上市。
Cash 现金	35	n/a	4.1%	–
Sub-total (liquid) 小计	493	–	58.3%
Less liquid assets 较低流动性资产
China Credit Trust 中诚信托	145	6.9%	17.1%	Trust management 信托管理	Major trust company. PICC is largest shareholder. Link to annual report. 中国大型信托公司。人民保险集团是最大股东。年度报告链接。
NBA China NBA 中国	41	1%	4.8%	Sports marketing 体育营销	NBA’s franchise in China. Pays dividend regularly. NBA中国特许经营者，定期支付股息
Arashi Vision (Insta360) 影石科技	35	1.6%	4.1%	AI cameras 人工智能相机	GoPro-like action cameras. may also go IPO in Hong Kong. 像GoPro的运动相机，可能也会在香港上市（IPO）。
China UnionPay 中国银联	23	0.05%	2.7%	Payment 金融支付	Exited 0.12% stake for US$39m in 2024 已经退出0.12%股权，退出金额为3900万美元左右
Anhui Iflytek Venture Capital LLP 安徽科訊創業投資基金合夥企業	19	15.0%	2.2%	Information technology investment 資訊科技投資	Also invested in Xunfei Healthcare 也投资了讯飞医疗
Moonshot AI 月之暗面	16	1.3%	1.9%	Artificial intelligence 人工智能	Kimi chatbot. Alibaba owns 36%. KIMI智能聊天机器人，阿里巴巴持有其36%股权
Others (18 items)* 其他（18 项）	74	–	8.7%		Each item is less than 2% total assets 各项占总资产比例小于2%
Sub-total (less liquid) 小计(较低流动性资产)	353	–	41.7%
Grand total 总计	822		100%

If you are new to CMCDI, read our primer.

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招商局中国基金（“中国基金”，133 HK）刚刚发布了其2025年3月31日的“总资产明细”。

中国基金未对其投资组合发表评论，所以以下是我们的观点：

• 截至2025年3月31日，中国基金每股净资产价值为34.48港元（或总计6.77亿美元），相比上一季度上涨了2.7％。

• 较净资产的折价因为不及预期的派息以及未进行股票回购的原因而持续扩大。中国基金目前的市净率为 0.37倍，是全球最低的之一。

• 现金余额为 3,500 万美元。如我们所提议的，我们敦促中国基金优先回购股票，而不是进行新投资。

• 中国基金出售了中金以及東方明珠新媒体股份有限公司的股票，但这还远远不够。

• 小马智行（Pony.ai），自动驾驶领先公司，在美国以每股13美元的价格上市（IPO）。股价现在大幅下跌至4.69美元。中国基金持股价值为1,800万美元。

• 讯飞医疗，讯飞科技的人工智能医疗子公司，在香港以每股82.8港元的价格上市（IPO），现在股价为108.9港元。中国基金持股价值为6,200万美元。

• Insta360（也被称为影石科技），这家类似GoPro的相机制造商，可能也会在香港上市（IPO）。

• 鉴于被投企业陆续上市，现金和上市股份持仓占中国基金总资产目前为约58.3%。如果Insta360以中国基金的估值上市，则对应调整后的占比将增至约62.4%。

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