On 28 May 2025, China Merchants China Direct Investments (CMCDI, 133HK) announced that it invested RMB 30 million in Jade Bird Display (上海顯耀), a company that makes components for “augmented reality” (AR) glasses.

This is an departure from reality. At P/NAV of 0.4x, CMCDI should prioritize the narrowing of its discount over making investments, as we proposed earlier.

💬 WeChat: ASM_Argyle

💬 WhatsApp: +852 6317 6371

🖥️ UnlockValueChinaMerchants.com

📧 ChinaMerchants@asmhk.com


2025年5月28日,招商局中国基金(CMCDI,133HK)宣布已向上海显耀投资人民币3,000万元。这是一家生产“增强现实”(augmented reality)眼镜组件的公司。

这是一种脱离现实的行为。在市净率(P/NAV)仅为0.4倍的情况下,招商局中国基金应该优先考虑缩小折让幅度,而不是进行新的投资。

💬 WeChat: ASM_Argyle

💬 WhatsApp: +852 6317 6371

🖥️ UnlockValueChinaMerchants.com

📧 ChinaMerchants@asmhk.com

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