The shares of Arashi Vision (影石创新), the maker of Insta360 cameras, has just started trading today.

As at 10:11, share price is +283% above IPO price.

China Merchants China Direct Investments (CMCDI, 133 HK) owns 5.85 million shares in Arashi, which is worth US$ 148m. In March 2025, CMCDI marked the Arashi position at merely US$ 35m.

That translates to a US$ 113m overnight increase (i.e. 13%) in CMCDI’s total assets, which implies HK$ 5.8 per CMCDI share.

Assuming the value of all other CMCDI assets has not changed since March 2025, Arashi is now CMCDI’s second largest asset (after China Merchants Bank shares).

Liquid assets (listed shares and cash) now account for 63% of CMCDI’s total assets.

We, Argyle Street Management, would like to congratulate the China Merchants team on the stunningly successful investment. However, CMCDI can no longer argue that its large discount the NAV is is due its large portfolio of illiquid assets.

💬 WeChat: ASM_Argyle

💬 WhatsApp: +852 6317 6371

🖥️ UnlockValueChinaMerchants.com

📧 ChinaMerchants@asmhk.com


影石创新(Insta360 相机制造商)的股票今天正式开始交易。

截至上午10:11,其股价较IPO价格上涨了 283%。

招商局基金(133 HK)持有影石创新的 585万股,現時价值 1.48亿美元。2025年3月,招商局基金将影石创新的持股估值为 3500万美元。

这意味着 招商局基金的总资产一夜之间增加了1.13亿美元(即 13%)。这相当于每股招商局基金增加了 5.8港元。

假设自2025年3月以来,招商局基金其他资产的价值没有变化,影石创新现在已成为招商局基金的第二大资产(仅次于招商银行的持股)。流动资产(包括上市股票和现金)现在占招商局基金总资产的 63%。

我们Argyle Street Management谨向招商局团队表示祝贺,祝贺这一极为成功的投资。不过,招商局基金不能再以其大量非流动资产组合为由,解释其净资产价值(NAV)大幅折让的现象。

💬 WeChat: ASM_Argyle

💬 WhatsApp: +852 6317 6371

🖥️ UnlockValueChinaMerchants.com

📧 ChinaMerchants@asmhk.com

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