Unlocking Value

As disclosed, we, Argyle Street Management (and our affiliates), have sold our entire stake in China Merchants China Direct Investments (CMCDI, 133 HK) to a new investor.

We commend the China Merchants team for their exemplary stewardship of CMCDI.  Despite challenging market conditions, CMCDI has made outstanding investments. The extraordinary success of Insta360 far exceeded our expectations. Likewise, the sale of the China UnionPay stake and the IPOs of Pony.ai and iFlyHealth have clearly demonstrated China Merchants’ exceptional investment acumen.

We’d like to thank all minority shareholders. Your commitment over the past two years has created significant value for all shareholders. Your sustained efforts have substantially narrowed CMCDI’s discount to net asset value.

Now is the right time for us to pass the baton. We are confident that China Merchants will continue to deliver strong returns, and encourage all shareholders to contribute to the growth of CMCDI.

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正如已披露，我们Argyle Street Management（及关联方）已将我们在招商局基金（133 HK）的全部持股出售给一位新投资者。

我们高度评价招商局团队对招商局基金的卓越管理。尽管市场环境充满挑战，招商局基金依然取得了杰出的投资业绩。Insta360 的非凡成功远超我们的预期。同样，中国银联股份的出售以及小马智行和讯飞医疗的上市，充分展现了招商局基金卓越的投资眼光。

我们感谢所有少数股东，过去两年来你们的坚定支持为全体股东创造了显著价值。你们的努力大幅收窄了招商局基金的净资产折价。

现在正是我们交棒的最佳时机。我们坚信招商局基金将继续带来强劲回报，并鼓励所有股东为招商局基金的成长贡献力量。