We met with China Merchants China Direct Investment (133.HK) last Friday. We congratulated management for the successful and profitable partial exit of its investment in UnionPay.

By July, per our own estimates, the fund could have around 500m HKD equivalent of cash (if adding the pending CMB dividends to current cash balance), which is 32% of existing market cap of the fund.

We hope that as in 2018, a sizeable interim dividend can be paid out to reward shareholders.

We also hope management can issue guidelines on future steps to further unlock shareholder value.

更新：

上周五我们拜访了招商局中国基金（133.HK）管理层，并祝贺管理层成功退出大部分所持有的银联股份。

我们预测基金今年七月可能会拥有约 5 亿港元等值现金，约占基金目前市值的 32%。

我们希望如同 2018 年一样，公司会派发可观的中期股息以回馈股东。

我们也希望公司能公布未来持续释放股东价值的计划。

Tony Zhang

Rydal Value Fund Ltd.

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