Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Alec is a partner in KT Capital Group and the Chinese shareholder representative of a large, listed P&C insurer in Kazakhstan/Central Asia. 

Previously, he served as the Research & Investments Partner at Re:base Ventures (rebase.vc), a Web3 and DeFi investment firm with a strong focus on building and incubation. 

Before that, he spent time with Tencent, where he was responsible for the group's investments in the overseas markets (Southeast Asia, the Middle East, and Europe). 

Prior to Tencent, he was in the Principal Investments team at Swiss Re, where he focused on driving the group's investments into financial services and Fintech sectors in APAC. 

He has been responsible for a wide range of investments and transactions (venture/growth, buyout, direct secondaries, etc.) totaling >$5 billion. Alec started his career with Bank of America Merrill Lynch.

Fintech & EM-focused Analyst

The Battle of CMCDI: What Is the Endgame?

CMCDI (133 HK): AGM Outcome May Provide Another Leg-Up

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

China Merchants China Direct Investments / Equity Bottom-Up

China Merchants China Direct Investments (133 HK)

<ul>
<li>While Elizabeth Kan barely survived the AGM vote, ASM has effectively mobilized minority shareholders.</li>
<li>Lazard (owns 15% of CMCDI) probably voted alongside ASM (owns 9%). Other than China Merchants Group and Victor Chu, almost no "outside shareholders" voted in favor of Kan, .</li>
<li>The next battleground is a vote in November when CMCDI needs to renew its investment management agreement. Intense behind-the-scene negotiations are expected, given the bargaining power ASM now demonstrated.</li>
</ul>


While Elizabeth Kan barely survived the AGM vote, ASM has effectively mobilized minority shareholders.
Lazard (owns 15% of CMCDI) probably voted alongside ASM (owns 9%). Other than China Merchants Group and Victor Chu, almost no "outside shareholders" voted in favor of Kan, .
The next battleground is a vote in November when CMCDI needs to renew its investment management agreement. Intense behind-the-scene negotiations are expected, given the bargaining power ASM now demonstrated.


CMCDI Update: Warning Shot Fired At AGM Despite Kan’s Successful Re-Election