Some friends in the background privately messaged me and asked me how to vote, and I will not reply one by one.
Let me talk about the point of view first. The right to vote is a right granted to shareholders by the company law, and this right belongs only to the shareholders of the shares, so it is up to you to decide what to vote for. No one’s money is blown by the wind, so what if you are not responsible for your own money.
Don’t let others say you agree with everything, you agree with everything; if everyone disagrees, you agree with everything. After independent thinking, decide for yourself what to vote for.
I estimate that many people have to vote without knowing which resolutions are, and that will not work.
The following voting opinions only represent my personal opinion and do not constitute any voting suggestions. You must think independently, do not brag, do not criticize me, thank you.
1. What are the proposals?
There are a total of eight proposals, the first three are the review of the annual report, the fourth is the review of dividends, the fifth is the review of the external guarantee limit, the sixth is the review of the continued appointment of overseas auditors, the seventh and the eighth is the review of the return Purchase authorization review.
Among them, the seventh and eighth items are also the first and second proposals for consideration at the first A-share class meeting in 2022.
Highlights:
Only the fourth to eighth items are the resolutions for the separate counting of votes for small and medium investors, and the others are voting resolutions that companies can participate in.
In other words, for the first to third items, you can invest in anything, as long as the major shareholders agree.
We mainly analyze the 4th to 8th motions.
2. What are the negative votes
I think voting against it should be based on the interests of shareholders, rather than a venting of dissatisfaction. If everyone is venting their emotions when exercising their rights, then the company should not do it.
For example, the sixth item of re-appointment of auditors, even if no, the company can find other auditors at will, but it will increase the company’s cost to a certain extent, I think it is unnecessary, this can be agreed.
I also agree with the two repurchases. Many Hong Kong stock companies have proposals for continuous general repurchase authorization. In order to simplify the repurchase process, for example, CNOOC also officially started repurchase about a year after the proposal was made.
If no, the company does not repurchase, and he does not break the law. There is no regulation that must be repurchased, only initiatives.
Repurchase is an extreme situation in China, to achieve a bottom in the stock price, that is, don’t be beaten to death by the market. It is similar to the insurance mechanism. I think it is better than no one. In the current situation that the Hong Kong stock market has actually broken down, it is even more important. Easy to launch buyback program.
Buying back abroad is a plan to increase the value of each share. Why do shipowners like to buy back? It is because of the increase in ship prices that the assets of the shipping company are increasing in value , and the replacement cost is increasing.
Many shipowners repurchase because they feel that buying their own stocks will appreciate faster, and there is a tradition and habit of repurchase abroad.
The situation at home and abroad is different and needs to be considered, but domestic shipowners have no bankruptcy risk and always save funds to prevent the cycle from weakening. Many foreign shipowners have weak anti-risk capabilities. Once the cycle declines, they can only be forced to sell ships for renewal. Life. Therefore, after several rounds of cycles, domestic shipowners can rank among the forefront of the world, whether it is container dry bulk cargo or tanker LNG transportation, they are all in the forefront of the world!
In China, where the maritime civilization is far weaker than the land civilization, this achievement is also extraordinary and difficult, but we did it.
The fifth proposal: to consider the proposal on the external guarantee quota of COSCO SHIPPING Holdings and its subsidiaries in 2022
I vote against.
First look at the content of this review:
According to the provisions of the Shanghai Stock Exchange and the Company Law, guarantees that exceed 50% of the company’s own net assets, or guarantees for companies with high liabilities, or guarantees for related related parties must be reviewed by the general meeting of shareholders.
This is to protect the rights and interests of shareholders and prevent shareholders from being harmed through related guarantees.
So far, the company has guaranteed RMB 23.5 billion. Although it only accounts for 17.67% of the shareholders’ net assets, this is based on the crazy increase in net assets in 2021. If there is no increase, this proportion will be close to 40%-50%. %.
What is being considered now?
It is necessary to add an external guarantee of no more than 2.679 billion US dollars, and it is for the company’s daily operation and investment and financing needs!
Equivalent to an increase of 18 billion yuan in external guarantees, plus the previous 23.5 billion, it will reach 41.5 billion in 2022. Generally, the amount is so precise that it is basically used in full.
What daily operations and investment and financing need to guarantee 41.5 billion?
Now COSCO SHIPPING Holdings can earn 300 million a day, which is indeed a lot, but it does not mean that other related companies of COSCO Group can also earn so much.
With so many external guarantees, is this robbing the rich and helping the poor?
I am a shareholder of COSCO SHIPPING Holdings, I am not a shareholder of COSCO Group, and I do not want to be responsible for other companies in COSCO Group. I just want COSCO SHIPPING Holdings to develop well.
I think the previous quota is sufficient and there is no need to add external guarantees, so I will firmly deny this.
Related-party transactions are the most critical part of business operations. Last year, the quota for financial companies was newly added, which directly transferred the money from Haikong. Moreover, not all external guarantees have to go through the general meeting of shareholders. Those that do not need to be reviewed are directly guaranteed. I don’t know what kind of company Haikong will guarantee in the future, so I don’t want to have such risks.
Historically, there have been major problems with external guarantees, such as Omar Electric before and now Amethyst Storage.
Of course, I believe in the risk management capability of COSCO SHIPPING Holdings, but I still don’t want the company to take this risk.
For the sake of the safe and stable development of the company I hold, I would like to stress again that I am against this.
3. The end
I believe that many shareholders are also uncomfortable now. In fact, I am also the same. I started to buy Haikong in July 2020, and I increased the position all the way. Now I have lost 2%, and I have lost more than 10% in financing costs. Can it not be uncomfortable? ?
But I also hope that Haikong can develop steadily, and I can hold it for a long time as a shareholder.
The management has indeed stepped up, but this is the tradition of central enterprises. Which of these central enterprises, PetroChina, China Construction, and China Communications Construction, has done better?
As early as 2020, the management of Haikong was also virtuous. At that time, C University also said that these managements had risks, so they were unwilling to continue to hold them. Later, in 2021, the management has changed a lot. When I started to communicate with investors, I still paid attention to their opinions. It may be that President Xu is going to retire, or the company is making progress. In any case, it has changed a lot.
But since President Wan took office, everything has gone back, back to 2020, there is no communication, and opinions are no longer listened to. This is a common problem of central enterprises. Wan Min did not have any investor exchanges in CDFG. It is difficult to change in a short period of time and requires long-term supervision and communication.
I am also very uncomfortable, but in addition to being uncomfortable, I am still optimistic about this industry. I cannot earn the excess alpha returns of the company, and I can earn the beta of the industry.
It was said before that the spot freight rate fell, and the long-term association broke the contract. Now the spot freight rate has fallen, and some routes have been upside down, but what about the long-term contract? Still performing well. This biggest bearish logic has been falsified.
Although sh has eased, a large-scale price increase has already begun.
In the past two years, among the A-share shipping stocks, only Haikong has risen, but now both oil transportation and ports are rising. It was said before that there was no sector effect, and now there is. Haikong rose less, but that doesn’t mean it won’t rise in the future.
Last Friday was a rare collective resonance rise in the A-share U.S. stock shipping sector.
I hope the company I buy is a company worth holding for the long term.
I believe that many people are also emotional, but everyone should calm down and think about why they want to buy Haikong and why they should hold it. Is it really for short-term gains to break even? Nothing works if you do.
It was never the peasants who led the peasant uprisings.
Have their own investment logic, and constantly strengthen their investment logic through data and analysis, spend more time on fundamental research, and leave the rest to time.
Be less hostile and angry, and exercise your rights as a shareholder properly and correctly. Think more, think more, think more.
I hope everyone can make money, don’t blame me, thank you.
$COSCO SHIPPING Holdings(SH601919)$ $COSCO SHIPPING Holdings(01919)$
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