2022年中国公司投后管理报告-富达国际

November2022GainingtractionAerialviewofapondfilledwithlotus,GuizhouProvince.(PhotobyVCG/ContributorImagesviaGetty)PreparedincooperationwithZDProxyShareholderServicesThisisforinvestmentprofessionalsonlyandshouldnotberelieduponbyprivateinvestorsAboutFidelityInternationalAsaaa&&*Dataasat30September2022.ReadmoreatZDAsa800aaaReadmoreatPrefaceSmallstepscountinChinastewardshipevolution--aaaa-aAaFloraWangHeadofStewardship,Asia,FidelityInternationalItisourgreathonourtojoinhandswithFidelityInternationalagaintoaLingFangCEOandPartner,ZDProxyContents06PartShareholdersleanmeetingsandvotes 08PartFourcasestudiesofactivePart3: Threeengagementcasestudies Conclusion PAGE7PAGE7 Gainingtraction:FidelityInternationalChinaStewardshipReport2022FidelityInternationalIntroductionofisnoabeenongohand-in-ofofinvestingreceivedasignificantboostfromChina’sannouncementofa2060nationaltargetforreachingnetzerogreenhousegasemissions.dutyofofonofataPolicysupporthasplayedakeyroleindrivingChina’sESGandstewardshipdevelopment

aofatofaofaaaChart1:OwnershipconcentrationdeclinesinA-sharemarketofof0ofofinSource:ZDProxy,FidelityInternational,Nov2022.Only1Hdataisusedfor2022.

aaWhilewe’veseenincrementalprogress,there200420062008201020122014201620182020ofSource:CICC,FidelityInternational,July2022

AnaerialviewofskyscrapersinShanghai’sLujiazuiFinancialDistrictatnight.(PhotobyVCG/VCGviaGettyImages)AnaerialviewofskyscrapersinShanghai’sLujiazuiFinancialDistrictatnight.(PhotobyVCG/VCGviaGettyImages)PAGE13PAGE13 Gainingtraction:FidelityInternationalChinaStewardshipReport2022FidelityInternationalaa3-4aa3-4aa

AA-MorevoterturnoutInthepasttwoyears,ChineseinvestorshadtocontendwithoutbreaksofCovid-19andrelatedtravelrestrictions.Despitethisdifficultbackdrop,voterturnoutamongminorityshareholdersremainedsteadyandevenslightlyincreasedtoMostofveryseeDivingintothenumbers,minorityshareholdersparticipatedmostactivelyatnon-controlledcompanies,with37.8percentofminorityshareholdersattendinggeneralmeetingsatsuchfirmsin2021.MinorityparticipationwasseenasrisingslowlyforSOEs,wheretheturnoutratioformeetingsoflocalSOEsroseto23.6percentin2021,comparedwith22.0percentin2019,andcentralSOEsincreasedto24.9percentin2021,versus23.3percentin2019.40% 15%

ofofofatfirstofa3.5Chart5:PercentageofsignificantvotesagainstbycompanytypeSource:FidelityInternational,ZDProxy,November2022.Note:2022dataisthroughJune30.aof

about5percentinparticipationratebetweenthetwomeetingtypesoverthepast2years,asAGMsreceivemoremarketattention,andlistedcompaniescommunicatemoreaboutthem.Shareholdersjustsay“No”ofoforofofChart4:Percentageofallresolutionsfacingsignificantvotesagainst5% 4%

ZDNote:is10%or.typesofororof3% 2%ZDNote:is10%ortoof0% 5%

AccountabilityrisingaZDNote:is10%or9a23Chart7:Defeatedresolutionsbytype(2020-2022H1)0

aaa&Source:FidelityInternational,ZDProxy,November2020.Note:2022dataisthroughJune30.Companiesarealsobecomingmoreshareholder-friendlyaboutdisclosure.In2021,perofonatoperinbyastoassesswithouteacha

RoomforimprovementOurA-sharesonH-sharesatofofonshore-onlyin2022H1.20

Source:FidelityInternational,ZDProxy,November2022.Note:2022dataisthroughJune30.NumberofReportsNumberofReports50ESGReport

A4aSource:FidelityInternational,ZDProxy,November2022.Note:2022dataisthroughJune30.Source:FidelityInternational,ZDProxy,November2022.Note:2022dataisthroughJune30.

proposalsfocusingonandsocialfactorsarelackingintheonshoremarket.Asmallnumberofproposalsrelatedtothesuchasgreenprojectinvestmentsorgreenbondsales,wereraisedinshareholdermeetings,buttheymostlystemmedfromthecompanies’corebusinessesandthetypicalresolutionsobserveinothermarkets.Inoverseasmarkets,ESGproposalsaremoreoftensubmittedbyminorityshareholders,andwehavetoseethisdevelopmentinonshoremarkets.ShareholderslookacrosstheCentralBusinessDistrict,Beijing.Credit:CancanChu/Staff,GettyImages.Intheonshoremarket,controllingshareholdersstillplaythedominantroleinintroducingshareholderproposals.Minorityshareholderssubmittedonly38proposalsfrom2020tomid-2022,accountingfor6.5percentofthetotalshareholderproposals.ShareholderslookacrosstheCentralBusinessDistrict,Beijing.Credit:CancanChu/Staff,GettyImages.Part2:FourcasestudiesofactivevotingPart2:FourcasestudiesofactivevotingPAGE16PAGE16 Gainingtraction:FidelityInternationalChinaStewardshipReport2022FidelityInternationalAaaa800aaaTakingaimatall-maleboards

aaeffortsflat.ofaabeenupaofneedonboard-structureaonitnoofMayitonre-elections.re-Abutfirst20-plusitaisitofengagedandactiveinvestmentstewardshipcanbringtohelppromotegenderdiversityinChina.QuestioningdonationsInearly2022,China’ssecuritiesregulatorencouragedlistedcompaniestostrengthentheirinternalrulesonhowtheyapprovedonations.Asaresult,manyfirmsrevisedtheirpoliciesthisyeartogiveshareholdersabiggersayonmajordonations.Aaaa

aSmallinvestorsmatteraaaaPAGE21PAGE21 Gainingtraction:FidelityInternationalChinaStewardshipReport2022FidelityInternationalissectorspoursofisbeeniton-equityatwoofthird-partyitaAs

abeenuseofofasasa6ofitofittocurbnitrogenoxideemissions,whichinmanycasescouldcausemoreglobalwarmingthancarbonemissions.asupaStrengthinnumberswhenengagingChina’spowersectorasaofbea

uporonByofonOurCRaCRonasCRaofoutbutofalreadydevoted70-80percentofitstotalcapitalexpendituretorenewableenergyandplansaof40ofaisofaonCRintoasinglereport,andofficiallyadoptstherecommendationsoftheTaskForceonClimate-relatedFinancialDisclosuresinitsfuturereporting.Thecompanyrespondedfavourablyandimproveditsdisclosuresaccordinglyinthisyear’snewreport.CRasason

equityisoutbeenoffirstisofatmadeupaquarterofChina’scorporatedebtfundraising,issuingatotalof$28billioninoffshoredebt.Earlythisyear,membersofoursustainableinvestingandcreditresearchteamsspoketoanLGFVbasedineasternZhejiangprovince.Itwasthefirsttimethiscounty-levelLGFVhadspokenwithinvestorsspecificallyonESGissues,andofonfactlessaofofisofitisaorbutacityisESG-awareoftop-downoronESG-relateditactstartaaAsa

ConclusionGoodsoasitisaitisofeffortaofButlikeanyprocess,theadvancementofgoodstewardshipwon’talwaysbesteadyorfreefromsetbacks.TherehavebeentimesinrecentmonthswherewehaveseenhowmacroheadwindsputonofbeofonButoneffortsofImportantInformationThisdocumentisforInvestmentProfessionalsonlyandshouldnotbereliedonbyprivateinvestors.Thisdocumentisprovidedforinformationpurposesonlyandisintendedonlyforthepersonorentitytowhichitissent.ItmustnotbereproducedorcirculatedtoanyotherpartywithoutpriorpermissionofFidelity.Thisdocumentdoesnotconstituteadistribution,anofferorsolicitationtoengagetheinvestmentmanagementservicesofFidelity,oranoffertobuyorsellorthesolicitationofanyoffertobuyorsellanysecuritiesinanyjurisdictionorcountrywheresuchdistributionorofferisnotauthorisedorwouldbecontrarytolocallawsorregulations.Fidelitymakesnorepresentationsthatthecontentsareappropriateforuseinalllocationsorthatthetransactionsorservicesdiscussedareavailableorappropriateforsaleoruseinalljurisdictionsorcountriesorbyallinvestorsorcounterparties.Thiscommunicationisnotdirectedat,andmustnotbeactedonbypersonsinsidetheUnitedStatesandisotherwiseonlydirectedatpersonsresidinginjurisdictionswheretherelevantfundsareauthorisedfordistributionorwherenosuchauthorisationisrequired.Fidelityisnotauthorisedtomanageordistributeinvestmentfundsorproductsin,ortoprovideinvestmentmanagementoradvisoryservicestopersonsresidentin,mainlandChina.Allpersonsandentitiesaccessingtheinformationdosoontheirowninitiativeandareresponsibleforcompliancewithapplicablelocallawsandregulationsandshouldconsulttheirprofessionaladvisers.Referenceinthisdocumenttospecificsecuritiesshouldnotbeinterpretedasarecommendationtobuyorsellthesesecurities,butisincludedforthepurposesofillustrationonly.InvestorsshouldalsonotethattheviewsexpressedmaynolongerbecurrentandmayhavealreadybeenacteduponbyFidelity.TheresearchandanalysisusedinthisdocumentationisgatheredbyFidelityforitsuseasaninvestmentmanagerandmayhavealreadybeenacteduponforitsownpurposes.ThismaterialwascreatedbyFidelityInternational.Pastperformanceisnotareliableindicatoroffutureresults.Thisdocumentmaycontainmaterialsfromthird-partieswhicharesuppliedbycompaniesthatarenotaffiliatedwithanyFidelityentity(Third-PartyContent).Fidelityhasnotbeeninvolvedinthepreparation,adoptionoreditingofsuchthird-partymaterialsanddoesnotexplicitlyorimplicitlyendorseorapprovesuchcontent.FidelityInternationalreferstothegroupofcompanieswhichformtheglobalinvestmentmanagementorganizationthatprovidesproductsandservicesindesignatedjurisdictionsoutsideofNorthAmericaFidelity,FidelityInternational,theFidelityInternationallogoandFsymbolaretrademarksofFILLimited.Fidelityonlyoffersinformationonproductsandservicesanddoesnotprovideinvestmentadvicebasedonindividualcircumstances.IssuedinEurope:IssuedbyFILInvestmentsInternational(FCAregisterednumber122170)afirmauthorisedandregulatedbytheFinancialConductAuthority,FIL(Luxembourg)S.A.,authorisedandsupervisedbytheCSSF(CommissiondeSurveillanceduSecteurFinancier)andFILInvestmentSwitzerlandAG.ForGermanwholesaleclientsissuedbyFILIn