2022年中国公司投后管理报告

November2022 Gainingtraction FidelityInternationalChinaStewardshipReport2022 PreporetionwithZDProxvShareholderServices fFidelity imvestorsINTERNATIONAL AboutFidelityInternational FidelityInternationaloffersinvestmentsolutionsandservicesandretirementexpertisetomorethan2.8 thinkgenerationallyandinvestforthelongterm.Operatinginmorethan25locationsandwith$613.3 billionintotalassets,ourclientsrangefromcentralbanks,sovereignwealthfunds,largecorporates, financialinstitutions,insurersandwealthmanagers,toprivateindividuals. OurWorkplace&PersonalFinancialHealthbusinessprovidesindividuals,advisers,andemployers withaccesstoworld-classinvestmentchoices,third-partysolutions,administrationservicesandpension guidance.TogetherwithourInvestmentSolutions&Servicesbusiness,weinvest$459.9billiononbehalf ofourclients. *Dataasat30September2022.Readmoreatfidelityinternational.com AboutZDProxyShareholderServices Foundedin2016,ZDProxyShareholderServicesisthefirstdomesticproxyadvisoryfirminChina.As apioneerinthefield,ZDhasprovidedproxyadvicecoveringover800A-sharelistedcompaniesfora clienteleofinstitutionalinvestorsthatoverseeatotalof$20tillioninassetsglobally. Sinceitsinception,ZDhasbeencommittedtobuildingtrustandsafeguardingclients'long-term interests.Workingcloselywithinstitutionalinvestors,ZDstrivestobringChina'scorporategovernance andsustainablegrowthtoahigherlevel. Readmoreatzdproxy.com Preface SmallstepscountinChinastewardshipevolution WelcometothesecondeditionoftheChinaStewardshipReport.Like thefirstreporttwoyearsago,the2022studywasproducedjointly analysetheprogressweareseeingonthegroundinChina-sometimesslowandfaltering,sometimes quickanddramatic-whenitcomestoshareholderstewardshipintheworld'ssecond-biggesteconomy. Globally,stewardshipisplayinganincreasinglykeypartofsustainablecorporategrowth,with shareholderseffectingchangesthroughvotingandengagement,Ithasbecomeaconsensusamong institutionalinvestorstodevelopsystematicstewardshipapproaches. stewardshippractices,aswellasapickupinvotingratesatshareholdermeetings. Whilecontrollingshareholderswithoutsizedswayremainakeyrisktocorporategovernanceatmany Chinesefirms,minorityinvestorscanstllprevail-especiallyiftheyworktogether.Inmostcompanies,the ofvoterstoinfluencecorporateaffairs.Inaddition,Chineseregulatorsrequirevotingforawiderrange ofcorporatedecisionsthaninmanyothercountries.Thishelpsboostthecaseforinvestors'participation ingovernancethroughvotinginChina. AfirmadvocateforESGinvesting,FidelityInternationalhasformulateditsownsustainableinvesting resolutionsaroundtheworld.WecanattesttotherisingwilingnessamongChinesefirmstoheed investorcallsforESGimprovement. EverysmallstepcountsinChina'sstewardshipdevelopment.Eachresponsiblevoteorsinceredialogue willaddupovertimetomakeadifference,Webelievetoday'sconcertedeffortsofinvestors,companies andregulatorsarepavingthewayforstewardshippracticestoflourishinChina,addingtothehealthy growthofthecountry'scapitalmarkets. FloraWang HeadofStewardship,Asia,FidelityIntemational Activeshareholdervotesimpactcorporate governanceinChina ItisourgreathonourtojoinhandswithFidelityInternationalagainto co-publishthis2022ChinaStewardshipReportandshareourlatestinsightsonthevotingpracticesof shareholdersintheChineseA-sharemarketoverthepastthreeyears.AsChina'sfirstproxyadvisory firm,ZDProxyisdeeplyrootedinthishighlysophisticatedmarketandiscommittedtoprovidingin depth,professionalproxyvotingacviceforinstitutionalinvestorsabroardandathome.Wehcve witnessedfirsthandthegradualchangeamonginstitutionalinvestorsinChinaastheywentfrom“voting withtheirfeet"to*votingwiththeirhands." Foralongtime,A-sharecorporategovemancewasmarkedby'oneshareholderdominance,'with casesofcontrollingshareholdersencroachingonminorityinterestsoccurringfromtimetotime. However,afteryearsdedicatedtoworkingonvotingservices,weareexcitedtodaytoseeinstitutional interests.Thesestewardshippracticeshaveservedtomonitoranddisciplinelistedcompaniesagainst misconcluct,andhcvesignificantlychangedthecorporategovernanceenvironmentatlarge. TheChinesegovernmenthasbeenadvocatingandleadingthewaytowardsitsstatedgoalofimproving thequalityoflistedcompanies,whichwebelievecanbeenabledthroughresponsiblyexercising shareholders'rightstovote,question,andoffersuggestions.Undeniably,alongsideregulatorysupport investorsandothermarketparticipantsallhavetheirpartstoplay.AtZDProxy,wehopetomakeour contributionasanindependentvotingadvisorytohelpimprovethequalityoflistedcompanies. LingFang CEOandPartner,ZDProxy Contents Introduction06 Part1:Shareholdersleanintomeetingsandvotes08 Part2:Fourcasestudiesofactivevoting14 Part3:Threeengagementcasestudies17 Conclusion21 Introduction Followingyearsoflocalisation,stewardship'isoverthelastfewyears.Thegovernmenthas nolongerastrangeconcepttoinvestorsandintroducedaseriesofpoliciesaimedatfostering listedfirmsinChina.Participationinshareholderhigh-qualitydisclosureandresponsibleinvesting votinghasbeenontherise,andcompanyForinstance,theShenzhenStockExchangeissued managementsarebecomingmoreresponsivetoguid