Cape Ann Asset Management Asset Management Limited (Cape Ann) recently increased its stake in HK-listed China Machinery Engineering Corporation (CMEC). According to a filing submitted to the Hong Kong Stock Exchange on February 13th, 2019, the firm purchased 3,978,000 shares on the exchange on February 12th at an average price of HKD 4.017 per share (the total consideration was ~US$2.04m). As a result of the purchase, Cape Ann’s stake in CMEC increased from 4.90% to 5.33% of the company’s shares outstanding.

CMEC is an international construction and engineering company, with a particular focus on the power & utilities sector. It is part of the China National Machinery Industry Corporation. The company was founded in 1978 and listed on the Hong Kong Stock Exchange in 2012.

Cape Ann was formed in 2015 by Jonathan Bell and his founding partners, with the support of Silchester International Investors. The firm offers a single global developing markets equity program with a rigorous and disciplined value investment process.