Going back a few AR's and looking at the shareholder info, I've...

Going back a few AR's and looking at the shareholder info, I've found it hard (impossible?) to tell whether Shagang is increasing or decreasing its holding because its various associates at different times (Julius Baer, RealIndex, RGL) change from being classified as Shagang associates to not Shagang associates (and in some cases back to shagang associates), while remaining top 20 shareholders.

The increase in Shagang holding that appears evident in the latest substantial notice could be just the re-inclusion of one of those other 'associates' that had previously been excluded.

On the other hand, it could indeed be Shagang increasing.

Absent a Shagang change in substantial holding notice, I wouldn't be certain.

Doesn't detract from the fundamental value case (or my concern about management's seeming distraction with real estate investment).