Exciting time ahead. My investment into YZJF was after studying their business model, i.e, assets light with liquid cash investments, among other considerations. Of course, they were stuck with DI tied heavily to China property sector at the material time but from day 1, they have indicated their intention to divert, scale down from China DI and they have done so with expedited efforts and way ahead of targeted time. As a result, they are able to hold on to near NAVs for their share price now and if they continue to get it right, long investors can hope to see its share price surpass NAVs and trending toward $1 again, this is especially so if they are generous with dividend payout but of course, bigger dividend payout needs to be supported by bigger EPS.  The key here is be patient. YZJF long investors can remember vividly what happened in the initial stage of our YZJF journey. We endure disbelievers and fearmongers on daily basis as the share price tanked from day 1 and stayed low for the next 2 years or so. To the disbelievers, they have drawn the finishing line for YZJF as soon as it listed. On the other hand, long investors know time is key and most have given YZJF at least 2 to 3 years to show the results [shout out to the like of Volvo, ss2017, pasttime, pike89 and you know who you are]. Now we have a stable YZJF which we are expected to collect dividends while waiting for future catalysts. They almost did it with Shanshan, I think it is a missed opportunity but it also goes to show that YZJF is very conservative to ensure it is profit making until such as extend that the creditors refused the proposal - which obviously heavily advantageous YZJF. 

Turning into YZJM, similar story. The key here is also patient.  We owe it ourselves to study YZJM before deciding to keep it or otherwise.  The spin off is a bonus for investors like me who initially only wanted to invest in YZJF for its assets light and high liquid cash investments model. For start, YZJM now have liquid cash of about $360m with no debt. It has outlines its business model which I shan' t regurgitate here. Interested parties are welcome to read them at the Introductory document released on 31.10.25, pg 99 to 141 to be precise if have no time to read the rest. If still no time, then just read the SUMMARY right at the beginning of the document. Just a few key salient points, the business activities after its outlined business models already up and running. Besides high cash in hands, it has already deployed almost US$650m with, among others, 76 vessels under it belts receiving charter income. The main theme of their business models, be it Maritime business, Cash management and other Non maritime investments are all using money to make money. It is highly scalable if they get it right as YZJM would not be tied down with heavy annual capex. Another key point is that YZJM has positioned itself uniquely in the maritime value chain, among others, they pluck the financial gaps that the traditional banks cannot touch for whatever reasons. Of course, as with any other businesses, there will be risks and competitions and that' s to be expected and that' s where old Ren' s vast experiences and connections come into play to manage and mitigate the inevitable. It' s early days and there is much to ponder as an individual investor so I shall left it as such. Just to emphasis that personally, as with YZJF, I will give YZJM 2 to 3 years as I believe by then, it will be clearer one way or the other, the direction that YZJM is proceeding. Of course I am on the positive side and would accumulate if YZJM' s share price face downward pressure and we shall all do our own due diligence.