Annual Report 2019

China Merchants China Direct Investments Limited Annual Report 2019 122 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2019 28. COMMITMENTS At the end of the reporting period, the Group had commitments as follows: (a) On 29 April 2010, the Group entered into an agreement with, among others, China Media Creative Industry Private Equity (Shanghai) Centre (Limited Partnership) (“ China Media Investment ”), pursuant to which the Group agreed to make a cash injection of RMB200 million (equivalent to approximately US$30.69 million) in total by installment into the capital of China Media Investment in return for approximately 10% interest in China Media Investment. In addition, the other investors agreed to make cash injections proportionate to their holdings. As at 31 December 2019, the Group has injected RMB158.66 million (equivalent to approximately US$24.76 million) (2018: RMB158.66 million, equivalent to approximately US$24.76 million) into China Media Investment and classified the investment as a financial asset at FVTPL under non-current assets. (b) On 31 October 2014, the Group entered into a joint venture agreement in relation to Guangxi Xinhua Preschool Education Investment Corporation Limited (“ Xinhua Preschool Education ”), pursuant to which the Group agreed to make a capital contribution of RMB90 million (equivalent to approximately US$13.50 million) in total by installment into the capital of Xinhua Preschool Education in return for a 30% interest in Xinhua Preschool Education. As at 31 December 2019, the Group has injected RMB30 million (equivalent to approximately US$4.90 million) (2018: RMB30 million, equivalent to approximately US$4.90 million) into Xinhua Preschool Education and classified the investment as a financial asset at FVTPL under non-current assets. (c) On 25 April 2016, the Group entered into a joint venture agreement in relation to Yunnan Jinlanmei International Travel Investment Development Co., Ltd. (“ Jinlanmei Travel ”), pursuant to which the Group agreed to make a capital contribution of RMB20 million (equivalent to approximately US$2.92 million) in total by installment into the capital of Jinlanmei Travel in return for a 20% interest in Jinlanmei Travel. As at 31 December 2019, the Group has injected RMB10 million (equivalent to approximately US$1.49 million) (2018: RMB10 million, equivalent to approximately US$1.49 million) into Jinlanmei Travel and classified the investment as a financial asset at FVTPL under non-current assets. (d) On 6 December 2016, the Group entered into a partnership agreement in relation to Anhui Iflytek Venture Capital LLP (“ Iflytek Venture Capital ”), pursuant to which the Group agreed to make a capital contribution of RMB90 million (equivalent to approximately US$13.28 million) in total by installment into the capital of Iflytek Venture Capital in return for a 14.95% interest in Iflytek Venture Capital. As at 31 December 2019, the Group has injected RMB76.50 million (equivalent to approximately US$11.34 million) (2018: RMB63 million, equivalent to approximately US$9.35 million) into Iflytek Venture Capital and classified the investment as a financial asset at FVTPL under non-current assets. (e) On 31 October 2019, the Group entered into an equity transfer agreement in relation to Shenzhen Arashi Vision Co., Ltd. (“ Arashi Vision ”), pursuant to which the Group agreed to pay a consideration of RMB10 million (equivalent to approximately US$1.43 million) for a 0.625% interest in Arashi Vision. (f) On 4 December 2019, the Group entered into a share transfer agreement in relation to a new financial services project, pursuant to which the Group agreed to pay a consideration of RMB220 million (equivalent to approximately US$31.54 million), of which RMB44 million (equivalent to approximately US$6.31 million) was kept in an escrow account as disclosed in note 16, for a 0.17% interest in the project.