Annual Report 2019

INVESTMENT MANAGER’S DISCUSSION AND ANALYSIS (CONTINUED) China Merchants China Direct Investments Limited Annual Report 2019 11 REVIEW OF INVESTMENTS The following table shows the major investment projects held by the Fund as at 31 December 2019: Name of projects Location of headquarters Main business Listed (Stock Exchange)/ unlisted Carrying value Percentage of total assets Percentage of net assets US$ million % % Financial Services: # 1. China Merchants Bank Co., Ltd. Shenzhen, Guangdong Banking Shanghai Stock Exchange 297 37.45 45.80 # 2. China Credit Trust Co., Ltd. Beijing Trust management Unlisted 176 22.12 27.06 # 3. JIC Leasing Co., Ltd. Beijing Finance leasing Unlisted 29 3.70 4.53 # 4. China Reinsurance (Group) Corporation Beijing Reinsurance Hong Kong Stock Exchange 11 1.39 1.70 5. China Media (Tianjin) Investment Management Co., Ltd. Tianjin Fund management Unlisted 2 0.27 0.33 Sub-total: 515 64.93 79.42 Culture, Media & Consumption: # 6. China Media Creative Industry Private Equity (Shanghai) Centre (Limited Partnership) Shanghai Media investment Unlisted 33 4.21 5.14 # 7. NBA China, L.P. Beijing Sports marketing Unlisted 15 1.84 2.25 8. Unibank Media Group Inc. Beijing Indoor media Unlisted 0 0.00 0.00 9. Oriental Pearl Media Co., Ltd. Shanghai Multimedia Shanghai Stock Exchange 6 0.79 0.97 10. Yunnan Jinlanmei International Travel Investment Development Co., Ltd. Xishuangbanna, Yunnan Travel Unlisted 1 0.11 0.13 # 11. Rong Bao Zhai Culture Co., Ltd. Beijing Artwork marketing Unlisted 43 5.40 6.60 12. Qinghai Provincial Qinghai Lake Tourism Group Co., Ltd. Xining, Qinghai Travel Unlisted 6 0.76 0.93 Sub-total: 104 13.11 16.02