Annual Report 2019

INVESTMENT MANAGER’S DISCUSSION AND ANALYSIS (CONTINUED) China Merchants China Direct Investments Limited Annual Report 2019 12 REVIEW OF INVESTMENTS (CONTINUED) Name of projects Location of headquarters Main business Listed (Stock Exchange)/ unlisted Carrying value Percentage of total assets Percentage of net assets US$ million % % Information Technology: 13. Xi’an Jinpower Electrical Co., Ltd. Xi’an, Shaanxi Power grid monitoring system New Third Board Note 1 0.09 0.10 # 14. Anhui Iflytek Venture Capital LLP Hefei, Anhui Information technology investment Unlisted 10 1.23 1.51 # 15. Iflytek Co., Ltd. Hefei, Anhui Intelligent speech technology Shenzhen Stock Exchange 34 4.24 5.18 16. Ningbo Meishan Free Trade Port Area Jiangmen Venture Capital LLP Beijing Information technology investment Unlisted 5 0.64 0.79 17. CAS Cambricon Technology Co., Ltd. Beijing Artificial intelligence chips Unlisted 7 0.91 1.12 # 18. Pony AI Inc. Fremont, California Autonomous driving Unlisted 9 1.08 1.33 19. Shenzhen Arashi Vision Co., Ltd. Shenzhen, Guangdong 360-degree video products Unlisted 3 0.36 0.44 Sub-total: 69 8.55 10.47 Others: (i) Manufacturing: 20. Shenzhen Geesun Intelligent Technology Co., Ltd. Shenzhen, Guangdong Production equipment for lithium ion batteries Unlisted 5 0.59 0.72 21. Jiangsu Huaer Quartz Materials Co., Ltd. Yangzhou, Jiangsu High purity silica crucibles Unlisted 0 0.03 0.04 22. Hwagain Group Co., Ltd. Nanning, Guangxi Printing paper & tissue paper Unlisted 8 0.99 1.21 (ii) Energy & Resources: 23. Wuhan Rixin Technology Co., Ltd. Wuhan, Hubei Solar energy New Third Board Note 2 0.28 0.33 (iii) Education: 24. Guangxi Xinhua Preschool Education Investment Corporation Limited Nanning, Guangxi Preschool education Unlisted 7 0.89 1.09 Sub-total: 22 2.78 3.39 Total: 710 89.37 109.30 # Ten largest investments of the Fund as of 31 December 2019 Note: New Third Board means National Equities Exchange and Quotations