Annual Report 2022

12 China Merchants China Direct Investments Limited Annual Report 2022 INVESTMENT MANAGER’S DISCUSSION AND ANALYSIS (CONTINUED) 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: 11. Xi’an Jinpower Electrical Co., Ltd. Xi’an, Shaanxi Power grid monitoring system New Third Board Note 1 0.08 0.10 # 12. Anhui Iflytek Venture Capital LLP Hefei, Anhui Information technology investment Unlisted 25 3.48 4.36 # 13. Iflytek Co., Ltd. Hefei, Anhui Intelligent speech technology Shenzhen Stock Exchange 32 4.48 5.61 # 14. Ningbo Meishan Free Trade Port Area Jiangmen Venture Capital LLP Beijing Information technology investment Unlisted 8 1.16 1.45 15. Pony AI Inc. Fremont, California Autonomous driving Unlisted 5 0.71 0.89 16. Arashi Vision Inc. Shenzhen, Guangdong 360-degree video products Unlisted 6 0.84 1.05 17. Anhui iFlyHealth Co., Ltd. Hefei, Anhui Artificial intelligence medical Unlisted 6 0.88 1.10 # 18. China UnionPay Co., Ltd. Shanghai Financial payment Unlisted 54 7.48 9.37 # 19. CASREV FUND III-RMB L.P. Beijing Technology & medical investment Unlisted 9 1.24 1.55 20. Flexiv Ltd. Shanghai Adaptive robots Unlisted 6 0.87 1.09 21. Beijing Huashun Xin’an Technology Co., Ltd. Beijing Cyber security Unlisted 2 0.28 0.35 22. Xinyi Information Technology Ltd. Shanghai System on a chip for Internet of Things Unlisted 7 0.94 1.17 23. Rizhao Azuri Technologies Co., Ltd. Rizhao, Shandong Direct modulated lasers Unlisted 2 0.32 0.40 Sub-total: 163 22.76 28.49 Others: (i) Manufacturing: 24. Hwagain Group Co., Ltd. Nanning, Guangxi Printing paper & tissue paper Unlisted 3 0.48 0.60 (ii) Energy & Resources: 25. Wuhan Rixin Technology Co., Ltd. Wuhan, Hubei Solar energy New Third Board Note 3 0.47 0.59 (iii) Medical: 26. Nanning Huiyou Xingyao Equity Investment Fund L.P. Nanning, Guangxi Biopharmaceutical investment Unlisted 5 0.63 0.79 27. Immvira Bioscience Inc. Shenzhen, Guangdong Biotech research & development Unlisted 8 1.12 1.40 Sub-total: 19 2.70 3.38 Total: 690 96.43 120.71 # Ten largest investments of the Fund as of 31 December 2022 Note: New Third Board means National Equities Exchange and Quotations