Annual Report 2022

23 China Merchants China Direct Investments Limited Annual Report 2022 INVESTMENT MANAGER’S DISCUSSION AND ANALYSIS (CONTINUED) REVIEW OF INVESTMENTS (CONTINUED) On 24 April 2022, Pony AI won the bid for a taxi license for 2022 in Nansha District, Guangzhou. On 28 April, it obtained an “Autonomous Vehicle Testing License” in Beijing and was approved to provide the public with autonomous driving services, specified as “no safety officer in the primary driver’s seat, and a safety officer in the secondary driver’s seat.” In July 2022, Pony AI established a company with Sany Heavy Equipment to produce self-driving trucks, and it also reached a strategic cooperation agreement with Cao Cao Mobility in August 2022. In addition, samples of Pony AI’s autonomous driving domain controller, based on the NVIDIA DRIVE Orin SoC (system on a chip), has been delivered to customers, and is presently promoting the mass production of the domain controller. Through the end of December 2022, Pony AI has recorded a total accumulated autonomous driving distance of over 20 million kilometres. The number of registered users of the Robotaxi service has reached 60,000 and is averaging 2,000 orders per day. The total accumulated autonomous driving distance of the Robotruck now exceeds 14 million kilometres and over 140,000 tons of cargo have been carried. Arashi Vision Inc. (“Arashi Vision”) was established in Shenzhen, Guangdong in July 2015 and is striving to become a global leader engaged in the research, development and manufacture of 360-degree video products. The Fund invested RMB20 million (equivalent to US$2.83 million) and RMB10 million (equivalent to US$1.44 million) in September and November 2019, respectively, bringing the Fund’s total investment in Arashi Vision to RMB30 million (equivalent to US$4.27 million), for a 1.625% equity interest in the company. As of the end of 2022, the carrying value of the Fund’s interest in Arashi Vision was US$6.01 million, representing a decrease of 4.75% from the value at the end of last year of US$6.31 million. Arashi Vision submitted an application for listing on the SSE STAR Market on 23 October 2020, which was then reviewed and approved by the listing committee on 16 September 2021. The company is now at the stage of applying for registration with the CSRC. In 2022, Arashi Vision launched five consumer products, namely Insta360 ONE RS, Insta360 Sphere, Insta360 ONE RS 1-Inch, Insta360 Link, and Insta360 X3 (in order of launch date). Insta360 ONE RS, Insta360 ONE RS 1-Inch and Insta360 X3 are product versions of the original consumer camera ONE series and X series. Insta360 Sphere is an external hanging-drone panoramic camera, which can realise “full invisibility” of the drone in the user’s aerial videography and scene creation. Insta360 Link is the first product launched by Arashi Vision for video meetings, and is able to provide users with 4K HD and abundant AI functions, as well as to enhance the experience of video meetings and live streaming for personal computer (PC). These five new products launched by Arashi Vision in 2022 not only optimise product function and design in order to improve the user experience compared to the original series, but also boldly innovate the usage of panorama shots and AI functions under scenarios such as aerial videography, video meetings and live streaming by users.