Annual Report 2023

China Merchants China Direct Investments Limited Annual Report 2023 141 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2023 16. OTHER RECEIVABLES AND PREPAYMENTS 2023 2022 US$ US$ Interest receivable 14,449 38,517 Other receivables and prepayments 103,071 20,933 Total 117,520 59,450 17. CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise current accounts, savings accounts and short-term bank deposits at fixed prevailing market interest rates. Cash and cash equivalents held by subsidiaries in the PRC are subject to exchange control restrictions. The carrying amount of such balances in the consolidated financial statements as at 31 December 2023 was approximately of US$4.92 million (2022: US$11.20 million). 18. OTHER PAYABLES 2023 2022 US$ US$ Management fee payable 5,305,169 4,925,719 Other tax payable 18,960,388 18,960,388 Other payables 698,704 808,893 Total 24,964,261 24,695,000 19. TAXATION PAYABLE The taxation payable represents applicable PRC taxes calculated at the rates prevailing in the relevant regions mainly for the withholding tax on dividends declared by a PRC subsidiary.