Annual Report 2023

China Merchants China Direct Investments Limited Annual Report 2023 13 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 % % Others: (i) Manufacturing: 25. Hwagain Group Co., Ltd. Nanning, Guangxi Printing paper & tissue paper Unlisted 3 0.42 0.52 (ii) Energy & Resources: 26. Wuhan Rixin Technology Co., Ltd. Wuhan, Hubei Solar energy New Third Board Note 2 0.23 0.29 (iii) Medical: 27. Nanning Huiyou Xingyao Equity Investment Fund L.P. Nanning, Guangxi Biopharmaceutical investment Unlisted 2 0.31 0.39 28. Immvira Bioscience Inc. Shenzhen, Guangdong Biotech research & development Unlisted 5 0.78 0.96 Sub-total: 12 1.74 2.16 Total: 683 98.75 122.49 # Ten largest investments of the Fund as of 31 December 2023 Note: New Third Board means National Equities Exchange and Quotations