Annual Report 2024

148 China Merchants China Direct Investments Limited Annual Report 2024 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2024 27. RELATED PARTY TRANSACTIONS The Company has appointed the Investment Manager for managing both listed and unlisted investments. Certain Directors of the Company are also Directors and/or shareholders of the Investment Manager. During the year, other than as disclosed elsewhere in the consolidated financial statements, the Group has incurred the following related party transactions: (a) The Company paid or accrued to the Investment Manager management fees totaling US$10,673,598 (2023: US$10,458,859). The fee is calculated based on a fixed percentage on the value of the Group’s adjusted assets on a quarterly basis as stipulated in the Investment Management Agreement (Note). (b) The amount due to the Investment Manager included in other payables in the consolidated statement of financial position as at 31 December 2024 was US$6,993,848 (2023: US$5,383,594). Amount due to the Investment Manager is unsecured, interest free and is repayable on demand. (c) Securities brokerage commission fee totaling US$2,187 (2023: US$829) was paid to a subsidiary of a substantial shareholder of the Company who has significant influence over the Company. (d) Pursuant to the Sub-participation Agreements, the financial liabilities of the Group with Mr. WANG Xiaoding and Mr. TSE Yue Kit, who are Directors of both the Company and the Investment Manager, as at 31 December 2024, were US$222,235 and US$37,141, respectively (31 December 2023: US$218,478 and US$32,218, respectively). The financial liabilities of the Group with Mr. ZHOU Xing and Mr. ZHANG Rizhong, who are Directors of the Company, were US$16,757 and US$45,298, respectively (31 December 2023: US$16,608 and US$47,048, respectively). Moreover, the financial liabilities of the Group with Mr. YANG Baiqian and Mr. KANG Dong, who are Directors of the Investment Manager, were US$25,516 and US$10,492, respectively (31 December 2023: US$19,882 and US$7,915, respectively). (e) Key management compensation and services are disclosed in notes 10 and 27(a) to the consolidated financial statements. Note: These related party transactions also constitute continuing connected transactions and are disclosed in accordance with Chapter 14A of the Listing Rules.