Annual Report 2025

INVESTMENT MANAGER’S DISCUSSION AND ANALYSIS (CONTINUED) 10 China Merchants China Direct Investments Limited Annual Report 2025 THE PORTFOLIO As of 31 December 2025, the Fund’s total investments amounted to US$1,013.89 million. The sector distribution of investments was US$546.43 million in financial services (representing 52.27% of the Fund’s total assets), US$41.15 million in culture, media and consumption (3.94%), US$409.36 million in information technology (39.14%), and US$16.95 million in other ventures (including manufacturing, energy and resources, and medical, etc.) (1.61%). In addition, cash and cash equivalents were US$30.19 million, representing 2.89% of the Fund’s total assets as of 31 December 2025. TOTAL ASSETS DISTRIBUTION 2025 2024 Financial Services Investment 52.27% Other Ventures 1.61% Cash 2.89% Others 0.15% Information Technology Investment 39.14% Culture, Media and Consumption Investment 3.94% Financial Services Investment 58.71% Other Ventures 1.40% Cash 3.84% Others 0.03% Information Technology Investment 29.65% Culture, Media and Consumption Investment 6.37% As of 31 December As of 31 December