Annual Report 2025

INVESTMENT MANAGER’S DISCUSSION AND ANALYSIS (CONTINUED) 12 China Merchants China Direct Investments Limited Annual Report 2025 REVIEW OF INVESTMENTS The following table shows the major investment projects held by the Fund as at 31 December 2025: Name of projects Location of headquarters Main business Listed (Stock Exchange)/ unlisted Carrying value Percentage of total assets Percentage of net assets US$ million % % Financial Services: # 1. China Merchants Bank Co., Ltd. Shenzhen, Guangdong Banking Shanghai Stock Exchange 331 31.62 39.61 # 2. China Credit Trust Co., Ltd. Beijing Trust management Unlisted 188 17.99 22.54 # 3. JIC Leasing Co., Ltd. Beijing Finance leasing Unlisted 27 2.55 3.19 4. China Media (Tianjin) Investment Management Co., Ltd. Tianjin Fund management Unlisted 1 0.11 0.13 Sub-total: 547 52.27 65.47 Culture, Media & Consumption: 5. China Media Creative Industry Private Equity (Shanghai) Centre (Limited Partnership) Shanghai Media investment Unlisted 2 0.22 0.27 # 6. NBA China, L.P. Beijing Sports marketing Unlisted 39 3.72 4.66 Sub-total: 41 3.94 4.93 Information Technology: 7. Xi’an Jinpower Electrical Co., Ltd. Xi’an, Shaanxi Power grid monitoring system Unlisted 0 0.04 0.05 # 8. Anhui Iflytek Information Technology LLP Hefei, Anhui Information technology investment Unlisted 19 1.81 2.27 # 9. iFLYTEK Co., Ltd. Hefei, Anhui Intelligent speech technology Shenzhen Stock Exchange 49 4.65 5.83 10. Ningbo Meishan Free Trade Port Area Jiangmen Venture Capital LLP Beijing Information technology investment Unlisted 5 0.51 0.64 # 11. Pony AI Inc. Guangzhou, Guangdong Autonomous driving NASDAQ 23 2.21 2.76 # 12. Arashi Vision Inc. Shenzhen, Guangdong 360-degree video products Shanghai Stock Exchange 187 17.88 22.40 # 13. Xunfei Healthcare Technology Co., Ltd. Hefei, Anhui Artificial intelligence medical Hong Kong Stock Exchange 43 4.07 5.10 # 14. China UnionPay Co., Ltd. Shanghai Financial payment Unlisted 25 2.43 3.05 15. CASREV FUND III-RMB L.P. Beijing Technology & medical investment Unlisted 10 0.92 1.15 16. Flexiv Ltd. Shanghai Adaptive robots Unlisted 14 1.38 1.72