Annual Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2025 China Merchants China Direct Investments Limited Annual Report 2025 137 5. FINANCIAL INSTRUMENTS (CONTINUED) Fair value measurement of financial instruments (continued) Fair value of the Group’s financial assets and financial liabilities that are measured at fair value on a recurring basis (continued) Reconciliation of Level 3 fair value measurements of financial assets: Financial assets at FVTPL US$ Balance at 1 January 2024 420,992,681 Transfer from Level 3 to Level 2 (57,127,721) Gains recognised in profit or loss 34,670,341 Exchange difference arising on translation to presentation currency (4,178,113) Disposals (38,693,591) Return of capital (2,803,765) Balance at 31 December 2024 352,859,832 Balance at 1 January 2025 352,859,832 Transfer from Level 3 to Level 2 (131,181,382) Gains recognised in profit or loss 148,636,866 Exchange difference arising on translation to presentation currency 6,371,516 Purchases 6,402,231 Disposals (391,953) Return of capital (677,908) Balance at 31 December 2025 382,019,202 Of the total gains for the year included in profit or loss, gain of US$148,636,866 (2024: US$34,670,341) relates to financial assets at FVTPL categorised in Level 3 held at year end. Fair value gains or losses on financial assets at FVTPL are included in “Net gain on financial assets at fair value through profit or loss”. Transfers between levels of the fair value measurement hierarchy are recognised as of the date of the event or change in circumstances that caused the transfer.