Annual Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2025 148 China Merchants China Direct Investments Limited Annual Report 2025 15. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS 2025 2024 US$ US$ Equity and debt securities at FVTPL: – listed equities in PRC (Note a) 379,272,018 348,569,986 – listed equity in HK (Note a) 42,534,295 3,501,895 – listed equity in US (Note a) 23,071,311 — – listed equity within lock-up period in PRC (Note a) 186,990,244 — – listed equity within lock-up period in HK (Note a) — 42,610,956 – listed equity within lock-up period in US (Note a) — 28,110,000 – listed equity on New Third Board (Note a) 988,789 1,035,001 – unlisted equities (Notes b and c) 342,150,413 306,007,407 – unlisted participating preferred unit (Note b) 38,880,000 40,520,000 – unlisted debt investment (Note b) — 5,297,424 Total 1,013,887,070 775,652,669 Analysed to reporting purposes as Current assets 49,688,941 4,964,102 Non-current assets 964,198,129 770,688,567 Total 1,013,887,070 775,652,669 Notes: (a) The listed equity securities represent the Group’s interest held in China Merchants Bank Co., Ltd., iFLYTEK Co., Ltd., Xunfei Healthcare Technology Co., Ltd. and Pony AI Inc. whose fair values are determined based on the quoted market bid prices available on the relevant stock exchanges. The listed equity securities within lock-up period in PRC represent the Group’s interest held in Arashi Vision Inc. subject to trading moratorium, and whose fair value is determined based on the quoted market bid price available on the relevant stock exchange and adjusted for lack of marketability. For equity securities listed on the New Third Board, namely Wuhan Rixin Technology Co., Ltd., whose fair value was arrived at by reference to the basis of valuation carried out by an independent valuer not connected with the Group. Determination of fair value is based on the best information available in the circumstances and includes appropriate risk adjustments for lack of marketability. Factors considered in determining the fair value of this investment include multiples of comparable companies listed on stock exchanges. Please refer to note 5 to the consolidated financial statements for further details of the valuation techniques. (b) As at 31 December 2025, fair values of unlisted equity investments amounting to US$37,463,981 (2024: US$15,350,000) were arrived at by reference to their recent transaction prices. For other unlisted investments, their fair values were arrived at on the basis of valuations (including net asset value) carried out by an independent valuer not connected with the Group. Determination of fair value is based on the best information available in the circumstances and includes appropriate risk adjustments for lack of marketability. Factors considered in determining the fair value of these investments include multiples of comparable companies listed on stock exchanges and/or latest available information about financial performance or financial position of investees. (c) As at 31 December 2024, included in unlisted equities investments amounting to US$388,612 was investment in an associate. The management elected not to apply the equity method and instead the investment is recognised as a financial asset at FVTPL. As at 31 December 2025, the Group has no investment in associate.