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 157 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$1,274,722 (2024: US$10,673,598). The fee is a fixed amount as agreed under the investment management agreement dated 17 December 2024 and the supplemental agreement dated 20 June 2025 and is amortised over the agreed management period (Note). (b) The amount due to the Investment Manager included in other payables in the consolidated statement of financial position as at 31 December 2025 was US$2,896,050 (2024: US$6,993,848). Amount due to the Investment Manager is unsecured, interest free and is repayable on demand. (c) Securities brokerage commission fee and portfolio fee, totaling US$6,341 (2024: US$2,187), were paid to subsidiaries of a substantial shareholder of the Company who has significant influence over the Company. (d) Pursuant to the Sub-participation Agreements, the financial liability of the Group with Mr. WANG Xiaoding, a Director of both the Company and the Investment Manager, was US$384,663 (31 December 2024: US$222,235). The financial liability of the Group with Mr. TSE Yue Kit, a Director of both the Company and the Investment Manager and who resigned as a Director of the Company and the Investment Manager on 30 September 2025 and 20 June 2025 respectively, was US$83,571 (31 December 2024: US$37,141). The financial liability of the Group with Mr. ZHOU Xing, a Director of the Company, was US$16,071 (31 December 2024: US$16,757). The financial liability of the Group with Mr. ZHANG Rizhong, a Director of the Company and who resigned on 20 June 2025, was US$95,927 (31 December 2024: US$45,298). Moreover, the financial liabilities of the Group with Mr. YANG Baiqian and Mr. KANG Dong, who are Directors of the Investment Manager, were US$24,627 and US$9,544, respectively (31 December 2024: US$25,516 and US$10,492, 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.