Annual Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2025 158 China Merchants China Direct Investments Limited Annual Report 2025 28. PARTICULARS OF SUBSIDIARIES Particulars of all subsidiaries at 31 December 2025 and 2024, which are all wholly-owned by the Company, are as follows: Name Classes of shares held Place of incorporation/ registration and operation Principal activities Issued and paid-up capital Name of Directors China Merchants Industry Development (Shenzhen) Limited Registered capital PRC/PRC Investment holding US$10,000,000 (Directly owned & wholly-owned foreign enterprise) Mr. WANG Xiaoding Mr. NG Chi Keung Ms. HO Man Yi Ms. MA Xiaonan Goshing Investment Limited Ordinary BVI/PRC Investment holding US$1 (Directly owned limited liability company) Mr. WANG Xiaoding Mr. NG Chi Keung Leadman Investment Limited Ordinary HK/HK Inactive HK$1 (Directly owned limited liability company) Mr. WANG Xiaoding Mr. NG Chi Keung Main Star Investment Limited Ordinary HK/HK Investment holding HK$40,000,000 (Directly owned limited liability company) Mr. WANG Xiaoding Mr. NG Chi Keung Star Group Limited Ordinary HK/HK Investment holding HK$2 (Directly owned limited liability company) Mr. WANG Xiaoding Mr. NG Chi Keung Shenzhen Tian Zheng Investment Co., Ltd. Registered capital PRC/PRC Investment holding RMB700,000,000 (Indirectly owned limited liability company) Mr. WEI Pengchong Xinjiang Tian Hong Equity Investment Co., Ltd. Registered capital PRC/PRC Investment holding RMB30,000,000 (Indirectly owned limited liability company) Mr. WEI Pengchong None of the subsidiaries had any issued debt securities subsisting at 31 December 2025 and 2024 or at any time during the year.