Annual Report 2025

INVESTMENT MANAGER’S DISCUSSION AND ANALYSIS (CONTINUED) China Merchants China Direct Investments Limited Annual Report 2025 21 REVIEW OF INVESTMENTS (CONTINUED) Ningbo Meishan Free Trade Port Area Jiangmen Venture Capital LLP (the “Jiangmen Ventures Fund”) was established in Ningbo, Zhejiang in September 2016, with an investment horizon of 5 to 7 years (Note: With the consent of all limited partners, the investment horizon has been extended twice for a total of two years in order to meet the exit requirements of the projects held) and with a paid-in capital amounting to RMB262 million. It reached its expiry date on 31 December 2025 and has entered the liquidation process. Its major investment targets are chiefly early-stage business ventures related to machine intelligence, Internet of Things (IoT), natural user interface, and enterprise computing. The general partner and investment manager of the Jiangmen Ventures Fund is Jiangmen Capital Management (Beijing) Co., Ltd., which is responsible for defining and executing the investment strategy for the Jiangmen Ventures Fund, as well as for managing their operations. The Fund completed a capital contribution of RMB30 million (equivalent to US$4.74 million) in January 2018, representing 11.45% of the paid-in capital of the Jiangmen Ventures Fund as of 31 December 2025. In addition, through the end of December 2025, the Fund received cash distributions from the Jiangmen Ventures Fund in a cumulative amount of RMB13.97 million. As of the end of 2025, the carrying value of the Fund’s interest in the Jiangmen Ventures Fund was US$5.38 million, representing a decrease of 31.46% from the value at the end of last year of US$7.85 million. Through the end of December 2025, the Jiangmen Ventures Fund has made investments in nineteen projects for a total of RMB233 million. Currently, the Jiangmen Ventures Fund has entered into the investment exit period. Of these projects, five projects have been fully exited, and two projects have achieved partial exits. In addition, one project completed a new round of financing in 2025. Pony AI Inc. (“Pony AI”) was established in Cayman Islands in November 2016, with its headquarters in Guangzhou, Guangdong. It is a research and development company in China that focuses on technology solutions for autonomous driving, and now has become a global leader in achieving large-scale commercialisation of autonomous mobility. In July 2018 and in April 2019, the Fund invested a total of US$8.61 million and then held a 0.889% equity interest in Pony AI. Pony AI completed several rounds of equity financing in January 2021, March 2022 and October 2023, respectively. The Fund’s equity interest in Pony AI was diluted from 0.889% to 0.649%, accordingly. In September 2024, in order to balance the interests of investors in disparate rounds of equity financing, Pony AI passed a resolution at the special general meeting to adjust the shareholding percentage of certain investors, thereby expediting the initial public offering (IPO) process. As a result, the Fund’s equity interest in Pony AI was further diluted from 0.649% to 0.609%. Upon the listing of Pony AI in November 2024, the Fund held 2,274,605 ordinary shares of Pony AI, accounting for 0.560% of its issued share capital. From August to September 2025, the Fund cumulatively completed the sale of 682,382 shares of Pony AI American Depositary Shares, generating net proceeds of US$10.21 million. As at 31 December 2025, the Fund still held 1,592,223 ordinary shares of Pony AI. In addition, in January 2026, the Fund further completed the sale of 1,083,943 shares of Pony AI American Depositary Shares, with net proceeds of US$18.31 million.