Annual Report 2025

INVESTMENT MANAGER’S DISCUSSION AND ANALYSIS (CONTINUED) China Merchants China Direct Investments Limited Annual Report 2025 45 SUB-PARTICIPATION SCHEME (CONTINUED) Name of projects Mr. ZHOU Xing Mr. ZHANG Rizhong Mr. WANG Xiaoding Mr. TSE Yue Kit Mr. YANG Baiqian Mr. KANG Dong (Note 1) (Note 2) (Note 3) (Note 4) (Note 5) (Note 6) US$ US$ US$ US$ US$ US$ Huashun Xin’an (1st installment capital contribution for 1st round capital injection) N/A 1,030 1,030 1,030 N/A N/A Huashun Xin’an (2nd installment capital contribution for 1st round capital injection) N/A 260 260 260 N/A N/A Huiyou Xingyao Fund (2nd installment capital contribution) N/A 830 410 410 N/A N/A CASREV Fund III (3rd installment capital contribution) N/A 320 320 320 N/A N/A Xinyi N/A 6,430 1,290 1,290 N/A N/A Xunfei Healthcare (2nd round capital injection) N/A N/A 1,280 N/A 3,850 1,280 Azuri N/A N/A 1,280 N/A 3,850 1,280 Huashun Xin’an (2nd round capital injection) N/A N/A 1,270 N/A 3,820 1,270 CASREV Fund III (4th installment capital contribution) N/A 320 320 320 N/A N/A Immvira N/A N/A 1,270 N/A 3,820 1,270 Hanwei N/A N/A 1,280 N/A 1,280 1,280 Moonshot AI N/A N/A 1,280 N/A 2,560 1,280 Xunfei Healthcare (3rd round capital injection) N/A N/A 1,290 N/A 3,860 1,290 Note 1: The Chairman of the Fund Note 2: Director of the Fund (resigned on 20 June 2025) Note 3: Director of the Fund and Director & General Manager of the Investment Manager Note 4: Director of the Fund (resigned on 30 September 2025) and Director of the Investment Manager (resigned on 20 June 2025) Note 5: Director and Chairman of the Investment Manager Note 6: Director of the Investment Manager Mr. WANG Xiaoding Director & General Manager China Merchants China Investment Management Limited Hong Kong, 27 March 2026