Annual Report 2020

China Merchants China Direct Investments Limited Annual Report 2020 112 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2020 5. FINANCIAL INSTRUMENTS (CONTINUED) Fair value measurement of financial instruments (continued) Fair value of the Group’s financial assets and financial liabilities that are measured at fair value on a recurring basis (continued) The Directors consider that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the consolidated financial statements approximate their fair values at both year ends. Level 1 Level 2 Level 3 2020 Total US$ US$ US$ US$ Financial assets at FVTPL 423,278,417 — 485,994,561 909,272,978 Financial liabilities designated at FVTPL 118,012 — 1,343,845 1,461,857 Level 1 Level 2 Level 3 2019 Total US$ US$ US$ US$ Financial assets at FVTPL 343,741,290 14,907,829 370,232,322 728,881,441 Financial liabilities designated at FVTPL 106,007 — 1,084,041 1,190,048