Annual Report 2020

China Merchants China Direct Investments Limited Annual Report 2020 133 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2020 23. SHARE CAPITAL OF THE COMPANY Number of shares US$ Issued and fully paid: At 1 January and 31 December 2019, 1 January and 31 December 2020 – Ordinary shares with no par value 152,333,013 139,348,785 24. RESERVES OF THE COMPANY Exchange reserve Retained profits Total US$ US$ US$ Balance at 1 January 2019 (309,784) 100,668,675 100,358,891 Profit for the year — 12,856,619 12,856,619 Exchange difference (1,191,132) — (1,191,132) Total comprehensive (expense) income for the year (1,191,132) 12,856,619 11,665,487 2018 final and special dividends paid — (18,279,962) (18,279,962) Balance at 1 January 2020 (1,500,916) 95,245,332 93,744,416 Profit for the year — 30,002,317 30,002,317 Exchange difference 6,004,701 — 6,004,701 Total comprehensive income for the year 6,004,701 30,002,317 36,007,018 2019 final dividend paid — (10,663,311) (10,663,311) Balance at 31 December 2020 4,503,785 114,584,338 119,088,123 25. NET ASSET VALUE PER SHARE The calculation of the net asset value per share at the end of the reporting period is based on the net assets of US$775,430,779 (2019: US$649,050,242) and 152,333,013 ordinary shares (2019: 152,333,013 ordinary shares) with no par value in issue at 31 December 2020.