Annual Report 2020

China Merchants China Direct Investments Limited Annual Report 2020 37 INVESTMENT MANAGER’S DISCUSSION AND ANALYSIS (CONTINUED) SUB-PARTICIPATION SCHEME (CONTINUED) Note 1: Director of the Fund and Chairman of the Investment Manager Note 2: Director of the Fund and Director & General Manager of the Investment Manager Note 3: Director of the Fund and Director of the Investment Manager Note 4: Director of the Investment Manager Mr. WANG Xiaoding Director & General Manager China Merchants China Investment Management Limited Hong Kong, 29 March 2021