Annual Report 2020

China Merchants China Direct Investments Limited Annual Report 2020 92 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2020 1. GENERAL INFORMATION China Merchants China Direct Investments Limited (the “ Company ”) is a public limited company incorporated in Hong Kong and its shares are listed on The Stock Exchange of Hong Kong Limited. The addresses of the registered office and principal place of business of the Company are disclosed in the corporate information of the Annual Report. The Company and its subsidiaries are collectively referred to as the “ Group ”. The Company acts as an investment holding company. The activities of the subsidiaries are set out in note 29. The major sources of income of the Group arising in the course of the ordinary activities which are the revenue of the Group are net gain (loss) on financial assets at fair value through profit or loss (“ FVTPL ”) and investment income. The functional currency of the Company is Renminbi (“ RMB ”). For the purpose of convenience of the consolidated financial statements users, the consolidated financial statements are presented in United States dollars (“ USD ”). 2. APPLICATION OF AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) Amendments to HKFRSs that are mandatorily effective for the current year In the current year, the Group has applied the Amendments to references to the conceptual framework in HKFRS standards and the following amendments to HKFRSs issued by the Hong Kong Institute of Certified Public Accountants (“ HKICPA ”) for the first time, which are mandatorily effective for the annual period beginning on or after 1 January 2020 for the preparation of the consolidated financial statements, that are relevant to the business operation of the Group: Amendments to HKAS 1 and HKAS 8 Definition of material Amendments to HKFRS 3 Definition of a business Except as described below, the application of the Amendments to references to the conceptual framework in HKFRS standards and other amendments to HKFRSs in the current year has had no material impact on the Group’s financial positions and performance for the current and prior years and/or on the disclosures set out in these consolidated financial statements.