Annual Report 2021

China Merchants China Direct Investments Limited Annual Report 2021 115 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2021 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) Reconciliation of Level 3 fair value measurements of financial assets: Financial assets at FVTPL US$ Balance at 1 January 2020 370,232,322 Gains recognised in profit or loss 73,368,746 Exchange difference arising on translation to presentation currency 25,752,125 Purchases 41,906,310 Disposals (5,430,008) Return of capital (29,563,554) Transfer out of Level 2 to Level 3 14,907,829 Transfer out of Level 3 to Level 1 (5,179,209) Balance at 31 December 2020 485,994,561 Balance at 1 January 2021 485,994,561 Losses recognised in profit or loss (1,841,099) Exchange difference arising on translation to presentation currency 9,969,386 Purchases 25,943,085 Return of capital (24,041,305) Transfer out of Level 3 to Level 1 (14,857,538) Balance at 31 December 2021 481,167,090