Annual Report 2024

China Merchants China Direct Investments Limited Annual Report 2024 143 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2024 20. FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS The financial liabilities designated at FVTPL as at 31 December 2024 were related to the sub-participation agreements (the “ Sub-participation Agreements ”) entered into between the Company and the participants in respect of the investments by the Group in 武漢日新科技股份有限公司 (Wuhan Rixin Technology Co., Ltd.), 華人文化 ( 天津 ) 投資管理有限公司 (China Media (Tianjin) Investment Management Co., Ltd.), 華人 文化產業股權投資 ( 上海 ) 中心 ( 有限合夥 ) (China Media Creative Industry Private Equity (Shanghai) Centre (Limited Partnership)), 西安金源電氣股份有限公司 (Xi’an Jinpower Electrical Co., Ltd.), 華勁集團股份有限公 司 (Hwagain Group Co., Ltd.), 東方明珠新媒體股份有限公司 (Oriental Pearl Media Co., Ltd.), 中建投租賃股 份有限公司 (JIC Leasing Co., Ltd.), 雲南金瀾湄國際旅遊投資開發有限公司 (Yunnan Jinlanmei International Travel Investment Development Co., Ltd.), 科大訊飛股份有限公司 (iFLYTEK Co., Ltd.), 安徽科訊創業投資 基金合夥企業 ( 有限合夥 ) (Anhui Iflytek Venture Capital LLP), 青海省青海湖旅遊集團有限公司 (Qinghai Provincial Qinghai Lake Tourism Group Co., Ltd.), 寧波梅山保稅港區將門創業投資中心 ( 有限合夥 ) (Ningbo Meishan Free Trade Port Area Jiangmen Venture Capital LLP), Pony AI Inc., 影石創新科技股份有限公司 (Arashi Vision Inc.), 訊飛醫療科技股份有限公司 (Xunfei Healthcare Technology Co., Ltd.), 中國銀聯股份有限公司 (China UnionPay Co., Ltd.), 深圳市國科瑞華三期股權投資基金合夥企業 ( 有限合夥 ) (CASREV FUND III-RMB L.P.), 南寧匯友興曜股權投資基金合夥企業 ( 有限合夥 ) (Nanning Huiyou Xingyao Equity Investment Fund L.P.), Flexiv Ltd., 北京華順信安科技有限公司 (Beijing Huashun Xin’an Technology Co., Ltd.), 芯翼信息科技 ( 上海 ) 有限公司 (Xinyi Information Technology Ltd.), 日照市艾銳光電科技有限公司 (Rizhao Azuri Technologies Co., Ltd.), Immvira Bioscience Inc., 北京瀚巍創芯電子技術有限公司 (Beijing Hanwei Innovation Technology Co., Ltd.), Moonshot AI Ltd. and 中國國際金融股份有限公司 (China International Capital Corporation Limited) (collectively referred to as the “ Project Companies ”). All above mentioned investments by the Group in the Project Companies are classified as financial assets at FVTPL categorised in Level 1, Level 2 or Level 3. The classification and fair value of the Sub-participation Agreements are associated directly with these underlying investments and their valuation details are set out in note 5 to the consolidated financial statements. As the Group considers that the Group’s exposure to price risk of such financial liabilities is insignificant, no sensitivity analysis on price risk of such financial liabilities is presented. As at 31 December 2024 and 2023, the financial liabilities designated at FVTPL are classified as non-current liabilities and presented in the consolidated statement of financial position. Pursuant to the Sub-participation Agreements, the participants will receive a portion of the return (in the form of dividends, interest, or other distributions or proceeds from realisation) from the Group’s investment in the Project Companies that is proportional to the amount provided by the participants to the Group as a percentage of the total Group’s investment in the Project Companies. If the Group suffers a loss from its investment in the Project Companies, the participants will correspondingly share a loss in the amount they provided to the Group on a pro rata basis. In general, the Sub-participation Agreements would be terminated upon the realisation of the Group’s investment in the Project Companies. Details of the Sub-participation Agreements are disclosed in the section of Investment Manager’s Discussion and Analysis and under the heading of Sub-participation Scheme.