Annual Report 2024

China Merchants China Direct Investments Limited Annual Report 2024 13 INVESTMENT MANAGER’S DISCUSSION AND ANALYSIS (CONTINUED) REVIEW OF INVESTMENTS (CONTINUED) Name of projects Location of headquarters Main business Listed (Stock Exchange)/ unlisted Carrying value Percentage of total assets Percentage of net assets US$ million % % Information Technology: # 16. Arashi Vision Inc. Shenzhen, Guangdong 360-degree video products Unlisted 35 4.34 5.41 # 17. Xunfei Healthcare Technology Co., Ltd. Hefei, Anhui Artificial intelligence medical Hong Kong Stock Exchange 43 5.28 6.58 # 18. China UnionPay Co., Ltd. Shanghai Financial payment Unlisted 24 2.88 3.59 19. CASREV FUND III-RMB L.P. Beijing Technology & medical investment Unlisted 9 1.16 1.44 20. Flexiv Ltd. Shanghai Adaptive robots Unlisted 5 0.63 0.79 21. Beijing Huashun Xin’an Technology Co., Ltd. Beijing Cyber security Unlisted 1 0.07 0.09 22. Xinyi Information Technology Ltd. Shanghai System on a chip for Internet of Things Unlisted 1 0.10 0.12 23. Rizhao Azuri Technologies Co., Ltd. Rizhao, Shandong Direct modulated lasers Unlisted 1 0.09 0.12 24. Beijing Hanwei Innovation Technology Co., Ltd. Beijing Ultra-wideband chip Unlisted 5 0.66 0.82 25. Moonshot AI Ltd. Beijing Large multimodal model Unlisted 15 1.90 2.37 Sub-total: 240 29.65 36.96 Others: (i) Manufacturing: 26. Hwagain Group Co., Ltd. Nanning, Guangxi Printing paper & tissue paper Unlisted 3 0.31 0.38 (ii) Energy & Resources: 27. Wuhan Rixin Technology Co., Ltd. Wuhan, Hubei Solar energy New Third Board Note 1 0.13 0.16 (iii) Medical: 28. Nanning Huiyou Xingyao Equity Investment Fund L.P. Nanning, Guangxi Biopharmaceutical investment Unlisted 2 0.29 0.36 29. Immvira Bioscience Inc. Shenzhen, Guangdong Biotech research & development Unlisted 5 0.67 0.83 Sub-total: 11 1.40 1.73 Total: 776 96.13 119.80 # Ten largest investments of the Fund as of 31 December 2024 Note: New Third Board means National Equities Exchange and Quotations