Annual Report 2024

China Merchants China Direct Investments Limited Annual Report 2024 149 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2024 28. PARTICULARS OF SUBSIDIARIES Particulars of all subsidiaries at 31 December 2024 and 2023, which are all wholly-owned by the Company, are as follows: Name Classes of shares held Place of incorporation/ registration and operation Principal activities Issued and paid-up capital Name of Directors China Merchants Industry Development (Shenzhen) Limited Registered capital PRC/PRC Investment holding US$10,000,000 (Directly owned & wholly-owned foreign enterprise) Mr. WANG Xiaoding Mr. NG Chi Keung Ms. HO Man Yi Mr. TSE Yue Kit Ms. MA Xiaonan Goshing Investment Limited Ordinary BVI/PRC Investment holding US$1 (Directly owned limited liability company) Mr. WANG Xiaoding Mr. NG Chi Keung Leadman Investment Limited Ordinary HK/HK Inactive HK$1 (Directly owned limited liability company) Mr. WANG Xiaoding Mr. NG Chi Keung Main Star Investment Limited Ordinary HK/HK Investment holding HK$40,000,000 (Directly owned limited liability company) Mr. WANG Xiaoding Mr. NG Chi Keung Star Group Limited Ordinary HK/HK Investment holding HK$2 (Directly owned limited liability company) Mr. WANG Xiaoding Mr. NG Chi Keung Shenzhen Tian Zheng Investment Co., Ltd. Registered capital PRC/PRC Investment holding RMB700,000,000 (Indirectly owned limited liability company) Mr. WEI Pengchong Xinjiang Tian Hong Equity Investment Co., Ltd. Registered capital PRC/PRC Investment holding RMB30,000,000 (Indirectly owned limited liability company) Mr. WEI Pengchong None of the subsidiaries had any issued debt securities subsisting at 31 December 2024 and 2023 or at any time during the year. Everich Dynamic Investments Limited was dissolved during the year 2024. 29. CAPITAL RISK MANAGEMENT The Group manages the capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity balance. The capital structure of the Group is equity attributable to owners of the Company, comprising share capital, reserves and retained profits as disclosed in the consolidated statement of changes in equity. The Directors review the capital structure by considering the cost of capital and the risks associated with capital. In view of this, the Group will balance its overall capital structure through new shares issues as well as the issue of new debt. The Group’s overall strategy remains unchanged throughout the year.