Annual Report 2019

232 CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED Notes to the Consolidated Financial Statements For the year ended 31 December 2019 44. PARTICULARS OF PRINCIPAL SUBSIDIARIES (CONTINUED) Name of subsidiary Place of incorporation/ registration and operation Issued share capital/ registered capital Proportion of effective ownership interest held by the Company Principal activities Directly Indirectly 2019 2018 2019 2018 % % % % Zhangzhou China Merchants Tugboat Company Limited (Note (b)) PRC RMB15,000,000 — — 70.00 70.00 Operation of tugboats in the Zhangzhou Economic Development Zone, Fujian Province, the PRC 安運捷碼頭倉儲服務（深圳） 有限公司 (Note (a)) PRC RMB60,600,000 — — 80.00 80.00 Holding of certain pieces of land in Shekou, the PRC Notes: (a) Foreign investment enterprises. (b) Sino-foreign joint ventures. (c) This entity is considered to be a subsidiary of the Company despite that the Group holds effective equity interest of 35% therein as the Group has the power to appoint and remove the majority of the executive committee of the entity, which is empowered to direct the relevant activities of control of the investee by virtue of the shareholders’ agreement. (d) These entities are considered to be subsidiaries of the Company despite that the Group holds less than half of the equity interest therein as the Group has the power to appoint and remove the majority of the Board of Directors of the relevant entities and holds more than half of the voting rights at the relevant Board of Director’s and shareholders’ meetings of the respective entities by virtue of agreements with other investors.