Annual Report 2021

ANNUAL REPORT 2021 85 Notes to the Consolidated Financial Statements For the year ended 31 December 2021 1. GENERAL INFORMATION China Merchants Port Holdings Company Limited (the “Company”) and its subsidiaries (hereinafter collectively referred to as the “Group”) are principally engaged in ports operation, bonded logistics operation and property investment. The Company is a limited liability company incorporated in Hong Kong and has its shares listed on The Stock Exchange of Hong Kong Limited (the “HKSE”). As at 31 December 2021, China Merchants Port Group Co., Ltd. (“CMPG”, a company established in the People’s Republic of China (“PRC”) and whose shares are listed on the Shenzhen Stock Exchange. CMPG, together with its subsidiaries, the “CMPG Group”) directly held 43.18% of the total issued share capital of the Company. Pursuant to an entrustment agreement with China Merchants Holdings (Hong Kong) Company Limited (“CMHK”, a company incorporated in Hong Kong and an indirect subsidiary of China Merchants Group Limited (“CMG”)) (the “Acting in Concert Agreement”), CMPG has the power to direct the voting right over approximately 21.98% of the total issued share capital of the Company held by China Merchants Union (BVI) Limited (“CMU”, a company incorporated in the British Virgin Islands held as to 50% by CMG), and accordingly, has the power to direct the voting right over 65.16% of the total issued share capital of the Company. The directors of the Company regard therefore CMPG as immediate holding company. CMG, directly and indirectly, including through CMPG Group as described above, and its other subsidiaries held an effective interest of approximately 41.61% of the issued share capital of the Company. CMG therefore, directly and indirectly, including through CMPG and its subsidiaries, and CMU, has the power to direct voting right over approximately 65.86% of the total issued share capital of the Company. Accordingly, the directors of the Company regard CMG as being the ultimate holding company. CMG is a state-owned enterprise registered in the PRC and regulated and directly managed by the State-owned Assets Supervision and Administration Commission of the State Council, the PRC government. The address of the Company’s registered office is 38/F, China Merchants Tower, Shun Tak Centre, 168-200 Connaught Road Central, Hong Kong. The consolidated financial statements are presented in Hong Kong dollar (“HK$”) which is the Company’s functional currency.