Annual Report 2023

155 ANNUAL REPORT 2023 20. INTERESTS IN ASSOCIATES 2023 2022 HK$’million HK$’million Share of net assets of associates, net of impairment: Listed associates 43,636 40,701 Unlisted associates 31,022 29,696 74,658 70,397 Goodwill: Listed associates 2,752 2,791 Unlisted associates 2,451 2,468 5,203 5,259 Total 79,861 75,656 Fair value of the listed associates owned by the Group (Note) 36,998 40,889 Note: The fair value of the listed associates is determined based on the quoted market bid price multiplied by the quantity of shares held by the Group. The management of the Group carried out an assessment as at 31 December 2023 and 2022 for whether there is any impairment required or any indication that the impairment loss recognised in prior years for the listed associate may no longer exist or may be decreased. Based on the assessment performed for these listed associates, no impairment/reversal of impairment recognised during both years. The cumulative impairment loss recognised as at 31 December 2023 is HK$397 million (31 December 2022: HK$397 million). Particulars of the Group’s principal associates at 31 December 2023 are set out in note 41. All of the Group’s associates are accounted for using equity method in the consolidated financial statements. The Group’s material associate at the end of the reporting period is Shanghai International Port (Group) Co., Ltd. (“SIPG”). Summarised financial information in respect of SIPG and its subsidiaries (the “SIPG Group”) is set out below. Other associates invested by the Group are not individually material. The summarised financial information below represents the financial information of the SIPG Group prepared in accordance with the significant accounting policies of the Group.