Annual Report 2023

185 ANNUAL REPORT 2023 35. FINANCIAL RISK MANAGEMENT (CONTINUED) 35.3 Fair value estimation (continued) (i) Fair value of financial instruments that are measured at fair value on a recurring basis (continued) The following table presents the changes in level 3 instruments for the years ended 31 December 2023 and 2022: Financial Equity assets at instruments FVTPL at FVTOCI HK$’million HK$’million Year ended 31 December 2023 As at 1 January 2023 3 30 Disposal of a subsidiary — (20) Disposal (2) — As at 31 December 2023 1 10 Year ended 31 December 2022 As at 1 January 2022 3 32 Exchange adjustments — (2) As at 31 December 2022 3 30 (ii) Fair value of financial assets and financial liabilities that are not measured at fair value on a recurring basis (but fair value disclosures are required). Except for notes payable stated in note 30, the directors of the Company consider that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the consolidated financial statements approximate their fair values at the end of the reporting period.