Annual Report 2023

Notes to the Consolidated Financial Statements For the year ended 31 December 2023 198 CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED 40. PARTICULARS OF PRINCIPAL SUBSIDIARIES (CONTINUED) 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 50% 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 Directors’ and shareholders’ meetings of the respective entities by virtue of agreements with other investors. (e) Further details are set out in note 37. (f) This entity has issued HK$3,903 million (2022: HK$3,890 million) of listed notes at the end of the year. (g) This entity has issued HK$8,553 million (2022: HK$15,531 million) of listed notes and HK$1,522 million (2022: HK$6,246 million) of listed perpetual capital securities at the end of the year. (h) Further details are set out in note 19 (d).