Annual Report 2023

242 2023 Annual Report Transport International Holdings Limited NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 18 Interest in associates 2023 2022 $’000 $’000 Share of net assets 549,702 538,681 Goodwill 59,339 61,006 Amount due from an associate 106 109 609,147 599,796 Amount due from an associate is unsecured, interest-free and has no fixed terms of repayment. The following list contains the particulars of the material associate, which is an unlisted corporate entity whose quoted market price is not available: Percentage of ownership interest Name of associate Form of business structure Place of establishment and business Particulars of registered and paid-up capital Group’s effective interest Held by subsidiaries Principal activity Shenzhen Bus Group Company Limited Sino-foreign joint stock company The PRC RMB951,430,306 35 35 Provision of bus and taxi hire services (note) Note: Shenzhen Bus Group Company Limited, a transportation operator in the PRC, enables the Group to penetrate into this market through local expertise.