ANNUAL REPORT 2025 163 NOTES TO THE FINANCIAL STATEMENTS 15 Associated companies As at 31 December 2025, the investment in associated companies represented the investment costs plus two 5-year loans provided to an associated company of RMB600,000,000 (approximately HK$666,000,000) and RMB240,000,000 (approximately HK$266,400,000) which are unsecured, interest bearing at a fi xed rate of 2.75% per annum and 2.50% per annum, respectively, and repayable in April and December 2028, net of share of postacquisition losses. As at 31 December 2024, the investment in associated companies represented the investment costs plus two 5-year loans provided to an associated company of RMB600,000,000 (approximately HK$636,000,000) and RMB105,000,000 (approximately HK$111,300,000) which are unsecured, interest bearing at a fi xed rate of 2.75% per annum and 2.50% per annum, respectively, and repayable in April and December 2028, net of share of postacquisition losses. The loans to the associated company form part of net investment in an associated company. b Accordingly, the amount is classifi ed as non-current asset and included in the Group’s associated companies in the consolidated statement of fi nancial position.b The carrying amount of the loans to an associated company approximates their fair value. Details of the principal associated companies at 31 December 2025 and 2024 are as follows: Name Place of establishment Principal activities Eff ective interest held 2025 2024 Shenzhen Huazhou Ocean Development Co., Ltd. China Provision of tugboat services in China 23.84% 23.84% Huizhou International Container Terminals Limited(1) China Development and operation of a container terminal 41.31% 41.31% Yantian Port International Information Company Limited (“YPII”)(2) China Provision of electronic port community system 27.64% 27.64% SH Connect Limited(3) China Provision of shuttle services, cargo transportation and shipping agency services 40.00% – (1) Audited by PricewaterhouseCoopers network fi rms (2) Yantian International Container Terminals Limited (“YICT”), a 56.41% indirectly held subsidiary of HPH Trust, originally held 50% equity interest in YPII. In 2023, YPII was a joint venture of the Group with eff ective interest of 28.21%. On 31 August 2024, YICT disposed of 1% equity interest in YPII with cash consideration of RMB1,006,000 (approximately HK$1,096,000). YPII became an associated company of the Group with eff ective interest of 27.64% upon the completion of disposal (3) On 1 August 2025, the Group established an associated company, SH Connect Limited, with an eff ective interest of 40.00% through its wholly owned subsidiary. The investment cost amounted to RMB6,000,000 (approximately HK$6,549,000) There is no associated company as at 31 December 2025, which in the opinion of the directors of the TrusteeManager, is individually material to the Group. There are no material contingent liabilities relating to the Group’s interests in the associated companies. Set out below is the Group’s share of the year’s total comprehensive loss from its associated companies: 2025 2024 HK$’000 HK$’000 Net losses after tax (79,360) (87,380) Other comprehensive income/(loss) 3,425 (4,843) Total comprehensive loss (75,935) (92,223)
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