15. INVESTMENTS IN SUBSIDIARIES (continued) Details of the subsidiaries are as follows: (continued) Name of subsidiary Principal activities Country of business/ incorporation Proportion of ordinary shares held directly by parent Proportion of ordinary shares held by the Group 2024 2023 2024 2023 % % % % Hangzhou Bei Gang Logistics Co., Ltd.# E-commerce logistics People’s Republic of China, Hangzhou – – 100 100 Hangzhou Fu Heng Warehouse Co., Ltd.# E-commerce logistics People’s Republic of China, Hangzhou – – 100 100 Zhejiang Hengde Sangpu Logistics Co., Ltd.# Specialised logistics People’s Republic of China, Hangzhou – – 100 100 Wuhan Fute Logistics Co., Ltd.# Investment holding People’s Republic of China, Wuhan – – 100 100 Wuqiao Zhonggong Merlot (Hubei) Logistics Co., Ltd.# E-commerce logistics People’s Republic of China, Wuhan – – 100 100 Jiayaoyingkai (Shanghai) Supply Chain Management Co., Ltd.^ Supply chain management People’s Republic of China, Shanghai – – 100 100 Zhejiang Fuzhou E-Commerce Co., Ltd.# E-commerce logistics People’s Republic of China, Hangzhou – – 100 100 * Audited by BDO LLP, Singapore # Audited by BDO China Shu Lun Pan Certified Public Accountants LLP, People’s Republic of China for the purpose of ECW’s consolidated financial statements ^ The entity is not subject to audit. (a) Assessment of impairment allowance of investments in subsidiaries As at 31 December 2024, impairment indicators have been identified for the ECW’s investment in a subsidiary, Flutric Investments Limited (“FIL”) where the net asset value of FIL of S$19,035,000 is below the carrying value of S$39,588,000. Based on the Manager’s assessment, the recoverable value of the ECW’s subsidiaries is sufficient to support the carrying value of FIL and is exploring various options including restructuring of the Group entities to recover the carrying value. Hence, no impairment allowance was made for this subsidiary. ANNUAL REPORT 2024 101 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
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