Zhejiang Expressway (Zhejiang Hu Hang Yong) announced on August 9, 2024 that its wholly-owned subsidiary project company and Jindong Branch of China Communications Construction and Zhejiang Hongtu signed building construction and civil engineering construction contracts for the expansion project of Ningbo to Jinhua section of the Ningbo-Jinhua Expressway. The construction period of the building construction contract is planned to be 43 months, while the construction period of the civil engineering construction contract is 39 months, followed by a 120-month pavement maintenance period. Since both China Communications Construction and Zhejiang Hongtu are indirect non-wholly-owned subsidiaries of transportation group, a controlling shareholder of Zhejiang Hu Hang Yong, these contracts constitute continuous connected transactions. The annual limit of this transaction exceeds 0.1% but less...Show More

Zhejiang Expressway (Zhejiang Hu Hang Yong) announced on August 9, 2024 that its wholly-owned subsidiary project company and Jindong Branch of China Communications Construction and Zhejiang Hongtu signed building construction and civil engineering construction contracts for the expansion project of Ningbo to Jinhua section of the Ningbo-Jinhua Expressway. The construction period of the building construction contract is planned to be 43 months, while the construction period of the civil engineering construction contract is 39 months, followed by a 120-month pavement maintenance period. Since both China Communications Construction and Zhejiang Hongtu are indirect non-wholly-owned subsidiaries of transportation group, a controlling shareholder of Zhejiang Hu Hang Yong, these contracts constitute continuous connected transactions. The annual limit of this transaction exceeds 0.1% but less than 5%, so it is required to comply with the declaration, announcement and annual review regulations in Chapter 14A of the listing rules, but is exempt from compliance with the regulations on circulars and independent shareholder approval. The independent financial adviser has confirmed that the contract term exceeding three years is a normal commercial practice. This project aims to enhance the road carrying capacity and travel experience, extend the franchise period, and promote the sustainable development of the company's main business of expressways.