Zhejiang Hu Hang Ning Expressway Co., Ltd. (Zhejiang Hu Hang Ning) announced after the trading session on November 5, 2024, that its non-wholly owned subsidiary Zhejiang Jiangsu Company signed a construction agreement with China Construction Third Engineering Bureau Co., Ltd. and China Construction Underground Engineering (Consortium). The agreement involves the construction and expansion project of Section SG01 of the Zhejiang Jiangsu Expressway (Nanhu Interchange to Zhejiang Jiangsu Boundary). As China Construction Third Engineering Bureau Co., Ltd. and China Construction Underground Engineering are indirect subsidiaries of the controlling shareholder Transportation Group of Zhejiang Hu Hang Ning, this transaction constitutes an ongoing connected transaction. According to Chapter 14A of the Listing Rules, the applicable percentage of this transaction exceeds 0.1% but is less than 5%, therefore compliance...Show More

Zhejiang Hu Hang Ning Expressway Co., Ltd. (Zhejiang Hu Hang Ning) announced after the trading session on November 5, 2024, that its non-wholly owned subsidiary Zhejiang Jiangsu Company signed a construction agreement with China Construction Third Engineering Bureau Co., Ltd. and China Construction Underground Engineering (Consortium). The agreement involves the construction and expansion project of Section SG01 of the Zhejiang Jiangsu Expressway (Nanhu Interchange to Zhejiang Jiangsu Boundary). As China Construction Third Engineering Bureau Co., Ltd. and China Construction Underground Engineering are indirect subsidiaries of the controlling shareholder Transportation Group of Zhejiang Hu Hang Ning, this transaction constitutes an ongoing connected transaction. According to Chapter 14A of the Listing Rules, the applicable percentage of this transaction exceeds 0.1% but is less than 5%, therefore compliance with the reporting, announcement, and annual review requirements is required, but independent shareholder approval is exempted. The construction agreement has a term of 1,186 calendar days (approximately 39 months), including a 24-month defect liability period and a 96-month additional maintenance period. The total service fee is RMB 1,973,191,741.05. An independent financial advisor has confirmed that a contract term exceeding three years is in line with normal business practice. The construction agreement aims to enhance the carrying capacity and travel experience of the Zhejiang Jiangsu Expressway, and is in line with the Zhejiang provincial government's requirements for a safe hundred-year quality project.