Zhejiang Hu Hang Yong Expressway Co., Ltd. ("Zhejiang Hu Hang Yong") announced through its subsidiary Zheshang on November 11, 2024 that its controlling shareholder Shanghai Sanhang Expressway Co., Ltd. ("Sanhang Expressway") had their shareholding diluted passively by more than 5% due to the conversion of convertible bonds into shares. Zheshang publicly issued a total of 7 billion RMB convertible bonds on June 14, 2022, and listed them on the Shanghai Stock Exchange on July 8 of the same year. As of November 8, 2024, the accumulated conversion of shares exceeded 0.4 billion shares, causing Sanhang Expressway's shareholding to decrease from 54.7894% to 49.5787%. This change will not affect the changes in the company's controlling shareholders and actual controllers, nor will it affect the company's equity structure and distribution. Zheshang will fulfill its disclosure obligations in a timely manner in accordance with relevant regulations.

Zhejiang Hu Hang Yong Expressway Co., Ltd. ("Zhejiang Hu Hang Yong") announced through its subsidiary Zheshang on November 11, 2024 that its controlling shareholder Shanghai Sanhang Expressway Co., Ltd. ("Sanhang Expressway") had their shareholding diluted passively by more than 5% due to the conversion of convertible bonds into shares. Zheshang publicly issued a total of 7 billion RMB convertible bonds on June 14, 2022, and listed them on the Shanghai Stock Exchange on July 8 of the same year. As of November 8, 2024, the accumulated conversion of shares exceeded 0.4 billion shares, causing Sanhang Expressway's shareholding to decrease from 54.7894% to 49.5787%. This change will not affect the changes in the company's controlling shareholders and actual controllers, nor will it affect the company's equity structure and distribution. Zheshang will fulfill its disclosure obligations in a timely manner in accordance with relevant regulations.