On March 22, Ge Longhui Transport (03399.HK) announced that on March 22, 2024, the company signed an equity transfer contract with Guangdong Expressway. According to this, the company will acquire 4.44% of its shares in Tongyi Company from Guangdong Expressway at a total cost of about RMB 109 million. After the equity transfer is completed, Tongyi Company will become a wholly-owned subsidiary of the company.

According to the disclosure, Tongyi Company is a limited liability company established under Chinese law and is a subsidiary of the company. The company held 95.56% of Tongyi Company's shares before the settlement of the share transfer was completed. Tongyi Company is mainly engaged in the operation and management of expressway service areas, sales of refined oil products at its own gas stations and outsourcing of gas stations, sales of convenience store products, commercial development, and investment in service area properties.