Gelonghui, April 30, 丨 Zhejiang Shanghai-Hangzhou (00576.HK) announced that on April 30, 2024, the relevant subsidiary of the company signed a contract with Zhejiang Gaoxin to upgrade the online charging system and appointed Zhejiang Gaoxin to upgrade the online billing system of Zhejiang Gaoxin Group.

As a subsidiary of Transportation Group, Zhejiang Gaoxin fully understands the Group's business and operational needs and maintains effective communication to provide more quality services to the Group. Zhejiang Gaoxin has relevant qualifications and expertise to provide the Group with information technology product research and development services and highway mechanical and electrical engineering services. Zhejiang Gaoxin will be able to use the aforementioned capabilities to provide all services under the online charging system upgrade contract.

The proposed transactions under the online charging system upgrade contract are ongoing and will be carried out in the Group's general and daily business processes, and the price paid by the Group to Zhejiang Gaoxin will not be higher than the average market price, nor less than the cost provided to the Group by an independent third party for similar services.