Core Viewpoint - Zhejiang Huhangyou (00576) has entered into a supplementary land compensation agreement with Shenhai Company to transfer surplus land compensation indicators for the Ningbo-Taizhou-Wenzhou Expressway expansion project, ensuring compliance with land use regulations and project requirements [1][2]. Group 1: Agreement Details - The agreement stipulates that Shenhai Company will transfer surplus land compensation indicators to Zhajiangsu Company at the original purchase price, which aligns with the unit price of similar projects in Zhejiang Province over the past three years [2]. - The total price for purchasing the land compensation indicators from Shenhai Company is more favorable compared to acquiring them from the Jiaxing Municipal Government [2]. Group 2: Regulatory Context - The agreement is in accordance with the new mechanism established by the State Council and the Ministry of Natural Resources, which focuses on balancing land use based on quantity and production capacity [1]. - Due to the tight supply of provincial and local indicators, Zhajiangsu Company faced challenges in obtaining all necessary indicators from the Zhejiang Provincial Natural Resources Department or the Jiaxing Municipal Natural Resources and Planning Bureau [1].

[Connected Transaction: Supplementary Arable Land Quota Adjustment Agreement](index=1&type=section&id=Connected%20Transaction%3A%20Supplementary%20Arable%20Land%20Quota%20Adjustment%20Agreement) The company's subsidiary entered a connected transaction to acquire supplementary arable land quotas from a related party for a project, ensuring land balance requirements are met at a negotiated price [1.1 Agreement Overview](index=1&type=section&id=1.1%20Agreement%20Overview) The company's non-wholly owned subsidiary ZhaJiaSu Company signed a supplementary arable land quota adjustment agreement with related party ShenHai Company, involving the transfer of surplus arable land quotas for a fee, constituting a connected transaction - ZhaJiaSu Company (a non-wholly owned subsidiary of the Company) signed a supplementary arable land quota adjustment agreement with ShenHai Company (a subsidiary of Traffic Group and a connected person of the Company)[2](index=2&type=chunk)[3](index=3&type=chunk) - ShenHai Company will transfer surplus supplementary arable land quotas from the Sanmen Ma'aoling section of the YongTaiWen Expressway expansion project to ZhaJiaSu Company, with ZhaJiaSu Company paying a fee[2](index=2&type=chunk)[5](index=5&type=chunk) - The transaction constitutes a connected transaction under Chapter 14A of the Listing Rules, requiring compliance with reporting and announcement requirements but exempt from independent shareholder approval[3](index=3&type=chunk)[14](index=14&type=chunk) [1.2 Key Terms of the Agreement](index=3&type=section&id=1.2%20Key%20Terms%20of%20the%20Agreement) The agreement specifies adjusted supplementary arable land quotas including **15.7202 hectares** of cultivated land, **7.4689 hectares** of paddy fields, and **160,132.3 kilograms** of grain production capacity, with an agreement date of September 10, 2025 Adjusted Supplementary Arable Land Quotas | Quota Type | Quantity | | :--- | :--- | | Cultivated Land | 15.7202 hectares | | Paddy Fields | 7.4689 hectares | | Grain Production Capacity | 160,132.3 kilograms | - The agreement was signed on **September 10, 2025**[8](index=8&type=chunk) - The contracting parties are ZhaJiaSu Company (a non-wholly owned subsidiary of the Company) and ShenHai Company (a non-wholly owned subsidiary of Traffic Group)[8](index=8&type=chunk) [1.3 Consideration and Payment Terms](index=3&type=section&id=1.3%20Consideration%20and%20Payment%20Terms) ZhaJiaSu Company is required to pay a total consideration of **RMB 100,215,165**, approved by Zhejiang Provincial Department of Natural Resources and fairly negotiated based on national standards, payable in a lump sum after signing Unit Prices for Quota Types | Quota Type | Price per Mu (RMB) | | :--- | :--- | | Cultivated Land | 150,000 RMB | | Paddy Fields | 150,000 RMB | | Grain Production Capacity | 30,000 RMB/100 kg | Total Consideration | Item | Amount (RMB) | | :--- | :--- | | **Total Consideration** | **100,215,165 RMB** | - The consideration amount was approved by the Zhejiang Provincial Department of Natural Resources and determined through fair negotiation by both parties, referencing standards in relevant notices from the General Office of the State Council[9](index=9&type=chunk) - ZhaJiaSu Company shall pay the entire consideration to ShenHai Company in a lump sum after signing the agreement[10](index=10&type=chunk) [1.4 Reasons for and Benefits of Entering the Agreement](index=4&type=section&id=1.4%20Reasons%20for%20and%20Benefits%20of%20Entering%20the%20Agreement) To meet land balance requirements for the project, ZhaJiaSu Company must acquire supplementary arable land quotas; cross-municipal adjustment using ShenHai Company's surplus quotas was necessary due to supply constraints, offering a favorable price compared to local government purchase - The project requires occupying cultivated land, and ZhaJiaSu Company must purchase supplementary arable land quotas as required to ensure land balance[9](index=9&type=chunk) - Due to tight provincial and local quota supply, and unapproved national unified quota applications, using ShenHai Company's surplus quotas through cross-municipal adjustment is a necessary way to meet project demands[9](index=9&type=chunk)[11](index=11&type=chunk) - ShenHai Company's transfer price is consistent with unit prices for similar projects in Zhejiang Province over the past three years, and the total price is more favorable than purchasing quotas from the Jiaxing Municipal People's Government[11](index=11&type=chunk) - The Board believes the agreement was entered into on normal commercial terms, and its terms are fair and reasonable, aligning with the overall interests of the Company and its shareholders[12](index=12&type=chunk) [1.5 Implications under Listing Rules](index=2&type=section&id=1.5%20Implications%20under%20Listing%20Rules) ShenHai Company is a related party, making the agreement a connected transaction subject to reporting and announcement under Listing Rules Chapter 14A, but exempt from independent shareholder approval due to percentage ratios; certain directors abstained from voting due to conflicts of interest - ShenHai Company is a **75%** owned subsidiary of Traffic Group (the Company's controlling shareholder), thus a connected person of the Company[3](index=3&type=chunk)[14](index=14&type=chunk) - The transaction constitutes a connected transaction, with applicable percentage ratios exceeding **0.1%** but less than **5%**, requiring compliance with reporting and announcement requirements under Chapter 14A of the Listing Rules[3](index=3&type=chunk)[14](index=14&type=chunk) - The transaction is exempt from the requirement for independent shareholder approval[3](index=3&type=chunk)[14](index=14&type=chunk) - Mr. Yuan Yingjie, Mr. Fan Ye, and Mr. Huang Jianzhang, being employed by Traffic Group, are deemed to have material interests and abstained from voting on the relevant Board resolution[15](index=15&type=chunk) [1.6 Information on Contracting Parties](index=5&type=section&id=1.6%20Information%20on%20Contracting%20Parties) The company primarily invests in and operates high-grade highways; ZhaJiaSu Company, a 55% owned subsidiary, manages ZhaJiaSu Expressway; ShenHai Company, a 75% owned subsidiary of Traffic Group, manages and maintains highways - The Company (Zhejiang Expressway Co., Ltd.) primarily invests in, develops, and operates high-grade highways, and engages in expressway-related development, operations, and securities business[13](index=13&type=chunk) - ZhaJiaSu Company is a **55%** owned subsidiary of the Company, primarily engaged in the operation and management of the ZhaJiaSu Expressway[13](index=13&type=chunk) - ShenHai Company is a **75%** owned subsidiary of Traffic Group, primarily engaged in the management and maintenance of expressways[13](index=13&type=chunk) [Supplemental Announcement on Use of Proceeds from Rights Issue in 2024 Annual Report](index=2&type=section&id=Supplemental%20Announcement%20on%20Use%20of%20Proceeds%20from%20Rights%20Issue%20in%202024%20Annual%20Report) This announcement provides an updated timetable for the utilization of the remaining RMB 5.20 billion proceeds from the rights issue, expected to be fully used by December 2028 [2.1 Use of Proceeds and Timetable](index=2&type=section&id=2.1%20Use%20of%20Proceeds%20and%20Timetable) This supplemental announcement provides additional information on the expected timetable for using the remaining **RMB 5.20 billion** proceeds from the rights issue as of December 31, 2024, with full utilization anticipated by December 31, 2028, subject to project progress - This announcement aims to provide supplementary information regarding the expected timetable for the use of remaining proceeds from the rights issue[4](index=4&type=chunk)[16](index=16&type=chunk) Remaining Rights Issue Proceeds and Expected Utilization Timetable | Item | Amount (RMB) | Expected Utilization Date | | :--- | :--- | :--- | | Remaining Rights Issue Proceeds (as of Dec 31, 2024) | 5.20 billion RMB | 2028年12月31日 | - The timetable for the use of proceeds will depend on the actual progress of investment projects and will be adjusted accordingly[17](index=17&type=chunk) - The above supplementary information does not affect any other information contained in the 2024 annual report, and the report content remains unchanged except for this disclosure[17](index=17&type=chunk) [Definitions and Others](index=7&type=section&id=Definitions%20and%20Others) This section defines key terms used in the announcement and lists the members of the company's Board of Directors [3.1 Definitions](index=7&type=section&id=3.1%20Definitions) This section defines key terms used in the announcement, such as 'the Group', 'Board', 'Traffic Group', 'the Company', 'Connected Person', 'Connected Transaction', 'Controlling Shareholder', 'H Shares', 'Listing Rules', 'Project', 'RMB', 'Shareholder', 'ShenHai Company', 'Stock Exchange', and 'Subsidiary' - **"The Company"** refers to Zhejiang Expressway Co., Ltd., whose main business is investing in, developing, and operating high-grade highways[19](index=19&type=chunk) - **"Traffic Group"** refers to Zhejiang Provincial Communications Investment Group Co., Ltd., the controlling shareholder of the Company[19](index=19&type=chunk) - **"Supplementary Arable Land Quota Adjustment Agreement"** refers to the agreement entered into by ZhaJiaSu Company and ShenHai Company on **September 10, 2025**, concerning the provision of supplementary arable land quota adjustment services for the Project[19](index=19&type=chunk) - **"The Project"** refers to the ZhaJiaSu Expressway (Nanhu Interchange to Zhejiang-Jiangsu Border Section) expansion project operated by ZhaJiaSu Company[22](index=22&type=chunk) [3.2 Board Members](index=8&type=section&id=3.2%20Board%20Members) The announcement lists the company's Board of Directors, including Chairman Mr. Yuan Yingjie, Executive Directors Mr. Wu Wei and Mr. Li Wei, Non-executive Directors Mr. Yang Xudong, Mr. Fan Ye, and Mr. Huang Jianzhang, and Independent Non-executive Directors Mr. Baker, Ms. Li Weizheng, and Mr. Yu Mingyuan - The Chairman is Mr. Yuan Yingjie[21](index=21&type=chunk) - Executive Directors include Mr. Wu Wei and Mr. Li Wei[21](index=21&type=chunk) - Independent Non-executive Directors include Mr. Baker, Ms. Li Weizheng, and Mr. Yu Mingyuan[21](index=21&type=chunk)

Core Insights - The Hong Kong Stock Exchange (HKEX) has seen a significant increase in new stock financing, with a total of HKD 134.5 billion raised in the first eight months of the year, marking a nearly sixfold year-on-year growth [1] - A+H listing mode has accounted for 70% of the total fundraising in the first half of the year, indicating strong connectivity between the mainland and Hong Kong markets [1] - There are currently over 51 A-share companies in the queue to list in Hong Kong, reflecting a growing trend of A-share companies seeking dual listings [2] Group 1: A+H Listing Trends - 11 A-share companies have successfully completed A+H listings this year, raising over HKD 90 billion, which constitutes about 70% of the total IPO fundraising in Hong Kong [2] - The top five IPOs in Hong Kong this year are all A+H companies, with four of them raising over HKD 10 billion each [2] - Notable companies preparing for Hong Kong listings include SANY Heavy Industry, Sungrow Power Supply, and others, indicating a robust pipeline of A-share companies looking to enter the Hong Kong market [2] Group 2: Innovative Listing Methods - New listing methods such as share swap mergers and privatization are emerging, providing companies with alternative financing channels and optimizing resource allocation [3] - Zhejiang Hu-Hang-Yong plans to achieve A+H listing through a share swap merger with Zhenyang Development, while New Hope Group intends to privatize New Hope Energy and list in Hong Kong through an introduction [3] - These innovative approaches are expected to enhance companies' capital strength and risk resilience [3] Group 3: Structural Improvements in the Hong Kong Market - The enthusiasm for A+H dual financing platforms is driven by multiple factors, including support from the mainland for quality companies to list in Hong Kong and ongoing optimization of the listing process by HKEX [4] - The trend reflects a growing number of high-quality companies in the A-share market aiming for global expansion and enhanced international competitiveness [4] Group 4: Market Dynamics and Pricing - The influx of quality companies into the Hong Kong market is expected to improve the structural imbalance in the market and attract more capital [5] - As of September 5, 161 A+H stocks were listed, with only 5 showing higher H-share prices than A-shares, indicating a significant price disparity [5] - The premium for A-shares over H-shares has decreased, with some companies experiencing substantial discounts, reflecting a shift in market sentiment and the impact of a low-interest-rate environment in the mainland [5][6]

Group 1 - The Hong Kong Stock Exchange (HKEX) has seen a significant increase in new stock financing, reaching HKD 134.5 billion in the first eight months of the year, a nearly sixfold year-on-year growth, with A+H listings accounting for 70% of the total fundraising in the first half of the year [1][2] - A total of 11 A-share companies have completed A+H listings this year, raising over HKD 90 billion, which represents about 70% of the total IPO fundraising in the Hong Kong market [2] - More than 51 A-share companies are currently in the process of preparing for their listings in Hong Kong, including notable firms like SANY Heavy Industry and Sungrow Power Supply [2][3] Group 2 - Innovative listing methods are emerging in the current A+H expansion wave, such as share swap mergers and privatization, which provide companies with new financing channels and resource optimization opportunities [3] - Zhejiang Hu-Hang-Yong plans to achieve A+H listing through a share swap merger with Zhenyang Development, while New Hope Group intends to privatize New Hope Energy through its wholly-owned subsidiary and list on the Hong Kong Stock Exchange [3] Group 3 - The enthusiasm for A+H listings is driven by multiple factors, including support from mainland authorities for quality companies to list in Hong Kong and the ongoing optimization of the approval process by HKEX [4] - The trend of A+H listings is expected to improve the industry structure of the Hong Kong market, attracting more capital and updating the composition of A+H listed companies [5] Group 4 - As of September 5, 2023, among 161 A+H stocks, only 5 have H-share prices exceeding A-share prices, with CATL showing the largest discount at 17.43% [5][6] - The premium of A-shares over H-shares has significantly decreased, reflecting a shift in market sentiment and a revaluation of H-shares due to the low interest rate environment in mainland China [6]

Core Viewpoint - The company, Zhejiang Huhangyong Expressway Co., Ltd. (referred to as "Zhejiang Huhangyong"), is planning a share swap merger with Zhenyang Development Co., Ltd. (referred to as "Zhenyang Development"), which will result in Zhenyang Development being delisted and dissolved, while Zhejiang Huhangyong will continue to operate and list its shares on both A-share and H-share markets [1][2][5]. Group 1: Merger Details - The merger involves Zhejiang Huhangyong issuing A-shares to Zhenyang Development's shareholders in exchange for their shares, with a swap price set at 14.58 CNY per share, reflecting a 29.83% premium over Zhenyang Development's average price of 11.23 CNY over the past 120 trading days [4]. - Following the merger, Zhejiang Huhangyong will inherit all assets, liabilities, and rights of Zhenyang Development, and will apply for the listing of the newly issued A-shares on the Shanghai Stock Exchange [2][4]. Group 2: Financial Metrics - As of the signing date of the merger proposal, Zhenyang Development has a total share capital of 441,895,215 shares, and Zhejiang Huhangyong will issue a total of 477,246,833 A-shares for the merger [4]. - The merger is classified as a major asset restructuring for Zhenyang Development, as Zhejiang Huhangyong's total assets, revenue, and net assets exceed 50% of Zhenyang Development's corresponding figures as of the end of 2024 [4]. Group 3: Strategic Implications - The merger aims to enhance the role of state-owned enterprises and broaden funding sources for highway construction, contributing to the development of a modern, efficient, and green transportation system [5]. - This transaction will enable Zhejiang Huhangyong to achieve dual listing in both A-share and H-share markets, facilitating capital operations in both markets [5].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 浙江滬杭甬高速公路股份有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00576 | 說明 | H 股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,979,184,656 | RMB | | 1 | RMB | | 1,979,184,656 | | 增加 / 減少 (-) | | | 44,151,186 | | | | RMB | | 44,151,186 | | 本月底結存 | | | 2,023,335,842 | RMB | | 1 | RMB | ...

Core Viewpoint - Zhejiang Hu-Hang-Yong (00576) is proposing a share swap to absorb and merge with Zhenyang Development (603213), aiming for a dual listing in both A-share and H-share markets, which is expected to enhance funding sources for highway construction and capitalize on development opportunities in the Yangtze River Delta [1] Group 1: Share Swap and Listing Details - The company plans to issue A-shares at a price of 13.5 RMB, while the share swap price for Zhenyang Development is set at 14.58 RMB, with a conversion ratio of 1 share of Zhenyang Development to 1.08 A-shares [1] - The transaction involves the issuance of 216 million A-shares, totaling 4.492 billion A-shares that will be applied for listing on the Shanghai Stock Exchange [1] - The issuance price represents a premium of 119.01% compared to the closing price on September 2, based on the exchange rate of 1 HKD to 0.91183 RMB [1] Group 2: Strategic Implications - The merger through a share swap is expected to broaden the company's funding sources, providing financial support for highway construction projects [1] - This strategic move is aligned with the company's goal to leverage development opportunities in the Yangtze River Delta region [1]

Core Viewpoint - Zhejiang Huhangyong (00576) is proposing a share swap merger with Zhenyang Development to achieve a dual listing in both A-share and H-share markets, which is expected to enhance funding sources for highway construction and capitalize on development opportunities in the Yangtze River Delta [1] Group 1: Company Actions - Zhejiang Huhangyong's share price increased by nearly 4%, reaching HKD 7.02, with a trading volume of HKD 28.62 million [1] - The company plans to issue A-shares at a price of RMB 13.5, while the swap price for Zhenyang Development shares is set at RMB 14.58, with a conversion ratio of 1 share of Zhenyang Development to 1.08 A-shares of Zhejiang Huhangyong [1] - A total of 216 million A-shares will be issued, along with 4.492 billion A-shares from the conversion of existing domestic shares, which will be listed on the Shanghai Stock Exchange [1] Group 2: Financial Metrics - The issuance price represents a premium of 119.01% compared to the closing price on September 2, based on the exchange rate of 1 HKD to 0.91183 RMB [1] - The merger is expected to provide significant financial support for highway construction projects [1]

Group 1 - The core viewpoint of the article is that Zhejiang Huhangyong intends to merge with Zhejiang Zhanyang Development through a share exchange, which is in compliance with regulatory requirements [1][2] - The board of directors of Zhejiang Zhanyang Development has conducted a careful analysis and believes that the transaction meets the requirements outlined in the regulatory guidelines [1][2] - The transaction will allow the surviving company to inherit all assets, liabilities, and rights of Zhejiang Zhanyang Development, enhancing its independence and risk resistance [2] Group 2 - Both Zhejiang Huhangyong and Zhejiang Zhanyang Development do not have any issues that would affect their legal existence or restrict the transaction [2] - The transaction aims to highlight the main business and improve the ability to manage risks, which is beneficial for the surviving company [2] - The board has indicated that all necessary approvals for the transaction have been disclosed in detail, along with specific risks related to potential non-approval [1]

Group 1 - The company, Zhejiang Zhenyang Development Co., Ltd., is planning a share swap merger with Zhejiang Hangzhou-Ningbo Expressway Co., Ltd. [1] - The board of directors has implemented confidentiality measures to control the dissemination of sensitive information related to the transaction [1] - The company has established a record of insiders and a memorandum of significant transaction progress to prevent insider information leakage [1]