Group 1 - Jiangsu Ninghu Expressway (00177.HK) was increased by Jiangsu Communications Holding Co., Ltd. by 10.588 million shares at an average price of HKD 9.8947 per share, involving approximately HKD 105 million [1] - After the increase, Jiangsu Communications Holding Co., Ltd. holds a total of 49.024 million shares, raising its ownership percentage from 3.15% to 4.01% [1]

Group 1 - Jiangsu Transportation Holding Co., Ltd. increased its stake in Jiangsu Ninghu Expressway (600377) by acquiring 10.588 million shares at a price of HKD 9.8947 per share, totaling approximately HKD 105 million [1] - After the acquisition, the total number of shares held by Jiangsu Transportation is 49.024 million, representing a holding percentage of 4.01% [1]

Group 1 - Jiangsu Ninhuhighway Company (00177.HK) was increased by Jiangsu Transportation Holding Co., Ltd. by 10.784 million shares at an average price of HKD 10.0313 per share, involving approximately HKD 108 million [1] - After the increase, Jiangsu Transportation Holding Co., Ltd. holds a total of 38.436 million shares, raising its ownership percentage from 2.26% to 3.15% [1]

Core Insights - Jiangsu Communications Holding Co., Ltd. increased its stake in Jiangsu Ninghu Expressway (600377) by acquiring 10.784 million shares at a price of HKD 10.0313 per share, totaling approximately HKD 108 million [1] - Following the acquisition, Jiangsu Communications Holding's total shareholding in Jiangsu Ninghu Expressway reached approximately 38.436 million shares, representing a 3.15% ownership stake [1] - The combined holdings of Jiangsu Communications Holding and its controlled enterprises in Jiangsu Ninghu Expressway's A-shares amount to 2,743,108,825 shares, accounting for 54.4511% of the total shares of Jiangsu Ninghu Expressway [1]

Core Viewpoint - Jiangsu Communications Holding Co., Ltd. has increased its stake in Jiangsu Ninhuhighway Co., Ltd. by acquiring 10.784 million shares at a price of HKD 10.0313 per share, totaling approximately HKD 108 million, resulting in a new holding of about 38.436 million shares, representing 3.15% of the company [1] Group 1 - Jiangsu Communications Holding Co., Ltd. now holds approximately 38.436 million shares of Jiangsu Ninhuhighway Co., Ltd. after the recent purchase [1] - The total amount spent on the acquisition was around HKD 108 million [1] - The new holding represents a 3.15% ownership stake in Jiangsu Ninhuhighway Co., Ltd. [1] Group 2 - Jiangsu Communications Holding Co., Ltd. and its controlled enterprises collectively hold 2,743,108,825 A-shares of Jiangsu Ninhuhighway Co., Ltd. [1] - The total A-share equity held by these enterprises accounts for 54.4511% of Jiangsu Ninhuhighway Co., Ltd.'s total shares [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 承董事會命 汪 鋒 執行董事 暫停辦理H股股份過戶登記手續 2025年第一次臨時股東會 本公司2025年第一次臨時股東會將於2025年12月18日 舉 行。 本公司將於2025年11月28日 至2025年12月18日（首 尾 兩 天 包 括 在 內）暫 停 辦 理H股 股 份 過 戶 登 記 手 續。持 有 本 公 司H股 股 東，如 欲 有 權 參 加2025年 第一次臨時股東會並於會上表決，須 於2025年11月27日（星 期 四）下 午4:30 之 前 將過戶文件連同有關之股票交回本公司之H股股份過戶登記處香 港 中 央 證 券 登 記 有 限 公 司，地 址 為 香 港 灣 仔 皇 后 大 道 東183號合和中心 17樓1712–1716號 舖。 JIANGSU EXPRESSWAY COMPANY LIMITED 江蘇寧滬高速 ...

Core Viewpoint - Jiangsu Ninghu Expressway's stock transfer from HSBC to Citibank indicates a significant shift in shareholder structure, with a market value of HKD 538 million, representing 4.49% of the total shares [1] Financial Performance - For the first three quarters of 2025, Jiangsu Ninghu Expressway reported revenue of approximately CNY 12.981 billion, a year-on-year decrease of 7.66% [1] - The net profit attributable to shareholders of the listed company was about CNY 3.837 billion, reflecting a year-on-year decline of 6.86% [1] - The basic earnings per share stood at CNY 0.7617 [1]

Core Viewpoint - Jiangsu Ninghu Expressway's stock transfer and financial performance indicate a shift in shareholder structure and a decline in revenue and profit for the first three quarters of 2025 [1] Group 1: Shareholder Activity - On November 10, 2023, shareholders of Jiangsu Ninghu Expressway transferred shares from HSBC Hong Kong to Citibank, with a market value of HKD 538 million, representing 4.49% of the total shares [1] Group 2: Financial Performance - For the first three quarters of 2025, Jiangsu Ninghu Expressway reported revenue of approximately CNY 12.981 billion, a year-on-year decrease of 7.66% [1] - The net profit attributable to shareholders was approximately CNY 3.837 billion, reflecting a year-on-year decline of 6.86% [1] - The basic earnings per share stood at CNY 0.7617 [1]

Summary of Jiangsu Expressway - H/A Conference Call Company Overview - **Company**: Jiangsu Expressway - **Ticker**: 177 HK (H shares), 600377 CH (A shares) - **Market Cap**: $6.133 billion (H shares), $9.658 billion (A shares) [4][27] Key Industry Insights - **Sector**: Infrastructure, Industrials & Transport - **Performance**: Jiangsu Expressway has shown solid operational performance and cost efficiencies in 3Q25, supporting a positive outlook [2][12] - **Market Context**: H shares have declined by 5% and A shares by 15% since June, while the CSI300 index gained 11%, attributed to fund rotation into growth names [2] Financial Performance - **3Q25 Results**: - Revenue growth of 6.6% year-over-year (Y/Y) for Shanghai-Nanjing Expressway, driven by a 12% increase in truck traffic [6] - Cost of revenue decreased by 5.6% Y/Y, with expectations for continued decline in road maintenance costs [6] - **Earnings Estimates**: - 4Q25 earnings expected to rise by 15% Y/Y due to resilient toll revenue and cost-reduction efforts [6] Dividend and Valuation - **Dividend Yield**: 5.7% for Jiangsu Expressway - H, with a commitment to maintain dividend stability [2][12] - **Price Target**: - H shares: HK$11.00 by Dec-26 [4][17] - A shares: Rmb15.00 by Dec-26 [27][41] - **Valuation Metrics**: - Adjusted EPS for FY25E: Rmb0.95, FY26E: Rmb1.01 [9][27] Strategic Initiatives - **Expansion Projects**: - Ongoing preparations for the Shanghai-Nanjing Expressway expansion, with completion aimed before the concession expires in 2032 [8] - Several major projects are progressing as scheduled, including the Ningyang Yangtze River Bridge North Connection and Xitai Project [7][8] - **Regulatory Environment**: - Anticipated revisions to the National Tollroad Regulation Policy, potentially extending concession periods and promoting balanced tolling [6] Risks and Considerations - **Downside Risks**: - Larger-than-expected decline in traffic, higher-than-expected capital expenditures for new projects, and less favorable toll-road industry policy terms [23][42] - **Upside Risks**: - Larger-than-expected increase in traffic and lower-than-expected capital expenditures [42] Conclusion - **Investment Stance**: Overweight on Jiangsu Expressway - H due to solid fundamentals, attractive yield, and growth potential in the toll-road sector [2][12][21] - **Neutral on Jiangsu Expressway - A** due to valuation concerns after recent price rallies [30][40]

Core Viewpoint - Jiangsu Ninghu Expressway (600377) announced that its controlling shareholder, Jiangsu Jiaokong, reported that its subsidiary, Yunshan Capital, acquired 27.652 million H shares of the company, representing approximately 0.5489% of the total issued share capital [1] Group 1 - After the acquisition, Jiangsu Jiaokong and its concerted parties, including its subsidiary, hold a total of 2.771 billion shares in the company, comprising 2.743 billion A shares and 27.652 million H shares [1] - The shareholding ratio increased from approximately 54.4511% to approximately 55.0000% [1]