China Expressway Equities Potential opportunity in 4Q25 Opportunity in 4Q25: Sector share prices changes have ranged from -16% to +1% since July, versus HSI +9%. The sell-off continued after 1H25 results, due to 1) soft toll growth; 2) investors' risk-on sentiment; 3) company-specific risks: major shareholder sell-off for Anhui Exp and 2025 earnings downward revision risks for Jiangsu Exp (also see China Expressway, 20 June 2025). We now see opportunity in 4Q25, as dividend yields are returning to an attrac ...