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the)84 ( )]TJ 0.039 Tc 0 -1.154 Td [(entrustment)12.2 ( of)12.2 ( its)12.2 ( ordinary)12.2 ( operation)12.2 ( and)12.1 ( management)12.1 ( matters)12.1 ( to)12.1 ( the)14 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.154 Td [(Company)5 ( )0.5 (for)5 ( )0.5 (a)5.1 ( )0.5 (term)5 ( )0.5 (commencing)5 ( )0.5 (from)5 ( )0.5 (3)5 (0)5 ( )0.5 (June)5 ( )0.5 (2)5 (0)5 (2)5 (1)5 ( )0.5 (to)5.1 ( 3)5.1 (1)4.9 ( )0.6 (December)5 ( )]TJ 0.053 Tc 0.07 Tw 0 -1.154 Td [(2)12.4 (0)12.3 (2)12.4 (3)12.4 (.)12.3 ( In)12.4 ( order)12.4 ( to)12.4 ( safeguard)12.4 ( the)12.4 ( level)12.4 ( of)12.4 ( the)12.4 ( ordinary)12.3 ( operation)12.4 ( and)28 ( )]TJ 0.024 Tc 0 Tw 0 -1.154 Td [(management and the service quality, Wufengshan Toll Bridge Company)-1 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.154 Td [(w)0.5 (il)0.5 (l)7 ( )0.5 (c)0.5 (on)0.5 (t)0.5 (in)0.5 (u)0.5 (e)7 ( )0.5 (to)7 ( )0.5 (e)0.5 (n)0.5 (tr)0.5 (u)0.5 (st)7 ( )0.5 (t)0.5 (h)0.5 (e)7 ( )0.5 (Co)0.5 (m)0.5 (pa)0.5 (n)0.5 (y)7 ( )0.5 (wi)0.5 (t)0.5 (h)7 ( )0.5 (th)0.5 (e)7 ( )0.5 (o)0.5 (rd)0.5 (i)0.5 (na)0.5 (r)0.5 (y)7 ( )0.5 (op)0.5 (e)0.5 (ra)0.5 (t)0.5 (io)0.5 (n)7 ( )0.5 (a)0.5 (nd)7 ( )]TJ 0.034 Tc 0.074 Tw 0 -1.154 Td [(management)9 ( )0.5 (matters.)9 ( )0.5 (As)9 ( )0.5 (considered)9 ( )0.5 (and)9 ( )0.5 (approved)9 ( )0.5 (at)9 ( )0.5 (the)9 ( )0.6 (twenty-third)9 ( )]TJ 0.025 Tc 0.065 Tw 0 -1.154 Td (meeting of the tenth session of the board of directors of the Company, )Tj 0.062 Tc 0.07 Tw 0 -1.154 Td [(on)12.2 ( 2)12.1 (6)12.2 ( December)12.2 ( 2)12.1 (0)12.2 (2)12.1 (3)12.1 (,)12.1 ( the)12.2 ( Company)12.1 ( entered)12.1 ( into)12.1 ( the)12.2 ( Entrustment)37 ( )]TJ 0.071 Tc 0 -1.154 Td [(Management)12.5 ( Agreement)12.5 ( with)12.5 ( Wufengshan)12.4 ( Toll)12.4 ( Bridge)12.4 ( Company)45.9 ( )]TJ 0.025 Tc 0.068 Tw 0 -1.154 Td (regarding the Company\222s acceptance of the entrustment to operate and \ )Tj 0.024 Tc 0 Tw 0 -1.154 Td [(manage the Wufengshan Toll Bridge project. The term of the agreement)-1 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.154 Td [(is)3.1 ( )0.5 (from)3 ( )0.5 (1)3 ( )0.5 (January)3 ( )0.5 (2)3 (0)3 (2)3 (4)3 ( )0.5 (to)3 ( )0.5 (3)3 (0)3 ( )0.5 (April)3 ( )0.5 (2)3 (0)3 (2)3 (6)3 (,)3 ( )0.5 (with)3 ( )0.5 (the)3 ( )0.5 (transaction)3.1 ( amount)3 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.154 Td [(not)8 ( )0.5 (exceeding)8 ( )0.5 (RMB)8 (1)8.1 (2)8 (5)8 (.)8 (1)8 (7)8 ( )0.5 (million,)8 ( )0.5 (of)8 ( )0.6 (which)8 ( )0.5 (not)8 ( )0.5 (exceeding)8 ( )0.5 (RMB)8 (5)8 (0)8 (.)8 (0)8 ( )]TJ 0.025 Tc 0.054 Tw 0 -1.154 Td (million from 1 January to 31 December 2024, not exceeding RMB55.0 )Tj 0.075 Tc 0.07 Tw 0 -1.154 Td [(m)0.5 (i)0.5 (l)0.5 (l)0.5 (i)0.5 (o)0.5 (n)13 ( )0.5 (f)0.5 (r)0.5 (o)0.5 (m)13.1 ( )0.5 (1)13 ( )0.5 (J)0.5 (a)0.5 (n)0.5 (u)0.5 (a)0.5 (r)0.5 (y)13 ( )0.6 (t)0.5 (o)13 ( )0.5 (3)13 (1)13 ( )0.5 (D)0.5 (e)0.5 (c)0.5 (e)0.6 (m)0.5 (b)0.5 (e)0.5 (r)13 ( )0.5 (2)13 (0)13 (2)13 (5)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (n)0.6 (o)0.5 (t)13 ( )0.5 (e)0.5 (x)0.5 (c)0.5 (e)0.5 (e)0.5 (d)0.5 (i)0.5 (n)0.5 (g)50 ( )]TJ 0.025 Tc 0 Tw 0 -1.154 Td (RMB20.17 million from 1 January to 30 April 2026. )Tj 0.055 Tc 0.07 Tw 0 -2.308 Td [(The)12.5 ( pricing)12.5 ( of)12.6 ( the)12.6 ( above)12.6 ( two)12.5 ( entrustment)12.5 ( management)12.6 ( agreements)35 ( )]TJ 0.047 Tc 0 -1.154 Td [(w)0.6 (a)0.5 (s)13 ( )0.6 (d)0.5 (e)0.5 (t)0.5 (e)0.6 (r)0.5 (m)0.5 (i)0.5 (n)0.6 (e)0.5 (d)13 ( )0.6 (b)0.5 (a)0.5 (s)0.6 (e)0.5 (d)13 ( )0.6 (o)0.5 (n)13 ( )0.5 (t)0.6 (h)0.5 (e)13 ( )0.6 (t)0.5 (o)0.5 (t)0.5 (a)0.6 (l)13 ( )0.5 (l)0.5 (a)0.6 (b)0.5 (o)0.5 (u)0.6 (r)13 ( )0.5 (c)0.6 (o)0.5 (s)0.5 (t)0.5 (s)13.1 ( )0.5 (d)0.5 (u)0.6 (r)0.5 (i)0.5 (n)0.5 (g)13 ( )0.6 (t)0.5 (h)0.5 (e)13.1 ( )0.5 (e)0.5 (n)0.6 (t)0.5 (r)0.5 (u)0.5 (s)0.6 (t)0.5 (e)0.5 (d)27 ( )]TJ 0.02 Tc 0.079 Tw 0 -1.154 Td (management period, as well as all operation and management expenses )Tj 0.038 Tc 0.07 Tw 0 -1.154 Td [(incurred)12.5 ( by)12.6 ( the)12.6 ( Company)12.5 ( for)12.5 ( the)12.5 ( operation)12.5 ( and)12.5 ( management)12.5 ( projects)18 ( )]TJ 0.02 Tc 0.043 Tw 0 -1.154 Td [(and )0.6 (the )0.5 (taxes )0.5 (and )0.5 (fees )0.5 (arising )0.5 (therefrom )0.5 (\(the )0.5 (\221\221)]TJ /T1_1 1 Tf [(Total )0.6 (Costs)]TJ /T1_0 1 Tf [(\224\), )0.5 (with )0.5 (10% )]TJ 0.042 Tc 0.07 Tw 0 -1.154 Td [(of)12.8 ( the)12.8 ( Total)12.7 ( Costs)12.7 ( being)12.8 ( added)12.7 ( as)12.8 ( profit.)12.7 ( Currently,)12.7 ( there)12.7 ( is)12.7 ( no)12.8 ( open)22.1 ( )]TJ 0.019 Tc 0 Tw 0 -1.154 Td [(market for the entrusted management business in the toll road and bridge\ )-0.9 ( )]TJ 0.041 Tc 0.07 Tw 0 -1.154 Td [(industry)12.2 ( in)12.2 ( Jiangsu)12.2 ( Province,)12.2 ( and)12.2 ( therefore,)12.3 ( no)12.2 ( open)12.2 ( and)12.3 ( transparent)21 ( )]TJ 0.02 Tc 0.074 Tw 0 -1.154 Td (market pricing mechanism has been established. In order to ensure that )Tj 0.023 Tw 0 -1.154 Td (the entrusted management fee charged by the Company to the principals )Tj 0.019 Tc 0 Tw 0 -1.154 Td [(will not be more favourable than what may be charged to an independent)-1 ( )]TJ 0.023 Tc 0.08 Tw 0 -1.154 Td [(third)2.9 ( )0.6 (party,)3 ( )0.5 (having)3 ( )0.5 (studied)3 ( )0.5 (the)3 ( )0.6 (entrusted)3 ( )0.5 (management)3 ( )0.5 (arrangements)3 ( )0.5 (for)3 ( )]TJ 0.041 Tc 0.07 Tw 0 -1.154 Td [(the)12.5 ( toll)12.4 ( roads)12.5 ( in)12.5 ( the)12.5 ( Yangtze)12.6 ( River)12.5 ( Basin)12.5 ( and)12.5 ( reviewed)12.5 ( the)12.6 ( expected)21 ( )]TJ 0.04 Tc 0 -1.154 Td [(rate)12.3 ( of)12.2 ( return)12.2 ( on)12.3 ( investment)12.3 ( in)12.3 ( the)12.3 ( feasibility)12.3 ( reports)12.2 ( on)12.3 ( the)12.3 ( relevant)20 ( )]TJ 0.02 Tc 0.06 Tw 0 -1.154 Td (toll road projects, the Company has conducted arm\222s length negotiatio\ n )Tj 0.064 Tc 0.07 Tw 0 -1.154 Td [(with)12.9 ( the)12.9 ( principals)12.9 ( on)12.9 ( a)12.9 ( cost-plus)12.9 ( basis,)12.9 ( and)12.8 ( an)12.9 ( approximate)12.9 ( 1)12.9 (0)12.8 (%)44 ( )]TJ 0.028 Tc 0.075 Tw 0 -1.154 Td [(profit)8 ( )0.5 (margin)8 ( )0.5 (has)8 ( )0.5 (been)8 ( )0.5 (confirmed)8 ( )0.5 (in)8 ( )0.5 (the)8 ( )0.5 (entrusted)8 ( )0.5 (management)8 ( )0.5 (fee.)8 ( )0.5 (In)8 ( )]TJ 0.02 Tc 0.079 Tw 0 -1.154 Td (formulating the plan for implementation of 10% profit on this renewal, )Tj 0.025 Tc 0.078 Tw 0 -1.154 Td [(the)5 ( )0.5 (Company)5 ( )0.5 (has)5 ( )0.5 (made)5 ( )0.5 (reference)5 ( )0.5 (to)5 ( )0.5 (the)5 ( )0.5 (publicly)5 ( available)5 ( )0.5 (information)5 ( )]TJ 0.028 Tc 0.075 Tw 0 -1.154 Td [(on)8 ( )0.5 (certain)8 ( )0.5 (listed)8 ( )0.5 (companies)8 ( )0.5 (located)8.1 ( in)8 ( )0.5 (the)8 ( )0.5 (Yangtze)8 ( )0.5 (River)8 ( )0.5 (Basin)8 ( )0.5 (region)8 ( )]TJ 0.02 Tc 0.083 Tw 0 -1.154 Td [(of )0.5 (China )0.5 (that )0.5 (operate )0.5 (toll )0.5 (roads )0.5 (and )0.5 (bridges )0.5 (as )0.5 (their )0.5 (principal )0.5 (business. )]TJ 0.045 Tc 0.07 Tw 0 -1.154 Td [(The)12.1 ( management)12 ( fee)12 ( charged)12 ( by)12.1 ( the)12.1 ( Company)12.1 ( is)12.1 ( not)12.1 ( lower)12 ( than)12.1 ( the)25 ( )]TJ 0.018 Tc 0 Tw 0 -1.154 Td [(management fee charged by the other listed companies mentioned above.)-2 ( )]TJ 0.042 Tc 0.07 Tw 0 -1.154 Td [(In)12.1 ( addition,)12.2 ( the)12.2 ( profit)12.1 ( margin)12.1 ( of)12.2 ( 1)12.2 (0)12.1 (%)12.2 ( is)12.1 ( not)12.1 ( lower)12.1 ( than)12.2 ( the)12.2 ( expected)22 ( )]TJ 0.025 Tc 0.078 Tw 0 -1.154 Td [(rate)5 ( )0.5 (of)5 ( )0.5 (return)5 ( )0.5 (on)5 ( )0.5 (investment)5 ( )0.5 (in)5 ( )0.5 (the)5 ( )0.5 (toll)5 ( rights)5 ( )0.5 (of)5 ( )0.5 (the)5.1 ( )0.5 (relevant)5 ( )0.5 (toll)5 ( )0.5 (roads)5 ( )]TJ 0.02 Tc 0.08 Tw 0 -1.154 Td [(as )0.6 (approved )0.6 (by )0.5 (the )0.6 (competent )0.5 (provincial )0.5 (authorities )0.5 (responsible )0.6 (for )0.5 (the )]TJ 0.022 Tc 0.081 Tw 0 -1.154 Td [(toll)2 ( )0.5 (rights)2 ( )0.5 (of)2 ( )0.5 (the)2 ( )0.5 (relevant)2 ( )0.5 (roads.)2 ( )0.5 (The)2 ( )0.5 (fees)2 ( )0.5 (under)2 ( )0.5 (the)2 ( )0.5 (agreements)2 ( )0.5 (will)2 ( )0.5 (be)2 ( )]TJ 0.02 Tc 0.043 Tw 0 -1.154 Td (settled on an annual basis after the relevant services are received by t\ he )Tj 0 Tw 0 -1.154 Td (aforementioned companies with their own funds or financing eligible for \ )Tj 0 -1.154 Td (the purpose of the funds.)Tj ET endstream endobj 25 0 obj <>/Subtype/Form>>stream endstream endobj 21 0 obj <> endobj 29 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 10 \226)Tj ET q 0 Tc 0 g /GS1 gs 0 TL/Fm0 Do Q BT /T1_1 1 Tf 0.098 Tc 0.07 Tw 13 0 0 13 56.6929 773.5878 Tm [(I)73 (I)73 (I)73 (.)73.1 ( )-245.6 (M)0.6 (A)0.5 (IN)13 ( )0.6 (CO)0.5 (N)0.5 (T)0.6 (EN)0.6 (T)13 ( A)0.5 (N)0.6 (D)13 ( P)0.5 (R)0.5 (I)0.5 (C)0.6 (IN)0.6 (G)12.9 ( )0.5 (P)0.5 (O)0.5 (L)0.5 (I)0.5 (C)0.5 (Y)13 ( )0.5 (O)0.5 (F)13 ( )0.5 (R)0.5 (E)0.5 (L)0.5 (A)0.5 (T)0.5 (E)0.5 (D)13 ( )0.5 (P)0.5 (A)0.5 (R)0.5 (T)0.5 (Y)0.5 (/)]TJ 0.025 Tc 0 Tw 2.181 -1.231 Td (CONNECTED TRANSACTION)Tj 0 -2.462 Td [(1. )-1105.5 (Entrusted Management Service)]TJ /T1_0 1 Tf 0.055 Tc 0.07 Tw 2.18 -2.462 Td [(\()30 (1)30 (\))30 ( )-564.5 (Suxichang)12.6 ( South)12.7 ( Expressway)12.6 ( Company)12.6 ( is)12.6 ( the)12.6 ( project)12.6 ( company)12.7 ( for)30 ( )]TJ 0.036 Tc 0.072 Tw 2.181 -1.231 Td [(the)11.1 ( investment)11 ( )0.5 (and)11 ( )0.5 (construction)11 ( )0.5 (of)11 ( )0.5 (the)11 ( )0.5 (Suxichang)11 ( )0.5 (South)11 ( )0.5 (Expressway.)11 ( )]TJ 0.074 Tc 0.07 Tw 0 -1.231 Td [(In)12.1 ( 2)12.1 (0)12.1 (2)12.2 (1)12.1 (,)12.1 ( Suxichang)12.2 ( South)12.1 ( Expressway)12.2 ( Company)12.2 ( entered)12.1 ( into)12.1 ( an)49 ( )]TJ 0.056 Tc 0 -1.231 Td [(Entrustment)12.1 ( Management)12.2 ( Agreement)12.2 ( with)12.1 ( the)12.2 ( Company)12.2 ( in)12.1 ( respect)31 ( )]TJ 0.039 Tc 0 -1.231 Td [(to)12.1 ( the)12.2 ( entrustment)12.2 ( of)12.2 ( its)12.1 ( ordinary)12.2 ( operation)12.2 ( and)12.2 ( management)12.2 ( matters)14 ( )]TJ 0.048 Tc 0 -1.231 Td [(to)12.8 ( the)12.8 ( Company)12.7 ( for)12.8 ( a)12.8 ( term)12.7 ( commencing)12.7 ( from)12.8 ( 3)12.7 (0)12.8 ( December)12.8 ( 2)12.8 (0)12.7 (2)12.7 (1)12.8 ( to)23 ( )]TJ 0.057 Tc 0 -1.231 Td [(3)12.8 (1)12.7 ( December)12.7 ( 2)12.8 (0)12.8 (2)12.7 (3)12.8 (.)12.8 ( In)12.8 ( order)12.7 ( to)12.8 ( safeguard)12.8 ( the)12.8 ( level)12.8 ( of)12.8 ( the)12.8 ( ordinary)32 ( )]TJ 0.042 Tc 0 -1.231 Td [(o)0.5 (p)0.6 (e)0.5 (r)0.6 (a)0.5 (t)0.5 (i)0.6 (o)0.5 (n)13.1 ( )0.5 (a)0.6 (n)0.5 (d)13 ( )0.6 (m)0.5 (a)0.6 (n)0.5 (a)0.5 (g)0.6 (e)0.5 (m)0.6 (e)0.5 (n)0.5 (t)13.1 ( )0.5 (a)0.6 (n)0.5 (d)13 ( )0.6 (t)0.5 (h)0.6 (e)13 ( )0.6 (s)0.5 (e)0.6 (r)0.5 (v)0.5 (i)0.6 (c)0.5 (e)13.1 ( )0.5 (q)0.5 (u)0.6 (a)0.5 (l)0.6 (i)0.5 (t)0.5 (y)0.6 (,)13 ( )0.5 (S)0.6 (u)0.5 (x)0.6 (i)0.5 (c)0.5 (h)0.6 (a)0.5 (n)0.6 (g)13 ( )0.6 (S)0.5 (o)0.5 (u)0.6 (t)0.5 (h)17 ( )]TJ 0.067 Tc 0 -1.231 Td [(Expressway)12.4 ( Company)12.5 ( will)12.4 ( continue)12.4 ( to)12.4 ( entrust)12.4 ( the)12.5 ( Company)12.5 ( with)42 ( )]TJ 0.048 Tc 0 -1.231 Td [(the)12.2 ( ordinary)12.2 ( operation)12.2 ( and)12.2 ( management)12.2 ( matters.)12.2 ( As)12.1 ( considered)12.1 ( and)23 ( )]TJ 0.022 Tc 0 Tw 0 -1.231 Td [(approved at the twenty-third meeting of the tenth session of the board o\ f)-3 ( )]TJ 0.025 Tc 0.03 Tw 0 -1.231 Td (directors of the Company, on 26 December 2023, the Company entered )Tj 0.044 Tc 0.07 Tw 0 -1.231 Td [(into)12.1 ( the)12.1 ( Entrustment)12.1 ( Management)12.1 ( Agreement)12.1 ( with)12.1 ( Suxichang)12.1 ( South)19 ( )]TJ 0.06 Tc 0 -1.231 Td [(Expressway)12.3 ( Company)12.4 ( regarding)12.4 ( the)12.4 ( Company\222s)12.4 ( acceptance)12.4 ( of)12.3 ( the)35 ( )]TJ 0.039 Tc 0 -1.231 Td [(entrustment)12.5 ( to)12.5 ( operate)12.4 ( and)12.4 ( manage)12.4 ( the)12.5 ( Suxichang)12.4 ( South)12.4 ( Expressway)14 ( )]TJ 0.069 Tc 0 -1.231 Td [(project.)12.9 ( )0.5 (The)12.9 ( term)12.9 ( of)12.9 ( the)13 ( a)0.5 (greement)12.9 ( is)12.9 ( fr)0.5 (om)12.9 ( 1)12.9 ( January)12.9 ( 2)12.9 (0)12.9 (2)12.9 (4)12.9 ( to)13 ( 3)13 (0)43.9 ( )]TJ 0.051 Tc 0 -1.231 Td [(April)12.9 ( 2)12.9 (0)12.9 (2)12.8 (6)12.9 (,)12.9 ( with)12.9 ( the)12.9 ( transaction)12.9 ( amount)12.9 ( not)12.9 ( exceeding)12.8 ( RMB)12.9 (1)12.9 (3)12.9 (2)12.8 (.)12.9 (6)12.9 (8)26 ( )]TJ 0.025 Tc 0.062 Tw 0 -1.231 Td (million, of which, not exceeding RMB53 million from 1 January to 31 )Tj 0.054 Tw 0 -1.231 Td (December 2024, not exceeding RMB58.3 million from 1 January to 31 )Tj 0.03 Tc 0.078 Tw 0 -1.231 Td [(December)5.1 ( )0.5 (2)5 (0)5 (2)5 (5)5 ( and)5 ( )0.5 (not)5 ( exceeding)5 ( )0.5 (RMB)5 (2)5 (1)5 (.)5 (3)5 (8)5 ( )0.5 (million)5 ( )0.5 (from)5 ( )0.5 (1)5 ( )0.5 (January)5 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (to 30 April 2026 )Tj 7.579 0 2.0308 7.579 236.0362 378.7878 Tm (\(Note 1\))Tj 0 Tc 13 0 0 13 263.7948 373.5878 Tm (.)Tj /T1_1 1 Tf 13 0 3.4833 13 267.3698 373.5878 Tm ( )Tj /T1_0 1 Tf 0.025 Tc 0.083 Tw 11 0 2.9474 11 140.6034 343.5878 Tm [(N)-10.4 (o)-10.4 (t)-10.5 (e )0.5 (1: )]TJ 0.035 Tc 0.073 Tw 11 0 0 11 181.5328 343.5878 Tm [(The)10 ( )0.5 (Suxichang)10 ( )0.5 (South)10 ( )0.5 (Expressway)10 ( )0.5 (is)10 ( )0.5 (an)10 ( )0.5 (important)10 ( )0.5 (traffic)10 ( )0.5 (artery)10 ( )0.5 (in)10 ( )0.5 (eastern)10 ( )]TJ 0.025 Tc 0.056 Tw 0.247 -1.273 Td (China. According to the data of past years, the regional GDP growth has \ a )Tj 0.018 Tw 0 -1.273 Td (significant impact on the development of the Suxichang South Expressway,\ )Tj 0.028 Tc 0.08 Tw 0 -1.273 Td [(and)3 ( )0.5 (the)3 ( )0.5 (traffic)3 ( )0.5 (volume)3 ( )0.5 (will)3 ( )0.5 (show)3 ( )0.6 (a)3 ( )0.5 (rapid)3 ( )0.5 (growth)3 ( )0.5 (trend)3 ( )0.5 (in)3 ( )0.5 (the)3 ( )0.5 (future,)3 ( )0.5 (when)3 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.273 Td [(the)2 ( road)2 ( )0.5 (maintenance)2 ( )0.5 (costs,)2 ( )0.5 (facility)2 ( upgrade)2 ( )0.5 (costs,)2 ( )0.5 (traffic)2 ( )0.5 (safety)2 ( )0.5 (costs)2 ( )0.5 (and)2 ( )]TJ 0.046 Tc 0.07 Tw 0 -1.273 Td [(labour)12.1 ( costs)12.1 ( will)12.2 ( increase)12.2 ( significantly.)12.1 ( Considering)12.1 ( the)12.1 ( various)12.1 ( factors)21 ( )]TJ 0.039 Tc 0 -1.273 Td [(for)12.9 ( the)12.9 ( future)12.8 ( development)12.8 ( of)12.9 ( the)12.9 ( Suxichang)12.8 ( South)12.8 ( Expressway,)12.8 ( the)12.8 ( cost)14 ( )]TJ 0.054 Tc 0 -1.273 Td [(of)12.2 ( entrustment)12.1 ( of)12.1 ( the)12.1 ( operation)12.1 ( and)12.1 ( management)12.2 ( has)12.1 ( also)12.2 ( increased)12.2 ( as)29 ( )]TJ 0.025 Tc 0 Tw 0 -1.273 Td (compared to the actual costs incurred in 2023.)Tj ET endstream endobj 28 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 9 \226)Tj ET q 0 Tc 0 g /GS1 gs 0 TL/Fm0 Do Q BT /T1_1 1 Tf 13 0 0 13 85.0394 773.5878 Tm [(\(II\) )-361.5 (Related/Connected Relationship with the Listed Company)]TJ /T1_0 1 Tf 0.075 Tc 0.07 Tw 2.181 -2.462 Td [(Jiangsu)12.7 ( Communications)12.7 ( Holding,)12.7 ( the)12.7 ( controlling)12.7 ( shareholder)12.7 ( of)12.7 ( the)50 ( )]TJ 0.025 Tc 0.002 Tw 0 -1.231 Td (Company, is the actual controller of Suxichang South Expressway Company,\ )Tj 0.047 Tc 0.07 Tw 0 -1.231 Td [(as)12.6 ( such,)12.6 ( Suxichang)12.6 ( South)12.6 ( Expressway)12.6 ( Company)12.6 ( is)12.6 ( a)12.6 ( related)12.6 ( party)12.6 ( of)12.6 ( the)22 ( )]TJ 0.025 Tc 0.059 Tw 0 -1.231 Td (Company and the relevant transaction constitutes a related party transac\ tion )Tj 0 Tw 0 -1.231 Td (under Rule 6.3.3 of the Shanghai Listing Rules.)Tj 0.07 Tc 0.07 Tw 0 -2.462 Td [(Pursuant)12.5 ( to)12.4 ( Rule)12.5 ( 1)12.4 (4)12.5 (A.)12.4 (0)12.4 (7)12.5 (\()12.4 (1)12.5 (\))12.4 ( of)12.5 ( the)12.5 ( Hong)12.4 ( Kong)12.5 ( Listing)12.4 ( Rules,)12.5 ( Jiangsu)45 ( )]TJ 0.04 Tc 0 -1.231 Td [(Communications)12.7 ( Holding,)12.7 ( the)12.6 ( controlling)12.7 ( shareholder)12.6 ( of)12.6 ( the)12.7 ( Company,)12.6 ( is)14.9 ( )]TJ 0.047 Tc 0 -1.231 Td [(a)12.8 ( connected)12.8 ( person)12.8 ( of)12.8 ( the)12.8 ( Company.)12.8 ( Being)12.8 ( directly)12.8 ( owned)12.8 ( as)12.8 ( to)12.8 ( 6)12.8 (5)12.7 (%)12.8 ( by)21.9 ( )]TJ 0.034 Tc 0.074 Tw 0 -1.231 Td [(J)0.5 (i)0.6 (a)0.5 (n)0.6 (g)0.5 (s)0.5 (u)9 ( )0.5 (C)0.6 (o)0.5 (m)0.5 (m)0.6 (u)0.5 (n)0.5 (i)0.5 (c)0.6 (a)0.5 (t)0.6 (i)0.5 (o)0.5 (n)0.6 (s)9 ( )0.5 (H)0.5 (o)0.5 (l)0.6 (d)0.5 (i)0.5 (n)0.6 (g)0.5 (,)9 ( )0.5 (S)0.5 (u)0.6 (x)0.5 (i)0.5 (c)0.6 (h)0.5 (a)0.5 (n)0.6 (g)9 ( )0.5 (S)0.5 (o)0.5 (u)0.6 (t)0.5 (h)9 ( )0.5 (E)0.5 (x)0.6 (p)0.5 (r)0.5 (e)0.6 (s)0.5 (s)0.6 (w)0.5 (a)0.6 (y)9 ( )0.5 (C)0.5 (o)0.5 (m)0.6 (p)0.5 (a)0.5 (n)0.6 (y)9 ( )]TJ 0.04 Tc 0.07 Tw 0 -1.231 Td [(is)12 ( a)12.1 ( connected)12.1 ( person)12.1 ( of)12.1 ( the)12.1 ( Company)12.1 ( under)12.1 ( Rule)12.1 ( 1)12.1 (4)12.1 (A.)12.1 (0)12 (7)12.1 (\()12.1 (4)12 (\))12.1 ( of)12 ( the)12.1 ( Hong)15 ( )]TJ 0.025 Tc 0.082 Tw 0 -1.231 Td (Kong Listing Rules. As Wufengshan Toll Bridge Company, a subsidiary of )Tj 0.039 Tc 0.07 Tw 0 -1.231 Td [(the)12.1 ( Company,)12.1 ( is)12.1 ( owned)12.1 ( as)12.1 ( to)12.1 ( more)12.1 ( than)12.1 ( 1)12.1 (0)12.1 (%)12.1 ( by)12.1 ( Jiangsu)12.1 ( Communications)14 ( )]TJ 0.053 Tc 0 -1.231 Td [(Holding,)12.8 ( the)12.9 ( controlling)12.8 ( shareholder)12.8 ( of)12.8 ( the)12.8 ( Company,)12.8 ( Wufengshan)12.8 ( Toll)28 ( )]TJ 0.043 Tc 0 -1.231 Td [(B)0.5 (r)0.5 (i)0.5 (d)0.5 (g)0.5 (e)13 ( )0.5 (C)0.5 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (n)0.5 (y)13 ( )0.5 (i)0.5 (s)13 ( )0.5 (a)13 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (n)0.5 (e)0.5 (c)0.5 (t)0.5 (e)0.6 (d)13 ( s)0.6 (ub)0.5 (s)0.5 (i)0.5 (d)0.5 (i)0.5 (a)0.6 (r)0.5 (y)13 ( o)0.5 (f)13 ( )0.6 (t)0.5 (h)0.5 (e)13 ( C)0.6 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (n)0.5 (y)0.5 (.)12.9 ( )0.5 (W)0.5 (u)0.6 (f)0.5 (e)0.5 (n)0.5 (g)0.5 (s)0.5 (h)0.5 (a)0.5 (n)18 ( )]TJ 0.047 Tc 0 -1.231 Td [(Toll)12.4 ( Bridge)12.4 ( Company)12.4 ( is)12.4 ( a)12.4 ( connected)12.4 ( person)12.4 ( of)12.4 ( the)12.4 ( Company)12.4 ( under)12.5 ( Rule)22 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (14A.07\(5\) of the Hong Kong Listing Rules.)Tj /T1_1 1 Tf 0.036 Tc 0.072 Tw -2.181 -2.462 Td [(\()11 (I)11 (I)11 (I)11 (\))11 ( )135.5 (I)0.5 (m)0.5 (pl)0.5 (e)0.5 (m)0.5 (e)0.5 (n)0.5 (t)0.5 (at)0.5 (i)0.5 (o)0.5 (n)11 ( )0.5 (o)0.5 (f)11 ( )0.5 (R)0.5 (e)0.5 (la)0.5 (t)0.5 (e)0.5 (d)11 ( )0.5 (P)0.5 (a)0.5 (r)0.5 (t)0.5 (y/)0.5 (C)0.5 (o)0.5 (n)0.5 (ne)0.5 (c)0.5 (t)0.5 (e)0.5 (d)11 ( )0.5 (T)0.5 (r)0.5 (a)0.5 (n)0.5 (sa)0.5 (c)0.5 (t)0.5 (i)0.5 (o)0.5 (ns)11.1 ( o)0.5 (f)11 ( )0.5 (t)0.5 (h)0.5 (e)11 ( )0.5 (S)0.5 (a)0.5 (m)0.5 (e)11 ( )]TJ 0.025 Tc 0 Tw 2.181 -1.231 Td (Type in the Previous Period and Performance Capability Analysis)Tj /T1_0 1 Tf 0.023 Tc 0 -2.462 Td [(As Suxichang South Expressway Company and the Company are subsidiaries)-2 ( )]TJ 0.025 Tc 0.058 Tw 0 -1.231 Td [(of the same )0.5 (controlling shareholder, Wufengshan Toll )0.5 (Bridge Company is a )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(subsidiary)5 ( )0.5 (of)5 ( )0.5 (the)5 ( )0.5 (Company,)5 ( )0.5 (and)5 ( )0.5 (the)5 ( )0.5 (previous)5 ( )0.5 (agreements)5 ( )0.5 (entered)5 ( )0.5 (into)5 ( )0.5 (have)5 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(been)12 ( )0.5 (effectively)12 ( )0.5 (implemented)12 ( )0.5 (without)12 ( )0.5 (any)12 ( )0.5 (breach,)12 ( )0.5 (the)12 ( )0.5 (Company)12 ( )0.5 (considers)12 ( )]TJ 0.025 Tc 0.075 Tw 0 -1.231 Td (that there is no risk of non-performance of the agreements for these rel\ ated )Tj 0 Tw 0 -1.231 Td (party/connected transactions.)Tj ET endstream endobj 27 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 8 \226)Tj ET q 0 Tc 0 g /GS1 gs 0 TL/Fm0 Do Q BT 13 0 0 13 113.3858 770.8479 Tm (Total assets at the end of )Tj 0.894 -1.231 Td (the latest accounting )Tj 0 -1.231 Td (period \(2022\):)Tj 0.071 Tc 0.083 Tw 12.189 2.462 Td [(R)-12.8 (M)-12.9 (B12,390,295,000 \()-12.8 (i)-12.8 (n a)-12.8 (c)-12.9 (c)-12.8 (o)-12.8 (r)-12.8 (d)-12.9 (a)-12.8 (n)-12.8 (c)-12.9 (e w)-12.9 (i)-12.8 (t)-12.8 (h)46 ( )]TJ 0.082 Tc 0.07 Tw 0.894 -1.231 Td [(the)12.7 ( Accounting)12.7 ( Standards)12.7 ( for)12.6 ( Business)57 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Enterprises of the PRC\))Tj 0.023 Tc -13.977 -2.462 Td [(Net assets at the end of the)-2 ( )]TJ 0.025 Tc 0.894 -1.231 Td (latest accounting period )Tj -0.025 Tw 0 -1.231 Td (\(2022\):)Tj 0.088 Tc 0.082 Tw 12.189 2.462 Td [(R)-12.1 (M)-12.2 (B4,535,385,000 \()-12.2 (i)-12.2 (n a)-12.1 (c)-12.2 (c)-12.1 (o)-12.2 (r)-12.2 (d)-12.1 (a)-12.2 (n)-12.1 (c)-12.2 (e w)-12.1 (i)-12.2 (t)-12.2 (h)63 ( )]TJ 0.082 Tc 0.07 Tw 0.894 -1.231 Td [(the)12.7 ( Accounting)12.7 ( Standards)12.7 ( for)12.6 ( Business)57 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Enterprises of the PRC\))Tj -13.977 -2.462 Td (Revenue from operations )Tj 0.894 -1.231 Td (for the latest accounting )Tj 0 -1.231 Td (period \(2022\):)Tj 0.128 Tc 0.07 Tw 12.189 2.462 Td [(RMB)12.3 (3)12.3 (9)12.4 (5)12.3 (,)12.3 (5)12.3 (0)12.3 (2)12.3 (,)12.3 (0)12.3 (0)12.3 (0)12.3 ( \(in)12.3 ( accordance)12.3 ( with)103 ( )]TJ 0.082 Tc 0.894 -1.231 Td [(the)12.7 ( Accounting)12.7 ( Standards)12.7 ( for)12.6 ( Business)57 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Enterprises of the PRC\))Tj -13.977 -2.462 Td (Net profit for the latest )Tj 0.894 -1.231 Td (accounting period )Tj -0.025 Tw 0 -1.231 Td (\(2022\):)Tj 0.115 Tc 0.07 Tw 12.189 2.462 Td [(RMB-)12.9 (1)12.9 (6)12.9 (6)12.8 (,)12.9 (5)12.9 (7)12.8 (1)12.9 (,)12.9 (0)12.8 (0)12.9 (0)12.9 ( \(in)12.9 ( accordance)12.9 ( with)90 ( )]TJ 0.082 Tc 0.894 -1.231 Td [(the)12.7 ( Accounting)12.7 ( Standards)12.7 ( for)12.6 ( Business)57 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Enterprises of the PRC\))Tj 11 0 2.9474 11 112.2569 518.4988 Tm (Note 1:)Tj 0.113 Tc 0.07 Tw 11 0 0 11 148.0025 518.4988 Tm [( )-285.5 (The)12.2 ( ultimate)12.2 ( beneficial)12.2 ( owner:)12.2 ( State-owned)12.2 ( Assets)12.2 ( Supervision)12.2 ( and)88 ( )]TJ 0.025 Tc 0 Tw 0.718 -1.273 Td (Administration Commission of Jiangsu People\222s Government.)Tj 11 0 2.9474 11 112.2569 476.4988 Tm (Note 2:)Tj 0.113 Tc 0.07 Tw 11 0 0 11 148.0025 476.4988 Tm [( )-285.5 (The)12.2 ( ultimate)12.2 ( beneficial)12.2 ( owner:)12.2 ( State-owned)12.2 ( Assets)12.2 ( Supervision)12.2 ( and)88 ( )]TJ 0.025 Tc 0 Tw 0.718 -1.273 Td (Administration Commission of Wuxi People\222s Government.)Tj 11 0 2.9474 11 112.2569 434.4988 Tm (Note 3:)Tj 0.113 Tc 0.07 Tw 11 0 0 11 148.0025 434.4988 Tm [( )-285.5 (The)12.2 ( ultimate)12.2 ( beneficial)12.2 ( owner:)12.2 ( State-owned)12.2 ( Assets)12.2 ( Supervision)12.2 ( and)88 ( )]TJ 0.025 Tc 0 Tw 0.718 -1.273 Td (Administration Commission of Changzhou People\222s Government.)Tj 11 0 2.9474 11 112.2569 392.4988 Tm (Note 4:)Tj 0.11 Tc 0.07 Tw 11 0 0 11 148.0025 392.4988 Tm [( )-288.5 (The)12.7 ( Ultimate)12.7 ( beneficial)12.6 ( owner:)12.6 ( State-owned)12.6 ( Assets)12.7 ( Supervision)12.7 ( and)85 ( )]TJ 0.025 Tc 0 Tw 0.718 -1.273 Td (Administration Commission of Yangzhou People\222s Government.)Tj ET endstream endobj 26 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 7 \226)Tj ET q 0 Tc 0 g /GS1 gs 0 TL/Fm0 Do Q BT 0.023 Tc 13 0 0 13 113.3858 770.8479 Tm [(Net assets at the end of the)-2 ( )]TJ 0.025 Tc 0.894 -1.231 Td (latest accounting period )Tj -0.025 Tw 0 -1.231 Td (\(2022\):)Tj 0 Tw 12.189 2.462 Td (RMB7,141,892,000 \(in accordance with )Tj 0.894 -1.231 Td (the Accounting Standards for Business )Tj 0 -1.231 Td (Enterprises of the PRC\))Tj -13.977 -2.462 Td (Revenue from operations )Tj 0.894 -1.231 Td (for the latest accounting )Tj 0 -1.231 Td (period \(2022\):)Tj 12.189 2.462 Td (RMB345,167,000 \(in accordance with )Tj 0.894 -1.231 Td (the Accounting Standards for Business )Tj 0 -1.231 Td (Enterprises of the PRC\))Tj -13.977 -2.462 Td (Net profit for the latest )Tj 0.894 -1.231 Td (accounting period )Tj -0.025 Tw 0 -1.231 Td (\(2022\):)Tj 0 Tw 12.189 2.462 Td (RMB-320,620,000 \(in accordance with )Tj 0.894 -1.231 Td (the Accounting Standards for Business )Tj 0 -1.231 Td (Enterprises of the PRC\))Tj /T1_1 1 Tf 13 0 3.4833 13 112.0517 580.4989 Tm (Jiangsu Wufengshan Toll Bridge Company Limited)Tj /T1_0 1 Tf 13 0 0 13 113.3858 548.4989 Tm (Registered office:)Tj 0.036 Tc 0.072 Tw 13.083 0 Td [(4)11 (0)11 (1)11 ( )0.5 (Gangnan)11 ( )0.5 (Road,)11 ( )0.5 (New)11.1 ( )0.5 (District,)11 ( )0.5 (Zhenjiang)11 ( )]TJ 0.025 Tc -0.025 Tw 0.894 -1.231 Td (City)Tj 0 Tw -13.977 -2.462 Td (Business nature:)Tj 13.083 0 Td (Limited liability company)Tj -13.083 -2.462 Td (Legal representative:)Tj 13.083 0 Td (Wang Feng)Tj -13.083 -2.462 Td (Registered capital:)Tj -0.025 Tw 13.083 0 Td (RMB4,826,350,000)Tj -13.083 -2.462 Td (Shareholders )Tj 0.894 -1.231 Td (\(Shareholding )Tj 0 -1.231 Td (percentage\):)Tj 0.116 Tc 0.07 Tw 12.189 2.462 Td [(Jia)0.5 (ngsu)13 ( Expr)0.5 (ess)0.5 (way)12.9 ( )0.5 (Compa)0.5 (ny)12.9 ( L)0.5 (imite)0.5 (d)91 ( )]TJ 0.025 Tc -0.025 Tw 0.894 -1.231 Td (\(64.5%\))Tj 0.046 Tc 0.07 Tw -0.894 -1.231 Td [(Jiangsu)12.5 ( Communications)12.5 ( Holding)12.5 ( Company)20.9 ( )]TJ 0.025 Tc 0 Tw 0.894 -1.231 Td (Limited \(22.01%\))Tj 0 Tc 13 0 3.4833 13 393.444 356.4989 Tm ( )Tj 0.025 Tc 7.579 0 2.0308 7.579 396.2412 361.6989 Tm (\(Note 1\))Tj 0.05 Tc 0.07 Tw 13 0 0 13 283.4645 324.4989 Tm [(Yangzhou)12.3 ( Traffic)12.3 ( Industry)12.4 ( Group)12.3 ( Co.,)12.4 ( Ltd.)25 ( )]TJ 0.025 Tc -0.025 Tw 0.894 -1.231 Td (\(13.49%\) )Tj 0 Tw 7.579 0 2.0308 7.579 349.2205 313.6989 Tm (\(Note 4\))Tj 13 0 0 13 113.3858 276.4989 Tm (Principal business:)Tj 0.033 Tw 13.083 0 Td (Construction of road, tunnel, bridge, wire and )Tj 0.038 Tc 0.07 Tw 0.894 -1.231 Td [(pipeline)12.2 ( engineering)12.1 ( \(excluding)12.1 ( hazardous)13 ( )]TJ 0.091 Tc 0 -1.231 Td [(chemicals)12.3 ( transportation\);)12.2 ( expressway)66 ( )]TJ 0.025 Tc 0.02 Tw 0 -1.231 Td (management and maintenance; management )Tj 0 Tw 0 -1.231 Td (of municipal facilities)Tj ET endstream endobj 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Holding,)12.7 ( the)12.7 ( controlling)12.6 ( shareholder)32.1 ( )]TJ 0.058 Tc 0 -1.231 Td [(of)12.4 ( the)12.4 ( Company,)12.4 ( is)12.5 ( a)12.5 ( connected)12.5 ( person)12.4 ( of)12.5 ( the)12.5 ( Company.)12.5 ( As)12.5 ( Suxichang)33 ( )]TJ 0.077 Tc 0 -1.231 Td [(South)12.6 ( Expressway)12.6 ( Company)12.6 ( is)12.6 ( directly)12.5 ( owned)12.6 ( as)12.6 ( to)12.5 ( 6)12.5 (5)12.6 (%)12.5 ( by)12.6 ( Jiangsu)52 ( )]TJ 0.061 Tc 0 -1.231 Td [(Communications)12.2 ( Holding,)12.1 ( Suxichang)12.1 ( South)12.1 ( Expressway)12.1 ( Company)12.1 ( is)12.1 ( a)36 ( )]TJ 0.025 Tc 0.002 Tw 0 -1.231 Td (connected person of the Company under Rule 14A.07\(4\) and Rule 14A.13\(\ 1\) )Tj 0.047 Tc 0.07 Tw 0 -1.231 Td [(of)12.2 ( the)12.1 ( Hong)12.1 ( Kong)12.1 ( Listing)12.1 ( Rules.)12.2 ( As)12.2 ( Wufengshan)12.1 ( Toll)12.2 ( Bridge)12.1 ( Company,)22 ( )]TJ 0.051 Tc 0 -1.231 Td [(a)12.3 ( subsidiary)12.3 ( of)12.3 ( the)12.3 ( Company,)12.2 ( is)12.3 ( owned)12.3 ( as)12.2 ( to)12.3 ( more)12.3 ( than)12.3 ( 1)12.2 (0)12.3 (%)12.3 ( by)12.3 ( Jiangsu)26 ( )]TJ 0.056 Tc 0 -1.231 Td [(Communications)12.1 ( Holding,)12.1 ( the)12.1 ( controlling)12.1 ( shareholder)12.1 ( of)12.1 ( the)12.1 ( Company,)31 ( )]TJ 0.024 Tc 0 Tw 0 -1.231 Td [(Wufengshan Toll Bridge Company is a connected subsidiary of the Company)-1 ( )]TJ 0.078 Tc 0.07 Tw 0 -1.231 Td [(un)0.5 (de)0.5 (r)12.9 ( )0.5 (Ru)0.5 (le)13 ( 1)13 (4)12.9 (A)0.5 (.)12.9 (1)13 (6)12.9 (\()13 (1)12.9 (\))13 ( o)0.5 (f)12.9 ( )0.5 (th)0.5 (e)12.9 ( H)0.5 (on)0.5 (g)12.9 ( )0.5 (K)0.5 (ong)13 ( L)0.5 (is)0.5 (ti)0.5 (ng)13 ( R)0.5 (ule)0.5 (s)0.5 (.)12.9 ( W)0.5 (uf)0.5 (e)0.5 (ng)0.5 (sha)0.5 (n)53 ( )]TJ 0.047 Tc 0 -1.231 Td [(Toll)12.4 ( Bridge)12.4 ( Company)12.4 ( is)12.4 ( a)12.4 ( connected)12.4 ( person)12.4 ( of)12.4 ( the)12.4 ( Company)12.4 ( under)12.5 ( Rule)22 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.231 Td [(1)7 (4)7 (A.)7 (0)7 (7)7 (\()7 (5)7 (\))7 ( )0.5 (of)7 ( )0.5 (the)7 ( )0.5 (Hong)7 ( )0.5 (Kong)7 ( )0.5 (Listing)7 ( )0.5 (Rules.)7 ( )0.5 (Accordingly,)7 ( )0.5 (the)7.1 ( )0.5 (entering)7 ( )0.5 (into)7 ( )]TJ 0.047 Tc 0.07 Tw 0 -1.231 Td [(of)12.9 ( the)12.9 ( agreements)12.9 ( and)12.9 ( the)12.9 ( transactions)12.9 ( thereunder)12.9 ( between)12.9 ( the)13 ( Company)22 ( )]TJ 0.041 Tc 0 -1.231 Td [(and)12.3 ( Suxichang)12.3 ( South)12.2 ( Expressway)12.3 ( Company)12.3 ( and)12.3 ( Wufengshan)12.3 ( Toll)12.3 ( Bridge)16 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(C)0.5 (o)0.5 (mp)0.5 (a)0.5 (n)0.5 (y)11.9 ( )0.6 (in)12 ( )0.5 (r)0.5 (e)0.5 (sp)0.5 (e)0.5 (c)0.5 (t)12 ( )0.5 (o)0.5 (f)12 ( )0.5 (t)0.5 (he)12 ( )0.5 (a)0.5 (b)0.5 (o)0.5 (ve)12.1 ( )0.5 (pr)0.5 (o)0.5 (je)0.5 (c)0.5 (t)0.5 (s)12 ( )0.5 (c)0.5 (on)0.5 (s)0.5 (t)0.5 (it)0.5 (u)0.5 (te)12.1 ( )0.5 (co)0.5 (n)0.5 (t)0.5 (in)0.5 (u)0.5 (in)0.5 (g)12 ( )0.5 (c)0.5 (o)0.5 (nn)0.5 (e)0.5 (c)0.5 (te)0.5 (d)12 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (transactions of the Company.)Tj 0.045 Tc 0.07 Tw 0 -2.462 Td [(As)12.6 ( the)12.6 ( percentage)12.6 ( ratios)12.6 ( calculated)12.6 ( in)12.6 ( accordance)12.6 ( with)12.6 ( Rule)12.7 ( 1)12.5 (4)12.6 (.)12.6 (0)12.6 (7)12.6 ( of)12.6 ( the)20 ( )]TJ 0.038 Tc 0 -1.231 Td [(Hong)12.7 ( Kong)12.7 ( Listing)12.6 ( Rules)12.7 ( in)12.6 ( respect)12.6 ( of)12.6 ( the)12.6 ( annual)12.6 ( caps)12.7 ( for)12.6 ( the)12.6 ( continuing)13 ( )]TJ 0 -1.231 Td [(connected)12.3 ( transactions)12.3 ( regarding)12.3 ( the)12.3 ( entrusted)12.3 ( operation)12.3 ( and)12.3 ( management)13 ( )]TJ 0.069 Tc 0 -1.231 Td [(of)12.3 ( Suxichang)12.2 ( South)12.3 ( Expressway)12.2 ( project)12.3 ( and)12.3 ( Wufengshan)12.2 ( Toll)12.3 ( Bridge)44 ( )]TJ 0.025 Tc 0 -1.231 Td (project \(the above transactions shall be aggregated in accordance with \ Rule )Tj 0.046 Tw 0 -1.231 Td (14A.81 of the Hong Kong Listing Rules\) exceed 0.1% but are less than 5%\ , )Tj 0.078 Tw 0 -1.231 Td (such transactions are only subject to the announcement requirement but a\ re )Tj 0.059 Tw 0 -1.231 Td (exempt from the independent shareholders\222 approval requirement in gen\ eral )Tj 0.056 Tc 0.07 Tw 0 -1.231 Td [(me)0.5 (etin)0.5 (g)12.9 ( und)0.5 (er)12.9 ( )0.5 (Rule)13 ( 1)12.9 (4)12.9 (A)0.5 (.)12.9 (7)12.9 (6)12.9 (\()13 (2)12.9 (\)\(a)0.5 (\))12.9 ( o)0.5 (f)12.9 ( th)0.5 (e)12.9 ( H)0.5 (ong)12.9 ( K)0.5 (ong)12.9 ( )0.5 (Lis)0.5 (ting)12.9 ( )0.5 (Rule)0.5 (s.)12.9 ( )0.5 (The)31 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(ab)0.5 (ove)10 ( )0.5 (tr)0.5 (ans)0.5 (act)0.5 (ions)10 ( )0.6 (shal)0.5 (l)9.9 ( )0.6 (als)0.5 (o)9.9 ( )0.6 (be)10 ( )0.5 (su)0.5 (bjec)0.5 (t)10 ( )0.5 (to)10 ( )0.5 (the)10.1 ( )0.5 (annu)0.5 (al)10 ( )0.5 (r)0.5 (evie)0.5 (w)10 ( )0.5 (re)0.5 (quir)0.5 (emen)0.5 (ts)10 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (under Rule 14A.55 to Rule 14A.59 of the Hong Kong Listing Rules.)Tj 0.059 Tc 0.07 Tw 0 -2.462 Td [(The)12.8 ( related)12.8 ( party)12.7 ( transactions)12.8 ( are)12.8 ( not)12.8 ( subject)12.8 ( to)12.8 ( approval)12.8 ( by)12.8 ( any)12.8 ( other)34 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (authorities.)Tj ET endstream endobj 50 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 3 \226)Tj ET q 0 Tc 0 g /GS1 gs 0 TL/Fm0 Do Q BT /T1_1 1 Tf 0.104 Tc 0.07 Tw 13 0 0 13 56.6929 773.5878 Tm [(I)79 (.)79 ( )-1067.5 (BASIC)12.7 ( INFORMATION)12.7 ( ON)12.7 ( THE)12.8 ( ORDINARY)12.7 ( RELATED)12.7 ( PARTY/)]TJ 0.025 Tc 0 Tw 2.181 -1.231 Td (CONTINUING CONNECTED TRANSACTIONS)Tj 0.042 Tc 0.07 Tw 0 -2.462 Td [(\()17 (I)17 (\))17.1 ( )-688.5 (P)0.5 (r)0.6 (o)0.5 (c)0.5 (e)0.6 (d)0.5 (u)0.6 (r)0.5 (e)0.6 (s)13 ( )0.6 (o)0.5 (n)13.1 ( )0.5 (t)0.6 (h)0.5 (e)13.1 ( )0.5 (c)0.6 (o)0.5 (n)0.6 (s)0.5 (i)0.5 (d)0.6 (e)0.5 (r)0.6 (a)0.5 (t)0.6 (i)0.5 (o)0.6 (n)13 ( )0.6 (o)0.5 (f)13 ( )0.6 (o)0.5 (r)0.6 (d)0.5 (i)0.6 (n)0.5 (a)0.6 (r)0.5 (y)13 ( )0.6 (r)0.6 (e)0.5 (l)0.6 (a)0.5 (t)0.5 (e)0.6 (d)13 ( )0.6 (p)0.5 (a)0.6 (r)0.5 (t)0.6 (y)0.5 (/)0.6 (c)0.5 (o)0.6 (n)0.5 (t)0.5 (i)0.6 (n)0.5 (u)0.6 (i)0.5 (n)0.5 (g)17 ( )]TJ 0.025 Tc 0 Tw 2.18 -1.231 Td (connected transactions)Tj /T1_0 1 Tf 0.057 Tc 0.07 Tw 0 -2.462 Td [(The)12.5 ( twenty-third)12.5 ( meeting)12.4 ( of)12.4 ( the)12.4 ( tenth)12.4 ( session)12.4 ( of)12.4 ( the)12.4 ( board)12.4 ( of)12.4 ( directors)32 ( )]TJ 0 -1.231 Td [(of)12.9 ( Jiangsu)12.9 ( Expressway)12.9 ( Company)12.9 ( Limited)12.9 ( \(the)12.9 ( \223)]TJ /T1_1 1 Tf -0.057 Tw (Company)Tj /T1_0 1 Tf 0.07 Tw [(\224\))12.9 ( held)12.9 ( on)12.9 ( 2)12.9 (6)32 ( )]TJ 0.062 Tc 0 -1.231 Td [(December)12.3 ( 2)12.3 (0)12.3 (2)12.4 (3)12.3 ( considered)12.3 ( and)12.3 ( approved)12.4 ( the)12.3 ( renewal)12.3 ( of)12.3 ( the)12.4 ( following)37 ( )]TJ 0.044 Tc 0 -1.231 Td [(ordinary)12.8 ( related)12.8 ( party/continuing)12.8 ( connected)12.8 ( transactions)12.8 ( of)12.8 ( the)12.8 ( Company)18.9 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(with)10 ( )0.5 (Suxichang)10 ( )0.5 (South)10 ( )0.5 (Expressway)10 ( )0.5 (Company)10 ( )0.5 (and)10 ( )0.5 (Wufengshan)10 ( )0.5 (Toll)10 ( )0.5 (Bridge)10 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (Company:)Tj 0.059 Tc 0.07 Tw 0 -2.462 Td [(1)34 (.)34 ( )-1001.5 (The)12.5 ( Company)12.5 ( and)12.4 ( Jiangsu)12.4 ( Suxichang)12.4 ( South)12.4 ( Expressway)12.4 ( Co.,)12.4 ( Ltd.)34 ( )]TJ 0.096 Tc -0.096 Tw 2.181 -1.231 Td (\(\223)Tj /T1_1 1 Tf 0.07 Tw [(Suxichang)12.5 ( South)12.5 ( Expressway)12.6 ( Company)]TJ /T1_0 1 Tf [(\224\))12.5 ( entered)12.5 ( into)12.5 ( the)71 ( )]TJ 0.076 Tc 0 -1.231 Td [(Entrusted)12.1 ( Management)12 ( Agreement)12.1 ( in)12.1 ( relation)12.1 ( to)12.1 ( the)12 ( Company\222s)51 ( )]TJ 0.04 Tc 0 -1.231 Td [(acceptance)12.3 ( of)12.2 ( entrusted)12.3 ( operation)12.2 ( and)12.2 ( management)12.3 ( of)12.3 ( the)12.3 ( Suxichang)15 ( )]TJ 0.025 Tc 0.005 Tw 0 -1.231 Td (South Expressway project. The term of the agreement is from 1 January )Tj 0.048 Tc 0.07 Tw 0 -1.231 Td [(2)12.7 (0)12.7 (2)12.6 (4)12.7 ( to)12.7 ( 3)12.7 (0)12.7 ( April)12.7 ( 2)12.7 (0)12.7 (2)12.6 (6)12.7 (,)12.7 ( and)12.7 ( the)12.7 ( transaction)12.7 ( amount)12.6 ( shall)12.6 ( not)12.7 ( exceed)23 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (RMB132.68 million.)Tj 0.056 Tc 0.07 Tw -2.181 -2.462 Td [(2)31 (.)31 ( )-1004.5 (The)12.3 ( Company)12.3 ( and)12.3 ( its)12.3 ( subsidiary,)12.2 ( Jiangsu)12.3 ( Wufengshan)12.3 ( Toll)12.3 ( Bridge)31 ( )]TJ 0.024 Tc 0 Tw 2.181 -1.231 Td (Company Limited \(\223)Tj /T1_1 1 Tf (Wufengshan Toll Bridge Company)Tj /T1_0 1 Tf [(\224\) entered into)-1 ( )]TJ 0.047 Tc 0.07 Tw 0 -1.231 Td [(the)12.7 ( Entrusted)12.7 ( Management)12.6 ( Agreement)12.7 ( in)12.6 ( relation)12.7 ( to)12.6 ( the)12.7 ( Company\222s)22 ( )]TJ 0.025 Tc 0.072 Tw 0 -1.231 Td (acceptance of entrusted operation and management of the Wufengshan )Tj 0.062 Tc 0.07 Tw 0 -1.231 Td [(Toll)12.6 ( Bridge)12.6 ( project.)12.6 ( The)12.6 ( term)12.6 ( of)12.6 ( the)12.7 ( agreement)12.6 ( is)12.6 ( from)12.6 ( 1)12.6 ( January)37 ( )]TJ 0.048 Tc 0 -1.231 Td [(2)12.7 (0)12.7 (2)12.6 (4)12.7 ( to)12.7 ( 3)12.7 (0)12.7 ( April)12.7 ( 2)12.7 (0)12.7 (2)12.6 (6)12.7 (,)12.7 ( and)12.7 ( the)12.7 ( transaction)12.7 ( amount)12.6 ( shall)12.6 ( not)12.7 ( exceed)23 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (RMB125.17 million.)Tj 0.039 Tw -2.181 -2.462 Td (Mr. Xu Haibei and Mr. Wang Yingjian, being related/connected directors o\ f )Tj 0.039 Tc 0.07 Tw 0 -1.231 Td [(the)12.4 ( Company)12.4 ( \(both)12.4 ( being)12.3 ( employees)12.4 ( of)12.4 ( Jiangsu)12.4 ( Communications)12.4 ( Holding)14 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.231 Td [(Company)11 ( )0.5 (Limited)11 ( )0.5 (\(\223)]TJ /T1_1 1 Tf [(Jiangsu)11.1 ( )0.5 (Communications)11 ( )0.5 (Holding)]TJ /T1_0 1 Tf [(\224\),)11 ( )0.5 (the)11 ( )0.5 (controlling)11 ( )]TJ 0.041 Tc 0.07 Tw 0 -1.231 Td [(s)0.5 (h)0.6 (a)0.5 (r)0.6 (e)0.5 (h)0.5 (o)0.6 (l)0.5 (d)0.5 (e)0.6 (r)13 ( )0.6 (o)0.5 (f)13 ( )0.6 (t)0.5 (h)0.5 (e)13.1 ( )0.5 (C)0.6 (o)0.5 (m)0.5 (p)0.6 (a)0.5 (n)0.6 (y)0.5 (\))0.5 (,)13 ( )0.6 (h)0.5 (a)0.6 (v)0.5 (e)13 ( )0.6 (a)0.5 (b)0.6 (s)0.5 (t)0.5 (a)0.6 (i)0.5 (n)0.6 (e)0.5 (d)13 ( )0.6 (f)0.5 (r)0.6 (o)0.5 (m)13 ( )0.6 (v)0.5 (o)0.5 (t)0.6 (i)0.5 (n)0.5 (g)13.1 ( )0.5 (o)0.5 (n)13.1 ( )0.5 (t)0.6 (h)0.5 (e)13 ( )0.6 (r)0.5 (e)0.5 (l)0.6 (e)0.5 (v)0.6 (a)0.5 (n)0.5 (t)16 ( )]TJ 0.025 Tc 0.054 Tw 0 -1.231 Td (resolutions. All the remaining directors have voted in favour of the rel\ evant )Tj 0.043 Tc 0.07 Tw 0 -1.231 Td [(resolutions)12.6 ( and)12.5 ( are)12.6 ( of)12.6 ( the)12.6 ( view)12.5 ( that)12.6 ( the)12.6 ( transactions)12.5 ( are)12.6 ( conducted)12.6 ( in)12.6 ( the)18 ( )]TJ 0.065 Tc 0 -1.231 Td [(ordinary)12.3 ( and)12.4 ( usual)12.3 ( course)12.4 ( of)12.3 ( business)12.3 ( of)12.3 ( the)12.3 ( Company,)12.3 ( are)12.3 ( on)12.3 ( normal)40 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.231 Td [(commercial)1.9 ( )0.5 (terms,)2 ( the)2 ( )0.5 (terms)2 ( )0.5 (of)2 ( )0.5 (the)2 ( )0.5 (transaction)2 ( )0.5 (are)2 ( )0.5 (fair)2 ( )0.5 (and)1.9 ( )0.5 (reasonable,)2 ( )0.5 (and)2 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (are in the interests of the shareholders as a whole.)Tj 0.057 Tc 0.07 Tw 0 -2.462 Td [(The)12.7 ( five)12.7 ( independent)12.7 ( directors)12.7 ( of)12.7 ( the)12.7 ( Company)12.7 ( have)12.7 ( conducted)12.7 ( a)12.7 ( prior)32 ( )]TJ 0.022 Tc 0 Tw 0 -1.231 Td [(r)0.5 (ev)0.5 (i)0.5 (ew)0.5 ( )0.5 (on)0.5 ( t)0.5 (h)0.5 (e )0.5 (o)0.5 (rd)0.5 (i)0.5 (na)0.5 (r)0.5 (y )0.5 (r)0.5 (el)0.5 (a)0.5 (te)0.5 (d)0.5 ( p)0.5 (a)0.5 (rt)0.5 (y )0.5 (t)0.5 (ra)0.5 (n)0.5 (sa)0.5 (c)0.5 (ti)0.5 (o)0.5 (ns)0.5 ( )0.5 (an)0.5 (d)0.5 ( i)0.5 (ss)0.5 (u)0.5 (ed)0.5 ( )0.5 (th)0.5 (ei)0.5 (r)0.5 ( i)0.5 (n)0.5 (de)0.5 (p)0.5 (en)0.5 (d)0.5 (en)0.5 (t)-3 ( )]TJ 0.038 Tc 0.07 Tw 0 -1.231 Td [(opinions)12.8 ( on)12.8 ( the)12.8 ( ordinary)12.8 ( related)12.9 ( party)12.9 ( transactions)12.9 ( in)12.9 ( accordance)12.9 ( with)12.8 ( the)13 ( )]TJ 0.05 Tc 0 -1.231 Td [(Rules)12.5 ( Governing)12.4 ( the)12.4 ( Listing)12.4 ( of)12.4 ( Stocks)12.4 ( on)12.4 ( the)12.4 ( Shanghai)12.4 ( Stock)12.4 ( Exchange)25 ( )]TJ 0.025 Tc 0.051 Tw 0 -1.231 Td (\(the \223)Tj /T1_1 1 Tf (Shanghai Listing Rules)Tj /T1_0 1 Tf (\224\). The Audit Committee of the Company has )Tj 0.03 Tc 0.078 Tw 0 -1.231 Td [(reviewed)5 ( )0.5 (the)5 ( )0.5 (related)5 ( )0.5 (party/connected)5 ( )0.5 (transactions)5 ( )0.5 (and)5 ( )0.5 (agreed)5 ( )0.5 (to)5 ( )0.5 (submit)5 ( )0.5 (the)5 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (same to the board of directors for consideration.)Tj ET endstream endobj 49 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 2 \226)Tj ET 0 0 0 1 K 0.5 w /GS1 gs q 1 0 0 1 56.6929 784.9469 cm 0 0 m 482.39 0 l S Q q 1 0 0 1 538.8326 779.2776 cm 0 0 m 0 5.419 l S Q q 1 0 0 1 538.8326 539.2776 cm 0 0 m 0 240 l S Q q 1 0 0 1 538.8326 523.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8326 347.2776 cm 0 0 m 0 176 l S Q q 1 0 0 1 538.8326 339.0237 cm 0 0 m 0 8.254 l S Q q 1 0 0 1 56.9429 779.2776 cm 0 0 m 0 5.419 l S Q q 1 0 0 1 56.9429 539.2776 cm 0 0 m 0 240 l S Q q 1 0 0 1 56.9429 523.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 56.9429 347.2776 cm 0 0 m 0 176 l S Q q 1 0 0 1 56.9429 339.0237 cm 0 0 m 0 8.254 l S Q q 1 0 0 1 56.6929 338.7737 cm 0 0 m 482.39 0 l S Q BT /GS0 gs 0.117 Tc 0.07 Tw 13 0 0 13 65.4468 764.9286 Tm [(Pursuant)12.4 ( to)12.5 ( Rule)12.5 ( 1)12.4 (4)12.5 (A.)12.5 (0)12.5 (7)12.4 (\()12.5 (1)12.5 (\))12.5 ( of)12.5 ( the)12.4 ( Hong)12.4 ( Kong)12.4 ( Listing)12.5 ( Rules,)12.4 ( Jiangsu)92 ( )]TJ 0.071 Tc 0 -1.231 Td [(Communications)12.4 ( Holding,)12.4 ( the)12.4 ( controlling)12.4 ( shareholder)12.4 ( of)12.4 ( the)12.4 ( Company,)12.3 ( is)12.4 ( a)46.1 ( )]TJ 0.038 Tc 0 -1.231 Td [(connected)12.8 ( person)12.8 ( of)12.8 ( the)12.8 ( Company.)12.8 ( As)12.8 ( Suxichang)12.8 ( South)12.8 ( Expressway)12.7 ( Company)12.8 ( is)13 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(directly)10 ( )0.5 (owned)10 ( as)10 ( )0.5 (to)10 ( )0.5 (6)10 (5)10 (%)10 ( )0.5 (by)10 ( )0.5 (Jiangsu)10 ( )0.5 (Communications)10 ( )0.5 (Holding,)10.1 ( Suxichang)10 ( )0.5 (South)10 ( )]TJ 0.025 Tc 0.031 Tw 0 -1.231 Td [(Expressway )0.5 (Company )0.5 (is )0.5 (a )0.5 (connected )0.5 (person )0.5 (of )0.5 (the )0.5 (Company )0.5 (under )0.5 (Rule )0.5 (14A.07\(4\) )]TJ 0.083 Tw 0 -1.231 Td [(and )0.5 (Rule )0.5 (14A.13\(1\) of )0.5 (the )0.5 (Hong )0.5 (Kong )0.5 (Listing )0.5 (Rules. )0.5 (As )0.5 (Wufengshan )0.5 (Toll )0.5 (Bridge )]TJ 0.066 Tw 0 -1.231 Td (Company, a subsidiary of the Company, is owned as to more than 10% by Ji\ angsu )Tj 0.024 Tc 0 Tw 0 -1.231 Td [(Communications Holding, the controlling shareholder of the Company, Wufe\ ngshan)-1 ( )]TJ 0.067 Tc 0.07 Tw 0 -1.231 Td [(Toll)12.2 ( Bridge)12.2 ( Company)12.2 ( is)12.2 ( a)12.1 ( connected)12.2 ( subsidiary)12.2 ( of)12.2 ( the)12.2 ( Company)12.2 ( under)12.2 ( Rule)42 ( )]TJ 0.049 Tc 0 -1.231 Td [(1)13 (4)13 (A)0.6 (.)13 (1)13 (6)13 (\()13.1 (1)13 (\))13 ( )0.5 (o)0.5 (f)13.1 ( )0.5 (t)0.5 (h)0.5 (e)13.1 ( )0.5 (H)0.5 (o)0.6 (n)0.5 (g)13 ( )0.5 (K)0.5 (o)0.5 (n)0.6 (g)13 ( )0.5 (L)0.5 (i)0.6 (s)0.5 (t)0.5 (i)0.5 (n)0.5 (g)13.1 ( )0.5 (R)0.5 (u)0.5 (l)0.5 (e)0.6 (s)0.5 (.)13 ( )0.6 (W)0.5 (u)0.5 (f)0.5 (e)0.6 (n)0.5 (g)0.5 (s)0.5 (h)0.6 (a)0.5 (n)13 ( )0.5 (T)0.6 (o)0.5 (l)0.5 (l)13 ( )0.5 (B)0.6 (r)0.5 (i)0.5 (d)0.5 (g)0.5 (e)13.1 ( )0.5 (C)0.5 (o)0.5 (m)0.6 (p)0.5 (a)0.5 (n)0.5 (y)24 ( )]TJ 0.045 Tc 0 -1.231 Td [(is)12.7 ( a)12.7 ( connected)12.7 ( person)12.7 ( of)12.6 ( the)12.6 ( Company)12.6 ( under)12.7 ( Rule)12.7 ( 1)12.6 (4)12.7 (A.)12.6 (0)12.7 (7)12.7 (\()12.7 (5)12.6 (\))12.7 ( of)12.6 ( the)12.7 ( Hong)12.7 ( Kong)20 ( )]TJ 0.025 Tc 0.02 Tw 0 -1.231 Td (Listing Rules. Accordingly, the entering into of the agreements and the \ transactions )Tj 0.057 Tc 0.07 Tw 0 -1.231 Td [(thereunder)12.7 ( between)12.8 ( the)12.7 ( Company)12.8 ( and)12.7 ( Suxichang)12.7 ( South)12.7 ( Expressway)12.7 ( Company)32 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(and)5 ( )0.5 (Wufengshan)5 ( )0.5 (Toll)5 ( )0.5 (Bridge)5 ( )0.5 (Company)5 ( )0.5 (in)5 ( )0.5 (respect)5 ( )0.5 (of)5 ( )0.5 (the)5 ( )0.5 (above)5.1 ( )0.5 (projects)5 ( )0.5 (constitute)5 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (continuing connected transactions of the Company.)Tj 0.049 Tc 0.07 Tw 0 -2.462 Td [(As)12.6 ( the)12.7 ( percentage)12.7 ( ratios)12.7 ( calculated)12.6 ( in)12.6 ( accordance)12.7 ( with)12.6 ( Rule)12.7 ( 1)12.7 (4)12.6 (.)12.7 (0)12.7 (7)12.6 ( of)12.7 ( the)12.7 ( Hong)24 ( )]TJ 0.051 Tc 0 -1.231 Td [(Kong)12.1 ( Listing)12.1 ( Rules)12.1 ( in)12.1 ( respect)12 ( of)12 ( the)12.1 ( annual)12 ( caps)12.1 ( for)12.1 ( the)12.1 ( continuing)12.1 ( connected)26.1 ( )]TJ 0.025 Tc 0.035 Tw 0 -1.231 Td (transactions regarding the entrusted operation and management of Suxicha\ ng South )Tj 0.04 Tc 0.07 Tw 0 -1.231 Td [(E)0.5 (x)0.6 (p)0.5 (r)0.5 (e)0.5 (s)0.6 (s)0.5 (w)0.5 (a)0.5 (y)13.1 ( )0.5 (p)0.5 (r)0.5 (o)0.6 (j)0.5 (e)0.5 (c)0.5 (t)13.1 ( )0.5 (a)0.5 (n)0.5 (d)13.1 ( )0.5 (W)0.5 (u)0.5 (f)0.6 (e)0.5 (n)0.5 (g)0.6 (s)0.5 (h)0.5 (a)0.5 (n)13 ( )0.6 (T)0.5 (o)0.5 (l)0.5 (l)13 ( )0.6 (B)0.5 (r)0.5 (i)0.6 (d)0.5 (g)0.5 (e)13 ( )0.6 (p)0.5 (r)0.5 (o)0.5 (j)0.5 (e)0.6 (c)0.5 (t)13 ( )0.6 (\()0.5 (t)0.5 (h)0.5 (e)13 ( )0.6 (a)0.5 (b)0.5 (o)0.6 (v)0.5 (e)13 ( )0.5 (t)0.6 (r)0.5 (a)0.5 (n)0.5 (s)0.6 (a)0.5 (c)0.5 (t)0.5 (i)0.6 (o)0.5 (n)0.5 (s)15 ( )]TJ 0.049 Tc 0 -1.231 Td [(shall)12.1 ( be)12.1 ( aggregated)12.1 ( in)12.2 ( accordance)12.2 ( with)12.1 ( Rule)12.2 ( 1)12.1 (4)12.1 (A.)12.1 (8)12.1 (1)12.2 ( of)12.1 ( the)12.2 ( Hong)12.1 ( Kong)12.1 ( Listing)24.1 ( )]TJ 0.025 Tc 0.073 Tw 0 -1.231 Td (Rules\) exceed 0.1% but are less than 5%, such transactions are only sub\ ject to the )Tj 0.051 Tc 0.07 Tw 0 -1.231 Td [(announcement)12.1 ( requirement)12.1 ( but)12.1 ( are)12.1 ( exempt)12.1 ( from)12.1 ( the)12.1 ( independent)12.1 ( shareholders\222)26 ( )]TJ 0.052 Tc 0 -1.231 Td [(a)0.6 (p)0.5 (p)0.6 (r)0.5 (o)0.5 (v)0.6 (a)0.5 (l)13.1 ( )0.5 (r)0.6 (e)0.5 (q)0.6 (u)0.5 (i)0.6 (r)0.5 (e)0.6 (m)0.5 (e)0.6 (n)0.5 (t)13.1 ( )0.5 (i)0.6 (n)13 ( )0.6 (g)0.5 (e)0.6 (n)0.5 (e)0.6 (r)0.5 (a)0.6 (l)13 ( )0.6 (m)0.5 (e)0.6 (e)0.5 (t)0.6 (i)0.5 (n)0.5 (g)13.1 ( )0.5 (u)0.6 (n)0.5 (d)0.6 (e)0.5 (r)13.1 ( )0.5 (R)0.6 (u)0.5 (l)0.6 (e)13 ( )0.6 (1)13 (4)13 (A)0.6 (.)13 (7)13.1 (6)13 (\()13.1 (2)13 (\))0.6 (\()0.5 (a)0.6 (\))13 ( )0.6 (o)0.5 (f)13.1 ( )0.5 (t)0.6 (h)0.5 (e)13.1 ( )0.5 (H)0.6 (o)0.5 (n)0.6 (g)27 ( )]TJ 0.05 Tc 0 -1.231 Td [(Kong)12.8 ( Listing)12.8 ( Rules.)12.9 ( The)12.9 ( above)12.8 ( transactions)12.8 ( shall)12.8 ( also)12.9 ( be)12.9 ( subject)12.8 ( to)12.9 ( the)12.9 ( annual)25 ( )]TJ 0.025 Tc 0.067 Tw 0 -1.231 Td (review requirements under Rule 14A.55 to Rule 14A.59 of the Hong Kong Li\ sting )Tj -0.025 Tw 0 -1.231 Td (Rules.)Tj /T1_1 1 Tf 0 Tw -0.673 -3.008 Td (IMPORTANT NOTICE:)Tj /T1_0 1 Tf 0.037 Tc 0.071 Tw 0 -2.462 Td [(\225)12 ( )-1447.5 (The)12 ( )0.5 (ordinary)12 ( )0.5 (related)12 ( )0.5 (party/continuing)12 ( )0.6 (connected)12 ( )0.5 (transactions)12 ( )0.5 (are)12 ( )0.5 (not)12 ( )0.5 (subject)12 ( )0.5 (to)12 ( )]TJ 0.025 Tc 0 Tw 2.18 -1.231 Td (approval in general meeting.)Tj 0.024 Tc -2.18 -2.462 Td [(\225)-1 ( )-1531.5 (The directors \(including independent non-executive directors\) of the C\ ompany are)-1 ( )]TJ 0.029 Tc 0.079 Tw 2.18 -1.231 Td [(of)4 ( )0.5 (the)4 ( )0.5 (view)4 ( )0.5 (that)4 ( )0.5 (the)4.1 ( )0.5 (transactions)4 ( )0.5 (are)4.1 ( )0.5 (conducted)4.1 ( )0.5 (in)4 ( )0.5 (the)4 ( )0.5 (ordinary)4 ( )0.5 (and)4 ( )0.6 (usual)4 ( )0.6 (course)4 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.231 Td [(of)2 ( )0.5 (business)2 ( )0.5 (of)2 ( )0.5 (the)2 ( )0.5 (Company,)2 ( )0.5 (are)2 ( on)2 ( )0.5 (normal)2 ( )0.5 (commercial)2 ( )0.5 (terms,)2 ( )0.5 (and)2 ( )0.5 (the)2 ( )0.5 (prices)1.9 ( )0.5 (of)2 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.231 Td [(the)1 ( )0.5 (transactions)1 ( )0.5 (are)1 ( )0.5 (fair)1 ( )0.5 (and)1.1 ( )0.5 (reasonable.)1 ( )0.5 (The)1 ( )0.5 (revenue)1 ( )0.5 (and)1 ( )0.5 (profit)1 ( )0.5 (of)1.1 ( )0.5 (the)1 ( )0.5 (Company)1 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.231 Td [(are)2 ( not)2 ( )0.5 (dependent)2 ( )0.5 (on)2 ( )0.5 (such)2 ( )0.5 (type)2 ( )0.5 (of)2 ( )0.5 (related)2 ( )0.5 (party/connected)2 ( )0.5 (transactions)2 ( )0.5 (and)2 ( such)2 ( )]TJ 0.025 Tc 0.072 Tw 0 -1.231 Td [(transactions )0.5 (do not )0.5 (affect )0.5 (the )0.5 (independence of )0.5 (the )0.5 (Company as )0.5 (a )0.5 (listed )0.5 (company )]TJ 0.053 Tc 0.07 Tw 0 -1.231 Td [(or)12.5 ( impose)12.5 ( any)12.4 ( negative)12.4 ( effects)12.5 ( on)12.5 ( or)12.4 ( prejudice)12.4 ( the)12.5 ( interests)12.4 ( of)12.4 ( the)12.5 ( Company)28 ( )]TJ 0.038 Tc 0 -1.231 Td [(and)12.6 ( unrelated/unconnected)12.5 ( shareholders,)12.5 ( especially)12.5 ( the)12.6 ( interest)12.5 ( of)12.5 ( the)12.5 ( minority)13 ( )]TJ 0 -1.231 Td [(s)0.5 (h)0.5 (a)0.5 (r)0.5 (e)0.5 (h)0.5 (o)0.5 (l)0.5 (d)0.5 (e)0.5 (r)0.5 (s)0.5 (,)13 ( )0.5 (a)0.6 (n)0.5 (d)12.9 ( )0.5 (a)0.6 (r)0.5 (e)13 ( )0.5 (i)0.5 (n)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (i)0.5 (n)0.5 (t)0.5 (e)0.5 (r)0.5 (e)0.5 (s)0.5 (t)0.5 (s)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (C)0.5 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (n)0.5 (y)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (i)0.5 (t)0.5 (s)13 ( )0.5 (s)0.5 (h)0.5 (a)0.6 (r)0.5 (e)0.5 (h)0.5 (o)0.5 (l)0.5 (de)0.6 (r)0.5 (s)13 ( )0.5 (a)0.5 (s)13 ( )0.5 (a)13 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (whole.)Tj 0 Tw -2.18 -2.462 Td [(\225 )-1530.5 (Other matters that need to be brought to the attention of the investors:\ None.)]TJ ET endstream endobj 44 0 obj <> endobj 43 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 1 \226)Tj 0.065 Tc 0.07 Tw 13 0 3.4833 13 55.3588 776.3179 Tm [(Hong)12.1 ( Kong)12.1 ( Exchanges)12 ( and)12.1 ( Clearing)12 ( Limited)12 ( and)12 ( The)12 ( Stock)12.1 ( Exchange)12.1 ( of)12.1 ( Hong)40 ( )]TJ 0.03 Tc 0.078 Tw 0.33 -1.231 Td [(Kong)5 ( )0.5 (Limited)5 ( )0.5 (take)5 ( )0.5 (no)5 ( )0.5 (responsibility)5 ( )0.5 (for)5 ( )0.5 (the)5 ( )0.5 (contents)5 ( )0.5 (of)5 ( )0.6 (this)5 ( )0.5 (announcement,)5 ( )0.5 (make)5 ( )0.5 (no)5 ( )]TJ 0.027 Tc 0.081 Tw 0.33 -1.231 Td [(representation)2 ( )0.5 (as)2 ( )0.5 (to)2 ( )0.5 (its)2 ( )0.5 (accuracy)2 ( )0.5 (or)2 ( )0.5 (completeness)2 ( )0.5 (and)1.9 ( )0.5 (expressly)2 ( )0.5 (disclaim)2 ( any)2 ( )0.5 (liability)2 ( )]TJ 0.025 Tc 0.077 Tw 0.33 -1.231 Td (whatsoever for any loss howsoever arising from or in reliance upon the w\ hole or any )Tj 0 Tw 0.33 -1.231 Td (part of the contents of this announcement.)Tj ET /PlacedGraphic /MC0 BDC EMC BT /GS1 gs /T1_1 1 Tf 0.001 Tc 15.8057 0 0 15.8057 128.3096 583.2814 Tm 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