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The income and profit o\ f the )Tj 0.044 Tc 0.07 Tw 0 -1.231 Td [(Company)12.2 ( are)12.2 ( not)12.2 ( dependent)12.2 ( on)12.2 ( such)12.2 ( related)12.2 ( party)12.2 (/)12.2 (connected)12.2 ( transactions)19.1 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.231 Td (and hence the independence of the Company as a listed company will not b\ e )Tj 0.08 Tw 0 -1.231 Td (impaired. The related party/connected transactions do not have any adver\ se )Tj 0 Tw 0 -1.231 Td (impacts on the Company.)Tj 0.034 Tc 0.074 Tw -2.181 -2.462 Td [(T)0.5 (a)0.5 (k)0.6 (i)0.5 (n)0.5 (g)9 ( )0.5 (i)0.5 (n)0.5 (t)0.5 (o)9 ( )0.5 (a)0.5 (c)0.6 (c)0.5 (o)0.5 (u)0.5 (n)0.5 (t)9 ( )0.5 (t)0.5 (h)0.5 (e)9.1 ( )0.5 (a)0.5 (b)0.5 (o)0.5 (v)0.5 (e)9 ( )0.5 (f)0.5 (a)0.6 (c)0.5 (t)0.5 (o)0.5 (r)0.5 (s)9 (,)9 ( )0.5 (t)0.5 (h)0.6 (e)9 ( )0.5 (d)0.5 (i)0.5 (r)0.5 (e)0.5 (c)0.6 (t)0.5 (o)0.5 (r)0.5 (s)9 ( )0.5 (o)0.5 (f)9 ( )0.5 (t)0.5 (h)0.5 (e)9 ( )0.6 (C)0.5 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (n)0.5 (y)9 ( )0.5 (\()9 (i)0.6 (n)0.5 (c)0.5 (l)0.5 (u)0.5 (d)0.5 (i)0.5 (n)0.5 (g)9 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (the independent non-executive directors\) are of the view that:)Tj 0.022 Tc 0 -2.462 Td [(1)-3 (.)-3 ( )-1108.5 (The terms of the Acquisition \(including the consideration for the trans\ fer\) are)-3 ( )]TJ 0.025 Tc 0.024 Tw 2.181 -1.231 Td (fair and reasonable and in the interests of the Company and the sharehol\ ders )Tj 0.079 Tw 0 -1.231 Td (as a whole. The subject matter of this transaction has been evaluated by\ an )Tj 0.024 Tc 0 Tw 0 -1.231 Td [(independent evaluation agencies with professional qualifications, and wr\ itten)-1 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(reports)8 ( )0.5 (have)8 ( )0.5 (been)8 ( )0.5 (issued)8 (.)8 ( )0.5 (The)8.1 ( )0.5 (va)0.5 (luation)8 ( )0.5 (method)8 (,)8 ( )0.5 (valuation)8 ( )0.5 (assumption)8.1 ( )0.5 (and)8 ( )]TJ 0.039 Tc 0.07 Tw 0 -1.231 Td [(other)12.7 ( important)12.7 ( evaluation)12.7 ( parameters)12.7 ( are)12.7 ( reasonable)12.7 (.)12.6 ( The)12.7 ( transaction)12.7 ( did)14 ( )]TJ 0.034 Tc 0.074 Tw 0 -1.231 Td [(n)0.5 (o)0.5 (t)9 ( )0.5 (h)0.5 (a)0.6 (r)0.5 (m)9 ( )0.5 (t)0.5 (h)0.5 (e)9 ( )0.5 (i)0.5 (n)0.5 (t)0.5 (e)0.6 (r)0.5 (e)0.5 (s)0.5 (t)0.5 (s)9.1 ( )0.5 (o)0.5 (f)9 ( )0.5 (t)0.5 (h)0.5 (e)9 ( )0.5 (C)0.5 (o)0.5 (m)0.6 (pa)0.6 (n)0.5 (y)9 ( )0.5 (a)0.5 (n)0.5 (d)9 ( )0.5 (a)0.6 (l)0.5 (l)9 ( )0.5 (s)0.5 (h)0.5 (a)0.5 (r)0.5 (e)0.6 (h)0.5 (o)0.5 (l)0.5 (d)0.5 (e)0.5 (r)0.6 (s)8.9 (,)9 ( )0.6 (e)0.5 (s)0.5 (p)0.5 (e)0.5 (c)0.6 (i)0.5 (a)0.5 (l)0.5 (l)0.5 (y)9 ( )0.5 (t)0.5 (h)0.5 (e)9.1 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (minority shareholders.)Tj 0.08 Tc 0.07 Tw -2.181 -2.462 Td [(2)55 (.)55 ( )-980.5 (The)12.3 ( loan)12.3 ( from)12.3 ( Jiangsu)12.2 ( Communications)12.3 ( Holding)12.3 ( and)12.3 ( the)12.3 ( guarantees)55 ( )]TJ 0.024 Tc 0 Tw 2.181 -1.231 Td [(p)0.5 (r)0.5 (o)0.6 (v)0.5 (i)0.5 (d)0.5 (e)0.6 (d)0.5 ( )0.5 (b)0.5 (y)0.5 ( )0.6 (J)0.5 (i)0.5 (a)0.5 (n)0.5 (g)0.6 (s)0.5 (u)0.5 ( )0.5 (C)0.6 (o)0.5 (m)0.5 (m)0.5 (u)0.5 (n)0.6 (i)0.5 (c)0.5 (a)0.6 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (s)0.6 ( )0.5 (H)0.5 (o)0.5 (l)0.6 (d)0.5 (i)0.5 (n)0.5 (g)0.5 (,)0.6 ( )0.5 (t)0.5 (h)0.5 (e)0.5 ( )0.6 (r)0.5 (e)0.5 (l)0.5 (a)0.6 (t)0.5 (e)0.5 (d)0.5 ( )0.6 (p)0.5 (a)0.5 (r)0.5 (t)0.6 (y)0.5 ( )0.5 (t)0.5 (r)0.5 (a)0.6 (n)0.5 (s)0.5 (a)0.6 (c)0.5 (t)0.5 (i)0.5 (o)0.6 (n)0.5 (s)0.5 (/)]TJ 0.025 Tc 0.064 Tw 0 -1.231 Td (continuing connected transactions upon Completion fall within the ambit \ of )Tj 0.063 Tw 0 -1.231 Td (ordinary business contracts of the Company. The prices of the contracts \ are )Tj 0.013 Tw 0 -1.231 Td (determined with reference to the fair price on the market, the transacti\ ons do )Tj 0.043 Tw 0 -1.231 Td (not impair the interests of the Company, nor do they involve any transfe\ r of )Tj 0.074 Tw 0 -1.231 Td (benefits to the internal related/connected persons of the Group. Meanwhi\ le, )Tj 0.06 Tc 0.07 Tw 0 -1.231 Td [(by)12.6 ( leveraging)12.6 ( on)12.6 ( synergies)12.5 ( derived)12.5 ( from)12.6 ( the)12.5 ( businesses)12.5 ( of)12.5 ( the)12.6 ( internal)35 ( )]TJ 0.04 Tc 0.071 Tw 0 -1.231 Td [(related)12.1 (/)12 (connected)12 ( )0.6 (companies)12 ( )0.6 (of)12.1 ( )0.5 (the)12.1 ( )0.5 (Group)12.1 (,)12 ( )0.6 (the)12 ( )0.6 (Company)12 ( )0.6 (can)12 ( )0.6 (further)12.1 ( )0.5 (save)15 ( )]TJ 0.055 Tc 0.07 Tw 0 -1.231 Td [(its)12.8 ( management)12.8 ( costs)12.8 ( and)12.8 ( improve)12.8 ( its)12.7 ( management)12.7 ( efficiency)12.7 ( to)12.7 ( ensure)30 ( )]TJ 0.025 Tc 0.069 Tw 0 -1.231 Td (effective operation of its principal businesses. The income and profit o\ f the )Tj 0.044 Tc 0.07 Tw 0 -1.231 Td [(Company)12.2 ( are)12.2 ( not)12.2 ( dependent)12.2 ( on)12.2 ( such)12.2 ( related)12.2 ( party)12.2 (/)12.2 (connected)12.2 ( transactions)19.1 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.231 Td (and hence the independence of the Company as a listed company will not b\ e )Tj 0.08 Tw 0 -1.231 Td (impaired. The related party/connected transactions do not have any adver\ se )Tj 0 Tw 0 -1.231 Td (impacts on the Company.)Tj ET endstream endobj 68 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 52 \226)Tj ET q 0 Tc 0 g /GS1 gs 0 TL/Fm0 Do Q BT 0.083 Tw 13 0 0 13 85.0394 776.3179 Tm [(Set )0.5 (out )0.5 (below )0.5 (are )0.5 (the )0.5 (independent )0.5 (opinions )0.5 (expressed )0.5 (when )0.5 (the )0.5 (Acquisition )0.5 (was )]TJ 0 Tw 0 -1.231 Td (considered at the board meeting:)Tj 0.057 Tc 0.069 Tw 2.181 -2.462 Td [(1)13.1 (.)13 ( A)0.5 (n)13.1 ( q)0.6 (u)0.5 (a)0.6 (l)0.6 (i)0.5 (f)0.6 (i)0.5 (e)0.6 (d)13 ( v)0.6 (a)0.5 (l)0.6 (u)0.5 (a)0.6 (t)0.6 (i)0.5 (o)0.6 (n)13 ( i)0.5 (n)0.6 (s)0.5 (t)0.6 (i)0.5 (t)0.6 (u)0.6 (t)0.5 (i)0.6 (o)0.5 (n)13.1 ( t)0.6 (h)0.5 (a)0.6 (t)13 ( m)0.6 (e)0.5 (e)0.6 (t)0.5 (s)13.1 ( t)0.5 (h)0.6 (e)13 ( r)0.6 (e)0.5 (q)0.6 (u)0.5 (i)0.6 (r)0.6 (e)0.5 (m)0.6 (e)0.5 (n)0.6 (t)0.5 (s)13.1 ( o)0.6 (f)13.1 ( t)0.6 (h)0.5 (e)32 ( )]TJ 0.034 Tc 0.074 Tw 0 -1.231 Td [(Securities)9 ( )0.5 (Law)9 ( )0.5 (has)9 ( )0.5 (been)9 ( )0.5 (engaged)9 ( )0.5 (by)9 ( )0.5 (the)9 ( )0.5 (Company)9 ( )0.5 (to)9 ( )0.5 (conduct)9 ( )0.5 (an)9 ( )0.5 (appraisal)9 ( )]TJ 0.025 Tc 0.02 Tw 0 -1.231 Td (of the transaction subject and such valuation institution is fully indep\ endent; )Tj 0.036 Tc 0.072 Tw 0 -1.231 Td [(2)11 (.)11 ( )0.5 (The)11 ( )0.5 (income)11 ( )0.5 (approach)11 ( )0.5 (was)11 ( )0.5 (adopted)11 ( )0.5 (as)11 ( )0.5 (the)11 ( )0.5 (result)11 ( )0.5 (of)11 ( )0.5 (the)11 ( )0.6 (valuation)11 ( )0.5 (for)11 ( )0.5 (the)11 ( )]TJ 0.038 Tc 0.07 Tw 0 -1.231 Td [(transaction)12.4 (.)12.4 ( Such)12.4 ( valuation)12.4 ( method)12.4 ( is)12.5 ( appropriate)12.5 ( to)12.4 ( the)12.4 ( characteristics)12.4 ( of)13 ( )]TJ 0.044 Tc 0 -1.231 Td [(the)12.3 ( industry)12.3 ( in)12.3 ( which)12.3 ( the)12.3 ( Target)12.3 ( Company)12.3 ( operates)12.2 ( and)12.3 ( is)12.3 ( in)12.3 ( compliance)19 ( )]TJ 0.049 Tc 0 -1.231 Td [(with)12.8 ( the)12.9 ( requirements)12.9 ( of)12.8 ( relevant)12.8 ( laws)12.8 ( and)12.8 ( regulations)12.8 (.)12.8 ( The)12.9 ( selection)12.8 ( of)24 ( )]TJ 0.042 Tc 0 -1.231 Td [(the)12.1 ( valuation)12.2 ( method)12.2 ( is)12.1 ( appropriate)12.1 (,)12.1 ( the)12.1 ( assumptions)12.2 ( and)12.1 ( premises)12.2 ( of)12.2 ( the)17.1 ( )]TJ 0.023 Tc 0 Tw 0 -1.231 Td [(valuation and the selection of the valuation parameters are reasonable; \ 3. The)-1.9 ( )]TJ 0.025 Tc 0.019 Tw 0 -1.231 Td (price of the transaction was determined on the basis of the evaluation r\ esults )Tj 0.03 Tc 0.078 Tw 0 -1.231 Td [(of)5 ( )0.5 (a)5 ( )0.5 (qualified)5 ( )0.5 (asset)5 ( )0.5 (valuation)5 ( )0.5 (institution)5 ( )0.5 (that)5 ( )0.5 (meets)5 ( )0.5 (the)5 ( )0.5 (requirements)5 ( )0.6 (of)5 ( )0.5 (the)5 ( )]TJ 0.025 Tc 0.051 Tw 0 -1.231 Td (Securities Law. The transaction pricing is objective and fair, the trans\ action )Tj 0.038 Tc 0.07 Tw 0 -1.231 Td [(is)12.3 ( fair)12.3 ( and)12.4 ( conforms)12.4 ( to)12.4 ( the)12.4 ( interests)12.4 ( of)12.4 ( the)12.4 ( Company)12.4 ( and)12.3 ( its)12.3 ( shareholders)12.3 (,)13 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.231 Td [(without)7 ( )0.5 (prejudice)7 ( )0.5 (to)7 ( )0.5 (the)7 ( )0.5 (interests)7 ( )0.5 (of)7 ( )0.5 (non)7 (-)7 (related)7 ( )0.5 (shareholders)7 (,)7 ( )0.5 (in)7 ( )0.5 (particular)7 ( )]TJ 0.025 Tc 0.003 Tw 0 -1.231 Td (the minority shareholders; 4. The content and decision-making procedures\ of )Tj 0.078 Tw 0 -1.231 Td (the related party transaction are legal and in compliance with the Compa\ ny )Tj 0.056 Tc 0.07 Tw 0 -1.231 Td [(Law)12.7 (,)12.7 ( the)12.6 ( Securities)12.6 ( Law)12.7 (,)12.7 ( the)12.7 ( Rules)12.7 ( Governing)12.6 ( the)12.7 ( Listing)12.7 ( of)12.7 ( Stocks)12.7 ( on)31 ( )]TJ 0.025 Tc 0.033 Tw 0 -1.231 Td (Shanghai Stock Exchange and other relevant laws and regulations as well \ as )Tj 0.037 Tc 0.071 Tw 0 -1.231 Td [(the)12 ( )0.5 (Articles)12 ( )0.5 (of)12 ( )0.5 (Association)12 ( )0.5 (of)12 ( )0.5 (the)12 ( )0.5 (Company)12 (.)12 ( )0.5 (When)12 ( )0.5 (the)12.1 ( )0.5 (Board)11.9 ( )0.6 (of)12.1 ( )0.5 (Directors)12 ( )]TJ 0.025 Tc 0.076 Tw 0 -1.231 Td (of the Company voted on the related party transaction, the related direc\ tors )Tj 0.054 Tw 0 -1.231 Td [(abstained )0.5 (from voting )0.5 (and other )0.5 (non-related )0.5 (directors )0.5 (voted )0.5 (in )0.5 (favour of )0.5 (the )]TJ 0.063 Tw 0 -1.231 Td (related party transaction proposal, and therefore the voting procedures \ were )Tj 0 Tw 0 -1.231 Td (in compliance with the provisions of relevant laws and regulations.)Tj 0.051 Tc 0.07 Tw -2.181 -2.462 Td [(The)12.1 ( audit)12 ( committee)12.1 ( of)12.1 ( the)12.2 ( Company)12.1 ( issued)12 ( a)12.1 ( written)12.1 ( review)12.1 ( opinion)12.1 ( on)12.1 ( the)26 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (proposal concerning this related transaction as follows:)Tj 0.058 Tc 0.07 Tw 2.181 -2.462 Td [(Necessary)12.2 ( audit)12.2 (,)12.2 ( evaluation)12.2 ( and)12.1 ( other)12.2 ( procedures)12.1 ( have)12.2 ( been)12.2 ( performed)33 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.231 Td [(A)0.5 (c)0.5 (q)0.5 (ui)0.5 (s)0.5 (i)0.5 (ti)0.5 (o)0.5 (n)6 (.)6 ( )0.5 (T)0.5 (he)6.1 ( )0.5 (t)0.5 (ra)0.5 (n)0.5 (s)0.5 (a)0.5 (c)0.5 (ti)0.5 (o)0.5 (n)6 ( )0.5 (p)0.5 (r)0.5 (ic)0.5 (e)6 ( )0.5 (i)0.5 (s)6 ( )0.5 (d)0.5 (e)0.5 (t)0.5 (e)0.5 (rm)0.5 (i)0.5 (n)0.5 (e)0.5 (d)6 ( )0.5 (th)0.5 (r)0.5 (o)0.5 (ug)0.5 (h)6 ( )0.5 (n)0.5 (e)0.5 (g)0.5 (ot)0.5 (i)0.5 (a)0.5 (t)0.5 (io)0.5 (n)6 ( )0.5 (b)0.5 (a)0.5 (s)0.5 (ed)6.1 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(on)12 ( )0.5 (the)12 ( )0.5 (valuation)12 ( )0.5 (results)12 (.)12 ( )0.5 (The)12 ( )0.5 (pricing)12 ( )0.5 (is)12.1 ( )0.5 (objective)12 (,)12 ( )0.5 (fair)12 ( )0.5 (and)12 ( )0.5 (reasonable)12 (,)12 ( )0.5 (and)12 ( )]TJ 0.041 Tc 0.07 Tw 0 -1.231 Td [(d)0.5 (o)0.6 (e)0.5 (s)13.1 ( )0.5 (n)0.5 (o)0.6 (t)13 ( )0.5 (i)0.6 (n)0.5 (v)0.5 (o)0.5 (l)0.6 (v)0.5 (e)13.1 ( )0.5 (a)0.5 (n)0.6 (y)13 ( )0.5 (s)0.6 (i)0.5 (t)0.5 (u)0.6 (a)0.5 (t)0.6 (i)0.5 (o)0.5 (n)13 ( )0.6 (t)0.5 (h)0.6 (a)0.5 (t)13 ( )0.6 (d)0.5 (a)0.5 (m)0.6 (a)0.5 (g)0.6 (e)0.5 (s)13 ( )0.6 (t)0.5 (h)0.5 (e)13.1 ( )0.5 (i)0.6 (n)0.5 (t)0.5 (e)0.6 (r)0.5 (e)0.6 (s)0.5 (t)0.5 (s)13.1 ( )0.5 (o)0.5 (f)13.1 ( )0.5 (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)0.5 (s)13 (.)16 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(We)3 ( )0.5 (agree)3 ( )0.6 (to)3 ( )0.5 (submit)3 ( )0.5 (the)3 ( )0.5 (above)3 ( )0.5 (related)3 ( )0.5 (party)3 ( )0.5 (transaction)3 ( )0.5 (proposal)3 ( )0.5 (to)3 ( )0.5 (the)3 ( )0.5 (2)3 (4)]TJ -0.028 Tw 7.579 0 0 7.579 532.4725 237.5179 Tm (th)Tj 0 Tc 0 Tw 13 0 0 13 538.7722 232.3179 Tm ( )Tj 0.026 Tc 0.082 Tw -32.722 -1.231 Td [(Meeting)1 ( )0.5 (of)1.1 ( the)1 ( )0.5 (Tenth)1 ( )0.5 (Session)1 ( )0.5 (of)1 ( )0.5 (the)1 ( )0.5 (board)1.1 ( )0.5 (of)1 ( )0.5 (directors)1 ( )0.5 (of)1 ( )0.5 (the)1 ( )0.5 (Company)1 ( )0.5 (for)1 ( )]TJ 0.025 Tc 0.021 Tw 0 -1.231 Td [(consideration. )0.5 (The )0.5 (transaction )0.5 (is )0.5 (also )0.5 (subject )0.5 (to )0.5 (the )0.5 (approval )0.5 (of )0.5 (shareholders )]TJ 0.044 Tw 0 -1.231 Td (at general meeting, and Jiangsu Communications Holding, a related party \ to )Tj 0.027 Tc 0.081 Tw 0 -1.231 Td [(the)2 ( )0.5 (related)2 ( )0.5 (party)2 ( )0.5 (transaction)2 (,)1.9 ( )0.5 (shall)2.1 ( abstain)2 ( )0.5 (from)2 ( exercising)2 ( )0.5 (the)2 ( )0.5 (right)2 ( to)2 ( )0.5 (vote)2 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (on the proposal at the general meeting of shareholders.)Tj ET endstream endobj 67 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 51 \226)Tj ET q 0 Tc 0 g /GS1 gs 0 TL/Fm0 Do Q BT 0.088 Tc 0.07 Tw 13 0 0 13 85.0394 776.3179 Tm [(The)12.3 ( Company)12.3 ( \()12.3 (with)12.3 ( the)12.3 ( approval)12.3 ( of)12.3 ( the)12.4 ( Independent)12.3 ( Board)12.3 ( Committee)12.4 (,)63 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(comprising)8 ( )0.5 (of)8 ( )0.5 (all)8 ( )0.5 (the)8 ( )0.5 (independent)8 ( )0.5 (non)8 (-)8 (executive)8 ( )0.5 (directors)8 ( )0.6 (of)8 ( )0.6 (the)8 ( )0.5 (Company)8 (\))8 ( )0.5 (has)8 ( )]TJ 0.057 Tc 0.07 Tw 0 -1.231 Td [(appointed)12.3 ( Somerley)12.3 ( Capital)12.2 ( Limited)12.2 ( as)12.2 ( the)12.2 ( independent)12.3 ( financial)12.3 ( adviser)12.3 ( to)32 ( )]TJ 0.023 Tc 0 Tw 0 -1.231 Td [(provide advice to the Independent Board Committee and independent shareh\ olders)-2 ( )]TJ 0.025 Tc 0.079 Tw 0 -1.231 Td (on the Acquisition. It is expected that a circular containing, among oth\ er things, )Tj 0.054 Tc 0.07 Tw 0 -1.231 Td [(details)12.3 ( of)12.4 ( the)12.4 ( Acquisition)12.4 ( and)12.4 ( other)12.3 ( information)12.4 ( required)12.4 ( by)12.3 ( the)12.4 ( Hong)12.3 ( Kong)29 ( )]TJ 0.025 Tc 0.044 Tw 0 -1.231 Td (Listing Rules will be despatched to H Shareholders within 15 business da\ ys after )Tj 0 Tw 0 -1.231 Td (the publication of this announcement \(i.e. on or before 21 February 202\ 4\).)Tj 0.02 Tw 0 -2.462 Td (It is expected the transactions contemplated under the Equity Transfer A\ greement )Tj 0.081 Tw 0 -1.231 Td (will be considered by shareholders at the general meeting of the Company\ to be )Tj 0.03 Tc 0.078 Tw 0 -1.231 Td [(held)5 ( )0.5 (on)5 ( )0.5 (or)5 ( )0.5 (about)5 ( )0.5 (1)5 (8)5 ( )0.5 (April)4.9 ( )0.6 (2)4.9 (0)5 (2)5.1 (4)5 ( )0.5 (where)5 ( )0.5 (Jiangsu)5 ( )0.5 (Communications)5 ( )0.5 (Holding)5 ( )0.5 (and)5 ( )0.5 (its)5 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (associates shall abstain from voting.)Tj /T1_1 1 Tf -0.025 Tw 10.4 0 0 13 56.6929 552.3179 Tm (VIII.)Tj 0.048 Tc 0.07 Tw 13 0 0 13 80.2381 552.3179 Tm [( )-1.3 (REVIEW)12.6 ( PROCEDURES)12.6 ( PERFORMED)12.7 ( AND)12.6 ( TO)12.6 ( BE)12.7 ( PERFORMED)12.6 ( ON)23 ( )]TJ 0.025 Tc 0 Tw 0.369 -1.231 Td (THIS TRANSACTION)Tj /T1_0 1 Tf 0.039 Tc 0.07 Tw 0 -2.462 Td [(This)12.9 ( proposal)12.9 ( concerning)12.9 ( the)12.9 ( related)12.9 ( party)12.9 ( transactions)12.9 ( \()12.9 (being)12.8 ( the)12.9 ( Acquisition)12.9 (,)14 ( )]TJ 0.081 Tc 0 -1.231 Td [(loan)12 ( from)12 ( Jiangsu)12.1 ( Communications)12.1 ( Holding)12 ( and)12 ( guarantees)12.1 ( provided)12.1 ( by)56 ( )]TJ 0.042 Tc 0 -1.231 Td [(Jiangsu)12.6 ( Communications)12.7 ( Holding)12.7 (,)12.6 ( the)12.7 ( continuing)12.7 ( connected)12.6 ( transactions)12.6 ( upon)17 ( )]TJ 0.025 Tc 0.017 Tw 0 -1.231 Td (Completion\) and the entering into of the letter of intent with Wuxi Tra\ nsportation )Tj 0.026 Tc 0.082 Tw 0 -1.231 Td [(have)1 ( )0.5 (been)1 ( )0.5 (considered)1.1 ( )0.5 (and)1 ( )0.5 (approved)1 ( )0.5 (at)1 ( )0.5 (the)1.1 ( )0.5 (2)1 (4)1 (th)1 ( )0.5 (Meeting)1 ( )0.6 (of)1 ( )0.5 (the)1 ( )0.5 (Tenth)1.1 ( )0.5 (Session)1 ( )0.5 (of)1 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(the)12 ( )0.5 (board)12 ( )0.5 (of)12 ( )0.5 (directors)12 ( )0.5 (of)12 ( )0.5 (the)12 ( )0.5 (Company)12.1 (,)11.9 ( )0.6 (and)12 ( )0.5 (related)12 (/)12 (connected)12 ( )0.5 (directors)12 ( )0.5 (Mr)12 (.)12 ( )0.5 (Xu)12 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(Haibei)8 ( )0.6 (and)8 ( )0.5 (Mr)8 (.)8 ( )0.5 (Wang)8 ( )0.5 (Yingjian)8 ( )0.5 (\()8 (both)8 ( )0.5 (as)8 ( )0.5 (employees)8 ( )0.5 (of)8 ( )0.5 (Jiangsu)8 ( )0.5 (Communications)8 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Holding\) have abstained from voting.)Tj 0.054 Tc 0.07 Tw 0 -2.462 Td [(This)12.3 ( Acquisition)12.3 ( has)12.4 ( to)12.4 ( be)12.4 ( submitted)12.3 ( to)12.3 ( the)12.3 ( general)12.3 ( meeting)12.4 ( of)12.4 ( shareholders)29 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.231 Td [(for)11 ( )0.5 (consideration)11 ( )0.5 (and)11 ( )0.5 (approval)11 ( )0.5 (where)11 ( )0.5 (Jiangsu)11 ( )0.5 (Communications)11 ( )0.5 (Holding)11 ( )0.5 (and)11 ( )0.5 (its)11 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (associates are required to abstain from voting.)Tj 0.023 Tc 0 -2.462 Td [(The five independent directors of the Company have issued prior approval\ opinion)-2.1 ( )]TJ 0.025 Tc 0.044 Tw 0 -1.231 Td (and agreed to submit the related party transaction proposal to the 24)Tj -0.025 Tw 7.579 0 0 7.579 467.2508 285.5179 Tm (th)Tj 0.044 Tw 13 0 0 13 473.5262 280.3179 Tm ( Meeting of )Tj 0 Tw -29.884 -1.231 Td (the Tenth Session of the board of directors of the Company for considera\ tion.)Tj 0.026 Tc 0.082 Tw 2.18 -2.462 Td [(Ba)0.5 (sed)1 ( )0.6 (on)1 ( )0.5 (the)1 ( )0.5 (r)0.5 (equ)0.5 (ire)0.5 (men)0.5 (ts)1 ( )0.5 (of)1 ( )0.5 (t)0.5 (he)1 ( )0.5 (st)0.5 (rat)0.5 (egi)0.5 (c)1 ( )0.5 (dev)0.5 (elo)0.5 (pme)0.5 (nt)1 ( )0.5 (pla)0.5 (n)1 (,)1 ( )0.5 (the)1 ( )0.5 (C)0.5 (omp)0.5 (any)1 ( )]TJ 0.059 Tc 0.07 Tw 0 -1.231 Td [(continuously)12.6 ( improves)12.5 ( the)12.6 ( Company)12.6 (\222)12.5 (s)12.6 ( comprehensive)12.6 ( profitability)12.5 ( and)34 ( )]TJ 0.062 Tc 0 -1.231 Td [(core)12.1 ( competitiveness)12.1 (,)12.1 ( which)12.1 ( is)12.1 ( conducive)12.1 ( to)12.1 ( the)12.1 ( Company)12.1 (\222)12.1 (s)12.1 ( long)12.1 (-)12.1 (term)37 ( )]TJ 0.069 Tc 0 -1.231 Td [(d)0.5 (e)0.5 (v)0.5 (e)0.5 (l)0.6 (op)0.6 (m)0.5 (e)0.5 (n)0.5 (t)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (i)0.6 (s)13 ( )0.5 (i)0.5 (n)13 ( )0.5 (l)0.5 (i)0.5 (n)0.5 (e)13 ( )0.5 (w)0.5 (i)0.6 (t)0.5 (h)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (C)0.5 (o)0.5 (m)0.5 (p)0.6 (a)0.5 (n)0.5 (y)13 (\222)13 (s)13 ( )0.5 (o)0.5 (v)0.5 (e)0.5 (r)0.6 (a)0.5 (l)0.5 (l)13 ( )0.5 (i)0.5 (n)0.5 (t)0.5 (e)0.5 (r)0.5 (e)0.6 (s)0.5 (t)0.5 (s)13 (.)13 ( )0.5 (T)0.5 (h)0.5 (e)44 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.231 Td [(terms)7 ( )0.5 (are)7 ( )0.5 (on)7 ( )0.5 (general)7 ( )0.5 (commercial)7 ( )0.5 (terms)7 (.)7 ( )0.5 (The)7 ( )0.5 (transaction)7 ( )0.5 (price)7 ( )0.5 (was)7 ( )0.5 (fair)7 ( )0.5 (and)7 ( )]TJ 0.054 Tc 0.07 Tw 0 -1.231 Td [(reasonable)12.3 (,)12.3 ( and)12.3 ( had)12.3 ( no)12.3 ( negative)12.3 ( impact)12.2 ( on)12.3 ( the)12.3 ( Company)12.3 (.)12.2 ( There)12.3 ( was)12.3 ( no)29 ( )]TJ 0.025 Tc 0.031 Tw 0 -1.231 Td [(situation that )0.5 (would )0.5 (harm the )0.5 (interests )0.5 (of )0.5 (the )0.5 (Company )0.5 (and )0.5 (all )0.5 (shareholders, )]TJ 0 Tw 0 -1.231 Td (especially minority shareholders.)Tj ET endstream endobj 64 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 50 \226)Tj ET q 0 Tc 0 g /GS1 gs 0 TL/Fm0 Do Q BT /T1_1 1 Tf 0.044 Tc 0.07 Tw 13 0 3.4833 13 83.7052 776.409 Tm [(Loan)12.2 ( from)12.2 ( Jiangsu)12.2 ( Communications)12.2 ( Holding)12.2 ( and)12.2 ( guarantees)12.2 ( provided)12.2 ( by)19 ( )]TJ 0.025 Tc 0 Tw 0.33 -1.231 Td (Jiangsu Communications Holding)Tj /T1_0 1 Tf 0.064 Tc 0.07 Tw 13 0 0 13 85.0394 728.409 Tm [(G)0.6 (i)0.5 (v)0.5 (e)0.5 (n)13.1 ( )0.5 (t)0.5 (h)0.5 (e)13.1 ( )0.5 (l)0.5 (o)0.6 (a)0.5 (n)13 ( )0.6 (a)0.5 (n)0.5 (d)13.1 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.5 (g)0.6 (u)0.5 (a)0.5 (r)0.6 (a)0.5 (n)0.5 (t)0.5 (e)0.6 (e)0.5 (s)13 ( )0.6 (a)0.5 (r)0.6 (e)13 ( )0.5 (p)0.6 (r)0.5 (o)0.5 (v)0.5 (i)0.6 (d)0.5 (e)0.5 (d)13.1 ( )0.5 (b)0.5 (e)0.6 (f)0.5 (o)0.5 (r)0.6 (e)13 ( )0.5 (t)0.6 (h)0.5 (e)13 ( )0.6 (E)0.5 (q)0.5 (u)0.5 (i)0.6 (t)0.5 (y)13 ( )0.5 (T)0.6 (r)0.5 (a)0.6 (n)0.5 (s)0.5 (f)0.6 (e)0.5 (r)39 ( )]TJ 0.043 Tc 0 -1.231 Td [(Agreement)12.1 ( were)12.1 ( entered)12.1 ( into)12.1 (,)12.1 ( the)12.2 ( loan)12.1 ( is)12.1 ( not)12.1 ( a)12.1 ( revolving)12.1 ( loan)12.1 ( and)12.1 ( no)12.1 ( fees)12.1 ( are)18 ( )]TJ 0.039 Tc 0 -1.231 Td [(payable)12.5 ( for)12.5 ( the)12.5 ( guarantee)12.5 (,)12.5 ( therefore)12.4 ( are)12.5 ( not)12.4 ( continuing)12.5 ( connected)12.4 ( transactions)12.5 (,)14 ( )]TJ 0.055 Tc 0 -1.231 Td [(the)12.6 ( loan)12.6 ( from)12.6 ( Jiangsu)12.5 ( Communications)12.6 ( Holding)12.5 ( and)12.6 ( guarantees)12.6 ( provided)12.6 ( by)30 ( )]TJ 0.025 Tc 0.083 Tw 0 -1.231 Td [(Jiangsu )0.5 (Communications Holding )0.5 (are )0.5 (conducted )0.5 (on )0.5 (normal commercial )0.5 (terms )0.5 (or )]TJ 0.013 Tw 0 -1.231 Td [(better and that no collaterals have been )0.5 (provided )0.5 (by Suxichang )0.5 (South )0.5 (Expressway )]TJ 0.046 Tc 0.07 Tw 0 -1.231 Td [(Company)12.2 ( for)12.3 ( such)12.2 ( loan)12.2 ( and)12.2 ( guarantees)12.2 (,)12.2 ( pursuant)12.2 ( to)12.3 ( Rule)12.2 ( 1)12.2 (4)12.2 (A)12.2 (.)12.2 (9)12.2 (0)12.2 ( of)12.2 ( the)12.3 ( Hong)21 ( )]TJ 0.051 Tc 0 -1.231 Td [(Kong)12.4 ( Listing)12.4 ( Rules)12.5 (,)12.4 ( they)12.4 ( are)12.5 ( exempted)12.4 ( from)12.4 ( the)12.4 ( announcement)12.4 (,)12.4 ( circular)12.5 ( and)25.9 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (independent shareholders\222 approval requirements.)Tj /T1_1 1 Tf 13 0 3.4833 13 83.7052 568.409 Tm (Continuing Connected Transactions upon Completion)Tj /T1_0 1 Tf 0.079 Tc 0.07 Tw 13 0 0 13 85.0394 536.409 Tm [(As)12.4 ( the)12.4 ( counterparties)12.3 ( of)12.4 ( the)12.3 ( continuing)12.3 ( transactions)12.3 ( items)12.4 ( 1)12.3 (-)12.4 (9)12.3 ( above)12.3 ( are)54 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(subsidiaries)8 ( )0.6 (of)8 ( )0.5 (Jiangsu)8 ( )0.5 (Communications)8 ( )0.5 (Holding)8 ( )0.5 (or)8 ( )0.5 (companies)8 ( )0.5 (that)8 ( )0.5 (are)8 ( )0.6 (directly)8 ( )]TJ 0.025 Tc 0.08 Tw 0 -1.231 Td (or indirectly held as to 30% or more equity interest by Jiangsu Communic\ ations )Tj 0.015 Tw 0 -1.231 Td (Holding, are also connected persons of the Company pursuant to Rules 14A\ .07\(4\) )Tj 0.03 Tc 0.078 Tw 0 -1.231 Td [(an)0.5 (d)5 ( )0.5 (1)5 (4)5 (A)5 (.)5 (1)5 (3)5 (\()5 (1)5 (\))5 ( )0.5 (or)5 ( )0.5 (1)5 (4)5 (A)5 (.)5 (1)5 (3)5 (\()5 (3)5 (\))5 ( )0.5 (o)0.5 (f)5 ( )0.5 (the)5 ( )0.5 (H)0.5 (ong)5 ( )0.5 (K)0.5 (ong)5 ( )0.5 (Li)0.5 (stin)0.5 (g)4.9 ( )0.6 (Rule)0.5 (s)5 (.)5 ( )0.5 (Suc)0.5 (h)5 ( )0.5 (tra)0.5 (nsa)0.5 (ctio)0.5 (ns)5 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (constitute continuing connected transactions of the Company.)Tj 0.038 Tc 0.07 Tw 0 -2.462 Td [(In)12.4 ( respect)12.3 ( of)12.4 ( the)12.3 ( continuing)12.4 ( connected)12.3 ( transactions)12.4 ( items)12.3 ( no)12.3 (.)12.4 ( 1)12.3 (-)12.4 (4)12.3 ( above)12.4 (,)12.3 ( as)12.4 ( the)13 ( )]TJ 0.025 Tc 0.031 Tw 0 -1.231 Td (estimated total amounts \(aggregated with other continuing connected tra\ nsactions )Tj 0.043 Tc 0.07 Tw 0 -1.231 Td [(of)12.6 ( similar)12.5 ( nature)12.6 ( and)12.6 ( type)12.6 ( as)12.6 ( those)12.6 ( of)12.6 ( the)12.6 ( Group)12.6 (\))12.6 ( all)12.5 ( exceed)12.5 ( 0)12.6 (.)12.6 (1)12.6 (%)12.6 ( but)12.6 ( are)12.6 ( less)18 ( )]TJ 0.025 Tc 0.019 Tw 0 -1.231 Td (than 5% of the revenue percentage ratio calculated in accordance with Ru\ le 14.07 )Tj 0.029 Tc 0.079 Tw 0 -1.231 Td [(of)4 ( )0.5 (the)4 ( )0.5 (Hong)4.1 ( Kong)4 ( )0.5 (Listing)4 ( )0.5 (Rules)4 ( )0.5 (and)4 ( )0.5 (such)3.9 ( )0.6 (transactions)4 ( )0.5 (are)4 ( )0.6 (conducted)4 ( )0.5 (on)4 ( )0.5 (normal)4 ( )]TJ 0.044 Tc 0.07 Tw 0 -1.231 Td [(commercial)12.2 ( terms)12.2 ( or)12.2 ( better)12.2 (,)12.2 ( therefore)12.2 ( these)12.3 ( continuing)12.3 ( connected)12.2 ( transactions)19 ( )]TJ 0.062 Tc 0 -1.231 Td [(are)12.6 ( only)12.6 ( subject)12.5 ( to)12.6 ( the)12.5 ( announcement)12.5 ( requirement)12.5 ( but)12.5 ( are)12.5 ( exempt)12.5 ( from)12.5 ( the)37 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(independent)5 ( )0.5 (shareholders)5 (\222)5 ( )0.5 (approval)5 ( )0.5 (requirement)5 ( )0.6 (under)5.1 ( )0.5 (Rule)5.1 ( )0.5 (1)5 (4)4.9 (A)5.1 (.)5 (7)5 (6)5 (\()5 (2)5 (\))5 (\()5 (a)5 (\))5 ( )0.5 (of)5 ( )0.5 (the)5 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.231 Td [(Hong)1 ( )0.5 (Kong)1 ( )0.5 (Listing)1 ( )0.5 (Rules)1.1 (.)1 ( )0.5 (These)1 ( )0.5 (transactions)1 ( )0.5 (shall)1 ( )0.5 (also)1 ( )0.5 (be)1 ( )0.5 (subject)0.9 ( )0.6 (to)1 ( )0.5 (the)1 ( )0.5 (annual)1 ( )]TJ 0.04 Tc 0.07 Tw 0 -1.231 Td [(review)12.4 ( requirements)12.4 ( under)12.5 ( the)12.5 ( Rule)12.5 ( 1)12.5 (4)12.4 (A)12.5 (.)12.4 (5)12.5 (5)12.4 ( to)12.5 ( Rule)12.4 ( 1)12.4 (4)12.5 (A)12.5 (.)12.4 (5)12.5 (9)12.4 ( of)12.5 ( the)12.5 ( Hong)12.4 ( Kong)14.9 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Listing Rules.)Tj 0.023 Tc 0 -2.462 Td [(In respect of the remaining continuing connected transactions items no. \ 5-9 above,)-2 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(a)0.5 (s)5 ( )0.5 (th)0.5 (e)5 ( )0.5 (e)0.5 (st)0.5 (i)0.5 (ma)0.5 (t)0.5 (ed)5 ( )0.5 (t)0.5 (ot)0.5 (a)0.5 (l)5 ( )0.5 (a)0.5 (mo)0.5 (un)0.5 (t)0.5 (s)4.9 ( )0.6 (\()5 (ag)0.5 (gr)0.5 (e)0.5 (g)0.5 (at)0.5 (ed)5 ( )0.6 (wi)0.5 (th)5 ( )0.5 (a)0.5 (n)0.5 (y)5 ( )0.5 (ot)0.5 (h)0.5 (er)5 ( )0.5 (c)0.5 (o)0.5 (nt)0.5 (in)0.5 (u)0.5 (in)0.5 (g)5 ( )0.5 (co)0.5 (n)0.5 (ne)0.5 (c)0.5 (te)0.5 (d)5 ( )]TJ 0.041 Tc 0.07 Tw 0 -1.231 Td [(transactions)12.9 ( of)12.9 ( similar)12.9 ( nature)12.8 ( and)12.9 ( type)12.8 ( as)12.9 ( those)12.9 ( of)12.8 ( the)12.9 ( Group)12.8 (\))12.8 ( are)12.9 ( all)12.8 ( less)12.8 ( than)16 ( )]TJ 0.025 Tc 0.05 Tw 0 -1.231 Td (0.1% of all the percentage ratios calculated in accordance with Rule 14.\ 07 of the )Tj 0.019 Tw 0 -1.231 Td (Hong Kong Listing Rules, such transactions are conducted on normal comme\ rcial )Tj 0.052 Tw 0 -1.231 Td (terms or better and all applicable ratios of aggregate annual transactio\ n value for )Tj 0.049 Tw 0 -1.231 Td (the remaining terms are less than 0.1%, such transactions should be full\ y exempt )Tj 0.021 Tc 0 Tw 0 -1.231 Td [(from continuing connected transaction requirements pursuant to Rule 14A.\ 76\(1\)\(a\))-4 ( )]TJ 0.025 Tc 0 -1.231 Td (of the Hong Kong Listing Rules.)Tj ET endstream endobj 63 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 49 \226)Tj /T1_1 1 Tf 13 0 3.4833 13 83.7052 776.409 Tm (Loan and guarantees by Jiangsu Communications Holding)Tj /T1_0 1 Tf 0.063 Tc 0.07 Tw 13 0 0 13 85.0394 744.409 Tm [(The)12.2 ( provision)12.2 ( of)12.2 ( a)12.2 ( loan)12.2 ( by)12.2 ( Jiangsu)12.2 ( Communications)12.1 ( Holding)12.2 ( to)12.2 ( Suxichang)38 ( )]TJ 0.045 Tc 0 -1.231 Td [(South)12.2 ( Expressway)12.2 ( Company)12.2 ( and)12.2 ( the)12.3 ( deposit)12.3 ( by)12.2 ( Suxichang)12.2 ( South)12.2 ( Expressway)20 ( )]TJ 0.039 Tc 0 -1.231 Td [(Company)12.1 ( with)12.1 ( Finance)12 ( Company)12.1 ( will)12.1 ( constitute)12.1 ( related)12.1 ( parties)12.1 ( transactions)12.1 ( of)14 ( )]TJ 0.049 Tc 0 -1.231 Td [(the)12.8 ( Company)12.8 (.)12.7 ( In)12.8 ( accordance)12.8 ( with)12.8 ( Rule)12.8 ( 6)12.8 (.)12.8 (3)12.8 (.)12.7 (1)12.8 (8)12.8 (\()12.8 (1)12.8 (\))12.8 (,)12.8 ( \()12.8 (2)12.8 (\))12.8 ( of)12.8 ( the)12.8 ( Shanghai)12.7 ( Listing)24 ( )]TJ 0.025 Tc 0.05 Tw 0 -1.231 Td (Rules, the interest rate of the loan provided by Jiangsu Communications \ Holding )Tj 0.023 Tw 0 -1.231 Td [(is )0.5 (not )0.6 (higher )0.6 (than )0.5 (the )0.6 (interest )0.5 (rate )0.6 (quoted )0.6 (in )0.5 (loan )0.5 (markets, )0.6 (and )0.5 (the )0.6 (listed )0.5 (company )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(is)12 ( )0.5 (not)12 ( )0.5 (required)12 ( )0.5 (to)12 ( )0.6 (provide)12 ( )0.5 (guarantee)12 ( )0.5 (and)12 ( )0.5 (is)12 ( )0.5 (therefore)12 ( )0.5 (exempt)12 ( )0.5 (from)12 ( )0.5 (the)12 ( )0.5 (approval)12 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.231 Td [(a)0.5 (n)0.5 (d)6 ( )0.5 (d)0.6 (i)0.5 (s)0.5 (c)0.5 (l)0.5 (o)0.5 (s)0.5 (u)0.6 (r)0.5 (e)6 ( )0.5 (r)0.5 (e)0.5 (q)0.5 (u)0.5 (i)0.6 (r)0.5 (e)0.5 (m)0.5 (e)0.5 (n)0.5 (t)0.5 (s)6.1 ( )0.5 (o)0.5 (f)6 ( )0.5 (t)0.5 (h)0.5 (e)6 ( )0.5 (r)0.5 (e)0.6 (l)0.5 (a)0.5 (t)0.5 (e)0.5 (d)6 ( )0.5 (p)0.5 (a)0.6 (r)0.5 (t)0.5 (i)0.5 (e)0.5 (s)6 ( )0.5 (t)0.6 (r)0.5 (a)0.5 (n)0.5 (s)0.5 (a)0.5 (c)0.6 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (s)6 (.)6 ( )0.5 (T)0.5 (h)0.5 (e)6.1 ( )0.5 (C)0.5 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (n)0.5 (y)6.1 ( )0.5 (i)0.5 (s)6 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(not)3 ( )0.5 (required)3 ( )0.5 (to)3 ( )0.5 (provide)3.1 ( )0.5 (any)3 ( )0.5 (consideration)3 ( )0.5 (for)3.1 ( the)3 ( )0.5 (guarantee)3.1 ( provided)3 ( )0.5 (by)3 ( )0.5 (Jiangsu)3 ( )]TJ 0.025 Tc 0.008 Tw 0 -1.231 Td (Communications Holding, which is a transaction without assuming any obli\ gation )Tj 0.034 Tc 0.074 Tw 0 -1.231 Td [(and)9 ( )0.5 (is)9 ( )0.5 (exempt)9 ( )0.5 (from)9 ( )0.5 (the)9 ( )0.5 (approval)9 ( )0.5 (and)9 ( )0.5 (disclosure)9 ( )0.5 (requirements)9 ( )0.5 (of)9 ( )0.5 (a)9 ( )0.5 (related)9 ( )0.5 (party)8.9 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (transaction.)Tj /T1_1 1 Tf 0 Tw 13 0 3.4833 13 83.7052 536.409 Tm (Ordinary related party transactions upon Completion)Tj /T1_0 1 Tf 0.026 Tw 13 0 0 13 85.0394 504.409 Tm (Since the counterparties of the above items 1 to 9 and the Company are u\ nder the )Tj 0.024 Tc 0 Tw 0 -1.231 Td [(common control of Jiangsu Communications Holding, such transactions cons\ titute)-1 ( )]TJ 0.025 Tc 0.083 Tw 0 -1.231 Td [(related )0.5 (party )0.5 (transactions )0.5 (under )0.5 (the )0.5 (Shanghai )0.5 (Listing )0.5 (Rules. )0.5 (As )0.5 (the )0.5 (total )0.5 (amount )]TJ 0.029 Tc 0.079 Tw 0 -1.231 Td [(o)0.5 (f)4 ( )0.6 (r)0.5 (e)0.6 (l)0.5 (e)0.5 (v)0.6 (a)0.5 (n)0.6 (t)4 ( )0.5 (f)0.5 (e)0.6 (e)0.5 (s)4 ( )0.5 (r)0.6 (e)0.5 (l)0.6 (a)0.5 (t)0.6 (e)0.5 (d)4 ( )0.5 (t)0.6 (o)4 ( )0.5 (r)0.5 (e)0.6 (l)0.5 (a)0.6 (t)0.5 (e)0.5 (d)4.1 ( )0.5 (p)0.5 (a)0.5 (r)0.6 (t)0.5 (y)4 ( )0.5 (t)0.6 (r)0.5 (a)0.6 (n)0.5 (s)0.6 (a)0.5 (c)0.6 (t)0.5 (i)0.5 (o)0.6 (n)0.5 (s)4 ( )0.5 (a)0.6 (c)0.5 (c)0.6 (o)0.5 (u)0.6 (n)0.5 (t)0.5 (s)4 ( )0.5 (f)0.6 (o)0.5 (r)4 ( )0.5 (l)0.6 (e)0.5 (s)0.6 (s)4 ( )0.5 (t)0.5 (h)0.6 (a)0.5 (n)4 ( )0.5 (0)4 (.)4 (5)4 (%)4.1 ( )]TJ 0.025 Tc 0.072 Tw 0 -1.231 Td (of the latest audited absolute value of the net assets of the Company, t\ he related )Tj 0 Tw 0 -1.231 Td (party transactions are not subject to any disclosure requirements.)Tj /T1_1 1 Tf 0 -2.462 Td (Hong Kong Listing Rules)Tj 0.087 Tc 0.07 Tw 13 0 3.4833 13 83.7052 360.409 Tm [(Acquisition)12.6 ( of)12.6 ( 6)12.7 (5)12.6 (%)12.6 ( equity)12.6 ( interests)12.6 ( in)12.6 ( Suxichang)12.6 ( South)12.6 ( Expressway)62 ( )]TJ 0.025 Tc -0.025 Tw 0.33 -1.231 Td (Company)Tj /T1_0 1 Tf 0.07 Tc 0.07 Tw 13 0 0 13 85.0394 312.409 Tm [(As)12.5 ( Jiangsu)12.5 ( Communications)12.5 ( Holding)12.5 ( is)12.5 ( the)12.5 ( controlling)12.5 ( shareholder)12.5 ( of)12.5 ( the)45 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(Company)8 (,)8 ( )0.5 (it)8 ( )0.5 (is)8 ( a)8.1 ( )0.5 (connected)8 ( )0.5 (person)8 ( )0.5 (of)8 ( )0.6 (the)8 ( )0.5 (Company)8 ( )0.5 (pursuant)8 ( )0.5 (to)8.1 ( )0.5 (Rule)8 ( )0.5 (1)8 (4)8 (A)8 (.)8 (0)8 (7)8.1 (\()8 (1)8 (\))8 ( )]TJ 0.059 Tc 0.07 Tw 0 -1.231 Td [(of)12.6 ( the)12.6 ( Hong)12.6 ( Kong)12.6 ( Listing)12.6 ( Rules)12.6 (.)12.6 ( The)12.6 ( Company)12.6 (\222)12.6 (s)12.6 ( acquisition)12.6 ( of)12.6 ( 6)12.6 (5)12.6 (%)12.6 ( of)12.6 ( the)34.1 ( )]TJ 0.072 Tc 0 -1.231 Td [(equity)12.4 ( interest)12.5 ( in)12.4 ( Suxichang)12.5 ( South)12.5 ( Expressway)12.5 ( Company)12.5 ( held)12.5 ( by)12.4 ( Jiangsu)47 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(C)0.5 (o)0.5 (m)0.5 (mu)0.5 (n)0.5 (i)0.5 (c)0.5 (a)0.5 (t)0.5 (io)0.5 (n)0.5 (s)8 ( )0.5 (H)0.5 (o)0.5 (l)0.5 (d)0.5 (i)0.5 (n)0.5 (g)8 ( )0.5 (pu)0.5 (r)0.5 (s)0.5 (u)0.5 (a)0.5 (n)0.5 (t)8 ( )0.5 (t)0.5 (o)8 ( )0.5 (t)0.5 (he)8.1 ( )0.5 (E)0.5 (qu)0.5 (i)0.5 (t)0.5 (y)8 ( )0.5 (T)0.5 (r)0.5 (a)0.5 (n)0.5 (sf)0.5 (e)0.5 (r)8 ( )0.6 (A)0.5 (gr)0.5 (e)0.5 (e)0.5 (m)0.5 (e)0.5 (n)0.5 (t)8 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (st)0.5 (i)0.5 (t)0.5 (u)0.5 (t)0.5 (e)8 ( )]TJ 0.041 Tc 0.07 Tw 0 -1.231 Td [(a)12.4 ( connected)12.4 ( transaction)12.3 ( of)12.4 ( the)12.4 ( Company)12.4 (.)12.4 ( As)12.4 ( the)12.4 ( highest)12.4 ( applicable)12.4 ( percentage)16 ( )]TJ 0.025 Tc 0.019 Tw 0 -1.231 Td (ratio calculated according to Rule 14.07 of the Hong Kong Listing Rules \ is above )Tj 0.033 Tc 0.075 Tw 0 -1.231 Td [(5)8 (%)8 ( )0.5 (but)8 ( )0.6 (below)8 ( )0.5 (2)8 (5)8 (%)8.1 (,)8 ( )0.5 (the)8 ( )0.5 (acquisition)8 ( )0.5 (of)8 ( )0.5 (6)8 (5)8.1 (%)8 ( )0.5 (of)8 ( )0.5 (the)8 ( )0.5 (equity)8 ( )0.5 (interests)8 ( )0.5 (in)8 ( )0.5 (Suxichang)8 ( )]TJ 0.069 Tc 0.07 Tw 0 -1.231 Td [(South)12.9 ( Expressway)12.9 ( Company)12.9 ( also)12.9 ( constitute)12.9 ( a)12.9 ( discloseable)12.8 ( transaction)12.8 (.)12.9 ( As)44 ( )]TJ 0.038 Tc 0 -1.231 Td [(such)12.8 (,)12.9 ( the)12.8 ( Acquisition)12.8 ( is)12.8 ( subject)12.9 ( to)12.9 ( the)12.9 ( announcement)12.9 (,)12.8 ( circular)12.9 ( and)12.9 ( independent)13 ( )]TJ 0.053 Tc 0 -1.231 Td [(shareholders)12.2 (\222)12.1 ( approval)12.1 ( requirements)12.2 ( under)12.2 ( Rules)12.1 ( 1)12.1 (4)12.2 (.)12.1 (3)12.2 (3)12.1 (,)12.2 ( 1)12.1 (4)12.1 (A)12.2 (.)12.2 (3)12.1 (5)12.2 (,)12.1 ( 1)12.1 (4)12.2 (A)12.1 (.)12.2 (3)12.1 (6)12.2 ( and)27.9 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (14A.46 of the Hong Kong Listing Rules.)Tj ET endstream endobj 61 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 48 \226)Tj 0.04 Tc 0.07 Tw 11 0 0 11 85.0394 777.6838 Tm [(1)15 (3)15 (.)15 ( )-892 (The)12.3 ( Company)12.3 (\222)12.3 (s)12.3 ( 8)12.3 (5)12.3 (%)12.3 (-)12.3 (owned)12.3 ( subsidiary)12.3 (,)12.3 ( the)12.3 ( ultimate)12.3 ( beneficial)12.3 ( owner)12.3 ( of)12.3 ( the)12.3 ( remaining)15 ( )]TJ 0.025 Tc 0.082 Tw 2.577 -1.273 Td (15% is China Merchants Highway Network & Technology Holdings Co., Ltd. \(\ Shenzhen )Tj 0 Tw 0 -1.273 Td (Stock Exchange stock code: 001965\).)Tj 0.03 Tc 0.078 Tw -2.577 -2.545 Td [(1)5 (4)5 (.)5 ( )-894 (The)5 ( )0.5 (ultimate)5.1 ( )0.5 (beneficial)5 ( )0.5 (owners)5 ( )0.5 (are)5 (:)5 ( )0.5 (Jiangsu)5 ( )0.5 (Communications)5 ( )0.5 (Holding)5 ( )0.5 (Company)5 ( )0.5 (Limited)5 ( )]TJ 0.025 Tc 0.048 Tw 2.577 -1.273 Td (\(46.54%\), Rudong County Investment Management Office \(8.31%\), Nanton\ g State-owned )Tj 0.009 Tw 0 -1.273 Td (Assets Supervision and Management Committee \(20.09%\) and Suzhou State-\ owned Assets )Tj 0.036 Tc 0.072 Tw 0 -1.273 Td [(Management)11 ( )0.5 (Committee)11 ( )0.5 (\()11 (1)11 (5)11 (.)11 (1)11 (%)11 (\))11 (.)11 ( )0.5 (Based)10.9 ( )0.6 (on)11 ( )0.5 (publicly)11 ( )0.5 (available)11.1 ( information)11 (,)11 ( )0.5 (there)11 ( )0.5 (are)11 ( )0.5 (no)11 ( )]TJ 0.025 Tc 0 Tw 0 -1.273 Td (other persons holding more than 3% interests in the company.)Tj 0.03 Tc 0.078 Tw -2.577 -2.545 Td [(1)5 (5)5 (.)5 ( )-894 (The)5 ( )0.5 (ultimate)5.1 ( )0.5 (beneficial)5 ( )0.5 (owners)5 ( )0.5 (are)5 (:)5 ( )0.5 (Jiangsu)5 ( )0.5 (Communications)5 ( )0.5 (Holding)5 ( )0.5 (Company)5 ( )0.5 (Limited)5 ( )]TJ 0.046 Tc 0.07 Tw 2.577 -1.273 Td [(\()12.1 (7)12 (5)12.1 (.)12.1 (9)12 (3)12.1 (%)12.1 (\))12.1 ( and)12 ( People)12.1 (\222)12 (s)12.1 ( Government)12.1 ( of)12.1 ( Taizhou)12.1 ( \()12 (1)12.1 (3)12.1 (.)12 (0)12.1 (2)12.1 (%)12 (\))12.1 (.)12.1 ( Based)12 ( on)12 ( publicly)12.1 ( available)21 ( )]TJ 0.025 Tc 0 Tw 0 -1.273 Td (information, there are no other persons holding more than 3% interests i\ n the company.)Tj -2.577 -2.545 Td [(16. )-977 (The ultimate beneficial owners are the State-owned Assets Supervision an\ d Administration )]TJ 0.055 Tc 0.07 Tw 2.577 -1.273 Td [(Commission)12.8 ( of)12.8 ( Jiangsu)12.8 ( Province)12.8 ( \()12.8 (7)12.8 (9)12.8 (.)12.8 (9)12.9 (9)12.8 (%)12.8 (\))12.8 (,)12.8 ( Nanjing)12.8 ( State)12.8 (-)12.9 (owned)12.8 ( Assets)12.8 ( Supervision)30 ( )]TJ 0.057 Tc 0 -1.273 Td [(and)12.4 ( Administration)12.4 ( Commission)12.4 ( \()12.4 (1)12.4 (0)12.4 (%)12.4 (\))12.4 (,)12.4 ( Changzhou)12.4 ( State)12.4 (-)12.4 (owned)12.4 ( Assets)12.4 ( Supervision)32 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.273 Td [(and)6.9 ( )0.5 (Administration)7 ( )0.5 (Commission)7 ( )0.5 (\()7 (7)7 (.)7 (8)7 (2)7 (%)7 (\))7 ( )0.5 (and)7 ( )0.5 (Wuxi)6.9 ( )0.6 (State)7 (-)7.1 (owned)7 ( )0.5 (Assets)7 ( )0.5 (Supervision)7 ( )0.5 (and)7 ( )]TJ 0.025 Tc 0 Tw 0 -1.273 Td (Administration Commission \(2.19%\).)Tj /T1_1 1 Tf 13 0 0 13 56.6929 493.6838 Tm [(VII. )-55.5 (LISTING RULES IMPLICATIONS)]TJ 2.181 -2.462 Td (Shanghai Listing Rules)Tj 0.087 Tc 0.07 Tw 13 0 3.4833 13 83.7052 429.6838 Tm [(Acquisition)12.6 ( of)12.6 ( 6)12.7 (5)12.6 (%)12.6 ( equity)12.6 ( interests)12.6 ( in)12.6 ( Suxichang)12.6 ( South)12.6 ( Expressway)62 ( )]TJ 0.025 Tc -0.025 Tw 0.33 -1.231 Td (Company)Tj /T1_0 1 Tf 0.035 Tc 0.073 Tw 13 0 0 13 85.0394 381.6838 Tm [(According)10 ( )0.5 (to)10 ( )0.5 (Article)10 ( )0.5 (6)10 (.)10 (3)10 (.)10 (3)10 ( )0.6 (of)10 ( )0.5 (the)10 ( )0.5 (Rules)10 ( )0.5 (Governing)10 ( )0.5 (the)10 ( )0.5 (Listing)10 ( )0.5 (of)10 ( )0.5 (Stocks)10 ( )0.5 (on)10 ( )0.5 (the)10 ( )]TJ 0.025 Tc 0.016 Tw 0 -1.231 Td (Shanghai Stock Exchange \(the \223)Tj /T1_1 1 Tf (Shanghai Listing Rules)Tj /T1_0 1 Tf (\224\), as the counterparty of )Tj 0.026 Tc 0.082 Tw 0 -1.231 Td [(this)1 ( )0.5 (transaction)1 ( )0.5 (is)1.1 ( )0.5 (Jiangsu)1 ( )0.5 (Communications)1 ( )0.5 (Holding)1 ( )0.5 (\()1.1 (the)1 ( )0.5 (controlling)1 ( )0.5 (shareholder)1 ( )]TJ 0.044 Tc 0.07 Tw 0 -1.231 Td [(of)12.5 ( the)12.5 ( Company)12.4 (\))12.5 ( is)12.5 ( a)12.5 ( related)12.5 ( party)12.5 (,)12.5 ( this)12.5 ( transaction)12.5 ( constitutes)12.5 ( a)12.4 ( related)12.5 ( party)19.1 ( )]TJ 0.064 Tc 0 -1.231 Td [(t)0.5 (r)0.5 (a)0.6 (n)0.5 (s)0.5 (a)0.5 (c)0.6 (t)0.5 (i)0.5 (o)0.5 (n)13 (.)13 ( )0.5 (P)0.5 (u)0.6 (r)0.5 (s)0.5 (u)0.5 (a)0.5 (n)0.5 (t)13.1 ( )0.5 (t)0.5 (o)13 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.5 (r)0.5 (e)0.6 (qu)0.6 (i)0.5 (r)0.5 (e)0.5 (m)0.5 (e)0.6 (n)0.5 (t)0.5 (s)13 ( )0.5 (o)0.5 (f)13.1 ( )0.5 (A)0.5 (r)0.5 (t)0.5 (i)0.6 (c)0.5 (l)0.5 (e)0.5 (s)13 ( )0.6 (6)13 (.)13 (3)13 (.)13 (7)13 ( )0.5 (a)0.6 (n)0.5 (d)13 ( )0.5 (6)13 (.)13 (3)13 (.)13.1 (9)13 ( )0.5 (o)0.5 (f)13 ( )0.6 (t)0.5 (h)0.5 (e)39 ( )]TJ 0.025 Tc 0.06 Tw 0 -1.231 Td (Shanghai Listing Rules, as the total amount of this transaction is highe\ r than 5% )Tj 0.079 Tw 0 -1.231 Td (of the absolute value of the Company\222s latest audited net assets, thi\ s transaction )Tj 0.059 Tc 0.07 Tw 0 -1.231 Td [(shall)12.2 ( be)12.2 ( submitted)12.2 ( to)12.2 ( the)12.2 ( shareholders)12.2 (\222)12.2 ( meeting)12.2 ( for)12.1 ( approval)12.2 ( where)12.2 ( Jiangsu)34.1 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(Communications)12 ( )0.5 (Holding)12 ( )0.5 (\()12 (as)12 ( )0.6 (a)12 ( )0.5 (related)12 ( )0.5 (shareholder)12 (\))12 ( )0.5 (is)12 ( )0.5 (required)12 ( )0.5 (to)12 ( )0.5 (abstain)12 ( )0.6 (from)12 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (voting.)Tj 0.041 Tw 0 -2.462 Td (The related party transaction does not constitute a major asset reorgani\ zation and )Tj 0.037 Tc 0.071 Tw 0 -1.231 Td [(does)12 ( )0.5 (not)12 ( )0.5 (involve)12 ( )0.5 (the)12 ( )0.5 (transfer)12 ( )0.5 (of)12 ( )0.5 (liabilities)12 ( )0.5 (as)12 ( )0.6 (stipulated)12 ( )0.5 (in)12 ( )0.5 (the)12.1 ( )0.5 (Measures)12 ( )0.5 (for)12 ( )0.5 (the)12 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Administration of Major Asset Restructuring of Listed Companies.)Tj ET endstream endobj 60 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 47 \226)Tj 0.004 Tw 11 0 0 11 85.0394 777.6838 Tm [(4. )-1498 (The ultimate beneficial owners are: Changzhou Municipal People\222s Gove\ rnment \(25.98%\), )]TJ 0.07 Tw 2.577 -1.273 Td (the Labor Union Committee of Suqi Group Co., Ltd. \(18%\), Suzhou SASAC \ \(4.8%\), and )Tj 0 Tw 0 -1.273 Td (no other person owns more than 5%.)Tj 0.076 Tw -2.577 -2.545 Td [(5. )-1426 (The ultimate beneficial owners are: Ye Ming \(30.4835%\), Chen Hongjie \(\ 7.0409%\), Jing )]TJ 0.037 Tw 2.577 -1.273 Td (Bin \(6.8033%\), Cao Ruming \(6.8033%\), Wu Zhixiu \(6.8033%\), Ge Yafan\ g \(6.8033%\), no )Tj 0 Tw 0 -1.273 Td (other person owns more than 5%.)Tj -2.577 -2.545 Td [(6. )-1502 (The ultimate beneficial owners are: Jiangsu Communications Holding Compa\ ny Limited.)]TJ 0.06 Tc 0.07 Tw 0 -2.545 Td [(7)35 (.)35 ( )-1397 (The)12.5 ( ultimate)12.6 ( beneficial)12.5 ( owner)12.5 ( is)12.5 ( China)12.5 ( UnionPay)12.5 ( Co)12.5 (.)12.5 (,)12.5 ( Ltd)12.5 (.)12.5 ( There)12.6 ( are)12.5 ( more)12.5 ( than)12.5 ( 8)12.5 (5)35 ( )]TJ 0.033 Tc 0.075 Tw 2.577 -1.273 Td [(shareholders)8.1 (,)8 ( )0.5 (including)8 ( )0.5 (China)8 ( )0.5 (Printing)8 ( )0.5 (Mint)8 ( )0.5 (Corporation)8 (,)8 ( )0.5 (China)8 ( )0.5 (Construction)8 ( )0.5 (Bank)8 ( )0.5 (Co)8 (.)8 (,)8 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.273 Td [(Ltd)3 (.)3 (,)3 ( )0.5 (Industrial)3 ( )0.5 (and)3 ( )0.5 (Commercial)3 ( )0.5 (Bank)3 ( )0.5 (of)3.1 ( )0.5 (China)3 ( )0.5 (Co)3 (.)3 (,)3 ( )0.5 (Ltd)3 (.)3 (,)3 ( )0.5 (Bank)3 ( )0.5 (of)3 ( )0.6 (Communications)3 ( )0.5 (Co)2.9 (.)3.1 (,)2.9 ( )]TJ 0.04 Tc 0.07 Tw 0 -1.273 Td [(Ltd)12 (.)12.1 ( and)12 ( Bank)12.1 ( of)12.1 ( China)12.1 ( Co)12.1 (.)12 (,)12.1 ( Ltd)12.1 (.)12 ( \()12.1 (each)12.1 ( holds)12 ( approximately)12.1 ( 3)12.1 (.)12 (0)12.1 (1)12.1 (7)12.1 (%)12.1 ( equity)12.1 ( and)12.1 ( except)15 ( )]TJ 0 -1.273 Td [(China)12.5 ( Printing)12.4 ( and)12.5 ( Minting)12.4 ( Corporation)12.5 (,)12.4 ( all)12.5 ( being)12.4 ( listed)12.5 ( companies)12.5 ( in)12.5 ( Hong)12.5 ( Kong)12.5 ( and)15 ( )]TJ 0.039 Tc 0 -1.273 Td [(Shanghai)12.5 (\))12.5 (.)12.5 ( Based)12.5 ( on)12.5 ( publicly)12.5 ( available)12.5 ( information)12.5 (,)12.6 ( there)12.5 ( are)12.5 ( no)12.5 ( other)12.5 ( persons)12.5 ( holding)14 ( )]TJ 0.025 Tc 0 Tw 0 -1.273 Td (more than 3% interests in the company.)Tj 0.039 Tc 0.07 Tw -2.577 -2.545 Td [(8)14 (.)14 ( )-1417.9 (The)12.2 ( general)12.3 ( partner)12.2 ( is)12.2 ( Shanghai)12.3 ( Shangqi)12.3 ( Investment)12.2 ( Management)12.2 ( Partnership)12.2 ( \()12.2 (Limited)14 ( )]TJ 0.025 Tc -0.025 Tw 2.577 -1.273 Td (Partnership\).)Tj 0.091 Tc 0.07 Tw -2.577 -2.545 Td [(9)66 (.)66 ( )-1365.9 (T)0.5 (h)0.6 (e)13 ( )0.6 (u)0.5 (l)0.6 (t)0.5 (i)0.5 (m)0.6 (a)0.5 (t)0.6 (e)13 ( )0.6 (b)0.5 (e)0.6 (n)0.5 (e)0.6 (f)0.5 (i)0.6 (c)0.5 (i)0.6 (a)0.5 (l)13.1 ( )0.5 (o)0.6 (w)0.5 (n)0.6 (e)0.5 (r)13.1 ( )0.5 (i)0.6 (s)13 ( )0.6 (N)0.5 (a)0.6 (n)0.5 (t)0.6 (o)0.5 (n)0.6 (g)13 ( )0.5 (S)0.6 (t)0.5 (a)0.6 (t)0.5 (e)13.1 (-)13 (o)0.6 (w)0.5 (n)0.6 (e)0.5 (d)13.1 ( )0.5 (A)0.6 (s)0.5 (s)0.6 (e)0.5 (t)0.6 (s)13 ( )0.6 (S)0.5 (u)0.6 (p)0.5 (e)0.6 (r)0.5 (v)0.5 (i)0.6 (s)0.5 (i)0.6 (o)0.5 (n)13.1 ( )0.5 (a)0.6 (n)0.5 (d)66 ( )]TJ 0.025 Tc 0 Tw 2.577 -1.273 Td (Administration Commission.)Tj 0.039 Tc 0.07 Tw -2.577 -2.545 Td [(1)14 (0)14 (.)14 ( )-892.9 (The)12.5 ( ultimate)12.4 ( beneficial)12.5 ( owners)12.5 ( are)12.5 ( Ma)12.5 ( Huateng)12.4 ( \()12.5 (6)12.4 (0)12.5 (%)12.5 (\))12.5 (,)12.4 ( Xu)12.4 ( Chenye)12.5 ( \()12.5 (3)12.5 (5)12.5 (%)12.4 (\))12.5 ( and)12.5 ( Lu)12.5 ( Shan)14 ( )]TJ 0.025 Tc -0.025 Tw 2.577 -1.273 Td (\(5%\).)Tj 0.022 Tc 0.076 Tw -2.577 -2.545 Td [(1)7 (1)7 (.)7 ( )-933.9 (The)7 ( )0.5 (ultimate)7 ( )0.6 (beneficial)7 ( )0.5 (owners)7 ( )0.6 (include)7 (:)7 ( )0.5 (Ma)7 ( )0.5 (Huateng)7 ( )0.5 (\()7 (1)7 (0)7 (.)7 (8)7 (%)7.1 (\))7 (,)7 ( )0.5 (Jin)7 ( )0.5 (Chao)7 ( )0.5 (\()7 (7)7 (.)7 (9)7 (3)7 (2)7 (2)7 (%)7 (\))7.1 (,)7 ( )0.5 (Zhang)7 ( )]TJ 0.015 Tc 0.065 Tw 2.577 -1.273 Td (Minxia \(7.9322%\), Anhui Xinhua Media Co., Ltd. \(6.33%, listed company\ \), Mo Xiaosheng )Tj 0.03 Tc 0.07 Tw 0 -1.273 Td [(\()13 (4)13 (.)13.1 (7)13 (5)13 (9)13 (3)13 (%)13 (\))13.1 (,)13 ( )0.5 (Z)0.5 (h)0.5 (a)0.6 (n)0.5 (g)13 ( )0.5 (Z)0.5 (h)0.6 (i)0.5 (d)0.5 (o)0.5 (n)0.5 (g)13 ( )0.6 (\()13 (4)13 (.)13 (4)13 (%)13.1 (\))13 (,)13 ( )0.5 (B)0.6 (a)0.5 (s)0.5 (e)0.5 (d)13 ( )0.6 (o)0.5 (n)13 ( )0.5 (p)0.5 (u)0.6 (b)0.5 (l)0.5 (i)0.5 (c)0.5 (l)0.6 (y)13 ( )0.5 (a)0.5 (v)0.5 (a)0.6 (i)0.5 (l)0.5 (a)0.5 (b)0.5 (l)0.6 (e)13 ( )0.5 (i)0.5 (n)0.5 (f)0.6 (o)0.5 (r)0.5 (m)0.5 (a)0.6 (t)0.5 (i)0.5 (o)0.5 (n)13 (,)13 ( )0.6 (t)0.5 (h)0.5 (e)0.5 (r)0.5 (e)13.1 ( )0.5 (a)0.5 (r)0.5 (e)13.1 ( )0.5 (n)0.5 (o)15 ( )]TJ 0.015 Tc 0 Tw 0 -1.273 Td (other persons holding more than 4% interests in the company.)Tj 0.056 Tc 0.07 Tw -2.577 -2.545 Td [(1)31 (2)31 (.)31 ( )-875.9 (The)12.4 ( ultimate)12.5 ( beneficial)12.4 ( owners)12.4 ( include)12.4 (:)12.4 ( Jiangsu)12.4 ( Communications)12.4 ( Holding)12.4 ( Company)31 ( )]TJ 0.035 Tc 0.073 Tw 2.577 -1.273 Td [(Limited)10.1 ( )0.5 (\()10 (5)10 (5)10 (.)10 (4)10 (6)10 (%)10 (\))10 (,)10 ( )0.5 (Jiangsu)10 ( )0.5 (Guangjing)10 ( )0.5 (Xicheng)10 ( )0.5 (Expressway)10 ( )0.5 (Company)10 ( )0.5 (Limited)]TJ 0.025 Tc -0.025 Tw 6.413 0 0 6.413 489.9419 320.0839 Tm (13)Tj 0.035 Tc 0.073 Tw 11 0 0 11 496.6756 315.6838 Tm [(,)10 ( )0.5 (Suzhou)10 ( )]TJ 0.033 Tc 0.075 Tw -34.845 -1.273 Td [(Yanjiang)8 ( )0.5 (Expressway)8 ( )0.5 (Company)8 ( )0.5 (Limited)8 ( )0.5 (\()8 (8)8 (.)8 (9)8 (1)8 (%)8 (\))8 ( )0.5 (\()8 (its)8 ( )0.5 (ultimate)8 ( )0.5 (beneficial)8 ( )0.5 (owners)8 ( )0.5 (include)8 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.273 Td [(Changshu)10 ( )0.5 (State)10 (-)10 (owned)10 ( )0.5 (Assets)10 ( )0.5 (Supervision)10 ( )0.5 (and)10 ( )0.5 (Administration)10 ( )0.5 (Office)10 ( )0.5 (\()10 (3)10 (6)10 (.)10 (6)10 (6)10 (%)10 (\))10 (,)10 ( )0.6 (Suzhou)10 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.273 Td [(State)8 (-)8 (owned)8 ( )0.5 (Assets)8 ( )0.5 (Supervision)8 ( )0.5 (and)8 ( )0.5 (Administration)8 ( )0.5 (Committee)8.1 ( \()8.1 (2)8 (4)8 (.)8 (7)8 (1)8 (%)8 (\))8 (,)8 ( )0.5 (Zhangjiagang)8 ( )]TJ 0.055 Tc 0.07 Tw 0 -1.273 Td [(City)12.8 ( Public)12.8 ( Assets)12.9 ( Supervision)12.8 ( and)12.9 ( Administration)12.8 ( Committee)12.9 ( \()12.8 (1)12.8 (7)12.8 (.)12.8 (9)12.8 (0)12.8 (%)12.9 (\))12.8 (,)12.8 ( China)12.9 ( Life)30 ( )]TJ 0.078 Tc 0 -1.273 Td [(Soochow)12.3 ( \()12.2 (Suzhou)12.2 (\))12.3 ( Urban)12.2 ( Industrial)12.3 ( Investment)12.3 ( Enterprise)12.2 ( \()12.3 (Limited)12.3 ( partnership)12.3 (\))53 ( )]TJ 0.045 Tc 0 -1.273 Td [(whose)12.4 ( general)12.3 ( partner)12.4 ( is)12.3 ( Soochow)12.4 ( Investment)12.4 ( Company)12.3 ( Limited)12.3 ( \()12.4 (1)12.3 (.)12.3 (4)12.4 (5)12.3 (%)12.4 (\))12.4 ( and)12.4 ( Taicang)20 ( )]TJ 0.025 Tc 0.004 Tw 0 -1.273 Td (State-owned Assets Supervision and Administration Office \(19.35%\), Zha\ ngjiagang Public )Tj 0.058 Tc 0.07 Tw 0 -1.273 Td [(Assets)12.6 ( Management)12.6 ( Committee)12.6 ( \()12.6 (6)12.5 (.)12.6 (2)12.6 (5)12.6 (%)12.6 (\))12.5 (,)12.6 ( Suzhou)12.6 ( Taicang)12.6 ( Port)12.6 ( Shugang)12.5 ( Expressway)33 ( )]TJ 0.048 Tc 0 -1.273 Td [(Co)12.9 (.)12.8 (,)12.8 ( Ltd)12.8 (.)12.8 ( \()12.8 (2)12.8 (.)12.8 (4)12.8 (8)12.9 (%)12.8 (\))12.8 ( \()12.9 (Its)12.9 ( ultimate)12.9 ( beneficial)12.8 ( owners)12.8 ( include)12.8 ( Taicang)12.8 ( State)12.8 (-)12.8 (owned)12.9 ( Assets)23.1 ( )]TJ 0.024 Tc 0 Tw 0 -1.273 Td [(Supervision and Administration Office \(38.87%\), Suzhou State-owned Ass\ ets Management)-1 ( )]TJ 0.054 Tc 0.07 Tw 0 -1.273 Td [(Commission)12.9 ( \()12.9 (3)12.9 (3)12.9 (.)12.9 (3)12.9 (3)12.9 (%)12.9 (\))12.9 (,)12.9 ( K)0.5 (unshan)12.9 ( State)12.9 (-)12.9 (owned)12.9 ( Assets)12.9 ( Supervision)12.9 ( and)12.9 ( Administration)29 ( )]TJ 0.081 Tc 0 -1.273 Td [(Office)12.4 ( Management)12.3 ( Office)12.4 ( \()12.3 (5)12.4 (.)12.4 (5)12.3 (4)12.4 (%)12.4 (\))12.3 (,)12.4 ( Jiangsu)12.4 ( Communications)12.4 ( Holding)12.4 ( Company)56 ( )]TJ 0.041 Tc 0 -1.273 Td [(Limited)12.6 ( \()12.6 (4)12.6 (.)12.7 (5)12.6 (1)12.6 (%)12.7 (\))12.6 ( and)12.7 ( Lianyungang)12.7 ( State)12.6 (-)12.6 (owned)12.6 ( Assets)12.6 ( Supervision)12.6 ( and)12.6 ( Administration)16 ( )]TJ 0.025 Tc 0.055 Tw 0 -1.273 Td (Commission \(4.12%\) and Changzhou State-owned Assets Supervision and Ad\ ministration )Tj 0.051 Tw 0 -1.273 Td (Commission \(1.58%\). Based on publicly available information, there are\ no other persons )Tj 0 Tw 0 -1.273 Td (holding more than 1% interests in the company.)Tj ET endstream endobj 57 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 46 \226)Tj 0.065 Tc 0.07 Tw 13 0 0 13 85.0394 776.3179 Tm [(The)12.6 ( principal)12.6 ( business)12.5 ( of)12.6 ( Xiandai)12.6 ( R)12.5 (&)12.6 (B)12.6 ( Company)12.6 ( are)12.6 (:)12.6 ( Bridge)12.6 ( engineering)12.6 (,)40 ( )]TJ 0.052 Tc 0 -1.231 Td [(highway)12.9 ( engineering)12.9 (,)12.9 ( desig)0.5 (n)12.8 (,)12.9 ( co)0.5 (ns)0.5 (truction)13 (,)12.8 ( a)0.5 (nd)12.9 ( maintenance)12.9 ( services)12.9 (;)13 ( tunne)0.5 (l)26.9 ( )]TJ 0.088 Tc 0 -1.231 Td [(construction)12.6 ( and)12.7 ( railway)12.6 ( engineering)12.6 (;)12.6 ( municipal)12.6 ( engineering)12.7 ( and)12.6 ( green)63 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(engineering)5 (;)5 ( )0.5 (landscape)5.1 ( )0.5 (engineering)5 ( )0.5 (and)5 ( )0.5 (transportation)5 ( )0.5 (engineering)5 (;)5 ( )0.5 (construction)5 ( )]TJ 0.086 Tc 0.07 Tw 0 -1.231 Td [(engineering)12.4 ( and)12.3 ( testing)12.4 ( services)12.4 (;)12.3 ( engineering)12.3 ( supervision)12.3 ( and)12.3 ( technical)61 ( )]TJ 0.045 Tc 0 -1.231 Td [(research)12.3 ( and)12.3 ( development)12.3 ( of)12.3 ( new)12.3 ( materials)12.4 ( and)12.3 ( road)12.3 ( maintenance)12.4 ( equipment)12.3 (;)20 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.231 Td [(research)4 ( )0.5 (and)4 ( )0.5 (development)4.1 (,)4 ( )0.5 (as)4.1 ( )0.5 (well)4 ( )0.5 (as)4 ( )0.6 (sales)4 (,)4 ( )0.6 (of)4 ( )0.5 (building)4 ( )0.5 (materials)4 (;)4 ( )0.5 (general)4 ( )0.5 (cargo)4 ( )]TJ 0.039 Tc 0.07 Tw 0 -1.231 Td [(storage)12.8 ( services)12.8 (;)12.9 ( lease)12.9 (,)12.8 ( sales)12.8 (,)12.8 ( and)12.9 ( technical)12.9 ( services)12.9 ( of)12.9 ( construction)12.8 ( machinery)14 ( )]TJ 0.056 Tc 0 -1.231 Td [(and)12.4 ( equipment)12.4 (;)12.4 ( design)12.4 (,)12.5 ( production)12.4 (,)12.5 ( agency)12.4 (,)12.4 ( and)12.4 ( release)12.4 ( of)12.5 ( various)12.5 ( domestic)31 ( )]TJ 0.047 Tc 0 -1.231 Td [(a)0.5 (dv)0.5 (e)0.5 (rt)0.5 (is)0.5 (em)0.5 (e)0.5 (nt)0.5 (s)12.9 (;)13 ( a)0.5 (d)0.5 (ve)0.5 (r)0.5 (ti)0.5 (si)0.5 (ng)13 ( e)0.5 (n)0.5 (gi)0.5 (ne)0.5 (e)0.5 (ri)0.5 (ng)13 ( c)0.5 (o)0.5 (ns)0.5 (t)0.5 (ru)0.5 (ct)0.5 (i)0.5 (on)13 (;)12.9 ( )0.5 (In)0.5 (fo)0.5 (r)0.5 (ma)0.5 (ti)0.5 (on)13 ( )0.5 (te)0.5 (c)0.5 (hn)0.5 (ol)0.5 (og)0.5 (y)22 ( )]TJ 0.069 Tc 0 -1.231 Td [(development)12.8 ( and)12.8 ( services)12.8 (.)12.9 ( The)12.8 ( shareholders)12.9 ( are)12.9 (:)12.8 ( Jiangsu)12.9 ( Communications)44 ( )]TJ 0.025 Tc 0.049 Tw 0 -1.231 Td (Holding Company Limited \(25%\), Jiangsu Expressway Company Limited \(15\ %\), )Tj 0.054 Tc 0.07 Tw 0 -1.231 Td [(Jiangsu)12.4 ( Yanjiang)12.4 ( Expressway)12.4 ( Co)12.3 (.)12.4 (,)12.4 ( Ltd)12.4 (.)12.4 ( \()12.4 (1)12.4 (5)12.3 (%)12.5 (\))]TJ 0.042 Tc -0.042 Tw 7.579 0 0 7.579 358.912 589.5179 Tm (12)Tj 0.054 Tc 0.07 Tw 13 0 0 13 367.1217 584.3179 Tm [(,)12.4 ( Jiangsu)12.3 ( Guangjing)12.4 ( Xicheng)29 ( )]TJ 0.023 Tc 0 Tw -21.699 -1.231 Td (Expressway Co., Ltd. \(7.5%\))Tj -0.023 Tw 7.579 0 0 7.579 244.3525 573.5179 Tm (13)Tj 0 Tw 13 0 0 13 252.2784 568.3179 Tm (, Jiangsu Sutong Bridge Company Limited \(7.5%\))Tj -0.023 Tw 7.579 0 0 7.579 527.4067 573.5179 Tm (14)Tj 0.025 Tc -0.025 Tw 13 0 0 13 535.3326 568.3179 Tm (, )Tj 0.079 Tw -34.638 -1.231 Td (Jiangsu Yangtze Bridge Co., Ltd. \(7.5%\), Jiangsu Runyang Bridge Develo\ pment )Tj 0.054 Tw 0 -1.231 Td (Co., Ltd.* \(7.5%\))Tj 0 Tc 0 Tw 7.579 0 0 7.579 183.6879 541.5179 Tm (6)Tj 0.025 Tc 0.054 Tw 13 0 0 13 187.6669 536.3179 Tm (, Jiangsu Taizhou Bridge Co., Ltd. \(7.5%\))Tj -0.025 Tw 7.579 0 0 7.579 423.6694 541.5179 Tm (15)Tj 0.054 Tw 13 0 0 13 431.6273 536.3179 Tm (, Jiangsu Ninghang )Tj 0 Tw -26.661 -1.231 Td (Expressway Co., Ltd. \(7.5%\))Tj -0.025 Tw 7.579 0 0 7.579 245.0938 525.5179 Tm (16)Tj 0 Tc 0 Tw 13 0 0 13 253.0518 520.3179 Tm (.)Tj 0.025 Tc 0.014 Tw -12.924 -2.462 Td (The principal business of Jiangsu Expressway Network Operation & Managem\ ent )Tj 0.039 Tc 0.07 Tw 0 -1.231 Td [(Co)12.1 (.)12.1 (,)12.1 ( Ltd)12.1 (.)12 ( are)12.1 ( networked)12.2 ( operation)12.1 ( and)12.1 ( management)12.1 ( and)12.1 ( technological)12.1 ( research)14 ( )]TJ 0.025 Tc 0.001 Tw 0 -1.231 Td (and service of expressways in Jiangsu; maintenance and technical consult\ ation for )Tj 0 Tw 0 -1.231 Td (the communication system, monitoring system, toll collection system and \ relevant )Tj 0.057 Tc 0.07 Tw 0 -1.231 Td [(systems)12.2 (;)12.1 ( toll)12.1 ( auditing)12.2 ( and)12.1 ( account)12.2 ( settlements)12.1 ( and)12.2 ( electronic)12.2 ( toll)12.1 ( collection)32 ( )]TJ 0.024 Tc 0 Tw 0 -1.231 Td [(services of networked expressways in Jiangsu Province; collection and di\ spatch of)-1 ( )]TJ 0.025 Tc 0.013 Tw 0 -1.231 Td [(public )0.5 (information )0.5 (of )0.5 (network )0.5 (expressways )0.5 (in )0.5 (Jiangsu )0.5 (Province; )0.5 (sale )0.6 (of )0.5 (On )0.5 (Board )]TJ 0.047 Tc 0.07 Tw 0 -1.231 Td [(Unit)12.4 ( and)12.5 ( Identity)12.4 ( Card)12.5 ( which)12.5 ( are)12.5 ( used)12.5 ( by)12.4 ( expressway)12.5 ( toll)12.5 ( systems)12.5 ( in)12.4 ( Jiangsu)22 ( )]TJ 0.034 Tc 0.074 Tw 0 -1.231 Td [(Province)9 (.)9 ( )0.5 (The)9.1 ( )0.5 (shareholders)9 ( )0.5 (\()9 (holding)9 ( )0.5 (more)9 ( )0.5 (than)9 ( )0.5 (5)9 (%)9 ( )0.5 (equity)9 ( )0.5 (interest)9 (\))9 ( )0.5 (are)9 (:)9 ( )0.5 (Jiangsu)9 ( )]TJ 0.066 Tc 0.07 Tw 0 -1.231 Td [(Communications)12.8 ( Holding)12.8 ( Company)12.8 ( Limited)12.8 ( \()12.9 (2)12.8 (3)12.8 (.)12.8 (9)12.8 (4)12.8 (0)12.8 (4)12.8 (%)12.8 (\))12.9 (,)12.8 ( Jiangsu)12.8 ( Yanjiang)41 ( )]TJ 0.05 Tc 0.082 Tw 0 -1.231 Td [(E)-12.2 (x)-12.1 (p)-12.2 (r)-12.2 (e)-12.1 (s)-12.2 (s)-12.2 (w)-12.1 (a)-12.2 (y C)-12.2 (o., L)-12.2 (t)-12.1 (d. \(7.2438%\))]TJ -0.05 Tw 7.579 0 0 7.579 280.3602 333.5179 Tm (12)Tj 0.062 Tc 0.07 Tw 13 0 0 13 288.6921 328.3179 Tm [(,)12.3 ( Jiangsu)12.3 ( Guangjing)12.4 ( Xicheng)12.3 ( Expressway)36.9 ( )]TJ 0.022 Tc 0 Tw -15.666 -1.231 Td (Company Limited \(7.2438%\))Tj -0.022 Tw 7.579 0 0 7.579 245.7684 317.5179 Tm (13)Tj 0 Tw 13 0 0 13 253.6863 312.3179 Tm (, Jiangsu Expressway Company Limited \(7.2437%\).)Tj 0.025 Tc -0.025 Tw 11 0 2.9474 11 83.9105 282.3179 Tm (Notes)Tj 0 Tc 0 Tw 11 0 0 11 112.0769 282.3179 Tm (:)Tj 0.025 Tc 0.077 Tw -2.458 -2.545 Td [(1. )-1425 (The ultimate beneficial owners are: Nanjing State-owned Assets Managemen\ t Committee )]TJ 0.048 Tw 2.577 -1.273 Td (\(35.00%\), Tian Jiren \(10.7%\), Zhang Laishun \(3.5%\), Shanghai Jin J\ iang Online Network )Tj 0.024 Tw 0 -1.273 Td (Service Co., Ltd. \(27%, Shanghai Stock Exchange stock code: 600650\). 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56.693 0 l S Q BT 0 Tc 0 Tw 9.1 0 0 13 330.4281 453.3998 Tm ( )Tj ET q 1 0 0 1 346.7717 451.9989 cm 0 0 m 56.693 0 l S Q BT 9.1 0 0 13 398.4596 453.3998 Tm ( )Tj ET q 1 0 0 1 414.8031 451.9989 cm 0 0 m 56.693 0 l S Q BT 9.1 0 0 13 466.4911 453.3998 Tm ( )Tj ET q 1 0 0 1 482.8347 451.9989 cm 0 0 m 56.693 0 l S Q BT 9.1 0 0 13 534.5226 453.3998 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -46.279 -2.462 Td (Total)Tj 21.526 0 Td (20,000)Tj 6.951 0 Td (523,333)Tj 7.476 0 Td (463,333)Tj 7.476 0 Td (463,333)Tj ET 2.5 w q 1 0 0 1 278.7402 415.8353 cm 0 0 m 56.693 0 l S Q 0.835 w q 1 0 0 1 278.7402 412.5028 cm 0 0 m 56.693 0 l S Q BT /T1_0 1 Tf 0 Tc 0 Tw 9.1 0 0 13 330.4281 413.7363 Tm ( )Tj ET 2.5 w q 1 0 0 1 346.7717 415.8353 cm 0 0 m 56.693 0 l S Q 0.835 w q 1 0 0 1 346.7717 412.5028 cm 0 0 m 56.693 0 l S Q BT 9.1 0 0 13 398.4596 413.7363 Tm ( )Tj ET 2.5 w q 1 0 0 1 414.8031 415.8353 cm 0 0 m 56.693 0 l S Q 0.835 w q 1 0 0 1 414.8032 412.5028 cm 0 0 m 56.693 0 l S Q BT 9.1 0 0 13 466.4911 413.7363 Tm ( )Tj ET 2.5 w q 1 0 0 1 482.8347 415.8353 cm 0 0 m 56.693 0 l S Q 0.835 w q 1 0 0 1 482.8347 412.5028 cm 0 0 m 56.693 0 l S Q BT 9.1 0 0 13 534.5226 413.7363 Tm ( )Tj 0.025 Tc 0.082 Tw 13 0 0 13 113.3859 383.3872 Tm [(In )0.5 (respect of )0.5 (service )0.5 (fees )0.5 (above, an )0.5 (independent )0.5 (third )0.5 (party )0.5 (qualified )0.5 (under )]TJ 0.021 Tc 0 Tw 0 -1.231 Td [(the Measures for the Administration of Construction Cost Consultation En\ tity)-4 ( )]TJ 0.04 Tc 0.07 Tw 0 -1.231 Td [(issued)12.3 ( by)12.4 ( the)12.3 ( Ministry)12.4 ( of)12.4 ( Construction)12.3 ( of)12.3 ( the)12.4 ( People)12.4 (\222)12.3 (s)12.4 ( Republic)12.3 ( of)12.4 ( China)15.1 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (was engaged by Suxichang South Expressway Company to review and report )Tj 0.067 Tw 0 -1.231 Td (the review results based on the unit price of similar service contracts \ in the )Tj 0.062 Tw 0 -1.231 Td (database of such construction cost consultation entity. The contract pri\ ce of )Tj 0.061 Tw 0 -1.231 Td (Micro Video Company was the lower of the price quoted by it according to\ )Tj 0.063 Tw 0 -1.231 Td (the requirements of the Suxichang South Expressway Company or the price \ )Tj 0.026 Tc 0.082 Tw 0 -1.231 Td [(reported)1 ( )0.5 (by)1 ( )0.5 (the)1 ( )0.5 (construction)0.9 ( )0.6 (cost)1 ( )0.5 (consultation)1 ( )0.5 (entity)0.9 ( )0.6 (engaged)1 ( )0.5 (by)1 ( )0.6 (Suxichang)1 ( )]TJ 0.025 Tc 0.038 Tw 0 -1.231 Td (South Expressway Company. The maximum amounts of the agreement were )Tj 0.031 Tw 0 -1.231 Td (estimated having regards to the utilization in previous year and the exp\ ected )Tj 0.009 Tw 0 -1.231 Td (utilization during the term of the agreement, respectively. The fees und\ er the )Tj 0.04 Tc 0.07 Tw 0 -1.231 Td [(agreement)12.6 ( concerning)12.7 ( the)12.7 ( Cloud)12.7 ( check)12.7 (-)12.7 (in)12.7 ( system)12.7 ( and)12.7 ( cloud)12.7 ( migration)12.6 ( for)15.1 ( )]TJ 0.025 Tc 0.027 Tw 0 -1.231 Td (three business units shall be paid by Suxichang South Expressway Company\ )Tj 0.047 Tc 0.07 Tw 0 -1.231 Td [(with)12.2 ( its)12.2 ( own)12.2 ( funds)12.2 ( or)12.2 ( financing)12.2 ( funds)12.2 ( in)12.2 ( line)12.2 ( with)12.2 ( the)12.2 ( use)12.2 ( of)12.2 ( funds)12.2 ( after)22 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.231 Td [(receiving)2 ( )0.5 (the)2 ( )0.5 (relevant)2 ( )0.5 (services)2.1 ( on)2 ( )0.5 (a)2 ( )0.5 (quarterly)2 ( )0.5 (basis)2 (,)2 ( )0.5 (whereas)2 ( )0.5 (the)2 ( )0.5 (fees)2 ( )0.5 (under)2 ( )]TJ 0.025 Tc 0.021 Tw 0 -1.231 Td (the agreement concerning FT2.0 empowering platform services shall be pai\ d )Tj 0.028 Tc 0.08 Tw 0 -1.231 Td [(by)3 ( )0.5 (Suxichang)3 ( )0.5 (South)3 ( )0.5 (Expressway)3 ( )0.5 (Company)3 ( )0.5 (with)3 ( )0.6 (its)3 ( )0.5 (own)2.9 ( )0.6 (funds)3 ( )0.5 (or)3 ( )0.5 (financing)3 ( )]TJ 0.025 Tc 0.052 Tw 0 -1.231 Td (funds in line with the use of funds after receiving the relevant service\ s on a )Tj 0 Tw 0 -1.231 Td (semi-annual basis.)Tj ET endstream endobj 79 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 43 \226)Tj /T1_1 1 Tf 0.024 Tc 13 0 3.4833 13 83.7052 776.4089 Tm [(\()-1 (8)-1 (\))-1 ( )-665.5 (Jiangsu CH Digital Transportation Research Institute Company Limited)]TJ /T1_0 1 Tf 0.048 Tc 0.07 Tw 13 0 0 13 113.3858 744.4089 Tm [(The)12.6 ( term)12.7 ( and)12.6 ( maximum)12.7 ( agreement)12.6 ( amounts)12.6 ( of)12.6 ( the)12.6 ( continuing)12.7 ( connected)23 ( )]TJ 0 -1.231 Td [(transaction)12.6 ( between)12.6 ( Suxichang)12.6 ( South)12.6 ( Expressway)12.6 ( Company)12.6 ( and)12.6 ( Jiangsu)23 ( )]TJ 0.025 Tc 0.063 Tw 0 -1.231 Td (CH Digital Transportation Research Institute Company Limited \(hereinaft\ er )Tj 0 Tw 0 -1.231 Td (referred to as \223)Tj /T1_1 1 Tf (Digital Transportation Research Institute)Tj /T1_0 1 Tf (\224\) are as follows:)Tj 13 0 3.4833 13 449.2135 664.4089 Tm (Currency: RMB)Tj /T1_1 1 Tf -0.025 Tw 11.7 0 0 13 113.3858 600.4089 Tm (Project)Tj 0 Tw 12.114 0 Td (Performance period)Tj 10.851 2.462 Td (Amount to be )Tj 1.052 -1.231 Td (incurred in )Tj -0.025 Tw 2.981 -1.231 Td (2024)Tj 5.718 2.462 Td (Amount )Tj 0 Tw -1.431 -1.231 Td (incurred in )Tj -0.025 Tw 2.981 -1.231 Td (2023)Tj /T1_0 1 Tf 0 Tw -34.267 -2.462 Td (\223Traffic Control Cloud\224 )Tj 1.114 -1.231 Td (platform and cloud )Tj 0 -1.231 Td (resource technology )Tj -0.025 Tw 0 -1.231 Td (services)Tj 0 Tw 10.999 3.692 Td (From 1 December )Tj 1.114 -1.231 Td (2023 to 30 April )Tj -0.025 Tw 0 -1.231 Td (2024)Tj 12.97 2.462 Td (71,893)Tj 6.743 0 Td (143,786)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 379.8425 515.9989 cm 0 0 m 73.701 0 l S Q BT 0 Tc 0 Tw 11.7 0 0 13 374.1732 517.3999 Tm ( )Tj ET q 1 0 0 1 464.8819 515.9989 cm 0 0 m 73.701 0 l S Q BT 11.7 0 0 13 459.2126 517.3999 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -29.558 -2.462 Td (Total)Tj 26.198 0 Td (71,893)Tj 6.743 0 Td (143,786)Tj ET 2.5 w q 1 0 0 1 379.8425 479.8353 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 379.8425 476.5028 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 0 Tc 0 Tw 11.7 0 0 13 374.1732 477.7363 Tm ( )Tj ET 2.5 w q 1 0 0 1 464.8819 479.8353 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 464.8819 476.5028 cm 0 0 m 73.701 0 l S Q BT 11.7 0 0 13 459.2126 477.7363 Tm ( )Tj 0.025 Tc 0.007 Tw 13 0 0 13 113.3858 447.3872 Tm [(The )0.5 (agreement with )0.5 (Digital Transportation )0.5 (Research )0.5 (Institute )0.5 (were )0.5 (priced by )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(way)5 ( )0.5 (of)5 ( )0.5 (audits)5 ( )0.5 (before)5 ( )0.5 (bidding)5 (,)5 ( )0.5 (i)5 (.)5 (e)5 (.)5 ( )0.5 (third)5 ( )0.6 (party)5 ( )0.5 (auditors)5 ( )0.5 (who)5 ( )0.5 (are)5 ( )0.6 (independent)5 ( )]TJ 0.025 Tc 0.024 Tw 0 -1.231 Td (and qualified in costing are entrusted to prepare the control prices. Th\ e third )Tj 0.04 Tw 0 -1.231 Td (parties take national laws, regulations and budget quotas as the basis f\ or the )Tj 0.042 Tw 0 -1.231 Td (audit process, and review, double-check and conduct market inquiry in li\ ght )Tj 0.036 Tc 0.072 Tw 0 -1.231 Td [(of)11 ( )0.5 (actual)11 ( )0.5 (circumstances)11 ( )0.5 (to)10.9 ( )0.5 (ensure)11 ( )0.5 (the)11 ( )0.5 (fairness)11 ( )0.5 (of)11 ( )0.5 (the)11 ( )0.6 (pricing)11 ( )0.5 (of)11 ( )0.5 (the)11.1 ( related)11 ( )]TJ 0.025 Tc 0.019 Tw 0 -1.231 Td (party/ continuing connected transactions. The fees under the agreement s\ hall )Tj 0.01 Tw 0 -1.231 Td (be paid by Suxichang South Expressway Company in three installments with\ )Tj 0.025 Tw 0 -1.231 Td [(its )0.5 (own )0.5 (funds )0.5 (or )0.5 (financing )0.5 (funds )0.5 (in )0.5 (line )0.5 (with )0.5 (the )0.5 (use )0.5 (of )0.5 (funds )0.5 (after )0.5 (receiving )]TJ 0 Tw 0 -1.231 Td (the relevant services.)Tj ET endstream endobj 77 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 42 \226)Tj /T1_1 1 Tf 0.031 Tc 0.077 Tw 13 0 3.4833 13 83.7052 776.4089 Tm [(\()6 (7)6 (\))6 ( )-581.5 (Jiangsu)6 ( )0.5 (Communications)6 ( )0.5 (Holding)6 ( )0.5 (Human)6 ( )0.5 (Resources)6 ( )0.5 (Development)6.1 ( )0.5 (Co)6 (.)6 (,)6 ( )]TJ 0.025 Tc -0.025 Tw 2.51 -1.231 Td (Ltd.)Tj /T1_0 1 Tf 0.048 Tc 0.07 Tw 13 0 0 13 113.3858 728.4089 Tm [(The)12.6 ( term)12.7 ( and)12.6 ( maximum)12.7 ( agreement)12.6 ( amounts)12.6 ( of)12.6 ( the)12.6 ( continuing)12.7 ( connected)23 ( )]TJ 0 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(2024)Tj 11.7 2.462 Td (179,500)Tj 8.177 0 Td (134,630)Tj 0 Tw 5.392 0 Td (Not applicable)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 294.8032 483.9989 cm 0 0 m 73.701 0 l S Q BT 0 Tc 10.4 0 0 13 289.1339 485.3998 Tm ( )Tj ET q 1 0 0 1 379.8426 483.9989 cm 0 0 m 73.701 0 l S Q BT 10.4 0 0 13 374.1733 485.3998 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -25.076 -2.462 Td (Total)Tj 21.131 0 Td (179,500)Tj 8.177 0 Td (134,630)Tj 0 Tw 5.057 0 Td (Not applicable)Tj ET 2.5 w q 1 0 0 1 294.8032 447.8353 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 294.8032 444.5028 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 0 Tc 10.4 0 0 13 289.1339 445.7363 Tm ( )Tj ET 2.5 w q 1 0 0 1 379.8426 447.8353 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 379.8426 444.5028 cm 0 0 m 73.701 0 l S Q BT 10.4 0 0 13 374.1733 445.7363 Tm ( )Tj 0.058 Tc 0.07 Tw 13 0 0 13 113.3859 415.3872 Tm [(The)12.2 ( fees)12.3 ( of)12.2 ( Communications)12.2 ( Holding)12.3 ( Commercial)12.3 ( Operation)12.2 ( Company)33 ( )]TJ 0.054 Tc 0 -1.231 Td [(are)12.4 ( 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[(three)12.6 ( entities)12.5 (,)12.6 ( the)12.6 ( price)12.5 ( quoted)12.6 ( by)12.6 ( Communications)12.6 ( Holding)12.5 ( Commercial)21 ( )]TJ 0.025 Tc 0.04 Tw 0 -1.231 Td (Operation Company was the lowest, and the terms were fair and reasonable\ . )Tj 0.037 Tw 0 -1.231 Td (The fees under the agreement shall be paid by Suxichang South Expressway\ )Tj 0.022 Tw 0 -1.231 Td (Company with its own funds or financing funds in line with the use of fu\ nds )Tj 0 Tw 0 -1.231 Td (after receiving the relevant services on a quarterly basis.)Tj ET endstream endobj 38 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 39 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 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funds or financing funds in line with the use of fu\ nds )Tj 0 Tw 0 -1.231 Td (after receiving the relevant services on a quarterly basis.)Tj 0.036 Tc 0.072 Tw 0 -2.462 Td [(As)11 ( )0.5 (the)11 ( )0.5 (remaining)11 ( )0.5 (term)11 ( )0.5 (of)11 ( )0.5 (the)11 ( )0.5 (Road)11 ( )0.5 (Maintenance)11.1 ( )0.5 (Agreement)11 ( )0.5 (exceeds)11 ( )0.5 (three)11 ( )]TJ 0.025 Tc 0.002 Tw 0 -1.231 Td (years, pursuant to the Shanghai Listing Rules, the Company shall submit \ this )Tj 0 Tw 0 -1.231 Td (proposal to the Board for consideration every three years.)Tj /T1_1 1 Tf 13 0 3.4833 13 83.7052 584.3179 Tm (Exempted Continuing Connected Transactions)Tj /T1_0 1 Tf 0.056 Tc 0.07 Tw 13 0 0 13 85.0394 552.3179 Tm [(In)12.2 ( addition)12.2 (,)12.3 ( Suxichang)12.2 ( South)12.2 ( Expressway)12.2 ( Company)12.2 ( will)12.2 ( also)12.2 ( be)12.3 ( conducting)31 ( )]TJ 0.088 Tc 0 -1.231 Td [(con)0.5 (tinuing)13 ( conn)0.5 (ecte)0.5 (d)12.9 ( tran)0.5 (sacti)0.5 (ons)12.9 ( w)0.5 (ith)12.9 ( th)0.5 (e)12.9 ( bel)0.5 (ow)12.9 ( a)0.5 (ssoci)0.5 (ates)12.9 ( )0.5 (of)12.9 ( Ji)0.5 (angsu)63 ( )]TJ 0.095 Tc 0 -1.231 Td [(Communications)12.8 ( Holding)12.8 (,)12.8 ( such)12.8 ( transactions)12.9 ( are)12.8 ( fully)12.9 ( exempt)12.9 ( from)12.8 ( the)70 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (requirements of connected transactions:)Tj /T1_1 1 Tf 13 0 3.4833 13 83.7052 472.3179 Tm [(\(5\) )-664.5 (Jiangsu Kuailu Motor Transport Co., Ltd.)]TJ /T1_0 1 Tf 0.024 Tc 13 0 0 13 113.3858 440.3179 Tm [(On 1 May 2023, the Company entered into an agreement with Jiangsu Kuailu\ )-1 ( )]TJ 0.025 Tc 0.014 Tw 0 -1.231 Td (Motor Transport Co., Ltd. \(hereinafter referred to as \223)Tj /T1_1 1 Tf (Kuailu Company)Tj /T1_0 1 Tf (\224\) in )Tj 0 Tw 0 -1.231 Td (respect of the commuter shuttle service.)Tj 0.048 Tc 0.07 Tw 0 -2.462 Td [(The)12.6 ( term)12.7 ( and)12.6 ( maximum)12.7 ( agreement)12.6 ( amounts)12.6 ( of)12.6 ( the)12.6 ( continuing)12.7 ( connected)23 ( )]TJ 0.053 Tc 0 -1.231 Td 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0 13 459.2126 197.3088 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -29.558 -2.462 Td (Total)Tj 24.873 0 Td (1,046,580)Tj 7.268 0 Td (2,093,000)Tj ET 2.5 w q 1 0 0 1 379.8425 159.7443 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 379.8425 156.4118 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 0 Tc 0 Tw 11.7 0 0 13 374.1732 157.6453 Tm ( )Tj ET 2.5 w q 1 0 0 1 464.8819 159.7443 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 464.8819 156.4118 cm 0 0 m 73.701 0 l S Q BT 11.7 0 0 13 459.2126 157.6453 Tm ( )Tj 0.025 Tc 0.003 Tw 13 0 0 13 113.3858 127.2962 Tm (The fees for commuter shuttle services was determined through price inqu\ iry )Tj 0.024 Tc 0 Tw 0 -1.231 Td [(and comparison. The maximum amounts under the agreement were estimated)-1 ( )]TJ 0.046 Tc 0.07 Tw 0 -1.231 Td [(based)12.7 ( on)12.6 ( the)12.7 ( transportation)12.6 ( requirements)12.6 (.)12.7 ( The)12.6 ( fees)12.6 ( under)12.7 ( the)12.7 ( agreements)21 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.231 Td [(will)4 ( )0.5 (be)4.1 ( )0.5 (paid)4 ( )0.5 (by)4 ( )0.5 (Suxichang)4 ( )0.5 (South)4 ( )0.5 (Expressway)4 ( )0.5 (Company)4 ( )0.6 (with)4 ( )0.5 (its)4 ( )0.5 (own)4 ( )0.5 (funds)4 ( )]TJ 0.025 Tc 0.082 Tw 0 -1.231 Td (or financing funds in line with the use of funds after receiving the rel\ evant )Tj 0 Tw 0 -1.231 Td (services on a quarterly basis.)Tj ET endstream endobj 91 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 39 \226)Tj /T1_1 1 Tf 13 0 3.4833 13 83.7052 776.4089 Tm (Continuing Connected Transaction with a Term of More Than Three Years)Tj 0.66 -2.462 Td [(\(4\) )-664.5 (Jiangsu Sundian Road & Bridge Co., Ltd)]TJ /T1_0 1 Tf 0.049 Tc 0.07 Tw 13 0 0 13 113.3858 712.4089 Tm [(On)12.3 ( 2)12.4 (4)12.3 ( March)12.3 ( 2)12.4 (0)12.3 (2)12.4 (1)12.4 (,)12.3 ( Suxichang)12.3 ( South)12.3 ( Expressway)12.4 ( Company)12.4 ( entered)12.3 ( into)23.9 ( )]TJ 0.043 Tc 0 -1.231 Td [(a)0.5 (n)12.9 ( a)0.5 (gr)0.5 (ee)0.5 (me)0.5 (nt)12.9 ( )0.5 (wi)0.5 (th)13 ( J)0.5 (ian)0.5 (gs)0.5 (u)12.9 ( S)0.5 (un)0.5 (dia)0.5 (n)12.9 ( )0.5 (Roa)0.5 (d)12.9 ( )0.5 (&)12.9 ( )0.5 (Bri)0.5 (dg)0.5 (e)12.9 ( )0.5 (Co)12.9 (.)13 (,)12.9 ( )0.5 (Lt)0.5 (d)12.9 (.)12.9 ( )0.5 (\()12.9 (he)0.5 (r)0.5 (ein)0.5 (af)0.5 (te)0.5 (r)18 ( )]TJ 0.038 Tc 0 -1.231 Td [(referred)12.3 ( to)12.3 ( as)12.3 ( \223)]TJ /T1_1 1 Tf 6.74 0 Td [(Xiandai)12.2 ( R)12.3 (&)12.3 (B)12.3 ( Company)]TJ /T1_0 1 Tf 11.082 0 Td [(\224)12.3 (\))12.3 ( in)12.3 ( respect)12.2 ( of)12.3 ( Taihu)12.3 ( Tunnel)12.2 ( and)13 ( )]TJ 0.027 Tc 0.081 Tw -17.823 -1.231 Td [(Mount)2 ( )0.5 (Yaoxian)2 ( )0.5 (Tunnel)2 ( )0.5 (pavement)2 ( )0.5 (construction)2 ( )0.5 (and)2 ( )0.5 (maintenance)2 ( )0.5 (integration)2 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.231 Td [(project)1 ( )0.5 (and)1 ( )0.5 (maintenance)1 ( )0.5 (on)1 ( )0.5 (CX)1 (-)1 (2)1 (3)1 ( )0.5 (Section)1 (.)1 ( )0.5 (The)1 ( )0.5 (total)1 ( )0.5 (amount)1.1 ( )0.5 (of)1 ( )0.5 (agreement)1 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (was RMB39,845,585.98.)Tj 0.048 Tc 0.07 Tw 0 -2.462 Td [(The)12.6 ( term)12.7 ( and)12.6 ( maximum)12.7 ( agreement)12.6 ( amounts)12.6 ( of)12.6 ( the)12.6 ( continuing)12.7 ( connected)23 ( )]TJ 0.045 Tc 0 -1.231 Td [(transaction)12.1 ( between)12.1 ( Suxichang)12.1 ( South)12.2 ( Expressway)12.1 ( Company)12.2 ( and)12.1 ( Xiandai)20 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (R&B Company are as follows:)Tj 13 0 3.4833 13 449.2135 536.4089 Tm (Currency: RMB)Tj /T1_1 1 Tf -0.025 Tw 11.7 0 0 13 113.3858 440.4089 Tm (Project)Tj 0 Tw 17.464 4.923 Td (Taihu Tunnel and Mount Yaoxian Tunnel )Tj 0.618 -1.231 Td (Pavement construction and maintenance )Tj 0.447 -1.231 Td (integration project and maintenance on )Tj 0.449 -1.231 Td (CX-23 Section \(hereinafter referred as )Tj 2.278 -1.231 Td (\223Road Maintenance Agreement\224\))Tj /T1_0 1 Tf -21.256 -2.462 Td (Amount incurred in 2021)Tj -0.025 Tw 30.817 0 Td (1,962,179.94)Tj 0 Tw -30.817 -1.231 Td (Amount incurred in 2022)Tj -0.025 Tw 30.817 0 Td (1,962,179.94)Tj 0 Tw -30.817 -1.231 Td (Amount incurred in 2023)Tj -0.025 Tw 30.817 0 Td (1,962,179.94)Tj 0 Tw -30.817 -1.231 Td (Amount to be incurred in 2024)Tj -0.025 Tw 30.292 0 Td (3,931,763.905)Tj 0 Tw -30.292 -1.231 Td (Amount to be incurred in 2025)Tj -0.025 Tw 30.817 0 Td (4,304,023.48)Tj 0 Tw -30.817 -1.231 Td (Amount to be incurred in 2026)Tj -0.025 Tw 30.817 0 Td (4,304,023.48)Tj 0 Tw -30.817 -1.231 Td (Amount to be incurred in 2027)Tj -0.025 Tw 30.292 0 Td (4,676,283.055)Tj 0 Tw -30.292 -1.231 Td (Amount to be incurred in 2028)Tj -0.025 Tw 30.292 0 Td (4,676,283.055)Tj 0 Tw -30.292 -1.231 Td (Amount to be incurred in 2029)Tj -0.025 Tw 30.817 0 Td (5,048,542.63)Tj 0 Tw -30.817 -1.231 Td (Amount to be incurred in 2030)Tj -0.025 Tw 30.292 0 Td (5,420,802.205)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 323.1496 259.9989 cm 0 0 m 215.433 0 l S Q BT 0 Tc 0 Tw 11.7 0 0 13 532.1477 261.3998 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -35.792 -2.462 Td (Total)Tj 30.292 0 Td (38,248,261.63)Tj ET 2.5 w q 1 0 0 1 323.1496 223.8353 cm 0 0 m 215.433 0 l S Q 0.835 w q 1 0 0 1 323.1496 220.5028 cm 0 0 m 215.433 0 l S Q BT 0 Tc 0 Tw 11.7 0 0 13 532.1477 221.7363 Tm ( )Tj /T1_0 1 Tf 0.047 Tc 0.07 Tw 13 0 0 13 113.3858 191.3873 Tm [(A)0.5 (c)0.6 (c)0.5 (o)0.5 (r)0.5 (d)0.5 (i)0.6 (n)0.5 (g)13 ( )0.5 (t)0.5 (o)13.1 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.6 (R)0.5 (o)0.5 (a)0.5 (d)13.1 ( )0.5 (M)0.5 (a)0.5 (i)0.6 (n)0.5 (t)0.5 (e)0.5 (n)0.5 (a)0.6 (n)0.5 (c)0.5 (e)13 ( )0.6 (A)0.5 (g)0.5 (r)0.5 (e)0.6 (e)0.5 (m)0.5 (e)0.6 (n)0.5 (t)13 (,)13 ( )0.5 (X)0.6 (i)0.5 (a)0.5 (n)0.5 (d)0.5 (a)0.6 (i)13 ( )0.5 (R)13 (&)13 (B)13.1 ( )0.5 (C)0.5 (o)0.6 (m)0.5 (p)0.5 (a)0.5 (n)0.5 (y)22 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.231 Td [(is)1 ( )0.5 (responsible)1 ( )0.5 (for)1 ( )0.5 (maintenance)1 ( )0.5 (of)1 ( )0.6 (the)1 ( )0.5 (tunnel)1 ( )0.5 (road)1 ( )0.5 (surface)1.1 ( )0.5 (within)1 ( )0.5 (the)1 ( )0.5 (CX)1 (-)1 (2)1 (3)1 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(Section)10.1 (,)10 ( as)10 ( )0.5 (well)10 ( )0.5 (as)10 ( )0.6 (the)10 ( )0.5 (overpass)10 ( )0.5 (on)10 ( )0.6 (Wuyang)10 ( )0.5 (Road)10 ( )0.5 (and)10 ( )0.5 (the)10.1 ( )0.5 (road)10 ( )0.5 (surface)10 ( )0.5 (on)10 ( )]TJ 0.052 Tc 0.07 Tw 0 -1.231 Td [(the)12.8 ( Luma)12.8 ( Highway)12.8 ( branch)12.7 ( line)12.7 ( upon)12.7 ( the)12.8 ( completion)12.7 ( of)12.7 ( the)12.7 ( construction)27 ( )]TJ 0.042 Tc 0 -1.231 Td [(works)12.1 (.)12.1 ( The)12.1 ( construction)12.1 ( was)12.1 ( completed)12.1 ( in)12.2 ( November)12.1 ( 2)12.1 (0)12.1 (2)12.1 (1)12.1 (.)12.2 ( According)12.1 ( to)17 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(the)12.1 ( )0.5 (Road)12 ( )0.5 (Maintenance)12 ( )0.5 (Agreement)12 (,)12.1 ( )0.5 (Xiandai)12 ( )0.5 (R)12 (&)12 (B)12 ( )0.5 (Company)12 ( )0.5 (would)12 ( )0.5 (provide)12 ( )]TJ 0.053 Tc 0.07 Tw 0 -1.231 Td [(maintenance)12.4 ( services)12.3 ( for)12.3 ( a)12.4 ( period)12.3 ( of)12.3 ( ten)12.3 ( years)12.3 ( after)12.3 ( the)12.4 ( completion)12.3 ( and)28 ( )]TJ 0.064 Tc 0 -1.231 Td [(acceptance)12.2 ( date)12.3 ( of)12.3 ( the)12.3 ( new)12.3 ( construction)12.3 ( project)12.2 (.)12.3 ( The)12.2 ( total)12.3 ( contractual)39 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (amount for the maintenance phase is RMB39,845,585.98.)Tj ET endstream endobj 90 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 38 \226)Tj 0.062 Tc 0.07 Tw 13 0 0 13 113.3858 776.3179 Tm [(The)12.8 ( aforesaid)12.8 ( service)12.8 ( fees)12.8 ( for)12.8 ( mobile)12.8 ( payment)12.8 ( and)12.8 ( license)12.8 ( plate)12.8 ( cloud)37 ( )]TJ 0.025 Tc 0.04 Tw 0 -1.231 Td (migration services has been paid in a single installment by Suxichang So\ uth )Tj 0.045 Tc 0.07 Tw 0 -1.231 Td [(Expressway)12.6 ( Company)12.6 ( with)12.6 ( its)12.7 ( own)12.6 ( funds)12.7 ( or)12.7 ( financing)12.7 ( funds)12.7 ( in)12.7 ( line)12.7 ( with)20 ( )]TJ 0.04 Tc 0 -1.231 Td [(the)12.2 ( use)12.2 ( of)12.2 ( funds)12.2 ( in)12.2 ( December)12.2 ( 2)12.1 (0)12.2 (2)12.2 (1)12.2 (.)12.1 ( As)12.2 ( for)12.2 ( the)12.1 ( cloud)12.2 ( dispatch)12.1 ( technology)15 ( )]TJ 0.025 Tc 0.007 Tw 0 -1.231 Td [(services, )0.5 (SD-WAN )0.5 (network )0.5 (maintenance )0.5 (and )0.5 (technology )0.5 (services, )0.5 (those )0.5 (fees )]TJ 0.067 Tw 0 -1.231 Td (shall be paid by Suxichang South Expressway Company with its own funds )Tj 0.082 Tw 0 -1.231 Td (or financing funds in line with the use of funds after receiving the rel\ evant )Tj 0 Tw 0 -1.231 Td (services on a semi-annual basis.)Tj 0.077 Tc 0.07 Tw 0 -2.462 Td [(The)12.6 ( road)12.7 ( network)12.6 ( technology)12.7 ( service)12.7 ( fee)12.6 ( related)12.7 ( to)12.7 ( ETC)12.7 ( and)12.7 ( mobile)52.1 ( )]TJ 0.025 Tc 0.028 Tw 0 -1.231 Td (payment shall be charged at 0.35% of the electronic toll amount of non-c\ ash )Tj 0.05 Tc 0.07 Tw 0 -1.231 Td [(vehicle)12.9 ( toll)12.8 (,)12.9 ( as)12.9 ( approved)12.9 ( by)12.9 ( the)12.9 ( Jiangsu)12.9 ( Expressway)12.9 ( Network)12.9 ( Operation)25 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.231 Td [(and)1 ( )0.5 (Management)1 ( )0.5 (Committee)1 (,)1 ( )0.6 (comprising)1 ( )0.5 (representatives)1 ( )0.5 (of)1 ( )0.5 (the)1 ( )0.5 (expressway)1 ( )]TJ 0.073 Tc 0.07 Tw 0 -1.231 Td [(members)12.6 ( of)12.5 ( Jiangsu)12.5 ( Expressway)12.6 ( Network)12.6 (.)12.5 ( Such)12.5 ( fee)12.5 ( standard)12.5 ( was)12.5 ( set)48 ( )]TJ 0.044 Tc 0 -1.231 Td [(after)12.4 ( arm)12.4 (\222)12.5 (s)12.4 ( length)12.4 ( negotiations)12.4 ( between)12.4 ( the)12.5 ( Committee)12.4 ( and)12.4 ( Tongxingbao)19.1 ( )]TJ 0.065 Tc 0 -1.231 Td [(Company)12.3 ( after)12.3 ( taking)12.3 ( into)12.3 ( account)12.3 ( the)12.3 ( costs)12.3 ( and)12.3 ( fees)12.3 ( of)12.3 ( Tongxingbao)40 ( )]TJ 0.044 Tc 0 -1.231 Td [(C)0.5 (o)0.5 (mp)0.5 (a)0.5 (n)0.5 (y)12.9 ( )0.5 (a)0.5 (s)13 ( )0.5 (th)0.5 (e)13 ( )0.5 (s)0.5 (e)0.5 (rv)0.5 (i)0.5 (c)0.5 (e)13 ( )0.5 (pr)0.5 (o)0.5 (vi)0.5 (d)0.5 (e)0.5 (r)13 (.)12.9 ( )0.5 (T)0.5 (h)0.5 (e)13 ( p)0.5 (r)0.5 (i)0.5 (c)0.5 (e)12.9 ( )0.5 (i)0.5 (s)13 ( )0.5 (lo)0.5 (w)0.5 (e)0.5 (r)13 ( )0.5 (th)0.5 (a)0.5 (n)13 ( t)0.5 (h)0.5 (e)13 ( )0.5 (2)12.9 (%)13 ( )0.5 (c)0.5 (a)0.5 (p)12.9 ( )0.5 (s)0.5 (e)0.5 (t)19 ( )]TJ 0.06 Tc 0 -1.231 Td [(b)0.5 (y)13 ( t)0.5 (h)0.5 (e)13 ( )0.5 (P)0.5 (ri)0.5 (c)0.5 (e)13 ( )0.5 (B)0.5 (u)0.5 (r)0.5 (e)0.5 (au)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (Ji)0.5 (a)0.5 (n)0.5 (g)0.5 (s)0.5 (u)12.9 ( )0.5 (P)0.5 (r)0.5 (o)0.5 (v)0.5 (in)0.5 (c)0.5 (e)13 (.)13 ( )0.5 (T)0.5 (he)13 ( )0.5 (m)0.5 (a)0.5 (x)0.5 (i)0.5 (mu)0.5 (m)13 ( )0.5 (a)0.5 (mo)0.5 (u)0.5 (n)0.5 (t)13 ( )0.5 (of)13 ( )0.5 (t)0.5 (h)0.5 (e)35 ( )]TJ 0.059 Tc 0 -1.231 Td [(a)0.5 (g)0.6 (r)0.5 (e)0.6 (e)0.5 (m)0.5 (e)0.6 (n)0.5 (t)13 ( )0.6 (w)0.5 (a)0.6 (s)13 ( )0.6 (e)0.5 (s)0.5 (t)0.6 (i)0.5 (m)0.5 (a)0.6 (t)0.5 (e)0.6 (d)13 ( )0.5 (b)0.6 (a)0.5 (s)0.5 (e)0.6 (d)13 ( )0.6 (o)0.5 (n)13 ( )0.5 (t)0.6 (h)0.5 (e)13 ( )0.6 (e)0.5 (x)0.6 (p)0.5 (e)0.6 (c)0.5 (t)0.5 (e)0.6 (d)13 ( )0.5 (t)0.6 (r)0.5 (a)0.6 (f)0.5 (f)0.5 (i)0.6 (c)13 ( )0.6 (v)0.5 (o)0.5 (l)0.6 (u)0.5 (m)0.5 (e)13 ( )0.6 (a)0.5 (n)0.6 (d)13 ( )0.5 (t)0.6 (h)0.5 (e)34 ( )]TJ 0.065 Tc 0 -1.231 Td [(increasing)12.2 ( usage)12.2 ( trend)12.2 ( of)12.1 ( trucks)12.2 (.)12.2 ( The)12.2 ( fees)12.2 ( shall)12.1 ( be)12.2 ( paid)12.2 ( by)12.1 ( the)12.1 ( Target)40 ( )]TJ 0.025 Tc 0.022 Tw 0 -1.231 Td (Company with its own funds or financing funds in line with the use of fu\ nds )Tj 0 Tw 0 -1.231 Td (after receiving the relevant services on a monthly basis.)Tj 0.053 Tc 0.07 Tw 0 -2.462 Td [(The)12.8 ( road)12.8 ( network)12.8 ( technology)12.8 ( service)12.8 ( fee)12.8 ( related)12.8 ( to)12.8 ( the)12.8 ( mobile)12.8 ( payment)28 ( )]TJ 0.052 Tc 0 -1.231 Td [(technology)12.6 ( for)12.6 ( clearance)12.6 ( of)12.6 ( obstacles)12.7 ( is)12.6 ( charged)12.6 ( at)12.6 ( 0)12.6 (.)12.6 (3)12.6 (5)12.6 (%)12.6 ( of)12.6 ( the)12.7 ( annual)27 ( )]TJ 0.023 Tc 0 Tw 0 -1.231 Td [(clearance services fee \(i.e. the actual costs incurred for clearance of\ the roads)-2 ( )]TJ 0.047 Tc 0.07 Tw 0 -1.231 Td [(in)12.4 ( the)12.5 ( event)12.4 ( of)12.4 ( malfunctions)12.4 ( or)12.4 ( traffic)12.4 ( accidents)12.5 (\))12.5 (.)12.4 ( The)12.5 ( maximum)12.5 ( amount)22 ( )]TJ 0.044 Tc 0 -1.231 Td [(specified)12.2 ( in)12.2 ( the)12.2 ( agreement)12.2 ( is)12.2 ( calculated)12.3 ( by)12.2 ( Suxichang)12.3 ( South)12.2 ( Expressway)19.1 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(C)0.5 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (n)0.6 (y)12 ( )0.5 (b)0.5 (a)0.5 (s)0.5 (e)0.5 (d)12 ( )0.5 (o)0.5 (n)12 ( )0.5 (c)0.5 (l)0.6 (e)0.5 (a)0.5 (r)0.5 (a)0.5 (n)0.5 (c)0.6 (e)12 ( )0.5 (s)0.5 (e)0.5 (r)0.5 (v)0.5 (i)0.5 (c)0.5 (e)12 ( )0.6 (f)0.5 (e)0.5 (e)0.5 (s)12 ( )0.5 (i)0.5 (n)0.5 (c)0.6 (u)0.5 (r)0.5 (r)0.5 (e)0.5 (d)12 ( )0.5 (i)0.5 (n)12 ( )0.5 (r)0.5 (e)0.6 (c)0.5 (e)0.5 (n)0.5 (t)12 ( )0.5 (y)0.5 (e)0.5 (a)0.5 (r)0.6 (s)12 ( )0.5 (a)0.5 (n)0.5 (d)12 ( )0.5 (t)0.5 (h)0.5 (e)12 ( )]TJ 0.025 Tc 0.042 Tw 0 -1.231 Td (traffic volume situation. The fees shall be paid by the Target Company w\ ith )Tj 0.025 Tw 0 -1.231 Td [(its )0.5 (own )0.5 (funds )0.5 (or )0.5 (financing )0.5 (funds )0.5 (in )0.5 (line )0.5 (with )0.5 (the )0.5 (use )0.5 (of )0.5 (funds )0.5 (after )0.5 (receiving )]TJ 0 Tw 0 -1.231 Td (the relevant services on a monthly basis.)Tj ET endstream endobj 89 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 37 \226)Tj 0.048 Tc 0.07 Tw 13 0 0 13 113.3858 776.3179 Tm [(The)12.6 ( term)12.7 ( and)12.6 ( maximum)12.7 ( agreement)12.6 ( amounts)12.6 ( of)12.6 ( the)12.6 ( continuing)12.7 ( connected)23 ( )]TJ 0.113 Tc 0 -1.231 Td [(transaction)12.9 ( between)12.9 ( Suxichang)12.9 ( South)12.8 ( Expressway)12.8 ( Company)12.8 ( and)88 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Tongxingbao Company are as follows:)Tj 13 0 3.4833 13 449.2135 712.3179 Tm (Currency: RMB)Tj /T1_1 1 Tf -0.025 Tw 9.1 0 0 13 113.3858 648.3179 Tm (Project)Tj 0 Tw 12.46 0 Td (Performance period)Tj 10.792 2.462 Td (Amount to )Tj -0.439 -1.231 Td (be incurred )Tj 1.988 -1.231 Td (in 2025)Tj 4.681 2.462 Td (Amount to )Tj -0.439 -1.231 Td (be incurred )Tj 1.988 -1.231 Td (in 2024)Tj -0.025 Tw 5.839 2.462 Td (Amount )Tj 0 Tw -1.431 -1.231 Td (incurred in )Tj -0.025 Tw 2.981 -1.231 Td (2023)Tj 4.68 2.462 Td (Amount )Tj 0 Tw -1.431 -1.231 Td (incurred in )Tj -0.025 Tw 2.981 -1.231 Td (2022)Tj /T1_0 1 Tf 0 Tw -44.65 -2.462 Td (SD-WAN network )Tj 1.153 -1.231 Td (maintenance \(including )Tj 0 -1.231 Td (mobile payment, license )Tj 0 -1.231 Td (plate cloud migration )Tj 0 -1.231 Td (services and technology )Tj -0.025 Tw 0 -1.231 Td (services\))Tj 0 Tw 11.307 6.154 Td (From 13 December )Tj 1.153 -1.231 Td (2021 to 31 )Tj 0 -1.231 Td (December 2024)Tj -0.025 Tw 12.872 2.462 Td (Not )Tj -2.785 -1.231 Td (applicable)Tj 7.165 1.231 Td (433,096)Tj 6.23 0 Td (512,596)Tj 6.23 0 Td (820,562)Tj 0 Tw -43.325 -8.615 Td (Cloud dispatch technology )Tj -0.025 Tw 1.153 -1.231 Td (services)Tj 0 Tw 11.307 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(a)0.5 (n)0.5 (ce)17.1 ( )]TJ 0.055 Tc -0.055 Tw -29.069 -1.231 Td (Company)Tj /T1_0 1 Tf 0.042 Tc 0.083 Tw 4.537 0 Td [(\224\) i)-12.7 (s R)-12.7 (M)-12.7 (B125,942,056.67. F)-12.7 (r)-12.7 (o)-12.7 (m t)-12.7 (h)-12.7 (e C)-12.7 (o)-12.7 (m)-12.7 (p)-12.7 (l)-12.7 (e)-12.7 (t)-12.6 (i)-12.7 (o)-12.7 (n D)-12.7 (a)-12.7 (t)-12.7 (e, f)-12.7 (o)-12.7 (r t)-12.7 (h)-12.6 (e)17 ( )]TJ 0.028 Tc 0.08 Tw -4.537 -1.231 Td [(purpose)3 ( )0.5 (of)3 ( )0.5 (centralising)3 ( )0.5 (the)3 ( )0.5 (management)3 ( )0.5 (of)3 ( )0.6 (the)3.1 ( deposit)3 ( )0.5 (amounts)3 (,)3 ( )0.5 (Suxichang)3 ( )]TJ 0.025 Tc 0.021 Tw 0 -1.231 Td (South Expressway Company will be included in the Group\222s deposit bala\ nce )Tj 0.038 Tw 0 -1.231 Td (limit under the Financial Services Agreement between the Company and the\ )Tj 0 Tw 0 -1.231 Td (Finance Company in effect at the material time.)Tj /T1_1 1 Tf 13 0 3.4833 13 83.7052 568.4089 Tm [(\(2\) )-664.5 (Jiangsu Expressway Network Operation and Management Co., Ltd.)]TJ /T1_0 1 Tf 0.05 Tc 0.07 Tw 13 0 0 13 113.3858 536.4089 Tm [(On)12.7 ( 9)12.7 ( January)12.7 ( 2)12.7 (0)12.7 (2)12.7 (3)12.7 (,)12.7 ( Suxichang)12.7 ( South)12.7 ( Expressway)12.7 ( Company)12.7 ( and)12.8 ( Jiangsu)25 ( )]TJ 0.056 Tc 0 -1.231 Td [(Expressway)12.5 ( Network)12.5 ( Operation)12.4 ( and)12.4 ( Management)12.5 ( Co)12.5 (.)12.5 (,)12.5 ( Ltd)12.5 (.)12.4 ( \()12.5 (hereinafter)31 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(referred)3 ( )0.5 (to)3 ( )0.5 (as)3 ( )0.5 (\223)]TJ /T1_1 1 Tf 6.642 0 Td [(Network)3 ( )0.5 (Operation)3 ( )0.5 (Company)]TJ /T1_0 1 Tf 13.624 0 Td [(\224)3 (\))3 ( )0.5 (entered)3 ( )0.5 (into)3 ( )0.5 (an)3 ( )0.5 (agreement)3 ( )]TJ 0.04 Tc 0.07 Tw -20.266 -1.231 Td [(in)12.5 ( respect)12.5 ( of)12.5 ( road)12.5 ( network)12.5 ( management)12.5 ( services)12.5 (.)12.5 ( The)12.5 ( term)12.5 ( and)12.5 ( maximum)15 ( )]TJ 0.077 Tc 0 -1.231 Td [(a)0.5 (g)0.6 (r)0.5 (e)0.5 (e)0.6 (m)0.5 (e)0.5 (n)0.6 (t)13 ( )0.5 (a)0.5 (m)0.6 (o)0.5 (u)0.5 (n)0.5 (t)0.6 (s)13 ( )0.5 (o)0.5 (f)13.1 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.5 (c)0.6 (o)0.5 (n)0.5 (t)0.5 (i)0.5 (n)0.6 (u)0.5 (i)0.5 (n)0.5 (g)13.1 ( )0.5 (c)0.5 (o)0.6 (n)0.5 (n)0.5 (e)0.6 (c)0.5 (t)0.5 (e)0.5 (d)13.1 ( )0.5 (t)0.5 (r)0.5 (a)0.6 (n)0.5 (s)0.5 (a)0.6 (c)0.5 (t)0.5 (i)0.6 (o)0.5 (n)13 ( )0.5 (b)0.6 (e)0.5 (t)0.5 (w)0.6 (e)0.5 (e)0.5 (n)52 ( )]TJ 0.039 Tc 0 -1.231 Td [(Suxichang)12.6 ( South)12.7 ( Expressway)12.7 ( Company)12.7 ( and)12.6 ( Network)12.6 ( Operation)12.7 ( Company)14 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (are as follows:)Tj 13 0 3.4833 13 449.2135 408.4089 Tm (Currency: RMB)Tj /T1_1 1 Tf -0.025 Tw 10.4 0 0 13 113.3858 344.4089 Tm (Project)Tj 7.632 1.231 Td (Performance )Tj 0 -1.231 Td (period)Tj 0 Tw 9.663 2.462 Td (Amount to )Tj -0.439 -1.231 Td (be incurred )Tj 1.988 -1.231 Td (in 2024)Tj 4.72 2.462 Td (Amount to )Tj -0.439 -1.231 Td (be incurred )Tj 1.988 -1.231 Td (in 2025)Tj -0.025 Tw 7.125 0 Td (Total)Tj 5.022 2.462 Td (Amount )Tj 0 Tw -1.431 -1.231 Td (incurred in )Tj -0.025 Tw 2.981 -1.231 Td (2023)Tj /T1_0 1 Tf 0 Tw -38.809 -2.462 Td (Road network )Tj -0.025 Tw 1.008 -1.231 Td (management )Tj 0 -1.231 Td (services)Tj 0 Tw 6.623 2.462 Td (From 1 January )Tj 1.008 -1.231 Td (2023 to 31 )Tj 0 -1.231 Td (December 2025)Tj -0.025 Tw 9.237 2.462 Td (8,500,000)Tj 6.269 0 Td (9,300,000)Tj 5.744 0 Td (17,800,000)Tj 6.794 0 Td (2,006,013)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 289.1337 275.9988 cm 0 0 m 53.858 0 l S Q BT 0 Tc 0 Tw 13 0 0 13 335.842 277.3998 Tm ( )Tj ET q 1 0 0 1 354.3306 275.9988 cm 0 0 m 53.858 0 l S Q BT 13 0 0 13 401.0389 277.3998 Tm ( )Tj ET q 1 0 0 1 419.5274 275.9988 cm 0 0 m 53.858 0 l S Q BT 13 0 0 13 466.2357 277.3998 Tm ( )Tj ET q 1 0 0 1 484.7243 275.9988 cm 0 0 m 53.858 0 l S Q BT 13 0 0 13 531.4326 277.3998 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10.4 0 0 13 113.3857 245.3998 Tm (Total)Tj 17.878 0 Td (8,500,000)Tj 6.269 0 Td (9,300,000)Tj 5.744 0 Td (17,800,000)Tj 6.794 0 Td (2,006,013)Tj ET 2.5 w q 1 0 0 1 289.1337 239.8353 cm 0 0 m 53.858 0 l S Q 0.835 w q 1 0 0 1 289.1337 236.5028 cm 0 0 m 53.858 0 l S Q BT /T1_0 1 Tf 0 Tc 0 Tw 13 0 0 13 335.8419 237.7363 Tm ( )Tj ET 2.5 w q 1 0 0 1 354.3305 239.8353 cm 0 0 m 53.858 0 l S Q 0.835 w q 1 0 0 1 354.3305 236.5028 cm 0 0 m 53.858 0 l S Q BT 13 0 0 13 401.0388 237.7363 Tm ( )Tj ET 2.5 w q 1 0 0 1 419.5274 239.8353 cm 0 0 m 53.858 0 l S Q 0.835 w q 1 0 0 1 419.5274 236.5028 cm 0 0 m 53.858 0 l S Q BT 13 0 0 13 466.2357 237.7363 Tm ( )Tj ET 2.5 w q 1 0 0 1 484.7242 239.8353 cm 0 0 m 53.858 0 l S Q 0.835 w q 1 0 0 1 484.7242 236.5028 cm 0 0 m 53.858 0 l S Q BT 13 0 0 13 531.4325 237.7363 Tm ( )Tj ET endstream endobj 96 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 34 \226)Tj 0.039 Tc 0.07 Tw 13 0 0 13 85.0394 776.3179 Tm [(The)12.9 ( Acquisition)12.9 ( not)12.9 ( only)12.9 ( reduces)12.9 ( the)12.9 ( diversion)12.8 ( impact)12.9 ( of)12.9 ( the)12.9 ( Suxichang)12.9 ( South)14 ( )]TJ 0 -1.231 Td [(Expressway)12.2 ( on)12.2 ( the)12.2 ( expressways)12.2 ( which)12.2 ( are)12.2 ( owned)12.2 ( or)12.2 ( invested)12.3 ( by)12.2 ( the)12.3 ( Company)14 ( )]TJ 0.025 Tc 0.055 Tw 0 -1.231 Td (\(such as Shanghai-Nanjing Expressway\) in the Wuxi section of Southern \ Jiangsu )Tj 0.054 Tc 0.07 Tw 0 -1.231 Td [(region)12.3 ( but)12.3 ( also)12.3 ( allows)12.3 ( the)12.3 ( Company)12.3 ( to)12.3 ( seize)12.3 ( opportunity)12.3 ( of)12.4 ( traffic)12.3 ( overflow)29 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (during the period of intensive expansion of the Southern Jiangsu road ne\ twork.)Tj /T1_1 1 Tf 0 -2.462 Td (The Financial Impact on the Company)Tj /T1_0 1 Tf 0.05 Tc 0.07 Tw 0 -2.462 Td [(Upon)12.2 ( completion)12.2 ( of)12.2 ( the)12.2 ( Acquisition)12.2 (,)12.3 ( Suxichang)12.2 ( South)12.2 ( Expressway)12.3 ( Company)25 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(will)3 ( )0.5 (become)3 ( )0.5 (a)3 ( )0.5 (non)3 (-)3.1 (wholly)3 (-)3 (owned)3 ( )0.5 (subsidiary)3 ( )0.5 (of)3 ( )0.6 (the)3 ( )0.5 (Company)3 (,)3 ( )0.5 (and)3 ( )0.5 (its)3 ( )0.5 (assets)3 ( )0.5 (and)3 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (liabilities will be consolidated into the Company\222s financial stateme\ nts.)Tj 0.037 Tc 0.071 Tw 0 -2.462 Td [(Since)12 ( )0.5 (the)12 ( )0.5 (opening)12 ( )0.5 (of)12 ( )0.5 (Suxichang)12 ( )0.5 (South)12 ( )0.5 (Expressway)12 (,)12 ( )0.5 (its)12 ( )0.5 (traffic)12 ( )0.5 (volume)12 ( )0.5 (has)12 ( )0.5 (been)12 ( )]TJ 0.025 Tc 0.046 Tw 0 -1.231 Td [(in )0.5 (a )0.5 (period )0.5 (of )0.5 (rapid )0.5 (growth. )0.5 (According )0.6 (to )0.6 (the )0.5 (audited )0.5 (financial )0.5 (statements )0.5 (for )0.5 (the )]TJ 0.024 Tw 0 -1.231 Td (ten months ended on 31 October 2023, the net loss for the period from Ja\ nuary to )Tj 0.023 Tc 0 Tw 0 -1.231 Td [(October 2023 is approximately RMB170 million, which has deceased as comp\ ared)-2 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.231 Td [(to)11 ( )0.5 (the)11 ( )0.5 (RMB)11 (2)11 (4)11 (9)11 ( )0.5 (million)11 ( )0.5 (loss)11 ( )0.5 (in)11 ( )0.5 (the)11 ( )0.5 (same)11 ( )0.5 (period)11 ( )0.5 (of)11 ( )0.5 (2)11 (0)11 (2)11 (2)11 (;)11 ( )0.5 (the)11 ( )0.5 (revenue)11.1 ( )0.5 (\()10.9 (RMB)11 (4)11 (9)11 (8)11 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.231 Td [(million)1 (\))1 ( )0.5 (has)1 ( )0.5 (been)1 ( )0.5 (able)1 ( )0.5 (to)1 ( )0.5 (offset)1 ( )0.5 (the)1 ( )0.5 (operating)1 ( )0.5 (costs)1 ( )0.5 (\()1 (RMB)1 (4)1 (4)1 (4)1.1 ( )0.5 (million)1 (\))1 (.)1 ( )0.5 (With)1 ( )0.5 (the)1 ( )]TJ 0.025 Tc 0.068 Tw 0 -1.231 Td (operation of the toll road and the commencement of the repayment period \ of the )Tj 0.036 Tc 0.072 Tw 0 -1.231 Td [(financing)11 ( )0.5 (such)11 ( )0.5 (as)11 ( )0.5 (construction)11 ( )0.5 (loans)11 (,)11 ( )0.5 (the)11 ( )0.5 (finance)11.1 ( )0.5 (costs)11 ( )0.5 (was)11 ( )0.5 (RMB)11 (2)11 (2)11 (4)10.9 ( )0.6 (million)11 (,)11 ( )0.5 (a)11 ( )]TJ 0.025 Tc 0.059 Tw 0 -1.231 Td (decrease by RMB27 million compared to the same period in 2022. It is exp\ ected )Tj 0.031 Tc 0.077 Tw 0 -1.231 Td [(that)6 ( )0.5 (the)6 ( )0.5 (Acquisition)6 ( )0.5 (will)6 ( )0.6 (generate)6.1 ( )0.5 (profits)6 ( )0.5 (in)6 ( )0.5 (the)6 ( )0.5 (near)6 ( )0.5 (future)6 ( )0.5 (and)6 ( )0.5 (become)6 ( )0.5 (another)6 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (growth point for the Company\222s future profitability.)Tj /T1_1 1 Tf -2.181 -2.462 Td [(VI. )-469.5 (CONTINUING CONNECTED TRANSACTIONS UPON COMPLETION)]TJ /T1_0 1 Tf 0.027 Tc 0.081 Tw 2.181 -2.462 Td [(Upon)2 ( )0.5 (completion)2 ( of)2 ( )0.5 (the)2 ( )0.5 (transfer)2 ( )0.5 (of)2 ( )0.5 (Target)2 ( )0.5 (Equity)1.9 (,)2 ( )0.5 (Suxichang)2 ( )0.5 (South)2 ( )0.5 (Expressway)1.9 ( )]TJ 0.06 Tc 0.07 Tw 0 -1.231 Td [(Company)12.3 ( will)12.3 ( become)12.3 ( a)12.3 ( subsidiary)12.2 ( of)12.3 ( the)12.3 ( Company)12.3 (,)12.3 ( the)12.3 ( entrustment)12.3 ( of)12.3 ( the)35.1 ( )]TJ 0.05 Tc 0 -1.231 Td [(ordinary)12.6 ( operation)12.6 ( and)12.6 ( management)12.6 ( matters)12.6 ( \()12.7 (excluding)12.6 ( the)12.6 ( service)12.7 ( areas)12.7 ( and)25 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.231 Td [(petrol)10.9 ( )0.5 (stations)11 (\))11 ( )0.5 (of)11 ( )0.5 (Suxichang)11 ( )0.5 (South)11 ( )0.5 (Expressway)11 ( )0.5 (Company)11 ( )0.5 (to)11 ( )0.5 (the)11 ( )0.5 (Company)11 (,)11 ( )0.5 (the)11 ( )]TJ 0.05 Tc 0.07 Tw 0 -1.231 Td [(e)0.5 (n)0.5 (t)0.5 (r)0.5 (u)0.5 (st)0.5 (m)0.5 (e)0.5 (n)0.5 (t)13 ( )0.5 (o)0.5 (f)13 ( m)0.5 (a)0.5 (n)0.5 (a)0.5 (g)0.5 (e)0.5 (m)0.5 (e)0.5 (n)0.5 (t)12.9 ( )0.5 (o)0.5 (f)13 ( )0.5 (s)0.5 (e)0.5 (r)0.5 (v)0.5 (i)0.5 (c)0.5 (e)13 ( )0.5 (ar)0.5 (e)0.5 (a)0.5 (s)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (S)0.5 (u)0.5 (x)0.5 (ic)0.5 (h)0.5 (a)0.5 (n)0.5 (g)13 ( )0.5 (S)0.5 (o)0.5 (ut)0.5 (h)13 ( )0.5 (E)0.5 (x)0.5 (p)0.5 (r)0.5 (e)0.5 (ss)0.5 (w)0.5 (a)0.5 (y)25 ( )]TJ 0.088 Tc 0 -1.231 Td [(Company)12.2 ( to)12.2 ( Yangtze)12.2 ( Commerce)12.2 ( and)12.2 ( Energy)12.2 ( Company)12.2 (,)12.2 ( a)12.2 ( wholly)12.2 (-)12.2 (owned)63 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.231 Td [(subsidiary)1 ( )0.5 (of)1 ( )0.5 (the)1 ( )0.5 (Company)1 (,)1 ( )0.5 (and)1 ( )0.5 (the)1 ( )0.5 (leasing)1 ( )0.5 (of)1 ( )0.5 (the)1 ( )0.5 (service)1 ( )0.5 (area)1 ( )0.5 (petrol)1 ( )0.5 (stations)1 ( )0.6 (to)1 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.231 Td [(the)6 ( )0.5 (Company)6 ( )0.5 (will)6.1 ( )0.5 (no)6 ( )0.5 (longer)6 ( )0.5 (constitute)6 ( )0.5 (continuing)6.1 ( )0.5 (connected)6 ( )0.5 (transactions)6 ( )0.5 (of)6 ( )0.5 (the)6.1 ( )]TJ 0.025 Tc 0.05 Tw 0 -1.231 Td (Company whereas the transactions conducted in the ordinary and usual cou\ rse of )Tj 0.024 Tc 0 Tw 0 -1.231 Td [(business of Suxichang South Expressway Company with Jiangsu Communicatio\ ns)-1 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.231 Td [(Holding)6 ( )0.5 (and)6 ( )0.5 (its)6 ( )0.5 (associates)6 ( )0.5 (will)6 ( )0.5 (constitute)6 ( )0.5 (related)6 ( )0.5 (parties)6 ( )0.5 (transactions)6 (/)6 (continuing)6 ( )]TJ 0.051 Tc 0.07 Tw 0 -1.231 Td [(connected)12.5 ( transactions)12.5 ( of)12.5 ( the)12.5 ( Company)12.5 (.)12.5 ( In)12.4 ( accordance)12.5 ( with)12.5 ( Rules)12.5 ( 1)12.5 (4)12.5 (A)12.5 (.)12.5 (6)12.5 (0)12.5 ( of)26 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(th)0.5 (e)8 ( )0.5 (Ho)0.5 (ng)8 ( )0.5 (K)0.5 (on)0.5 (g)8 ( )0.5 (Lis)0.5 (ti)0.5 (ng)8 (,)8 ( )0.5 (th)0.5 (e)8 ( )0.5 (tr)0.5 (an)0.5 (sa)0.5 (ct)0.5 (ion)0.5 (s)8 ( )0.5 (th)0.5 (at)8 ( )0.5 (w)0.5 (ill)8 ( )0.5 (b)0.5 (ec)0.5 (om)0.5 (e)8 ( )0.5 (co)0.5 (nti)0.5 (nu)0.5 (ing)8 ( )0.5 (c)0.5 (on)0.5 (ne)0.5 (cte)0.5 (d)8 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (transactions of the Company upon completion are disclosed below:)Tj ET endstream endobj 95 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 33 \226)Tj 0.049 Tc 0.07 Tw 13 0 0 13 85.0394 776.3179 Tm [(of)12.9 ( intercity)12.8 ( railroads)12.8 (,)12.8 ( the)12.9 ( proportion)12.9 ( of)12.8 ( smaller)12.8 ( passenger)12.8 ( vehicles)12.9 ( among)12.8 ( all)24 ( )]TJ 0.046 Tc 0 -1.231 Td [(o)0.5 (t)0.6 (h)0.5 (e)0.5 (r)13.1 ( )0.5 (p)0.5 (a)0.6 (s)0.5 (s)0.5 (e)0.6 (n)0.5 (g)0.5 (e)0.6 (r)13 ( )0.5 (v)0.6 (e)0.5 (h)0.5 (i)0.6 (c)0.5 (l)0.5 (e)13.1 ( )0.5 (m)0.5 (o)0.6 (d)0.5 (e)0.5 (l)0.6 (s)13 ( )0.5 (w)0.6 (i)0.5 (l)0.5 (l)13.1 ( )0.5 (a)0.5 (l)0.6 (s)0.5 (o)13 ( )0.6 (i)0.5 (n)0.5 (c)0.6 (r)0.5 (e)0.5 (a)0.6 (s)0.5 (e)13.1 ( )0.5 (a)0.5 (t)13.1 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.5 (s)0.6 (a)0.5 (m)0.5 (e)13.1 ( )0.5 (t)0.5 (i)0.6 (m)0.5 (e)13 (.)13.1 ( )0.5 (T)0.5 (h)0.6 (e)13 ( )0.5 (m)0.6 (a)0.5 (i)0.5 (n)21 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.231 Td [(function)4 ( )0.5 (of)4 ( )0.5 (Suxichang)4.1 ( South)4 ( )0.5 (Expressway)4 ( )0.5 (is)4 ( )0.5 (on)4 ( )0.5 (the)4 ( )0.5 (transportation)4 ( )0.5 (of)4 ( )0.5 (passengers)4 (,)4 ( )]TJ 0.025 Tc 0.075 Tw 0 -1.231 Td [(and it aligns )0.5 (with the development )0.5 (needs of the )0.5 (Southern )0.5 (Jiangsu )0.5 (region and the )]TJ 0 Tw 0 -1.231 Td (deepening integration of the Yangtze River Delta region.)Tj 0.06 Tc 0.07 Tw 0 -2.462 Td [(The)12.5 ( Acquisition)12.5 ( can)12.5 ( effectively)12.5 ( improve)12.5 ( the)12.6 ( operational)12.5 ( speed)12.5 ( of)12.6 ( the)12.5 ( Wuxi)34.9 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.231 Td [(section)4 ( )0.5 (of)4 ( )0.5 (the)4 ( )0.5 (Shanghai)4 (-)4 (Nanjing)4 ( )0.5 (Expressway)4 ( )0.5 (and)4 ( )0.5 (enhance)4 ( )0.5 (traffic)4 ( )0.6 (growth)4 (.)4 ( )0.5 (It)4 ( )0.5 (will)4 ( )]TJ 0.025 Tc 0.078 Tw 0 -1.231 Td [(be )0.5 (beneficial )0.5 (for the )0.5 (Company )0.5 (to continue )0.5 (to )0.5 (share )0.5 (the benefits )0.5 (of )0.5 (the )0.5 (growth )0.5 (in )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(traffic)10 ( )0.5 (volume)10 ( )0.5 (in)10 ( )0.5 (horizontal)10 ( )0.5 (routes)10 ( )0.5 (due)10 ( )0.5 (to)10 ( )0.5 (the)10 ( )0.5 (development)10 ( )0.5 (of)10 ( )0.5 (Southern)10 ( )0.5 (Jiangsu)10 ( )]TJ 0.025 Tc 0.003 Tw 0 -1.231 Td (region as well as the increased transportation demand resulted from the \ deepening )Tj 0 Tw 0 -1.231 Td (development of the Yangtze River Delta integration.)Tj /T1_1 1 Tf 0.083 Tc 0.07 Tw 0 -2.462 Td [(Thirdly)12.6 (,)12.7 ( reducing)12.7 ( the)12.7 ( impact)12.7 ( of)12.7 ( the)12.7 ( traffic)12.7 ( diversion)12.7 ( and)12.6 ( seizing)12.7 ( the)58 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(opportunity)12 ( )0.5 (of)12 ( )0.5 (traffic)12 ( )0.5 (overflow)12.1 ( )0.5 (during)11.9 ( )0.6 (the)12 ( )0.5 (period)12 ( )0.5 (of)12 ( )0.5 (intensive)12 ( )0.5 (expansion)12 ( )0.5 (of)12 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (the Southern Jiangsu road network.)Tj /T1_0 1 Tf 0.057 Tc 0.07 Tw 0 -2.462 Td [(The)12.5 ( Suxichang)12.6 ( South)12.6 ( Expressway)12.6 ( runs)12.6 ( parallel)12.6 ( to)12.6 ( the)12.6 ( Changzhou)12.5 ( and)12.6 ( Wuxi)32 ( )]TJ 0.025 Tc 0.063 Tw 0 -1.231 Td (sections of the Shanghai-Nanjing Expressway and is one of the four horiz\ ontally )Tj 0.044 Tc 0.07 Tw 0 -1.231 Td [(connecting)12.6 ( roads)12.7 ( planned)12.7 ( in)12.6 ( the)12.6 ( expressway)12.6 ( network)12.6 ( of)12.6 ( the)12.6 ( Southern)12.6 ( Jiangsu)12.6 (.)19 ( )]TJ 0.074 Tc 0 -1.231 Td [(Since)12.3 ( its)12.3 ( commencement)12.3 ( of)12.3 ( operations)12.3 (,)12.3 ( Suxichang)12.3 ( South)12.3 ( Expressway)12.3 ( has)49.1 ( )]TJ 0.065 Tc 0 -1.231 Td [(a)0.5 (c)0.5 (c)0.5 (o)0.5 (un)0.5 (t)0.5 (e)0.5 (d)13 ( f)0.5 (o)0.5 (r)13 ( )0.5 (m)0.5 (or)0.5 (e)13 ( )0.5 (t)0.5 (h)0.5 (a)0.5 (n)12.9 ( )0.5 (1)13 (0)13 (%)13 ( o)0.5 (f)13 ( )0.5 (t)0.5 (he)13 ( )0.5 (t)0.5 (r)0.5 (a)0.5 (f)0.5 (f)0.5 (ic)13 ( )0.5 (v)0.5 (o)0.5 (lu)0.5 (m)0.5 (e)13 ( )0.5 (o)0.5 (f)12.9 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (ro)0.5 (u)0.5 (t)0.5 (e)0.5 (s)13 ( a)0.5 (n)0.5 (d)13 ( )0.5 (t)0.5 (he)0.5 (r)0.5 (e)40 ( )]TJ 0.06 Tc 0 -1.231 Td [(is)12.6 ( strong)12.6 ( indication)12.5 ( of)12.6 ( diversion)12.5 ( effect)12.7 ( of)12.6 ( the)12.6 ( Suxichang)12.6 ( South)12.6 ( Expressway)34.9 ( )]TJ 0.046 Tc 0 -1.231 Td [(against)12.2 ( the)12.2 ( nearby)12.1 ( routes)12.2 (.)12.1 ( As)12.2 ( regional)12.2 ( traffic)12.2 ( continues)12.2 ( to)12.1 ( grow)12.2 ( in)12.1 ( the)12.1 ( future)12.2 (,)20.9 ( )]TJ 0.06 Tc 0 -1.231 Td [(t)0.5 (he)13 ( p)0.5 (ro)0.5 (p)0.5 (or)0.5 (ti)0.5 (on)13 ( o)0.5 (f)12.9 ( )0.5 (t)0.5 (he)13 ( o)0.5 (ve)0.5 (r)0.5 (fl)0.5 (ow)13 ( )0.5 (tr)0.5 (af)0.5 (f)0.5 (ic)13 ( f)0.5 (ro)0.5 (m)13 ( t)0.5 (he)13 ( n)0.5 (e)0.5 (ar)0.5 (by)13 ( )0.5 (ex)0.5 (pr)0.5 (e)0.5 (ss)0.5 (wa)0.5 (y)0.5 (s)12.9 ( )0.5 (s)0.5 (uc)0.5 (h)12.9 ( )0.5 (as)35 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(Shanghai)12 (-)12 (Nanjing)12 ( )0.5 (Expressway)12 ( )0.5 (to)12 ( )0.5 (be)12.1 ( )0.5 (absorbed)12 ( )0.5 (by)12 ( )0.5 (Suxichang)12 ( )0.5 (South)12 ( )0.5 (Expressway)12 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (will increase further.)Tj 0.062 Tc 0.07 Tw 0 -2.462 Td [(The)12.6 ( expressway)12.6 ( network)12.5 ( surrounding)12.5 ( Suxichang)12.6 ( South)12.6 ( Expressway)12.6 ( will)12.6 ( be)37 ( )]TJ 0.025 Tc 0.011 Tw 0 -1.231 Td (undergoing intensive reconstruction and expansion in the coming eight ye\ ars. The )Tj 0.032 Tc 0.076 Tw 0 -1.231 Td [(main)7 ( )0.5 (construction)7 ( )0.5 (works)7 ( )0.5 (concerning)6.9 ( )0.6 (the)7 ( )0.5 (expansion)7 ( )0.5 (of)7 ( )0.5 (the)7 ( )0.5 (Yanjiang)7 ( )0.5 (Expressway)7 ( )]TJ 0.024 Tc 0 Tw 0 -1.231 Td [(will c)0.5 (ommence i)0.5 (n 2024. During th)0.5 (e period of)0.5 ( expansion w)0.5 (orks \(i.e. )0.5 (2024 to 2027\),)-1 ( )]TJ 0.025 Tc 0.031 Tw 0 -1.231 Td (it is expected that certain amount of trucks will be diverted to other e\ xpressways, )Tj 0.056 Tc 0.069 Tw 0 -1.231 Td [(s)0.5 (u)0.5 (c)0.5 (h)13 ( a)0.5 (s)13 ( t)0.5 (h)0.5 (e)13 ( S)0.5 (h)0.5 (a)0.5 (n)0.5 (g)0.5 (h)0.5 (a)0.5 (i)13 (-)13 (N)0.5 (a)0.6 (nj)0.5 (i)0.5 (n)0.5 (g)13 ( E)0.5 (x)0.5 (p)0.5 (r)0.5 (e)0.5 (s)0.5 (s)0.5 (w)0.6 (a)0.5 (y)13 (,)13 ( )-0.6 (a)0.6 (m)0.5 (o)0.5 (n)0.5 (g)0.5 (s)0.5 (t)13 ( )-0.6 (w)0.6 (h)0.5 (i)0.5 (c)0.5 (h)13 ( S)0.5 (u)0.5 (xi)0.6 (c)0.5 (h)0.5 (a)0.5 (n)0.5 (g)13 ( )-0.6 (S)0.5 (o)0.6 (ut)0.5 (h)31 ( )]TJ 0.048 Tc 0.07 Tw 0 -1.231 Td [(Expressway)12.2 ( will)12.3 ( be)12.3 ( the)12.2 ( road)12.2 ( in)12.3 ( the)12.2 ( region)12.2 ( with)12.2 ( excess)12.3 ( capacity)12.3 ( to)12.3 ( absorb)12.3 ( the)23 ( )]TJ 0.051 Tc 0 -1.231 Td [(passenger)12.7 ( vehicles)12.8 ( diverted)12.8 ( from)12.7 ( the)12.7 ( road)12.7 ( network)12.8 (.)12.7 ( If)12.8 ( the)12.7 ( reconstruction)12.8 ( and)26 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.231 Td [(expansion)11 ( )0.5 (project)11 ( )0.5 (of)11 ( )0.5 (Shanghai)11 (-)11 (Nanjing)11 ( )0.5 (Expressway)11 ( )0.5 (is)11 ( )0.5 (implemented)11 (,)11 ( )0.5 (Suxichang)11 ( )]TJ 0.065 Tc 0.07 Tw 0 -1.231 Td [(South)12.2 ( Expressway)12.2 ( will)12.2 ( absorb)12.2 ( the)12.2 ( traffic)12.2 ( overflow)12.2 ( from)12.2 ( Shanghai)12.3 (-)12.2 (Nanjing)40 ( )]TJ 0.025 Tc 0.069 Tw 0 -1.231 Td (Expressway due to the organized reconstruction and expansion works from \ 2027 )Tj 0.025 Tw 0 -1.231 Td (to 2031, thus minimize the impact on Company\222s operating income cause\ d by the )Tj 0 Tw 0 -1.231 Td (reconstruction and expansion project of such period.)Tj ET endstream endobj 94 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 32 \226)Tj 0.049 Tc 0.07 Tw 13 0 0 13 85.0394 776.3179 Tm [(As)12.6 ( a)12.6 ( road)12.6 ( network)12.6 ( operator)12.6 ( in)12.6 ( the)12.6 ( Southern)12.6 ( Jiangsu)12.6 (,)12.6 ( the)12.6 ( Company)12.6 ( has)12.6 ( ample)24 ( )]TJ 0.08 Tc 0 -1.231 Td [(experience)12.2 ( in)12.1 ( operations)12.2 ( and)12.1 ( management)12.1 (.)12.2 ( Since)12.2 ( 2)12.2 (0)12.1 (2)12.2 (1)12.1 (,)12.2 ( Suxichang)12.2 ( South)55 ( )]TJ 0.051 Tc 0 -1.231 Td [(E)0.5 (x)0.5 (p)0.5 (re)0.5 (s)0.5 (s)0.5 (w)0.5 (a)0.5 (y)13 ( )0.5 (C)0.5 (o)0.5 (m)0.5 (pa)0.6 (ny)13 ( )0.5 (h)0.5 (a)0.5 (s)13 ( )0.5 (e)0.5 (nt)0.5 (r)0.5 (u)0.5 (s)0.5 (t)0.5 (e)0.5 (d)13 ( 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 (ny)13 ( )0.5 (t)0.5 (o)13 ( )0.5 (op)0.5 (e)0.5 (r)0.5 (a)0.5 (t)0.5 (e)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (ma)0.5 (n)0.5 (a)0.5 (g)0.5 (e)13 ( )0.5 (t)0.5 (h)0.5 (e)26 ( )]TJ 0.056 Tc 0 -1.231 Td [(Suxichang)12.2 ( South)12.3 ( Expressway)12.3 ( and)12.2 ( its)12.3 ( related)12.3 ( facilities)12.2 (.)12.3 ( After)12.2 ( the)12.2 ( acquisition)31 ( )]TJ 0.041 Tc 0 -1.231 Td [(of)12.3 ( the)12.3 ( equity)12.4 ( interests)12.3 ( of)12.3 ( the)12.3 ( Suxichang)12.3 ( South)12.3 ( Expressway)12.3 ( Company)12.3 (,)12.3 ( the)12.3 ( high)16 ( )]TJ 0.025 Tc 0.069 Tw 0 -1.231 Td (degree of integration between the assets of the Target Company and the e\ xisting )Tj 0.047 Tw 0 -1.231 Td (assets of the Company will generate a synergistic effect more rapidly an\ d further )Tj 0.041 Tw 0 -1.231 Td (leverage the effect of the economics of scale. This Acquisition will not\ only help )Tj 0.042 Tw 0 -1.231 Td [(the )0.5 (Company to )0.5 (expand )0.5 (its )0.5 (business )0.5 (coverage )0.5 (and )0.5 (optimize )0.5 (the )0.5 (allocation )0.5 (of )0.5 (road )]TJ 0.017 Tw 0 -1.231 Td (resources but also achieve coordinated operation and management of the e\ nlarged )Tj 0.044 Tw 0 -1.231 Td (road network. It will further reduce the cost of financing by leveraging\ the status )Tj 0.056 Tw 0 -1.231 Td (of being a listed company, improve profitability, effectively enhance th\ e passage )Tj 0.027 Tc 0.081 Tw 0 -1.231 Td [(capacity)2 ( )0.5 (of)2 ( )0.5 (the)2 ( )0.5 (Shanghai)2 (-)2 (Nanjing)2 ( )0.5 (corridor)2 ( )0.5 (and)2 ( )0.5 (optimize)2 ( )0.5 (the)2 ( )0.5 (integrated)2 ( operation)2 ( )]TJ 0.07 Tc 0.07 Tw 0 -1.231 Td [(benefits)12.5 ( of)12.4 ( the)12.4 ( provincial)12.4 ( road)12.4 ( network)12.4 (.)12.4 ( This)12.4 ( will)12.4 ( solidify)12.4 ( the)12.4 ( Company)12.4 (\222)12.5 (s)45 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (advantageous position as a road network operator in the Southern Jiangsu\ .)Tj /T1_1 1 Tf 0.052 Tc 0.07 Tw -2.181 -2.462 Td [( )-1808.5 (Secondly)12.1 (,)12.1 ( seizing)12.2 ( the)12.2 ( rapid)12.2 ( growth)12.2 ( trend)12.1 ( of)12.1 ( the)12.1 ( traffic)12.2 ( flow)12.1 ( of)12.1 ( passenger)27 ( )]TJ 0.027 Tc 0.081 Tw 2.181 -1.231 Td [(vehicles)2 ( )0.5 (and)2 ( )0.5 (share)2 ( )0.5 (the)2 ( )0.5 (benefits)2 ( )0.5 (of)2 ( )0.5 (increased)2 ( transportation)1.9 ( )0.5 (demand)2 ( )0.5 (resulted)2 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (from the deepening development of the Yangtze River Delta integration)Tj /T1_0 1 Tf 0.049 Tc 0.07 Tw 0 -2.462 Td [(Currently)12.2 (,)12.2 ( there)12.2 ( are)12.2 ( three)12.2 ( major)12.2 ( horizontal)12.2 ( routes)12.2 ( in)12.2 ( Southern)12.2 ( Jiangsu)12.2 ( within)24 ( )]TJ 0.051 Tc 0 -1.231 Td [(Wuxi)12.5 (,)12.4 ( namely)12.4 ( the)12.4 ( Yanjiang)12.4 ( Expressway)12.4 ( in)12.4 ( which)12.4 ( the)12.4 ( Company)12.5 ( is)12.4 ( one)12.5 ( of)12.4 ( the)26 ( )]TJ 0.04 Tc 0 -1.231 Td [(investors)12.2 (,)12.3 ( Shanghai)12.3 (-)12.3 (Nanjing)12.3 ( Expressway)12.2 ( which)12.3 ( is)12.3 ( owned)12.3 ( by)12.3 ( the)12.3 ( Company)12.2 ( and)15 ( )]TJ 0.025 Tc 0.046 Tw 0 -1.231 Td (the Suxichang South Expressway, which the Company intends to acquire. Ex\ cept )Tj 0.061 Tc 0.07 Tw 0 -1.231 Td [(f)0.5 (o)0.5 (r)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (y)0.5 (e)0.5 (a)0.5 (r)13 ( )0.5 (2)13 (0)13 (2)13 (0)13 ( )0.5 (t)0.5 (o)13 ( )0.5 (2)13 (0)13 (2)13 (2)13 ( )0.5 (\()13 (t)0.5 (h)0.5 (e)13 ( )0.5 (p)0.5 (e)0.5 (r)0.5 (i)0.5 (o)0.5 (d)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (e)0.5 (p)0.5 (i)0.5 (d)0.5 (e)0.5 (m)0.5 (i)0.5 (c)13 ( )0.5 (o)0.5 (u)0.5 (t)0.5 (b)0.5 (r)0.5 (e)0.5 (a)0.5 (k)13 (\))13 (,)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (t)0.5 (r)0.5 (a)0.5 (f)0.5 (f)0.5 (i)0.5 (c)36 ( )]TJ 0.025 Tc 0.009 Tw 0 -1.231 Td (volume of the horizontal routes in Southern Jiangsu has been growing sin\ ce 2017, )Tj 0.054 Tc 0.07 Tw 0 -1.231 Td [(amongst)12.8 ( which)12.8 ( the)12.8 ( Shanghai)12.7 (-)12.8 (Nanjing)12.8 ( Expressway)12.8 ( and)12.8 ( Yanjiang)12.7 ( Expressway)29 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.231 Td [(has)1 ( )0.5 (achieved)1 ( )0.5 (an)1 ( )0.5 (average)1 ( )0.5 (growth)1 ( )0.5 (rate)1 ( )0.5 (of)1 ( )0.5 (4)1 (.)1 (1)1 (%)1 ( )0.5 (and)1 ( )0.5 (5)1 (.)1 (5)1 (%)1 (,)1 ( )0.5 (respectively)1 (.)1 ( )0.5 (Suxichang)1 ( )]TJ 0.025 Tc 0.056 Tw 0 -1.231 Td (South Expressway has been in operation for a relatively short period of \ time and )Tj 0 Tw 0 -1.231 Td (its traffic flow is in a period of rapid growth.)Tj 0.004 Tw 0 -2.462 Td (With the continuous development of the economy, the rapid growth in the \ number )Tj 0.04 Tw 0 -1.231 Td (of motor vehicles in the country and in Jiangsu Province has been a stro\ ng factor )Tj 0.069 Tw 0 -1.231 Td (that contributes to the growth in highway traffic. Based on the experien\ ce of the )Tj 0.039 Tc 0.07 Tw 0 -1.231 Td [(development)12.4 ( of)12.4 ( types)12.4 ( of)12.4 ( vehicles)12.3 ( on)12.3 ( highways)12.3 ( in)12.3 ( Jiangsu)12.3 ( Province)12.3 ( and)12.3 ( around)13.9 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(th)0.5 (e)12 ( )0.5 (c)0.5 (oun)0.5 (tr)0.5 (y)12 (,)12 ( )0.5 (th)0.5 (e)12 ( )0.5 (gr)0.5 (ow)0.5 (th)12 ( )0.5 (r)0.5 (at)0.5 (e)12 ( )0.5 (of)12 ( )0.5 (p)0.5 (as)0.5 (se)0.5 (ng)0.5 (er)12 ( )0.5 (v)0.5 (eh)0.5 (ic)0.5 (le)0.5 (s)12 ( )0.5 (is)12 ( )0.5 (g)0.5 (en)0.5 (er)0.5 (al)0.5 (ly)12 ( )0.5 (h)0.5 (igh)0.5 (e)0.5 (r)12 ( )0.5 (tha)0.5 (n)12 ( )0.5 (t)0.5 (ha)0.5 (t)11.9 ( )]TJ 0.044 Tc 0.07 Tw 0 -1.231 Td [(of)13 ( t)0.5 (ru)0.5 (cks)13 (,)12.9 ( )0.5 (re)0.5 (su)0.5 (lti)0.5 (ng)13 ( in)13 ( a)13 ( g)0.5 (row)0.5 (in)0.5 (g)12.9 ( )0.5 (pro)0.5 (po)0.5 (rti)0.5 (on)13 ( of)13 ( p)0.5 (as)0.5 (se)0.5 (ng)0.5 (er)12.9 ( )0.5 (ve)0.5 (hi)0.5 (cl)0.5 (es)12.9 ( )0.5 (on)13 ( t)0.5 (he)12.9 ( )0.5 (ro)0.5 (ad)19 ( )]TJ 0.025 Tc 0 -1.231 Td (network. In addition, in recent years, with the worsening of traffic con\ gestion in )Tj 0.038 Tc 0 -1.231 Td [(local)12.6 ( cities)12.6 ( of)12.5 ( southern)12.5 ( Jiangsu)12.6 ( Province)12.6 ( and)12.6 ( expressways)12.6 ( have)12.6 ( become)12.6 ( one)12.6 ( of)13 ( )]TJ 0.025 Tc 0.034 Tw 0 -1.231 Td (the choices for regional transportation, there was a significant increas\ e in smaller )Tj 0.04 Tc 0.07 Tw 0 -1.231 Td [(passenger)12.8 ( vehicles)12.8 ( for)12.9 ( short)12.8 ( trips)12.8 (.)12.8 ( Therefore)12.9 (,)12.8 ( it)12.8 ( is)12.8 ( estimated)12.8 ( that)12.8 ( the)12.8 ( growth)12.8 ( of)15 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.231 Td [(passenger)7 ( )0.5 (vehicles)7 ( )0.5 (will)7 ( )0.5 (be)7 ( )0.5 (faster)7 ( )0.5 (than)7 ( )0.5 (that)7 ( )0.5 (of)7 ( )0.5 (trucks)7 ( )0.5 (in)7 ( )0.5 (the)7 ( )0.5 (future)7 (,)7 ( )0.5 (resulting)7 ( )0.5 (in)7 ( )0.5 (a)7 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.231 Td [(continuous)1 ( )0.5 (increase)1 ( )0.5 (in)1 ( )0.5 (the)1 ( )0.5 (proportion)1 ( )0.5 (of)1.1 ( )0.5 (passenger)1 ( )0.6 (vehicles)1 (.)1 ( )0.5 (Due)1.1 ( )0.5 (to)1 ( )0.5 (factors)1 ( )0.5 (such)0.9 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.231 Td [(as)7 ( )0.5 (the)7 ( )0.6 (further)7 ( )0.5 (popularization)6.9 ( )0.6 (of)7 ( )0.5 (smaller)7 ( )0.5 (passenger)7.1 ( )0.5 (vehicles)7 ( )0.5 (and)7 ( )0.5 (the)7 ( )0.5 (construction)7 ( )]TJ ET endstream endobj 93 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 31 \226)Tj 0.08 Tc 0.07 Tw 13 0 0 13 85.0394 776.3179 Tm [(T)0.6 (h)0.5 (e)13.1 ( )0.6 (b)0.5 (o)0.6 (a)0.5 (r)0.6 (d)13 ( )0.6 (o)0.6 (f)13 ( )0.6 (d)0.5 (i)0.6 (r)0.6 (e)0.5 (c)0.6 (t)0.6 (o)0.5 (r)0.6 (s)13 ( )0.6 (o)0.6 (f)13 ( )0.6 (t)0.6 (h)0.5 (e)13.1 ( )0.5 (C)0.6 (o)0.6 (m)0.5 (p)0.6 (a)0.5 (n)0.6 (y)13 ( )0.6 (h)0.6 (a)0.5 (s)13.1 ( )0.6 (\()13 (i)13.1 (\))13 ( )0.6 (d)0.6 (i)0.5 (s)0.6 (c)0.6 (u)0.5 (s)0.6 (s)0.5 (e)0.6 (d)13.1 ( )0.5 (w)0.6 (i)0.5 (t)0.6 (h)13 ( )0.6 (t)0.6 (h)0.5 (e)13.1 ( )0.6 (s)0.5 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(assumptions set out above, the board of directors of the Company confirm\ ed that )Tj 0 Tw 0 -1.231 Td (the discount cash flow valuation as set out in the Valuation Report was \ made after )Tj 0 -1.231 Td (due and careful enquiry by the directors of the Company.)Tj 0.031 Tc 0.077 Tw 0 -2.462 Td [(The)6 ( )0.5 (Company)6 ( )0.5 (has)6 ( )0.5 (appointed)6 ( )0.5 (China)6 ( )0.5 (Securities)6.1 ( \()6 (International)6 (\))6 ( )0.5 (Corporate)6 ( )0.5 (Finance)6.1 ( )]TJ 0.079 Tc 0.07 Tw 0 -1.231 Td [(Company)12.5 ( Limited)12.5 ( as)12.5 ( financial)12.5 ( advisor)12.5 ( to)12.5 ( the)12.5 ( Company)12.5 ( in)12.5 ( relation)12.4 ( to)12.5 ( the)54 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (requirement under Rule 14.60A\(3\) of the Hong Kong Listing Rules.)Tj 0.057 Tc 0.07 Tw 0 -2.462 Td [(The)12.8 ( traffic)12.8 ( consultant)12.8 ( report)12.7 (,)12.8 ( the)12.8 ( Valuation)12.7 ( Report)12.8 (,)12.7 ( the)12.7 ( report)12.8 ( issued)12.7 ( by)12.7 ( the)32.1 ( )]TJ 0.062 Tc 0 -1.231 Td [(r)0.5 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of)12.5 ( Changzhou)12.5 (,)12.5 ( Wuxi)12.5 ( and)12.5 ( Suzhou)12.5 (.)12.6 ( Together)12.6 ( with)12.5 ( the)12.5 ( Shanghai)12.5 (-)12.6 (Nanjing)25.9 ( )]TJ 0.065 Tc 0 -1.231 Td [(Expressway)12.9 (,)12.9 ( they)12.9 ( form)12.9 ( a)12.9 ( pair)12.9 ( of)12.9 ( inter)12.9 (-)12.9 (city)12.8 ( transportation)12.9 ( axes)12.8 ( between)12.9 ( the)40 ( )]TJ 0.052 Tc 0 -1.231 Td [(Suzhou)12.5 (,)12.6 ( Wuxi)12.6 ( and)12.6 ( Changzhou)12.6 (\222)12.6 (s)12.6 ( urban)12.6 ( area)12.6 ( which)12.6 ( plays)12.6 ( an)12.5 ( important)12.6 ( role)12.5 ( in)27 ( )]TJ 0.056 Tc 0.069 Tw 0 -1.231 Td [(i)0.5 (mp)0.5 (r)0.5 (o)0.5 (vi)0.5 (n)0.5 (g)12.9 ( t)0.5 (he)13 ( r)0.5 (e)0.5 (gi)0.5 (o)0.5 (n)0.5 (al)13 ( tr)0.5 (a)0.5 (f)0.5 (fi)0.5 (c)13 ( c)0.5 (ap)0.5 (a)0.5 (c)0.5 (i)0.5 (ty)13 (.)13 ( )-0.6 (T)0.5 (h)0.5 (e)13 ( )-0.6 (a)0.5 (c)0.5 (q)0.5 (u)0.5 (is)0.5 (i)0.5 (ti)0.5 (o)0.5 (n)12.9 ( o)0.5 (f)13 ( )-0.6 (S)0.5 (u)0.5 (xi)0.5 (c)0.5 (h)0.5 (a)0.5 (ng)13 ( So)0.5 (u)0.5 (th)31 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td [(Expre)0.5 (ssway w)0.5 (ill furthe)0.5 (r improve the)0.5 ( Company\222s)0.5 ( layout of it)0.5 (s expres)0.5 (sway net)0.5 (work )]TJ 0.04 Tc 0.07 Tw 0 -1.231 Td [(in)12.8 ( Southern)12.8 ( Jiangsu)12.8 (.)12.8 ( It)12.8 ( will)12.8 ( also)12.9 ( expand)12.8 ( the)12.8 ( scale)12.8 ( and)12.8 ( scope)12.9 ( of)12.8 ( the)12.8 ( Company)12.8 (\222)12.8 (s)15 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.231 Td [(e)0.5 (xpre)0.5 (ssw)0.5 (ay)6.1 ( o)0.5 (pe)0.5 (rat)0.5 (ions)6.1 (,)6 ( )0.5 (inc)0.5 (re)0.5 (ase)6.1 ( )0.5 (its)6 ( )0.5 (h)0.5 (igh)6 (-)6 (q)0.5 (ual)0.5 (ity)6 ( )0.5 (a)0.5 (sse)0.5 (t)6 ( )0.5 (re)0.5 (se)0.5 (rve)0.5 (s)6 (,)6 ( )0.5 (an)0.5 (d)6 ( )0.5 (enh)0.5 (anc)0.5 (e)6 ( )0.5 (th)0.5 (e)6 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (sustainability of its continual growth.)Tj ET endstream endobj 28 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 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and 2046 and the FCF for the remaining two months in 2023. \ The )Tj 0.029 Tc 0.079 Tw 0 -1.231 Td [(present)4 ( )0.5 (values)4 ( )0.5 (were)4 ( )0.5 (derived)4 ( )0.5 (by)4 ( )0.5 (discounting)4 ( )0.5 (the)4.1 ( )0.5 (FCF)4 ( )0.5 (by)4 ( )0.5 (a)4 ( )0.5 (discount)4 ( )0.6 (rate)4 ( )0.5 (that)4 ( )0.5 (was)4 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (appropriate for the risk of investing in the project.)Tj 13 0 3.4833 13 83.7052 648.3179 Tm (Tax Shield on Interest Expenses Attributable to the Loan Outstanding)Tj 0.056 Tc 0.07 Tw 13 0 0 13 85.0394 616.3179 Tm [(Under)12.7 ( the)12.7 ( adjusted)12.6 ( present)12.6 ( value)12.7 ( approach)12.6 (,)12.7 ( as)12.6 ( the)12.7 ( discount)12.6 ( rate)12.7 ( used)12.6 ( was)12.7 ( at)31 ( )]TJ 0.046 Tc 0 -1.231 Td [(al)0.5 (l)12.9 (-)12.9 (e)0.5 (quity)13 ( fi)0.5 (nanc)0.5 (ing)12.9 ( )0.5 (leve)0.5 (l)12.9 (,)12.9 ( )0.5 (an)12.9 ( )0.5 (adju)0.5 (stme)0.5 (nt)12.9 ( )0.5 (was)13 ( ma)0.5 (de)12.9 ( )0.5 (by)12.9 ( a)0.5 (ddit)0.5 (ion)12.9 ( )0.5 (of)12.9 ( th)0.5 (e)12.9 ( p)0.5 (res)0.5 (ent)21 ( )]TJ 0 -1.231 Td [(value)12.6 ( of)12.6 ( tax)12.6 ( shield)12.6 ( arising)12.5 ( from)12.6 ( the)12.6 ( interest)12.6 ( expenses)12.6 ( on)12.6 ( the)12.6 ( outstanding)12.6 ( loan)21 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (balances of the Target Company during the projection period.)Tj 0.033 Tc 0.075 Tw 0 -2.462 Td [(As)8.1 ( )0.5 (advised)8 ( )0.5 (by)8 ( )0.5 (the)8 ( )0.5 (management)8 (,)8 ( )0.5 (interest)8 ( )0.5 (expenses)8.1 ( )0.5 (would)8 ( )0.5 (be)8.1 ( )0.5 (tax)8.1 ( deductible)8 (.)8 ( )0.5 (The)8 ( )]TJ 0 -1.231 Td [(discount)8 ( )0.5 (rate)8 ( )0.5 (used)8 ( )0.5 (for)8 ( )0.5 (calculation)8.1 ( )0.5 (of)8 ( )0.5 (the)8.1 ( )0.5 (present)8 ( )0.5 (value)8.1 ( )0.5 (of)8 ( )0.5 (the)8 ( )0.5 (tax)8 ( )0.5 (shield)8 ( )0.5 (was)8 ( )0.5 (the)8 ( )]TJ 0.041 Tc 0.07 Tw 0 -1.231 Td [(after)12.5 (-)12.4 (tax)12.4 ( cost)12.4 ( of)12.4 ( debt)12.4 ( of)12.5 ( 2)12.4 (.)12.4 (5)12.5 (3)12.4 (%)12.4 (,)12.4 ( which)12.4 ( was)12.5 ( based)12.5 ( on)12.4 ( the)12.5 ( borrowing)12.4 ( cost)12.4 ( of)12.4 ( the)16 ( )]TJ 0.06 Tc 0 -1.231 Td [(Target)12.3 ( Company)12.3 ( and)12.3 ( the)12.3 ( standard)12.3 ( tax)12.3 ( rate)12.3 ( of)12.3 ( 2)12.3 (5)12.3 (.)12.3 (0)12.3 (%)12.2 (.)12.3 ( In)12.3 ( addition)12.3 (,)12.3 ( Valuation)34.9 ( )]TJ 0.058 Tc 0 -1.231 Td [(Consultant)12.8 ( assumed)12.9 ( that)12.8 ( the)12.8 ( Target)12.8 ( Company)12.8 ( would)12.8 ( obtain)12.8 ( and)12.9 ( repay)12.9 ( loans)33 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (according to the existing debt schedule.)Tj 13 0 3.4833 13 83.7052 424.3179 Tm (Discount for lack of marketability \(\223)Tj /T1_1 1 Tf -0.025 Tw (DLOM)Tj /T1_0 1 Tf (\224\))Tj 0.04 Tc 0.07 Tw 13 0 0 13 85.0394 392.3179 Tm [(The)12.7 ( concept)12.7 ( of)12.7 ( marketability)12.7 ( deals)12.7 ( with)12.7 ( the)12.7 ( liquidity)12.7 ( of)12.7 ( an)12.6 ( ownership)12.7 ( interest)12.7 (,)15 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(that)3 ( )0.6 (is)3 (,)3 ( )0.5 (how)3 ( 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The lack of marketability discount reflects the fact that there\ is no ready )Tj 0.061 Tw 0 -1.231 Td (market for shares in a closely held corporation. Based on option-pricing\ method, )Tj 0.063 Tc 0.07 Tw 0 -1.231 Td [(Valuation)12.3 ( Consultant)12.4 ( considered)12.4 ( DLOM)12.4 ( of)12.4 ( 5)12.4 (.)12.4 (0)12.3 (%)12.4 ( should)12.3 ( be)12.3 ( appropriate)12.4 ( for)38 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (valuing the equity interest of the Target Company.)Tj 13 0 3.4833 13 83.7052 280.3179 Tm (Control Premium)Tj 13 0 0 13 85.0394 248.3179 Tm (Control premium was not applied in the valuation.)Tj /T1_1 1 Tf -0.025 Tw 0 -2.462 Td (Confirmation)Tj /T1_0 1 Tf 0.052 Tc 0.07 Tw 0 -2.462 Td [(KPMG)12 ( Huazhen)12.1 ( LLP)12.1 (,)12.1 ( the)12.1 ( Company)12.1 (\222)12 (s)12.1 ( reporting)12 ( accountants)12.1 (,)12.1 ( was)12.1 ( engaged)12.1 ( to)26.9 ( )]TJ 0.025 Tc 0.003 Tw 0 -1.231 Td (report on the calculation of the discounted future cash flows used in th\ e Valuation )Tj 0.052 Tc 0.07 Tw 0 -1.231 Td [(Report)12.5 (,)12.5 ( as)12.5 ( required)12.5 ( by)12.5 ( Rule)12.5 ( 1)12.5 (4)12.6 (.)12.5 (6)12.5 (0)12.5 (A)12.5 (\()12.5 (2)12.5 (\))12.6 ( of)12.5 ( the)12.5 ( Hong)12.5 ( Kong)12.5 ( Listing)12.5 ( Rules)12.5 (.)12.5 ( The)27 ( )]TJ 0.025 Tc 0.078 Tw 0 -1.231 Td (discounted future cash flows do not involve the adoption of accounting p\ olicies. )Tj 0.035 Tc 0.073 Tw 0 -1.231 Td [(So)10 ( )0.5 (far)10 ( )0.5 (as)10 ( )0.5 (the)10 ( )0.5 (calculations)10 ( )0.5 (are)10.1 ( )0.5 (concerned)10 (,)10 ( )0.5 (the)10 ( )0.5 (discounted)10 ( )0.6 (future)10 ( )0.5 (cash)10 ( )0.5 (flows)10 ( )0.5 (have)10 ( )]TJ 0.025 Tc 0.063 Tw 0 -1.231 Td (been properly compiled in all material respects in accordance with the b\ ases and )Tj 0.057 Tw 0 -1.231 Td (assumptions adopted by the directors of the Company as set out in the Va\ luation )Tj -0.025 Tw 0 -1.231 Td (Report.)Tj ET endstream endobj 101 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 29 \226)Tj 0.026 Tc 0.082 Tw 13 0 0 13 85.0394 776.3179 Tm [(Revenue)1 ( )0.5 (would)1 ( )0.5 (grow)1 ( )0.5 (significantly)1 ( )0.5 (to)1 ( )0.5 (RMB)1 (0)1 (.)1 (8)1 (6)1 ( )0.5 (billion)0.9 ( )0.6 (in)1 ( )0.5 (2)1 (0)1 (2)1 (4)1 (,)1 ( )0.5 (because)1 (:)1 ( )0.5 (\()1.1 (1)0.9 (\))1.1 ( )0.5 (the)1 ( )]TJ 0.041 Tc 0.07 Tw 0 -1.231 Td [(o)0.5 (pe)0.5 (r)0.5 (a)0.5 (t)0.5 (i)0.5 (ng)13 ( )0.5 (h)0.5 (i)0.5 (st)0.5 (o)0.5 (r)0.5 (y)13 ( o)0.5 (f)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( S)0.5 (u)0.5 (x)0.5 (ic)0.5 (h)0.5 (a)0.5 (n)0.5 (g)13 ( S)0.5 (o)0.5 (u)0.5 (t)0.5 (h)12.9 ( )0.5 (E)0.5 (x)0.5 (p)0.5 (re)0.5 (s)0.5 (s)0.5 (w)0.5 (a)0.5 (y)13 ( w)0.5 (a)0.5 (s)13 ( )0.5 (r)0.5 (e)0.5 (l)0.5 (at)0.5 (i)0.5 (v)0.5 (e)0.5 (ly)13 ( )0.5 (s)0.5 (h)0.5 (or)0.5 (t)13 ( )0.5 (a)0.5 (n)0.5 (d)15.9 ( )]TJ 0.025 Tc 0.058 Tw 0 -1.231 Td (its traffic volume would be at rapid-growth period in 2024, \(2\) Beijin\ g-Shanghai )Tj 0.04 Tc 0.07 Tw 0 -1.231 Td [(Expressway)12.8 ( completed)12.8 ( its)12.9 ( expansion)12.8 ( and)12.8 ( opened)12.8 ( to)12.8 ( traffic)12.9 ( in)12.7 ( June)12.8 ( 2)12.8 (0)12.8 (2)12.8 (3)12.8 ( which)15 ( )]TJ 0.072 Tc 0 -1.231 Td [(could)12.1 ( bring)12.1 ( more)12.1 ( southbound)12.1 ( traffic)12.1 ( to)12.1 ( the)12.1 ( Suxichang)12 ( South)12.1 ( Expressway)12.1 (,)46.9 ( )]TJ 0.046 Tc 0 -1.231 Td [(and)12.9 ( )0.5 (\()12.8 (3)13 (\))12.9 ( Yanjia)0.5 (ng)12.9 ( Express)0.5 (way)12.9 (,)12.9 ( a)0.5 (n)12.9 ( expres)0.5 (sway)12.9 ( par)0.5 (allel)12.9 ( to)12.9 ( )0.5 (the)12.9 ( Suxich)0.5 (ang)12.9 ( South)21 ( )]TJ 0.058 Tc 0 -1.231 Td [(E)0.5 (xpr)0.5 (es)0.5 (sw)0.5 (ay)13 (,)12.9 ( w)0.5 (ou)0.5 (ld)13 ( be)0.5 (g)0.5 (in)12.9 ( )0.5 (it)0.5 (s)12.9 ( m)0.5 (ai)0.5 (n)12.9 ( )0.5 (ex)0.5 (pa)0.5 (nsi)0.5 (on)13 ( w)0.5 (ork)0.5 (s)12.9 ( )0.5 (pr)0.5 (oje)0.5 (c)0.5 (t)12.9 ( i)0.5 (n)12.9 ( )0.5 (2)12.9 (0)12.9 (2)13 (4)12.9 ( )0.5 (an)0.5 (d)12.9 ( )0.5 (the)33 ( )]TJ 0.025 Tc 0.052 Tw 0 -1.231 Td (Suxichang South Expressway is only expressway within the local traffic n\ etwork )Tj 0.039 Tc 0.071 Tw 0 -1.231 Td [(that)12 ( )0.6 (has)12 ( )0.6 (the)12.1 ( )0.5 (capacity)12.1 ( )0.5 (to)12 ( )0.6 (accommodate)12.1 ( )0.5 (the)12.1 ( )0.5 (diverted)12.1 ( )0.5 (traffics)12.1 (.)12 ( )0.6 (The)12 ( )0.6 (revenue)12.1 ( )0.5 (would)14 ( )]TJ 0.045 Tc 0.07 Tw 0 -1.231 Td [(then)12.4 ( increase)12.5 ( to)12.5 ( RMB)12.5 (1)12.4 (.)12.4 (2)12.4 (9)12.4 ( billion)12.4 ( in)12.4 ( 2)12.5 (0)12.4 (2)12.4 (6)12.4 ( but)12.4 ( decrease)12.4 ( to)12.4 ( RMB)12.4 (1)12.4 (.)12.4 (2)12.5 (5)12.4 ( billion)12.4 ( in)20 ( )]TJ 0.058 Tc 0 -1.231 Td [(2)12.9 (0)12.9 (2)12.9 (7)12.9 ( \()12.9 (the)12.9 ( expansion)12.9 ( of)12.9 ( Yanjiang)12.9 ( Expressway)12.9 ( would)12.9 ( be)12.9 ( c)0.5 (omplete)0.5 (d)12.8 ( by)12.9 ( then)12.9 (\))12.9 (.)33 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(Due)3 ( )0.5 (to)3 ( )0.5 (the)3 ( )0.5 (planned)3 ( )0.5 (expansion)3 ( )0.5 (project)3 ( )0.5 (of)3.1 ( )0.5 (Shanghai)3 (-)3 (Nanjing)3 ( )0.5 (Expressway)3.1 (,)2.9 ( )0.6 (another)3.1 ( )]TJ 0.071 Tc 0.07 Tw 0 -1.231 Td [(expressway)12.7 ( parallel)12.7 ( to)12.6 ( the)12.7 ( Suxichang)12.6 ( South)12.7 ( Expressway)12.6 (,)12.6 ( the)12.6 ( revenue)12.7 ( was)46 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(projected)8 ( )0.5 (to)8 ( )0.5 (increase)8 ( )0.6 (from)8 ( )0.5 (RMB)8 (1)8 (.)8 (4)8 (8)8.1 ( )0.5 (billion)8 ( )0.5 (in)8 ( )0.5 (2)8 (0)8 (2)8 (8)8 ( )0.5 (to)8 ( )0.6 (RMB)8 (1)8 (.)8 (8)8 ( )0.5 (billion)8 ( )0.5 (in)8.1 ( )0.5 (2)8 (0)8 (2)8 (9)8 ( )]TJ 0.025 Tc 0.074 Tw 0 -1.231 Td [(and )0.5 (then )0.5 (drop from )0.5 (RMB1.99 billion in )0.5 (2031 )0.5 (to RMB1.55 )0.5 (billion )0.5 (in 2032. After )]TJ 0.038 Tw 0 -1.231 Td (that, the revenue is expected to grow from RMB1.75 billion in 2035 to RM\ B2.11 )Tj 0.042 Tc 0.07 Tw 0 -1.231 Td [(billion)12.6 ( in)12.7 ( 2)12.7 (0)12.6 (3)12.7 (6)12.6 ( because)12.6 ( Suxi)12.7 ( Taihu)12.7 ( tunnel)12.6 (,)12.7 ( connecting)12.6 ( to)12.7 ( the)12.7 ( Suxichang)12.7 ( South)17 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(Expressway)8 (,)8 ( )0.5 (would)8 ( )0.5 (be)8 ( )0.5 (opened)8 ( )0.5 (to)8 ( )0.5 (traffic)8 ( )0.5 (and)8 ( )0.5 (bring)8 ( )0.5 (positive)8 ( )0.5 (impact)8.1 ( )0.5 (to)8 ( )0.5 (the)8.1 ( )0.5 (traffic)8 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (volume of Suxichang South Expressway.)Tj 13 0 3.4833 13 83.7052 456.3179 Tm (Cost of Revenue and Operating Expenses)Tj 0.049 Tc 0.07 Tw 13 0 0 13 85.0394 424.3179 Tm [(Cost)12.8 ( of)12.8 ( revenue)12.9 ( and)12.8 ( operating)12.8 ( expenses)12.8 ( in)12.8 ( the)12.8 ( report)12.8 ( prepared)12.8 ( by)12.8 ( the)12.8 ( Traffic)24 ( )]TJ 0.072 Tc 0 -1.231 Td [(Consulta)0.5 (nt)12.9 ( include)12.9 ( t)0.5 (oll)13 ( related)12.9 ( )0.5 (expenses)13 (,)12.9 ( three)12.9 ( ma)0.5 (jo)0.5 (r)12.9 ( system)12.9 ( ma)0.5 (intenance)47.1 ( )]TJ 0.045 Tc 0 -1.231 Td [(expenses)12.7 ( and)12.7 ( road)12.7 ( maintenance)12.7 ( expenses)12.7 (.)12.7 ( In)12.7 ( forming)12.7 ( our)12.7 ( opinion)12.7 ( of)12.7 ( value)12.7 (,)12.7 ( in)20 ( )]TJ 0.042 Tc 0 -1.231 Td [(addition)12.7 ( to)12.7 ( the)12.7 ( cost)12.8 ( and)12.7 ( expenses)12.8 ( mentioned)12.7 ( above)12.7 (,)12.8 ( Valuation)12.8 ( Consultant)12.8 ( also)17 ( )]TJ 0.025 Tc 0.071 Tw 0 -1.231 Td (considered the depreciation of existing fixed assets and amortization of\ toll road )Tj 0 Tw 0 -1.231 Td (operation right in the forecast.)Tj 13 0 3.4833 13 83.7052 312.3179 Tm (Income Tax)Tj 0.037 Tc 0.071 Tw 13 0 0 13 85.0394 280.3179 Tm [(According)11.9 ( )0.5 (to)12 ( )0.5 (the)12.1 ( )0.5 (Enterprise)12 ( )0.5 (Income)12 ( )0.6 (Tax)12 ( )0.5 (Law)12.1 ( )0.5 (in)12 ( )0.5 (the)12 ( )0.5 (PRC)12 (,)12 ( )0.5 (the)12 ( )0.5 (Target)12 ( )0.5 (Company)12 ( )]TJ 0.025 Tc 0.034 Tw 0 -1.231 Td (will be subject to 25.0% profit tax rate. Such required tax rates will b\ e applied in )Tj 0 Tw 0 -1.231 Td (the cash flow calculation.)Tj 13 0 3.4833 13 83.7052 216.3179 Tm (The Residual Value of Tangible Assets)Tj 0.015 Tw 13 0 0 13 85.0394 184.3179 Tm (The residual value of tangible assets at the end of concession period wa\ s assumed )Tj 0.073 Tw 0 -1.231 Td (to be immaterial, mainly attributable to following consideration: \(1\) \ the disposal )Tj 0.056 Tc 0.07 Tw 0 -1.231 Td [(treatment)12.7 ( at)12.6 ( the)12.7 ( expiration)12.7 ( of)12.6 ( concession)12.6 ( period)12.7 ( would)12.6 ( be)12.7 ( uncertain)12.6 (,)12.7 ( \()12.6 (2)12.7 (\))12.6 ( the)31 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.231 Td [(residual)4 ( )0.6 (value)4 ( )0.5 (would)4 ( )0.5 (be)4 ( )0.5 (relatively)4 ( )0.5 (low)4 ( )0.5 (after)4 ( )0.5 (the)4 ( )0.5 (tangible)4 ( )0.5 (assets)4 ( )0.5 (being)3.9 ( )0.6 (used)4 ( )0.5 (for)4 ( )0.5 (a)4 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.231 Td [(long)1 ( )0.5 (time)1 (,)1 ( )0.5 (and)1 ( )0.5 (\()1 (3)1 (\))1 ( )0.5 (based)1 ( )0.5 (on)1 ( )0.5 (industry)1 ( )0.5 (practice)1 (,)1 ( )0.6 (the)1 ( )0.5 (residual)1 ( )0.5 (tangible)1.1 ( )0.5 (assets)1 ( )0.6 (would)0.9 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (be generally transferred to the local government at free of charge.)Tj ET endstream endobj 100 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 28 \226)Tj 0.043 Tc 0.07 Tw 13 0 0 13 85.0394 776.3179 Tm [(D)0.5 (ue)13 ( )0.5 (to)13 ( )0.5 (th)0.5 (e)13 ( c)0.5 (h)0.5 (a)0.5 (ng)0.5 (in)0.5 (g)13 ( e)0.5 (n)0.5 (vi)0.5 (r)0.5 (on)0.5 (m)0.5 (en)0.5 (t)0.5 (s)12.9 ( )0.5 (i)0.5 (n)12.9 ( )0.5 (w)0.5 (hi)0.5 (c)0.5 (h)12.9 ( )0.5 (t)0.5 (he)13 ( )0.5 (Ta)0.5 (r)0.5 (g)0.5 (et)13 ( )0.5 (Co)0.5 (m)0.5 (pa)0.5 (n)0.5 (y)12.9 ( )0.5 (i)0.5 (s)12.9 ( )0.5 (op)0.5 (e)0.5 (r)0.5 (at)0.5 (i)0.5 (ng)13 (,)18 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.231 Td [(a)6 ( )0.5 (nu)0.5 (mber)6.1 ( o)0.5 (f)6 ( )0.5 (as)0.5 (sump)0.5 (tions)6.1 ( h)0.5 (ave)6.1 ( )0.5 (to)6 ( )0.5 (be)6 ( )0.5 (ma)0.5 (de)6 ( )0.5 (in)6 ( )0.5 (a)0.5 (rri)0.5 (ving)6 ( )0.5 (a)0.5 (t)6 ( )0.5 (Va)0.5 (luati)0.5 (on)6 ( )0.5 (Co)0.5 (nsult)0.5 (ant)6 (\222)6 (s)6 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (valuation conclusion, of which the key assumptions are:)Tj 0.021 Tw 0 -2.462 Td [(\225 )-1509.5 (no major changes are expected in political, legal and economic condition\ s in )]TJ -0.025 Tw 2.181 -1.231 Td (China;)Tj 0.006 Tw -2.181 -2.462 Td [(\225 )-1524.5 (regulatory environment and market conditions for toll road industry in C\ hina )]TJ 0 Tw 2.181 -1.231 Td (will be developing according to prevailing market expectations;)Tj 0.071 Tw -2.181 -2.462 Td [(\225 )-1459.5 (there will be no major changes in the current taxation law applicable to\ the )]TJ 0 Tw 2.181 -1.231 Td (Target Company;)Tj -2.181 -2.462 Td [(\225 )-1530.5 (the Target Company will not be constrained by the availability of financ\ e;)]TJ 0.052 Tc 0.07 Tw 0 -2.462 Td [(\225)27 ( )-1433.5 (the)12.9 ( future)12.9 ( movement)12.9 ( of)12.8 ( exchange)12.9 ( rates)12.9 ( and)12.9 ( intere)0.5 (st)12.9 ( rates)12.9 ( will)12.9 ( not)12.9 ( differ)27 ( )]TJ 0.025 Tc 0 Tw 2.181 -1.231 Td (materially from prevailing market expectations;)Tj 0.028 Tc 0.08 Tw -2.181 -2.462 Td [(\225)3 ( )-1447.5 (the)3 ( )0.6 (Target)3 ( )0.5 (Company)3 ( )0.5 (will)3 ( )0.6 (retain)3 ( )0.5 (competent)3 ( )0.5 (management)3 (,)3 ( )0.5 (key)3 ( )0.5 (personnel)3 ( )0.5 (and)3 ( )]TJ 0.025 Tc 0 Tw 2.181 -1.231 Td (technical staff to support their ongoing operations.)Tj /T1_1 1 Tf 13 0 3.4833 13 83.7052 440.3179 Tm (Special Assumptions)Tj /T1_0 1 Tf 0.66 -2.462 Td (Discount Rate)Tj 0.073 Tc 0.07 Tw 13 0 0 13 85.0394 376.3179 Tm [(Valuation)12.8 ( Consultant)12.8 (\222)12.7 (s)12.7 ( analysis)12.7 ( concludes)12.7 ( that)12.7 ( a)12.8 ( discount)12.7 ( rate)12.7 ( of)12.7 ( 7)12.8 (.)12.7 (0)12.7 (%)12.7 ( is)48 ( )]TJ 0.067 Tc 0 -1.231 Td [(considered)12.2 ( appropriate)12.2 ( for)12.1 ( appraising)12.1 ( the)12.1 ( fundamental)12.1 ( value)12.1 ( of)12.1 ( the)12.2 ( Target)42 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (Company.)Tj 13 0 3.4833 13 83.7052 312.3179 Tm (Revenue)Tj 0.034 Tw 13 0 0 13 85.0394 280.3179 Tm (Revenue is mainly driven by imposing toll charges on vehicles using the \ road for )Tj 0.031 Tc 0.077 Tw 0 -1.231 Td [(transportation)6 ( )0.5 (purposes)6 (.)6 ( )0.5 (In)6 ( )0.5 (the)6.1 ( )0.5 (Traffic)6 ( )0.5 (Consultant)6 (\222)6 (s)6 ( )0.5 (report)6 (,)6 ( )0.5 (vehicles)6 ( )0.5 (are)6 ( )0.5 (charged)6 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(a)0.5 (cc)0.5 (or)0.5 (di)0.5 (ng)5 ( )0.5 (t)0.5 (o)5 ( )0.5 (the)0.5 (i)0.5 (r)5 ( )0.5 (ty)0.5 (pe)5 (,)5 ( )0.5 (w)0.5 (ei)0.5 (gh)0.5 (t)5 ( )0.5 (an)0.5 (d)5 ( )0.5 (th)0.5 (e)5 ( )0.5 (di)0.5 (st)0.5 (an)0.5 (ce)5 ( )0.5 (o)0.5 (f)5 ( )0.5 (ro)0.5 (a)0.5 (d)5 ( )0.5 (the)5.1 ( )0.5 (ve)0.5 (hic)0.5 (l)0.5 (es)5 ( )0.5 (h)0.5 (av)0.5 (e)5 ( )0.5 (ta)0.5 (ke)0.5 (n)5 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.231 Td [(for)6 ( )0.5 (transport)6 (.)6 ( )0.5 (Historical)6 ( )0.5 (traffic)6 ( )0.5 (data)6 (,)6 ( )0.5 (economic)6 ( )0.5 (researches)6.1 (,)6 ( )0.5 (etc)6 (.)6 (,)6 ( )0.5 (were)6 ( )0.5 (considered)6 ( )]TJ 0.025 Tc 0.006 Tw 0 -1.231 Td (by the Traffic Consultant in their projections. Standard toll charge of \ each vehicle )Tj 0 Tw 0 -1.231 Td (type is assumed unchanged over the period of the concession right.)Tj 0.065 Tw 0 -2.462 Td (In forming our opinion of value, projected revenue from the final conclu\ sions of )Tj 0.078 Tw 0 -1.231 Td (the Traffic Report was adopted as the basis of Valuation Consultant\222s\ valuation. )Tj 0.031 Tc 0.077 Tw 0 -1.231 Td [(According)6 ( )0.5 (to)6 ( )0.5 (the)6 ( )0.5 (Traffic)6 ( )0.5 (Consultant)6 (,)6 ( )0.5 (toll)6 ( )0.5 (revenue)6.1 ( )0.5 (was)6 ( )0.5 (derived)6 ( )0.6 (by)6 ( )0.5 (multiplication)6 ( )]TJ 0.054 Tc 0.07 Tw 0 -1.231 Td [(of)12.1 ( the)12.2 ( distance)12.2 ( of)12.2 ( road)12.1 (,)12.2 ( toll)12.1 ( charge)12.2 ( rate)12.2 (,)12.2 ( traffic)12.2 ( volume)12.2 (,)12.1 ( number)12.1 ( of)12.1 ( days)12.1 ( and)29 ( )]TJ 0.048 Tc 0 -1.231 Td [(adjustment)12.7 ( rate)12.7 (.)12.7 ( Revenue)12.7 ( was)12.7 ( estimated)12.7 ( to)12.7 ( increase)12.7 ( from)12.7 ( RMB)12.7 (0)12.7 (.)12.7 (5)12.7 (8)12.7 ( billion)12.7 ( in)23 ( )]TJ 0.025 Tc 0.011 Tw 0 -1.231 Td (2023 to RMB2.46 billion in 2046, representing a compound annual growth r\ ate of )Tj -0.025 Tw 0 -1.231 Td (6.52%.)Tj ET endstream endobj 99 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 27 \226)Tj /T1_1 1 Tf 13 0 0 13 85.0394 776.4089 Tm (Key Assumptions)Tj /T1_0 1 Tf 0.027 Tc 0.081 Tw 0 -2.462 Td [(The)2 ( )0.5 (key)2 ( )0.5 (assumptions)2 ( )0.5 (adopted)2 ( )0.5 (by)2 ( )0.5 (Valuation)2 ( )0.5 (Consultant)2 ( )0.5 (in)2 ( )0.5 (the)2 ( )0.5 (valuation)2 ( )0.5 (of)2 ( )0.5 (1)2 (0)2 (0)1.9 (%)2 ( )]TJ 0.062 Tc 0.07 Tw 0 -1.231 Td [(equity)12.4 ( interest)12.3 ( in)12.3 ( Suxichang)12.4 ( South)12.3 ( Expressway)12.4 ( Company)12.3 ( using)12.3 ( the)12.4 ( income)37 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (approach are as follows:)Tj /T1_1 1 Tf 13 0 3.4833 13 83.7052 680.4089 Tm (General Assumptions)Tj /T1_0 1 Tf 0.052 Tw 13 0 0 13 85.0394 648.4089 Tm (The valuation was prepared on the basis of fair value standard under the\ premise )Tj 0.034 Tw 0 -1.231 Td (of continued use. Fair Value is defined as the price that would be recei\ ved to sell )Tj 0.037 Tc 0.071 Tw 0 -1.231 Td [(an)12 ( )0.5 (asset)12 ( )0.5 (or)12 ( )0.5 (paid)12 ( )0.5 (to)12 ( )0.5 (transfer)12.1 ( )0.5 (a)12 ( )0.5 (liability)12 ( )0.5 (in)12 ( )0.5 (an)12 ( )0.5 (orderly)12 ( )0.5 (transaction)12 ( )0.5 (between)12 ( )0.5 (market)12 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (participants as at the Valuation Date.)Tj 0.062 Tc 0.07 Tw 0 -2.462 Td [(V)0.5 (a)0.6 (l)0.5 (u)0.5 (a)0.5 (t)0.5 (i)0.6 (on)13.1 ( )0.5 (C)0.5 (o)0.5 (n)0.5 (s)0.6 (u)0.5 (l)0.5 (t)0.5 (a)0.5 (n)0.5 (t)13.1 (\222)13 (s)13 ( )0.5 (o)0.5 (p)0.6 (i)0.5 (n)0.5 (i)0.5 (o)0.5 (n)13 ( )0.5 (o)0.6 (f)13 ( )0.5 (v)0.5 (a)0.5 (l)0.6 (u)0.5 (e)13 ( )0.5 (w)0.5 (a)0.6 (s)13 ( )0.5 (e)0.5 (s)0.6 (t)0.5 (a)0.5 (b)0.5 (l)0.5 (i)0.5 (s)0.6 (h)0.5 (e)0.5 (d)13 ( )0.5 (u)0.6 (n)0.5 (d)0.5 (e)0.5 (r)13 ( )0.6 (t)0.5 (h)0.5 (e)13 ( )0.5 (p)0.6 (r)0.5 (e)0.5 (m)0.5 (i)0.5 (s)0.5 (e)37.1 ( )]TJ 0.049 Tc 0 -1.231 Td [(o)0.5 (f)12.9 ( )0.5 (co)0.5 (nt)0.5 (inu)0.5 (e)0.5 (d)12.9 ( u)0.5 (se)13 (,)13 ( w)0.5 (hi)0.5 (ch)13 ( r)0.5 (ef)0.5 (le)0.5 (c)0.5 (ts)13 ( t)0.5 (he)13 ( c)0.5 (on)0.5 (di)0.5 (ti)0.5 (on)13 ( w)0.5 (he)0.5 (re)13 ( t)0.5 (he)13 ( b)0.5 (uy)0.5 (er)13 ( )0.5 (an)0.5 (d)12.9 ( )0.5 (the)13 ( )0.5 (se)0.5 (ll)0.5 (er)24 ( )]TJ 0.051 Tc 0 -1.231 Td [(contemplate)12.5 ( retention)12.5 ( of)12.5 ( the)12.5 ( business)12.5 ( and)12.5 ( related)12.5 ( assets)12.5 ( as)12.5 ( part)12.5 ( of)12.5 ( current)12.5 ( or)26 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (forecast operations.)Tj 0.06 Tc 0.07 Tw 0 -2.462 Td [(Valuation)12.8 ( Consultant)12.8 ( assumed)12.7 ( that)12.8 ( the)12.8 ( data)12.7 ( it)12.7 ( obtained)12.8 ( in)12.7 ( the)12.8 ( course)12.8 ( of)12.8 ( the)34.9 ( )]TJ 0.05 Tc 0 -1.231 Td [(val)0.5 (uation)13 (,)12.9 ( along)13 ( wit)0.5 (h)12.9 ( the)12.9 ( )0.5 (opinion)0.5 (s)12.9 ( and)13 ( repr)0.5 (esen)0.5 (tation)0.5 (s)12.9 ( prov)0.5 (ided)12.9 ( )0.5 (to)12.9 ( Va)0.5 (luatio)0.5 (n)24.9 ( )]TJ 0.025 Tc 0 -1.231 Td (Consultant by the management, are true and accurate and accepted them wi\ thout )Tj 0.078 Tc 0 -1.231 Td [(i)0.5 (nd)0.5 (e)0.5 (pe)0.5 (n)0.5 (de)0.5 (n)0.5 (t)12.9 ( )0.5 (v)0.5 (e)0.5 (ri)0.5 (f)0.5 (ic)0.5 (a)0.5 (ti)0.5 (o)0.5 (n)12.9 ( )0.5 (e)0.5 (xc)0.5 (e)0.5 (p)0.5 (t)12.9 ( )0.5 (a)0.5 (s)12.9 ( )0.5 (e)0.5 (x)0.5 (pr)0.5 (e)0.5 (ss)0.5 (l)0.5 (y)12.9 ( )0.5 (d)0.5 (es)0.5 (c)0.5 (r)0.5 (ib)0.5 (e)0.5 (d)12.9 ( )0.5 (h)0.5 (e)0.5 (re)0.5 (i)0.5 (n)12.9 (.)13 ( )0.5 (Va)0.5 (l)0.5 (ua)0.5 (t)0.5 (i)0.5 (on)53 ( )]TJ 0.025 Tc 0.007 Tw 0 -1.231 Td (Consultant has no reason to suspect that any material facts have been om\ itted, nor )Tj 0.023 Tc 0 Tw 0 -1.231 Td [(are Valuation Consultant aware of any facts or circumstances, which woul\ d render)-2 ( )]TJ 0.025 Tc 0.075 Tw 0 -1.231 Td (the information, opinion and representations made to Valuation Consultan\ t to be )Tj 0.038 Tc 0.07 Tw 0 -1.231 Td [(u)0.5 (nt)0.5 (ru)0.5 (e)13 (,)12.9 ( )0.5 (i)0.5 (na)0.5 (c)0.5 (c)0.5 (ur)0.5 (a)0.5 (te)13 ( )0.5 (or)13 ( )0.5 (mi)0.5 (sl)0.5 (e)0.5 (ad)0.5 (i)0.5 (ng)13 (.)12.9 ( )0.5 (I)0.5 (n)12.9 ( )0.5 (a)0.5 (rr)0.5 (i)0.5 (vi)0.5 (n)0.5 (g)12.9 ( )0.5 (a)0.5 (t)12.9 ( )0.5 (th)0.5 (e)13 ( o)0.5 (p)0.5 (in)0.5 (io)0.5 (n)13 ( o)0.5 (f)12.9 ( )0.5 (v)0.5 (al)0.5 (u)0.5 (e)13 (,)12.9 ( )0.5 (V)0.5 (al)0.5 (ua)0.5 (t)0.5 (io)0.5 (n)13 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Consultant has considered the following principal factors:)Tj 0 -2.462 Td [(\225 )-1530.5 (the stage of development of the Target Company)]TJ 0 -2.462 Td [(\225 )-1530.5 (the historical costs and current financial condition of the Target Compa\ ny)]TJ 0 -2.462 Td [(\225 )-1530.5 (the economic outlook for major countries affecting the industry)]TJ 0.058 Tw 0 -2.462 Td [(\225 )-1472.5 (the legal and regulatory issues of the toll road industry in general and\ other )]TJ 0 Tw 2.181 -1.231 Td (specific legal opinions relevant to the Target Company)Tj -2.181 -2.462 Td [(\225 )-1530.5 (the risks associated with the Target Company)]TJ 0 -2.462 Td [(\225 )-1530.5 (the experience of the management)]TJ ET endstream endobj 98 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 26 \226)Tj 0.04 Tc 0.07 Tw 13 0 0 13 85.0394 776.3179 Tm [(Cost)12.1 ( approach)12.1 ( established)12.1 ( value)12.1 ( based)12.1 ( on)12.1 ( the)12.2 ( cost)12.1 ( of)12.1 ( reproducing)12.1 ( or)12.1 ( replacing)15 ( )]TJ 0.049 Tc 0 -1.231 Td [(the)12.4 ( property)12.3 ( less)12.4 ( depreciation)12.3 ( from)12.3 ( physical)12.3 ( deterioration)12.4 ( and)12.3 ( functional)12.3 ( and)24 ( )]TJ 0.06 Tc 0 -1.231 Td [(economic)12.5 ( obsolescence)12.5 (,)12.4 ( if)12.5 ( present)12.5 ( and)12.5 ( measurable)12.4 (.)12.5 ( This)12.4 ( approach)12.5 ( might)12.4 ( be)35 ( )]TJ 0.038 Tc 0 -1.231 Td [(considered)12.8 ( the)12.7 ( most)12.7 ( consistently)12.8 ( reliable)12.7 ( indication)12.7 ( of)12.7 ( value)12.7 ( for)12.8 ( assets)12.7 ( without)13 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.231 Td [(a)7 ( )0.5 (k)0.5 (no)0.5 (w)0.5 (n)7 ( )0.5 (us)0.5 (ed)7 ( )0.5 (m)0.5 (a)0.5 (rk)0.5 (e)0.5 (t)7 ( )0.5 (or)7 ( )0.5 (s)0.5 (e)0.5 (pa)0.5 (r)0.5 (at)0.5 (e)0.5 (ly)7 ( )0.5 (i)0.5 (de)0.5 (n)0.5 (ti)0.5 (fi)0.5 (a)0.5 (bl)0.5 (e)7 ( )0.5 (c)0.5 (as)0.5 (h)7 ( )0.5 (f)0.5 (lo)0.5 (ws)7 ( )0.5 (a)0.5 (t)0.5 (tr)0.5 (i)0.5 (bu)0.5 (ta)0.5 (b)0.5 (le)7 ( )0.5 (t)0.5 (o)7 ( )0.5 (a)0.5 (ss)0.5 (e)0.5 (ts)7 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (appraised.)Tj 0.041 Tc 0.07 Tw 0 -2.462 Td [(Inc)0.5 (ome)13 ( ap)0.5 (proa)0.5 (ch)12.9 ( )0.5 (is)12.9 ( )0.5 (the)12.9 ( )0.5 (conv)0.5 (ers)0.5 (ion)12.9 ( )0.5 (of)12.9 ( )0.5 (expe)0.5 (cte)0.5 (d)12.9 ( p)0.5 (eri)0.5 (odic)13 ( be)0.5 (nefi)0.5 (ts)12.9 ( o)0.5 (f)12.9 ( o)0.5 (wne)0.5 (rshi)0.5 (p)15.9 ( )]TJ 0.04 Tc 0 -1.231 Td [(into)12.9 ( an)12.9 ( indic)0.5 (ation)12.9 ( of)12.9 ( value)13 (.)12.9 ( It)12.9 ( is)12.9 ( bas)0.5 (ed)12.9 ( on)12.9 ( the)12.9 ( princ)0.5 (iple)13 ( that)12.9 ( an)12.9 ( i)0.5 (nf)0.5 (ormed)12.9 ( buyer)15 ( )]TJ 0.025 Tc 0.035 Tw 0 -1.231 Td (would pay no more for the property than an amount equal to the present w\ orth of )Tj 0.038 Tc 0.07 Tw 0 -1.231 Td [(anticipated)12.9 ( future)12.8 ( benefits)12.8 ( \()12.9 (income)12.9 (\))12.8 ( from)12.8 ( the)12.8 ( same)12.8 ( or)12.8 ( equivalent)12.9 ( property)12.9 ( with)13 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (similar risk.)Tj 0.088 Tc 0.07 Tw 0 -2.462 Td [(Market)12.4 ( approach)12.4 ( considers)12.4 ( prices)12.4 ( recently)12.4 ( paid)12.4 ( for)12.4 ( similar)12.3 ( assets)12.5 (,)12.4 ( with)62.9 ( )]TJ 0.025 Tc 0.024 Tw 0 -1.231 Td (adjustments made to the indicated market prices to reflect condition and\ utility of )Tj 0.077 Tw 0 -1.231 Td (the appraised assets relative to the market comparable. Assets for which\ there is )Tj 0 Tw 0 -1.231 Td (an established used market may be appraised by this approach.)Tj 0.039 Tw 0 -2.462 Td (To develop Valuation Consultant\222s opinion of value, the three general\ ly accepted )Tj 0.039 Tc 0.07 Tw 0 -1.231 Td [(approaches)12.8 ( to)12.9 ( value)12.9 ( are)12.9 ( considered)12.8 (:)12.8 ( cost)12.8 (,)12.8 ( market)12.8 ( and)12.8 ( income)12.8 (.)12.8 ( While)12.9 ( useful)12.8 ( for)14 ( )]TJ 0.052 Tc 0 -1.231 Td [(c)0.5 (e)0.5 (r)0.5 (t)0.5 (ai)0.5 (n)13 ( )0.5 (p)0.5 (ur)0.5 (p)0.5 (o)0.5 (s)0.5 (e)0.5 (s)13 (,)12.9 ( )0.5 (t)0.5 (h)0.5 (e)13 ( c)0.5 (o)0.5 (s)0.5 (t)13 ( )0.5 (a)0.5 (pp)0.5 (r)0.5 (o)0.5 (a)0.5 (c)0.5 (h)13 ( i)0.5 (s)13 ( )0.5 (g)0.5 (e)0.5 (ne)0.5 (r)0.5 (a)0.5 (l)0.5 (l)0.5 (y)12.9 ( )0.5 (n)0.5 (o)0.5 (t)13 ( c)0.5 (o)0.5 (n)0.5 (s)0.5 (i)0.5 (de)0.5 (r)0.5 (e)0.5 (d)13 ( )0.5 (a)0.5 (pp)0.5 (l)0.5 (i)0.5 (c)0.5 (a)0.5 (bl)0.5 (e)13 ( )0.5 (t)0.5 (o)27 ( )]TJ 0.034 Tc 0.074 Tw 0 -1.231 Td [(the)9 ( )0.5 (valuation)9 ( )0.5 (of)9 ( )0.5 (a)9 ( )0.5 (going)9 ( )0.5 (concern)9 ( )0.5 (business)9 (,)9 ( )0.5 (as)9 ( )0.5 (it)9 ( )0.5 (does)9 ( )0.5 (not)8.9 ( )0.6 (capture)9.1 ( )0.5 (future)9.1 ( )0.5 (earning)8.9 ( )]TJ 0.046 Tc 0.07 Tw 0 -1.231 Td [(p)0.5 (ot)0.5 (en)0.5 (ti)0.5 (al)13 ( )0.5 (of)13 ( t)0.5 (he)13 ( )0.5 (bu)0.5 (si)0.5 (ne)0.5 (ss)13 (.)13 ( T)0.5 (hu)0.5 (s)12.9 (,)13 ( )0.5 (co)0.5 (st)13 ( a)0.5 (p)0.5 (pr)0.5 (oa)0.5 (c)0.5 (h)12.9 ( )0.5 (is)13 ( n)0.5 (o)0.5 (t)12.9 ( )0.5 (ut)0.5 (il)0.5 (iz)0.5 (e)0.5 (d)12.9 ( )0.5 (in)13 ( t)0.5 (he)13 ( )0.5 (va)0.5 (lu)0.5 (at)0.5 (i)0.5 (on)13 (.)21 ( )]TJ 0.056 Tc 0 -1.231 Td [(Valuation)12.4 ( Consultant)12.4 ( searched)12.3 ( for)12.4 ( publicly)12.4 ( listed)12.3 ( companies)12.4 ( for)12.4 ( application)31 ( )]TJ 0.053 Tc 0 -1.231 Td [(of)12.9 ( guideline)12.9 ( companies)12.9 ( approach)12.9 ( but)12.8 ( no)12.9 ( companies)12.9 ( are)12.8 ( similar)12.9 ( to)12.8 ( the)12.9 ( Target)28 ( )]TJ 0.034 Tc 0.074 Tw 0 -1.231 Td [(Company)9 ( )0.5 (in)9 ( )0.5 (all)9 ( )0.5 (material)9 ( )0.5 (aspects)9 (.)9 ( )0.5 (In)9 ( )0.5 (view)9 ( )0.5 (of)9 ( )0.5 (the)9 ( )0.5 (above)9 (,)9 ( )0.5 (in)9.1 ( )0.5 (forming)9 ( )0.5 (our)9 ( )0.5 (opinion)9 (,)8.9 ( )]TJ 0.057 Tc 0.07 Tw 0 -1.231 Td [(Valuation)12.2 ( Consultant)12.1 ( relied)12.2 ( upon)12.1 ( the)12.2 ( income)12.2 ( approach)12.2 ( as)12.2 ( primary)12.2 ( approach)32 ( )]TJ 0.041 Tc 0 -1.231 Td [(to)12.8 ( determine)12.8 ( the)12.8 ( business)12.8 ( enterprise)12.8 ( value)12.8 ( of)12.8 ( the)12.8 ( Target)12.8 (.)12.7 ( Valuation)12.8 ( Consultant)15.9 ( )]TJ 0.086 Tc 0 -1.231 Td [(considered)12.4 ( the)12.4 ( income)12.4 ( approach)12.4 ( as)12.4 ( appropriate)12.4 ( because)12.4 ( Jiangsu)12.3 ( Weixin)61 ( )]TJ 0.05 Tc 0 -1.231 Td [(Engineering)12.2 ( Consulting)12.2 ( Co)12.2 (.)12.1 (,)12.2 ( Ltd)12.2 (.)12.2 ( \()]TJ /C0_0 1 Tf 0.038 Tc -0.038 Tw 15.808 0 Td <03EA163D11D706A602880CFB13540F1403DE082202AE0321>Tj /T1_0 1 Tf 0.082 Tw [(\) \(t)-12.3 (h)-12.4 (e \223)]TJ /T1_1 1 Tf 0.05 Tc -0.05 Tw [(Traffic)25 ( )]TJ 0.067 Tc -0.067 Tw -15.808 -1.231 Td [(C)0.5 (on)0.5 (su)0.5 (l)0.5 (ta)0.5 (nt)]TJ /T1_0 1 Tf 0.07 Tw 5.376 0 Td [(\224)13 (\))12.9 ( )0.5 (h)0.5 (as)13 ( )0.5 (re)0.5 (le)0.5 (v)0.5 (an)0.5 (t)12.9 ( )0.5 (i)0.5 (nd)0.5 (us)0.5 (tr)0.5 (y)13 ( e)0.5 (x)0.5 (pe)0.5 (rt)0.5 (i)0.5 (se)13 ( )0.5 (an)0.5 (d)12.9 ( )0.5 (e)0.5 (xp)0.5 (e)0.5 (ri)0.5 (e)0.5 (nc)0.5 (e)12.9 ( )0.5 (i)0.5 (n)12.9 ( )0.5 (e)0.5 (st)0.5 (im)0.5 (a)0.5 (ti)0.5 (ng)42 ( )]TJ 0.025 Tc 0 Tw -5.376 -1.231 Td (revenue and operating expenses to substantiate the forecast.)Tj 0.068 Tc 0.07 Tw 0 -2.462 Td [(Valuation)12.5 ( Consultant)12.5 ( adopts)12.5 ( the)12.5 ( discount)12.5 ( cash)12.5 ( flow)12.6 ( method)12.5 ( in)12.6 ( the)12.5 ( income)43 ( )]TJ 0.08 Tc 0 -1.231 Td [(a)0.6 (p)0.5 (p)0.6 (r)0.5 (o)0.6 (a)0.5 (c)0.6 (h)13.1 ( )0.5 (a)0.6 (n)0.5 (d)13.1 ( )0.5 (b)0.6 (a)0.5 (s)0.6 (e)0.6 (d)13 ( )0.6 (o)0.5 (n)13.1 ( )0.5 (c)0.6 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(h)0.5 (i)0.5 (c)0.6 (l)0.5 (e)0.5 (s)13 ( )0.6 (a)0.5 (r)0.5 (e)13 ( )0.6 (R)0.5 (M)0.5 (B)13 (5)13 (/)13.1 (t)0.5 (r)0.5 (i)0.5 (p)13 (,)13 ( )0.6 (R)0.5 (M)0.5 (B)13 (5)13 (/)13 (t)0.6 (r)0.5 (i)0.5 (p)13 (,)13 ( )0.6 (R)0.5 (M)0.5 (B)13 (1)13 (0)13 (/)13.1 (t)0.5 (r)0.5 (i)0.5 (p)13 (,)24 ( )]TJ 0.025 Tc 0 Tw 2.181 -1.231 Td (RMB10/trip respectively;)Tj 0.072 Tc 0.07 Tw -2.181 -2.462 Td [(\()47 (2)47 (\))47 ( )-547.5 (Class)12.3 ( 1)12.3 ( to)12.2 ( 6)12.2 ( truck)12.3 ( vehicles)12.2 ( are)12.2 ( RMB)12.2 (5)12.3 (/)12.2 (trip)12.3 (,)12.2 ( RMB)12.2 (1)12.3 (0)12.2 (/)12.3 (trip)12.2 (,)12.3 ( RMB)12.3 (2)12.2 (0)12.2 (/)12.3 (trip)12.3 (,)47 ( )]TJ 0.025 Tc 0 Tw 2.181 -1.231 Td (RMB25/trip, RMB25/trip, RMB30/trip, respectively.)Tj 0.024 Tc -2.181 -2.462 Td (Historic traffic volume and revenue of Suxichang South Expressway is as \ follows:)Tj /T1_1 1 Tf 0.025 Tc 15.974 -4.923 Td (31 December )Tj -0.025 Tw 1.861 -1.231 Td (2021 )Tj /T1_0 1 Tf 7.579 0 2.0308 7.579 346.998 573.5179 Tm (\(Note\))Tj /T1_1 1 Tf 0 Tw 13 0 0 13 381.3813 584.3179 Tm (For the year )Tj -0.025 Tw 3.476 -1.231 Td (2022)Tj 0 Tw 3.646 3.692 Td (For the ten )Tj -0.025 Tw 1.679 -1.231 Td (months )Tj 0 Tw -0.689 -1.231 Td (ended 31 )Tj -2.043 -1.231 Td (October 2023)Tj /T1_0 1 Tf -28.864 -2.462 Td (Passenger vehicles traffic volume )Tj 13 0 3.4833 13 98.0788 520.3179 Tm (\(number of vehicles per day\))Tj -0.025 Tw 13 0 0 13 331.129 520.3179 Tm (16,792)Tj 6.541 0 Td (13,043)Tj 6.541 0 Td (25,956)Tj 0 Tw -32.013 -1.231 Td (Trucks traffic volume )Tj 0 Tc ( )Tj 0.025 Tc 13 0 3.4833 13 98.0788 488.3179 Tm (\(number of trucks per day\))Tj -0.025 Tw 13 0 0 13 337.9539 488.3179 Tm (2,008)Tj 6.541 0 Td (2,785)Tj 6.541 0 Td (2,850)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 294.8032 483.9078 cm 0 0 m 73.701 0 l S Q BT 0 Tc 0 Tw 13 0 0 13 289.1339 485.3088 Tm ( )Tj ET q 1 0 0 1 379.8425 483.9078 cm 0 0 m 73.701 0 l S Q BT 13 0 0 13 374.1732 485.3088 Tm ( )Tj ET q 1 0 0 1 464.8819 483.9078 cm 0 0 m 73.701 0 l S Q BT 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/T1_0 1 Tf 0.033 Tc 0.075 Tw 2.181 -2.462 Td [(The)8 ( )0.5 (Company)8 ( )0.5 (appointed)8 ( )0.5 (Valuation)8 ( )0.5 (Consultant)8 ( )0.5 (to)8 ( )0.5 (assess)8 ( )0.5 (the)8 ( )0.5 (value)8 ( )0.5 (of)8 ( )0.5 (the)8 ( )0.5 (Target)8 ( )]TJ 0.077 Tc 0.07 Tw 0 -1.231 Td [(Equity)12.1 ( in)12.1 ( accordance)12.1 ( with)12.1 ( international)12.1 ( standards)12.1 ( and)12.1 ( requirements)12.1 (.)12 ( The)52 ( )]TJ 0.025 Tc 0.056 Tw 0 -1.231 Td [(preliminary assessment the )0.5 (fair )0.5 (value of )0.5 (the )0.5 (Target Company )0.5 (as )0.5 (of the )0.5 (Valuation )]TJ 0.055 Tw 0 -1.231 Td (Date is RMB8.13 billion. Hence, the fair value of the Target Equity \(65\ % equity )Tj 0 Tw 0 -1.231 Td (interests of the Target Company\) is RMB5.2845 billion.)Tj 0.06 Tc 0.07 Tw 0 -2.462 Td [(To)12.8 ( develop)12.8 ( its)12.8 ( opinion)12.8 ( of)12.8 ( value)12.8 (,)12.8 ( Valuation)12.9 ( Consultant)12.8 ( has)12.8 ( considered)12.8 ( three)35 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (generally accepted approaches to value:)Tj 0.072 Tw 0 -2.462 Td [(In )0.5 (the )0.5 (appraisal )0.5 (of )0.5 (the )0.6 (equity, )0.5 (or )0.5 (the )0.6 (net )0.5 (assets, )0.5 (of )0.5 (a )0.5 (business, )0.5 (regardless )0.5 (of )0.5 (their )]TJ 0 -1.231 Td (diversity, location, or technological complexity, there are three basic \ approaches )Tj 0.08 Tc 0.07 Tw 0 -1.231 Td [(to)12.2 ( perform)12.2 ( a)12.3 ( valuation)12.3 (.)12.2 ( The)12.2 ( descriptive)12.3 ( titles)12.2 ( typically)12.2 ( attached)12.2 ( to)12.2 ( these)55 ( )]TJ 0.025 Tc 0.073 Tw 0 -1.231 Td [(approaches )0.5 (are cost, )0.5 (income, and )0.5 (market. 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October)12.5 ( 2)12.5 (0)12.4 (2)12.5 (4)12.4 ( for)27.1 ( )]TJ 0.058 Tc 0 -1.231 Td [(the)12.2 ( construction)12.3 ( of)12.2 ( the)12.3 ( Suxichang)12.2 ( South)12.2 ( Expressway)12.3 (.)12.2 ( Suxichang)12.2 ( South)33 ( )]TJ 0.063 Tc 0 -1.231 Td [(Ex)0.5 (pre)0.5 (ssw)0.5 (ay)12.9 ( )0.5 (Comp)0.5 (any)13 ( sh)0.5 (all)12.9 ( )0.5 (pay)13 ( th)0.5 (e)12.9 ( i)0.5 (nter)0.5 (est)13 ( an)0.5 (d)12.9 ( r)0.5 (epa)0.5 (y)12.9 ( th)0.5 (e)12.9 ( p)0.5 (rinc)0.5 (ipa)0.5 (l)12.9 ( i)0.5 (n)38 ( )]TJ 0.025 Tc 0.048 Tw 0 -1.231 Td [(accordance )0.6 (with )0.5 (the )0.6 (terms )0.5 (of )0.6 (the )0.5 (bonds. )0.6 (Given )0.6 (the )0.5 (interest )0.6 (rate )0.6 (of )0.5 (the )0.6 (bonds )]TJ 0.04 Tw 0 -1.231 Td (was determined through obtaining quotations under the market conditions \ at )Tj 0 Tw 0 -1.231 Td (the time of issuance and that no collaterals have been provided by Suxic\ hang )Tj 0.025 Tw 0 -1.231 Td (South Expressway Company for such loan, the directors of the Company are\ )Tj 0 Tw 0 -1.231 Td (of the view that the terms of such loan are on normal commercial terms.)Tj 0.069 Tw 0 -2.462 Td (Suxichang South Expressway Company has obtained fixed asset loans from )Tj 0.057 Tc 0.07 Tw 0 -1.231 Td [(6)12.2 ( commercial)12.3 ( banks)12.3 ( and)12.2 ( China)12.2 ( Development)12.3 ( Bank)12.2 ( for)12.2 ( the)12.3 ( construction)32 ( )]TJ 0.077 Tc 0 -1.231 Td [(of)12.3 ( Suxichang)12.2 ( South)12.2 ( Expressway)12.3 (.)12.2 ( Currently)12.2 (,)12.3 ( the)12.2 ( total)12.2 ( loan)12.2 ( amount)12.3 ( is)52 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(approximately)10 ( )0.5 (RMB)10 (5)10 (.)10 (5)10 (7)10 (8)10 (3)10 (2)10 ( )0.5 (billion)10 (.)10 ( )0.5 (Jiangsu)10 ( )0.5 (Communications)10 ( )0.5 (Holding)10 ( )0.5 (has)10 ( )]TJ 0.05 Tc 0.07 Tw 0 -1.231 Td [(been)12.4 ( providing)12.4 ( guarantees)12.4 ( for)12.4 ( the)12.4 ( relevant)12.3 ( bank)12.5 ( loans)12.4 (.)12.4 ( Given)12.4 ( such)12.4 ( bank)25 ( )]TJ 0.041 Tc 0 -1.231 Td [(loans)12.3 ( are)12.2 ( not)12.2 ( revolving)12.3 ( facilities)12.3 (,)12.3 ( Suxichang)12.3 ( South)12.2 ( Expressway)12.2 ( Company)16 ( )]TJ 0.025 Tc 0.055 Tw 0 -1.231 Td (is not required to pay Jiangsu Communications Holding any fees or provid\ e )Tj 0.029 Tw 0 -1.231 Td [(any )0.5 (collaterals )0.5 (for the )0.5 (provision of )0.5 (guarantees, )0.5 (the )0.5 (directors of )0.5 (the )0.5 (Company )]TJ 0.031 Tc 0.077 Tw 0 -1.231 Td [(are)6.1 ( )0.5 (of)6 ( )0.5 (the)6.1 ( )0.5 (view)6 ( )0.5 (that)6 ( )0.5 (such)6 ( )0.5 (one)6 (-)6 (off)6 ( )0.5 (loan)6 ( )0.5 (guarantees)6 ( )0.5 (are)6 ( )0.5 (conducted)6 ( )0.6 (on)6 ( )0.5 (normal)6 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (commercial terms or better.)Tj 0.094 Tc 0.07 Tw 0 -2.462 Td [(Upon)12.6 ( the)12.6 ( completion)12.6 ( of)12.5 ( the)12.6 ( transfer)12.6 ( of)12.6 ( the)12.6 ( Target)12.6 ( Equity)12.5 (,)12.6 ( Jiangsu)69 ( )]TJ 0.025 Tc 0.054 Tw 0 -1.231 Td (Communications Holding shall continue to provide the aforementioned loan\ )Tj 0 Tw 0 -1.231 Td (and guarantees of the aforementioned loans.)Tj ET endstream endobj 109 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 110 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 111 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 112 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 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Suxichang South Expressway Company )Tj 0.038 Tc 0.07 Tw 0 -1.231 Td [(has)12.2 ( also)12.2 ( entrusted)12.2 ( the)12.2 ( management)12.2 ( of)12.2 ( the)12.2 ( service)12.1 ( area)12.1 ( to)12.1 ( Jiangsu)12.2 ( Yangtze)13 ( )]TJ 0.071 Tc 0 -1.231 Td [(Commerce)12.8 ( and)12.8 ( Energy)12.8 ( Co)12.8 (.)12.9 (,)12.8 ( Ltd)12.8 (.)12.8 ( \()12.9 (hereinafter)12.9 ( referred)12.8 ( to)12.9 ( as)12.8 ( \223)]TJ /T1_1 1 Tf -0.071 Tw 28.784 0 Td [(Yangtze)46 ( )]TJ 0.059 Tc 0.07 Tw -28.784 -1.231 Td [(Commerce)12.5 ( and)12.5 ( Energy)12.5 ( Company)]TJ /T1_0 1 Tf 16.057 0 Td [(\224)12.5 (\))12.5 ( and)12.5 ( leased)12.5 ( the)12.5 ( gas)12.5 ( stations)12.5 ( of)12.5 ( the)34 ( )]TJ 0.025 Tc 0.047 Tw -16.057 -1.231 Td (service area to the Company since the official business commencement dat\ e )Tj 0 Tw 0 -1.231 Td (of Taihu Bay Service Area \(8 January 2022\). 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[(agreement)10 ( )0.5 (amount)10 ( )0.6 (was)10 ( )0.5 (not)10 ( )0.5 (more)10 ( )0.5 (than)10 ( )0.5 (RMB)10 (1)10 (8)10 ( )0.5 (million)10 ( )0.5 (\()10 (not)10 ( )0.5 (more)10 ( )0.5 (than)10 ( )]TJ 0.041 Tc 0.07 Tw 0 -1.231 Td [(RMB)12.7 (5)12.7 (.)12.7 (5)12.7 (0)12.7 ( million)12.7 ( in)12.7 ( the)12.8 ( first)12.7 ( year)12.7 ( of)12.7 ( its)12.7 ( opening)12.7 ( date)12.7 (,)12.7 ( not)12.7 ( more)12.7 ( than)16 ( )]TJ 0.025 Tc 0.002 Tw 0 -1.231 Td (RMB6 million in the second year of its opening date, and not more than )Tj 0 Tw 0 -1.231 Td (RMB6.50 million in the third year of its opening date\).)Tj 0.052 Tc 0.07 Tw -2.181 -2.462 Td [(\()27 (2)27 (\))27 ( )-567.5 (The)12.3 ( Company)12.4 ( entered)12.4 ( into)12.4 ( a)12.4 ( framework)12.4 ( agreement)12.4 ( with)12.4 ( Suxichang)27 ( )]TJ 0.038 Tc 2.181 -1.231 Td [(South)12.7 ( Expressway)12.7 ( Company)12.7 ( in)12.7 ( respect)12.7 ( to)12.7 ( the)12.7 ( leasing)12.7 ( of)12.7 ( gas)12.7 ( stations)12.8 (,)13 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(pursuant)10 ( )0.5 (to)10 ( )0.5 (which)10 ( )0.5 (Suxichang)10 ( )0.5 (South)10 ( )0.5 (Expressway)10 ( )0.5 (Company)10 ( )0.5 (shall)9.9 ( )0.5 (lease)10 ( )]TJ 0.025 Tc 0.075 Tw 0 -1.231 Td (the gas stations in the service area to the Company for operation for a \ )Tj 0.048 Tw 0 -1.231 Td (term of 3 years commencing from the official business commencement )Tj 0.028 Tc 0.08 Tw 0 -1.231 Td [(date)3 ( )0.5 (of)3 ( )0.5 (the)3 ( )0.5 (Taihu)3 ( )0.5 (Bay)3 ( )0.6 (Service)3 ( )0.5 (Area)3 ( )0.5 (and)3 ( )0.5 (the)3 ( )0.6 (rental)3 ( )0.5 (price)3 ( )0.5 (is)3 ( )0.5 (determined)3 ( )]TJ 0.061 Tc 0.07 Tw 0 -1.231 Td [(based)12.3 ( on)12.3 ( the)12.3 ( sales)12.3 ( volume)12.3 ( of)12.3 ( the)12.3 ( petroleum)12.3 (.)12.3 ( Based)12.3 ( on)12.3 ( the)12.3 ( current)36 ( )]TJ 0.025 Tc 0.062 Tw 0 -1.231 Td [(estimated )0.5 (petroleum sales )0.5 (volume of )0.5 (the relevant gas )0.5 (stations for )0.5 (three )]TJ 0.061 Tc 0.07 Tw 0 -1.231 Td [(years)12.6 ( commencing)12.6 ( from)12.5 ( the)12.6 ( official)12.5 ( business)12.6 ( commencement)12.6 ( date)36 ( )]TJ 0.054 Tc 0 -1.231 Td [(of)12.4 ( the)12.3 ( gas)12.3 ( stations)12.3 (,)12.4 ( the)12.3 ( estimated)12.3 ( rental)12.3 ( amount)12.3 ( was)12.4 ( not)12.3 ( more)12.4 ( than)29 ( )]TJ 0.025 Tc 0.019 Tw 0 -1.231 Td (RMB4 million \(not more than RMB1.15 million in 2021, not more than )Tj 0 Tw 0 -1.231 Td (RMB1.35 million in 2022, and not more than RMB1.5 million in 2023\).)Tj 0.033 Tw -2.181 -2.462 Td [(\(3\) )-631.5 (The Company entered into an entrustment management agreement with )]TJ 0.039 Tc 0.07 Tw 2.181 -1.231 Td [(Suxichang)12.5 ( South)12.5 ( Expressway)12.5 ( Company)12.5 ( in)12.5 ( respect)12.5 ( to)12.5 ( the)12.6 ( entrustment)14 ( )]TJ 0.051 Tc 0 -1.231 Td [(of)12.1 ( ordinary)12.2 ( operation)12.2 ( and)12.1 ( management)12.2 ( matters)12.2 ( of)12.2 ( Suxichang)12.1 ( South)26 ( )]TJ 0.025 Tc 0.073 Tw 0 -1.231 Td [(Expressway )0.5 (Company \(excluding the )0.5 (service )0.5 (areas and )0.5 (petrol stations\) )]TJ 0.077 Tc 0.07 Tw 0 -1.231 Td [(to)12.9 ( the)12.9 ( Company)12.9 ( fro)0.5 (m)12.9 ( 1)12.9 ( January)12.9 ( 2)12.9 (0)12.9 (2)12.9 (1)12.9 ( to)12.9 ( 3)12.9 (1)12.9 ( Dece)0.5 (mber)12.9 ( 2)12.9 (0)12.9 (2)12.9 (3)12.9 (,)12.9 ( the)52 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(estimated)3 ( )0.5 (agreement)3 ( )0.5 (amount)3 ( )0.5 (was)3 ( )0.5 (not)3 ( )0.5 (more)3 ( )0.5 (than)3 ( )0.5 (RMB)3 (1)3 (4)3 (6)3 ( )0.5 (million)3 ( )0.5 (\()3 (not)3 ( )]TJ 0.047 Tc 0.07 Tw 0 -1.231 Td [(more)12.6 ( than)12.5 ( RMB)12.5 (6)12.5 ( million)12.4 ( in)12.5 ( 2)12.5 (0)12.4 (2)12.5 (1)12.5 (,)12.5 ( not)12.5 ( more)12.5 ( than)12.4 ( RMB)12.5 (6)12.5 (9)12.5 ( million)12.5 ( in)21.9 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (2022, and not more than RMB71 million in 2023\).)Tj ET endstream endobj 137 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 19 \226)Tj 0.036 Tc 0.072 Tw 13 0 0 13 113.3858 776.3179 Tm [(As)11 ( )0.5 (at)11 ( )0.5 (the)11 ( )0.5 (date)11 ( )0.5 (of)11 ( )0.5 (this)10.9 ( )0.6 (announcement)11 (,)11 ( )0.5 (the)11 ( )0.5 (shareholders)11 ( )0.5 (of)11 ( )0.5 (Suxichang)11 ( )0.5 (South)11 ( )]TJ 0.025 Tc 0 Tw 0 -1.192 Td (Expressway Company are as follows:)Tj /T1_1 1 Tf -0.025 Tw 10.4 0 0 13 113.3858 729.8179 Tm (Shareholder)Tj 0 Tw 22.949 0 Td (Registered Capital )Tj 11.114 0 Td (Equity Interest)Tj /T1_0 1 Tf -0.025 Tw 10.4 0 3.4833 13 414.397 714.3179 Tm (RMB)Tj 0 Tc 0 Tw 10.98 0 Td (%)Tj 0.025 Tc 10.4 0 0 13 113.3858 683.3179 Tm (Jiangsu Communications Holding Co., Ltd.)Tj -0.025 Tw 23.97 0 Td (5,171,530,000.00)Tj 15.89 0 Td (65)Tj 0 Tw -39.859 -1.192 Td (Wuxi Transportation Industry Group Co., Ltd.)Tj -0.025 Tw 23.97 0 Td (1,815,510,000.00)Tj 15.09 0 Td (22.8)Tj 0.024 Tc 0 Tw -39.059 -1.192 Td [(Changzhou Expressway Investment Development)-1 ( )]TJ 0.025 Tc 1.254 -1.192 Td (Co., Ltd.)Tj -0.025 Tw 23.516 0 Td (969,160,000.00)Tj 14.29 0 Td (12.2)Tj 0.059 Tc 0.07 Tw 13 0 0 13 113.3859 607.4689 Tm [(Set)12.4 ( out)12.4 ( below)12.4 ( is)12.3 ( the)12.4 ( audited)12.3 ( financial)12.3 ( information)12.4 ( on)12.3 ( Suxichang)12.4 ( South)34 ( )]TJ 0.025 Tc 0.079 Tw 0 -1.192 Td (Expressway Company for the two financial years ended 31 December 2021 )Tj 0.044 Tc 0.07 Tw 0 -1.192 Td [(and)12.2 ( 2)12.2 (0)12.2 (2)12.2 (2)12.2 ( and)12.2 ( the)12.2 ( ten)12.2 ( months)12.3 ( ended)12.2 ( 3)12.1 (1)12.3 ( October)12.2 ( 2)12.2 (0)12.1 (2)12.2 (3)12.2 (,)12.2 ( respectively)12.1 ( which)19 ( )]TJ 0.042 Tc 0 -1.192 Td [(were)12.6 ( prepared)12.6 ( in)12.6 ( accordance)12.6 ( with)12.6 ( the)12.6 ( Accounting)12.5 ( Standards)12.6 ( for)12.6 ( Business)17 ( )]TJ 0.025 Tc 0 Tw 0 -1.192 Td (Enterprises of the PRC:)Tj 13 0 3.4833 13 465.3595 514.4689 Tm (\(RMB Yuan\))Tj /T1_1 1 Tf 10.4 0 0 13 275.3798 467.9689 Tm (For the year ended 31 December)Tj 16.745 1.192 Td (For the ten months )Tj -0.025 Tw 5.907 -1.192 Td (ended )Tj 0 Tw -5.057 -1.192 Td (31 October 2023)Tj 0 Tc 6.0632 0 0 7.579 535.0601 457.6689 Tm (^)Tj 0.025 Tc -0.025 Tw 10.4 0 0 13 320.9553 452.4689 Tm (2021)Tj 0 Tc 0 Tw 6.0632 0 0 7.579 342.7953 457.6689 Tm (#)Tj 0.025 Tc -0.025 Tw 10.4 0 0 13 416.8422 452.4689 Tm (2022)Tj 0 Tc 0 Tw 6.0632 0 0 7.579 438.6821 457.6689 Tm (^)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 10.4 0 0 13 113.3859 421.4689 Tm (Revenue)Tj 0 Tc 0 Tw 6.0632 0 0 7.579 151.5949 426.6689 Tm (1)Tj 0.025 Tc -0.025 Tw 10.4 0 0 13 288.3669 421.4689 Tm (1,608,508.66)Tj 8.217 0 Td (383,429,296.69)Tj 9.267 0 Td (497,676,436.23)Tj 0 Tw -34.309 -1.192 Td (Operating Costs)Tj -0.025 Tw 16.825 0 Td (1,505,770.87)Tj 8.217 0 Td (413,006,129.45)Tj 9.267 0 Td (443,737,354.81)Tj 0 Tw -34.309 -1.192 Td (Profits before income tax)Tj 0 Tc 6.0632 0 0 7.579 225.3093 395.6689 Tm (2)Tj 0.025 Tc -0.025 Tw 10.4 0 0 13 284.3838 390.4689 Tm (\(2,040,806.13\))Tj 8.217 0 Td (\(320,637,941.31\))Tj 9.267 0 Td (\(170,389,285.85\))Tj 0 Tw -33.926 -1.192 Td (Profits and total comprehensive )Tj -0.025 Tw 1.008 -1.192 Td (profits)Tj 15.434 0 Td (\(2,040,806.13\))Tj 8.217 0 Td (\(320,637,941.31\))Tj 9.267 0 Td (\(170,389,285.85\))Tj /T1_1 1 Tf 0 Tw -15.244 -2.462 Td (As at 31 December)Tj 19.908 0 Td (As at )Tj 0 Tc 10.4 0 0 13 541.5474 327.4689 Tm ( )Tj 0.025 Tc 10.4 0 0 13 458.3711 311.9689 Tm (31 October 2023)Tj 0 Tc 6.0632 0 0 7.579 535.0601 317.1689 Tm (^)Tj 0.025 Tc -0.025 Tw 10.4 0 0 13 320.9553 311.9689 Tm (2021)Tj 0 Tc 0 Tw 6.0632 0 0 7.579 342.7953 317.1689 Tm (#)Tj 0.025 Tc -0.025 Tw 10.4 0 0 13 416.8422 311.9689 Tm (2022)Tj 0 Tc 0 Tw 6.0632 0 0 7.579 438.6821 317.1689 Tm (^)Tj /T1_0 1 Tf 0.025 Tc 10.4 0 0 13 113.3859 280.9689 Tm (Total Assets)Tj -0.025 Tw 14.45 0 Td (15,979,016,253.37)Tj 9.267 0 Td (15,440,257,154.89)Tj 9.267 0 Td (14,532,508,003.16)Tj 0 Tw -32.984 -1.192 Td (Total Liabilities)Tj -0.025 Tw 14.592 0 Td (\(8,916,503,865.58\))Tj 0 Tw 8.992 0 Td (\( 8,298,363,803.40\))Tj -0.025 Tw 9.542 0 Td (\(7,069,474,937.52\))Tj 0 Tw -33.126 -1.192 Td (Net Assets)Tj 0 Tc 6.0632 0 0 7.579 160.757 255.1689 Tm (3)Tj 0.025 Tc -0.025 Tw 10.4 0 0 13 269.127 249.9689 Tm (7,062,512,387.79)Tj 9.267 0 Td (7,141,893,351.49)Tj 9.267 0 Td (7,463,033,065.64)Tj 0 Tc 0 Tw 6.413 0 0 6.413 113.3859 227.0198 Tm (#)Tj 0.039 Tc 0.07 Tw 11 0 0 11 116.7527 222.6198 Tm [( )-1911.9 (audited)12.6 ( financial)12.6 ( statements)12.6 ( by)12.6 ( Zhongxinghua)12.7 ( Certified)12.6 ( Public)12.6 ( Accountants)12.6 ( LLP)12.6 (,)14 ( )]TJ 0.025 Tc 0 Tw 2.271 -1.227 Td (statutory auditors of Target Company who has issued a standard unqualifi\ ed opinion)Tj 0.059 Tc 0.07 Tw -2.577 -2.455 Td [(^)34 ( )-1703.9 (a)0.5 (u)0.6 (d)0.5 (i)0.5 (t)0.5 (e)0.6 (d)13 ( )0.6 (f)0.5 (i)0.5 (n)0.6 (a)0.5 (n)0.5 (c)0.6 (i)0.5 (a)0.6 (l)13 ( )0.5 (s)0.6 (t)0.5 (a)0.5 (t)0.6 (e)0.5 (m)0.6 (e)0.5 (n)0.5 (t)0.6 (s)13 ( )0.5 (b)0.6 (y)13 ( )0.5 (S)0.6 (h)0.5 (i)0.5 (n)0.5 (e)0.6 (W)0.6 (i)0.5 (n)0.5 (g)13 ( )0.6 (C)0.5 (e)0.6 (r)0.5 (t)0.5 (i)0.6 (f)0.5 (i)0.5 (e)0.6 (d)13 ( )0.6 (P)0.5 (u)0.5 (b)0.6 (l)0.5 (i)0.5 (c)13.1 ( )0.5 (A)0.5 (c)0.6 (c)0.5 (o)0.6 (u)0.5 (n)0.5 (t)0.6 (a)0.5 (n)0.5 (t)0.6 (s)13 ( )0.5 (L)0.6 (L)0.5 (P)13 (,)34.1 ( )]TJ 0.025 Tc 0 Tw 2.577 -1.227 Td (statutory auditors of Target Company who has issued a standard unqualifi\ ed opinion)Tj -2.577 -2.455 Td [(1. )-1502 (Suxichang South Expressway commenced its operations on 30 December 2021)]TJ 0.07 Tc 0.07 Tw 0 -2.455 Td [(2)45 (.)45 ( )-1386.9 (Losses)12.2 ( before)12.2 ( income)12.2 ( tax)12.2 ( for)12.1 ( 2)12.2 (0)12.1 (2)12.2 (1)12.2 ( and)12.2 ( 2)12.1 (0)12.2 (2)12.2 (2)12.2 ( were)12.2 ( mainly)12.2 ( attributable)12.1 ( to)12.2 ( the)45 ( )]TJ 0.027 Tc 0.081 Tw 2.577 -1.227 Td [(operating)2 ( )0.5 (costs)2 ( )0.5 (and)2 ( )0.5 (financial)2 ( )0.5 (expenses)2 (,)2 ( )0.5 (for)2 ( )0.5 (the)1.9 ( )0.5 (ten)2 ( )0.5 (months)2 ( )0.5 (ended)2 ( )0.5 (3)1.9 (1)2 ( )0.5 (October)2 ( )0.5 (2)2 (0)2 (2)1.9 (3)2 (,)2 ( )]TJ 0.025 Tc 0 Tw 0 -1.227 Td (the losses before income tax was mainly attributable to the financial ex\ penses)Tj 0.051 Tc 0.07 Tw -2.577 -2.455 Td [(3)26 (.)26 ( )-1406 (The)12.8 ( increase)12.8 ( in)12.8 ( net)12.8 ( assets)12.8 ( was)12.8 ( mainly)12.8 ( attributable)12.8 ( to)12.8 ( capital)12.8 ( contribution)12.8 ( by)12.8 ( its)26 ( )]TJ 0.025 Tc -0.025 Tw 2.577 -1.227 Td (shareholders.)Tj ET endstream endobj 136 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 18 \226)Tj 0.062 Tc 0.07 Tw 13 0 0 13 113.3858 776.3179 Tm [(Jiangsu)12.7 ( Communications)12.8 ( Holding)12.7 ( is)12.8 ( the)12.7 ( controlling)12.7 ( shareholder)12.7 ( of)12.7 ( the)37 ( )]TJ 0.024 Tc 0 Tw 0 -1.231 Td [(Company, holding approximately 54.44% of the Company\222s equity. As at \ the)-1 ( )]TJ 0 -1.231 Td [(date of this announcement, the outstanding loan amounts of the Company, \ its)-1 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(subsidiary)10 ( )0.5 (Jiangsu)9.9 ( )0.6 (Guangjing)10 ( )0.5 (Xicheng)10 ( )0.5 (Expressway)10 ( )0.5 (Co)9.9 (.)10 (,)10.1 ( )0.5 (Ltd)10 (.)10 (,)10 ( )0.5 (Wufengshan)10 ( )]TJ 0.043 Tc 0.07 Tw 0 -1.231 Td [(Bridge)12.2 ( Co)12.3 (.)12.2 (,)12.3 ( Ltd)12.2 (.)12.2 ( and)12.3 ( Jiangsu)12.2 ( Yunshan)12.3 ( Green)12.2 ( Energy)12.3 ( Investment)12.2 ( Holding)18 ( )]TJ 0.076 Tc 0 -1.231 Td [(Company)12.6 ( Limited)12.6 ( \()]TJ /C0_0 1 Tf 0.063 Tc -0.063 Tw 9.281 0 Td <03EA163D0DAE04C40AF6118E09900E5504B30F1F0A9B067003DE082202AE0321>Tj /T1_0 1 Tf 0.076 Tc 0.07 Tw [(\))12.7 ( provided)12.7 ( by)51 ( )]TJ 0.067 Tc -9.281 -1.231 Td [(Jiangsu)12.4 ( Communications)12.4 ( Holding)12.4 ( are)12.4 ( RMB)12.4 (1)12.4 (,)12.4 (4)12.4 (9)12.4 (6)12.4 (.)12.4 (1)12.4 (7)12.3 ( million)12.4 (,)12.4 ( RMB)12.4 (8)12.4 (5)12.4 (0)42 ( )]TJ 0.045 Tc 0 -1.231 Td [(m)0.5 (i)0.6 (l)0.5 (l)0.6 (i)0.5 (o)0.6 (n)13 (,)13.1 ( )0.5 (R)0.6 (M)0.5 (B)13.1 (5)13 (5)13.1 (0)13 ( )0.6 (m)0.5 (i)0.6 (l)0.5 (l)0.6 (i)0.5 (o)0.6 (n)13 ( )0.6 (a)0.5 (n)0.6 (d)13 ( )0.6 (R)0.5 (M)0.6 (B)13 (3)13.1 (0)13 (0)13.1 ( )0.6 (m)0.5 (i)0.5 (l)0.6 (l)0.5 (i)0.6 (o)0.5 (n)13.1 (,)13 ( )0.6 (r)0.5 (e)0.6 (s)0.6 (p)0.5 (e)0.6 (c)0.5 (t)0.6 (i)0.5 (v)0.6 (e)0.5 (l)0.6 (y)13 (.)13.1 ( )0.5 (S)0.6 (a)0.5 (v)0.6 (e)13 ( )0.6 (a)0.6 (s)13 ( )0.6 (s)0.5 (e)0.6 (t)20 ( )]TJ 0.06 Tc 0 -1.231 Td [(out)12.2 ( in)12.3 ( the)12.3 ( published)12.2 ( announcements)12.3 ( of)12.3 ( the)12.3 ( Company)12.3 (,)12.2 ( there)12.4 ( is)12.3 ( no)12.2 ( other)35 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(relationship)10 ( )0.5 (between)10 ( )0.6 (the)10 ( )0.5 (Group)10 ( )0.5 (and)10.1 ( )0.5 (Jiangsu)10 ( )0.5 (Communications)10 ( )0.5 (Holding)10 ( )0.5 (and)10 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td [(i)0.5 (t)0.5 (s)0.6 ( )0.5 (a)0.5 (s)0.5 (s)0.6 (o)0.5 (c)0.5 (i)0.5 (a)0.5 (t)0.6 (e)0.5 (s)0.5 (,)0.5 ( )0.5 (w)0.6 (h)0.5 (e)0.5 (t)0.5 (h)0.5 (e)0.6 (r)0.5 ( )0.5 (i)0.5 (n)0.5 ( )0.6 (t)0.5 (e)0.5 (r)0.5 (m)0.5 (s)0.6 ( )0.5 (o)0.5 (f)0.5 ( )0.5 (p)0.5 (r)0.6 (o)0.5 (p)0.5 (e)0.5 (r)0.6 (t)0.5 (y)0.5 ( )0.5 (r)0.5 (i)0.5 (g)0.6 (h)0.5 (t)0.5 (s)0.5 (,)0.5 ( )0.5 (b)0.6 (u)0.5 (s)0.5 (i)0.5 (n)0.5 (e)0.5 (s)0.6 (s)0.5 (,)0.5 ( )0.5 (a)0.6 (s)0.5 (s)0.5 (e)0.5 (t)0.5 (s)0.6 (,)0.5 ( )0.5 (p)0.5 (e)0.5 (r)0.6 (s)0.5 (o)0.5 (n)0.5 (n)0.5 (e)0.6 (l )]TJ 0 -1.231 Td (or otherwise.)Tj /T1_1 1 Tf -2.181 -2.462 Td [(3. )-1105.5 (Suxichang South Expressway Company)]TJ /T1_0 1 Tf -0.025 Tc 2.181 -2.462 Td (Registered office:)Tj 0.027 Tc 0.081 Tw 15.263 0 Td [(No)2 (.)2 ( )0.5 (2)2 (9)1.9 (1)2 ( )0.5 (East)2 ( )0.5 (Zhongshan)2 ( )0.5 (Road)2 (,)2 ( )0.5 (Xuanwu)2.1 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (District, Nanjing)Tj -0.025 Tc -15.263 -2.462 Td (Unified social credit identifier:)Tj 0.025 Tw 15.263 0 Td (91320000MA1NJPQ74F)Tj 0 Tw -15.263 -2.462 Td (Date of establishment:)Tj 15.263 0 Td (14 March 2017)Tj -15.263 -2.462 Td (Business nature:)Tj 15.263 0 Td (Limited liability company)Tj -15.263 -2.462 Td (Legal representative:)Tj 15.263 0 Td (Wang Feng)Tj -15.263 -2.462 Td (Registered capital:)Tj 0.025 Tw 15.263 0 Td (RMB7,956,200,000)Tj 0 Tw -15.263 -2.462 Td (Principal business:)Tj 0.068 Tc 0.07 Tw 15.263 0 Td [(Construction)12.9 (,)12.8 ( management)12.8 (,)12.9 ( operation)93 ( )]TJ 0.022 Tc 0 -1.231 Td [(a)0.5 (nd)13 ( ma)0.5 (i)0.5 (nt)0.5 (en)0.5 (an)0.5 (ce)13 ( o)0.5 (f)12.9 ( )0.5 (th)0.5 (e)13 ( Su)0.5 (xi)0.5 (c)0.5 (ha)0.5 (ng)12.9 ( )0.5 (So)0.5 (ut)0.5 (h)47 ( )]TJ -0.025 Tc 0.025 Tw 0 -1.231 Td (Expressway)Tj ET endstream endobj 135 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 17 \226)Tj /T1_1 1 Tf 13 0 0 13 85.0394 776.4089 Tm [(2. )-1105.5 (Jiangsu Communications Holding)]TJ /T1_0 1 Tf 2.181 -2.462 Td (The basic information of Jiangsu Communications Holding is as follows:)Tj -0.025 Tc 0 -2.385 Td (Registered office:)Tj -0.001 Tc 0.07 Tw 15.263 0 Td [(A)13 (2)13.1 ( )0.5 (Z)0.5 (i)0.5 (j)0.5 (i)0.5 (n)13 ( )0.6 (F)0.5 (i)0.5 (n)0.5 (a)0.6 (n)0.5 (c)0.5 (e)13 ( )0.5 (Z)0.6 (o)0.5 (n)0.5 (e)13 (,)13.1 ( )0.5 (N)0.5 (o)13 (.)13.1 ( )0.5 (3)13 (9)13 (9)13 ( )0.5 (J)0.6 (i)0.5 (a)0.5 (n)0.5 (g)0.5 (d)0.6 (o)0.5 (n)0.5 (g)24 ( )]TJ -0.025 Tc 0 Tw 0 -1.154 Td (Central Road, Nanjing City)Tj -15.263 -2.308 Td (Unified social credit identifier:)Tj 0.025 Tw 15.263 0 Td (91320000134767063W)Tj 0 Tw -15.263 -2.308 Td (Date of establishment:)Tj 15.263 0 Td (5 March 1993)Tj -15.263 -2.308 Td (Business nature:)Tj 0.102 Tc 0.07 Tw 15.263 0 Td [(Limited)12.8 ( liability)12.7 ( company)12.8 ( \()12.7 (Wholly)127 ( )]TJ -0.025 Tc 0.025 Tw 0 -1.154 Td (state-owned\)*)Tj 0 Tw -15.263 -2.308 Td (Legal representative:)Tj 15.263 0 Td (Deng Dongsheng)Tj -15.263 -2.308 Td (Registered capital:)Tj 0.025 Tw 15.263 0 Td (RMB16,800,000,000)Tj 0 Tw -15.263 -2.308 Td (Principal business:)Tj 0.002 Tc 0.07 Tw 15.263 0 Td [(Engaged)12.5 ( in)12.5 ( the)12.5 ( operation)12.5 ( and)12.4 ( management)27 ( )]TJ 0.019 Tc 0 -1.154 Td [(o)0.5 (f)13.1 ( )0.5 (s)0.6 (t)0.5 (a)0.6 (t)0.5 (e)13.1 (-)13 (o)0.6 (w)0.5 (n)0.6 (e)0.5 (d)13.1 ( )0.5 (a)0.6 (s)0.5 (s)0.6 (e)0.6 (t)0.5 (s)13 ( )0.6 (w)0.6 (i)0.5 (t)0.5 (h)0.6 (i)0.5 (n)13.1 ( )0.5 (t)0.6 (h)0.5 (e)13.1 ( )0.5 (s)0.5 (c)0.6 (o)0.6 (p)0.5 (e)13.1 ( )0.5 (o)0.5 (f)44 ( )]TJ -0.005 Tc 0 -1.154 Td [(authorization)12.6 ( of)12.6 ( the)12.6 ( provincial)12.6 ( government)12.6 (;)20 ( )]TJ 0.039 Tc 0 -1.154 Td [(investment)12.2 (,)12.3 ( construction)12.2 (,)12.2 ( operation)12.2 ( and)64 ( )]TJ 0.037 Tc 0 -1.154 Td [(management)12.7 ( of)12.6 ( transport)12.7 ( infrastructure)12.7 (,)62 ( )]TJ 0.035 Tc 0 -1.154 Td [(transportation)12.6 ( and)12.5 ( other)12.6 ( related)12.5 ( sectors)12.6 (;)60 ( )]TJ -0.025 Tc 0.062 Tw 0 -1.154 Td (collection of tolls from vehicles; and industry )Tj 0 Tw 0 -1.154 Td (investment and domestic trading.)Tj -15.263 -2.308 Td (Total assets at the end of the latest )Tj 1.003 -1.154 Td (accounting period \(2022\):)Tj 0.025 Tw 14.26 1.154 Td (RMB779,408,849,469.48)Tj 0 Tc 0 Tw 7.579 0 0 7.579 437.8847 373.6089 Tm (#)Tj -0.025 Tc 13 0 0 13 113.3858 323.4089 Tm (Net assets at the end of the latest )Tj 1.003 -1.154 Td (accounting period \(2022\):)Tj 0.025 Tw 14.26 1.154 Td (RMB299,683,763,862.43)Tj 0 Tc 0 Tw 7.579 0 0 7.579 437.8847 328.6089 Tm (#)Tj -0.025 Tc 13 0 0 13 113.3858 278.4089 Tm (Revenue from operations for the latest )Tj 1.003 -1.154 Td (accounting period \(2022\):)Tj 0.025 Tw 14.26 1.154 Td (RMB93,171,065,453.75)Tj 0 Tc 0 Tw 7.579 0 0 7.579 431.7097 283.6089 Tm (#)Tj -0.025 Tc 13 0 0 13 113.3858 233.4089 Tm (Net profit for the latest accounting )Tj 1.003 -1.154 Td (period \(2022\):)Tj 0.025 Tw 14.26 1.154 Td (RMB11,620,621,124.71)Tj 0 Tc 0 Tw 7.579 0 0 7.579 431.7097 238.6089 Tm (#)Tj 0.026 Tc 0.082 Tw 11 0 0 11 113.3858 190.0599 Tm [(*)1 ( )-1694 (The)1 ( )0.5 (ultimate)1.1 ( )0.5 (owner)1 ( )0.5 (of)1 ( )0.5 (Jiangsu)1 ( )0.5 (Communications)1 ( )0.5 (Holding)1 ( )0.5 (is)1 ( )0.5 (the)1 ( )0.5 (State)1 (-)1 (owned)1 ( )0.5 (Assets)1 ( )]TJ 0.025 Tc 0.024 Tw 2.577 -1.273 Td [(Supervision )0.5 (and Administration )0.5 (Commission of )0.5 (the )0.5 (People\222s )0.5 (Government )0.5 (of )0.6 (Jiangsu )]TJ -0.025 Tw 0 -1.273 Td (Province)Tj 0 Tc 0 Tw 6.413 0 0 6.413 113.3858 136.4599 Tm (#)Tj 0.05 Tc 0.07 Tw 11 0 0 11 116.7526 132.0599 Tm [( )-1900.9 (Jiangsu)12.3 ( Communications)12.3 ( Holding)12.3 (\222)12.3 (s)12.3 ( financial)12.3 ( statements)12.3 ( for)12.3 ( the)12.3 ( year)12.3 ( 2)12.3 (0)12.3 (2)12.3 (2)12.3 ( were)25 ( )]TJ 0.025 Tc 0.069 Tw 2.271 -1.273 Td (audited by Zhongxinghua Certified Public Accountants LLP in accordance w\ ith the )Tj 0 Tw 0 -1.273 Td (Accounting Standards for Business Enterprises of the PRC)Tj ET endstream endobj 134 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 16 \226)Tj 0.035 Tw 13 0 0 13 85.0394 776.3179 Tm (In addition, the Company entered into a letter of intent with Wuxi Trans\ portation )Tj 0.044 Tc 0.07 Tw 0 -1.231 Td [(in)12.1 ( relation)12.1 ( to)12.1 ( the)12.1 ( proposed)12.1 ( acquisition)12.1 ( of)12.1 ( 2)12.1 (2)12.1 (.)12.1 (8)12.1 (%)12.2 ( equity)12.1 ( interests)12.1 ( in)12.1 ( Suxichang)19 ( )]TJ 0.056 Tc 0 -1.231 Td [(South)12.6 ( Expressway)12.6 ( Company)12.6 ( held)12.6 ( by)12.6 ( Wuxi)12.6 ( Transportation)12.6 (.)12.6 ( The)12.7 ( terms)12.6 ( of)12.6 ( the)31 ( )]TJ 0.059 Tc 0 -1.231 Td [(legally)12.5 ( binding)12.5 ( agreement)12.5 ( are)12.5 ( expected)12.5 ( to)12.5 ( be)12.5 ( similar)12.5 ( to)12.5 ( those)12.5 ( of)12.5 ( the)12.5 ( Equity)34 ( )]TJ 0.048 Tc 0 -1.231 Td [(Transfer)12.4 ( Agreement)12.4 ( entered)12.4 ( into)12.4 ( with)12.4 ( Jiangsu)12.4 ( Communications)12.4 ( Holding)12.4 (.)12.3 ( The)23 ( )]TJ 0.059 Tc 0 -1.231 Td [(consideration)12.5 ( shall)12.5 ( be)12.5 ( calculated)12.5 ( on)12.5 ( a)12.5 ( pro)12.5 (-)12.5 (rata)12.6 ( basis)12.5 ( based)12.5 ( on)12.5 ( the)12.5 ( valuation)34 ( )]TJ 0.058 Tc 0 -1.231 Td [(of)12.8 ( Suxichang)12.7 ( South)12.7 ( Expressway)12.8 ( Company)12.7 ( jointly)12.7 ( commissioned)12.8 ( by)12.8 ( Jiangsu)33 ( )]TJ 0.056 Tc 0 -1.231 Td [(Communications)12.5 ( Holding)12.5 (,)12.5 ( Wuxi)12.5 ( Transportation)12.5 ( and)12.5 ( Changzhou)12.5 ( Expressway)31 ( )]TJ 0.084 Tc 0 -1.231 Td [(I)0.5 (nv)0.5 (e)0.5 (s)0.5 (tm)0.5 (e)0.5 (nt)13 ( )0.5 (in)13 ( )0.5 (a)0.5 (cc)0.5 (o)0.5 (r)0.5 (da)0.5 (n)0.5 (c)0.5 (e)12.9 ( )0.5 (w)0.5 (it)0.5 (h)13 ( )0.5 (th)0.5 (e)13 ( r)0.5 (e)0.5 (l)0.5 (ev)0.5 (a)0.5 (n)0.5 (t)12.9 ( )0.5 (s)0.5 (ta)0.5 (t)0.5 (e)13 (-)12.9 (o)0.5 (w)0.5 (ne)0.5 (d)13 ( )0.5 (as)0.5 (s)0.5 (e)0.5 (ts)13 ( )0.5 (la)0.5 (w)0.5 (s)13 ( )0.5 (an)0.5 (d)59 ( )]TJ 0.065 Tc 0 -1.231 Td [(regulations)12.3 (.)12.3 ( Upon)12.3 ( the)12.3 ( signing)12.3 ( of)12.3 ( an)12.3 ( equity)12.3 ( transfer)12.3 ( agreement)12.3 ( between)12.3 ( the)40 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.231 Td [(Company)7 ( )0.5 (and)7 ( )0.5 (Wuxi)7 ( )0.5 (Transportation)7 ( )0.5 (and)7 ( )0.6 (the)7 ( )0.5 (transfer)7 ( )0.5 (is)7 ( )0.5 (completed)7 (,)7 ( )0.5 (the)7 ( )0.5 (Company)7 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.231 Td (shall own and control 87.8% of absolute controlling equity interests in \ Suxichang )Tj 0.031 Tc 0.077 Tw 0 -1.231 Td [(South)6.1 ( )0.5 (Expressway)6 ( )0.5 (Company)6 (.)6 ( )0.5 (If)6 (,)6.1 ( )0.5 (at)6 ( )0.5 (the)6 ( )0.5 (time)6 ( )0.5 (when)6 ( )0.6 (the)6 ( )0.5 (equity)6 ( )0.5 (transfer)6 ( )0.5 (agreement)6 ( )]TJ 0.077 Tc 0.07 Tw 0 -1.231 Td [(with)12.3 ( Wuxi)12.3 ( Transportation)12.4 ( is)12.4 ( signed)12.4 (,)12.3 ( Jiangsu)12.4 ( Communications)12.4 ( Holding)12.3 ( is)52 ( )]TJ 0.061 Tc 0 -1.231 Td [(s)0.5 (t)0.6 (i)0.5 (l)0.5 (l)13 ( )0.6 (a)13 ( )0.5 (h)0.6 (o)0.5 (l)0.5 (d)0.5 (e)0.5 (r)13.1 ( )0.5 (o)0.5 (f)13.1 ( )0.5 (e)0.5 (q)0.5 (u)0.6 (i)0.5 (t)0.5 (y)13 ( )0.6 (i)0.5 (n)0.5 (t)0.5 (e)0.6 (r)0.5 (e)0.6 (s)0.5 (t)0.5 (s)13 ( )0.6 (i)0.5 (n)13 ( )0.5 (S)0.6 (u)0.5 (x)0.5 (i)0.5 (c)0.6 (h)0.5 (a)0.5 (n)0.5 (g)13.1 ( )0.5 (S)0.5 (o)0.6 (u)0.5 (t)0.5 (h)13 ( )0.5 (E)0.6 (x)0.5 (p)0.5 (r)0.6 (e)0.5 (s)0.5 (s)0.6 (w)0.5 (a)0.5 (y)13 ( )0.6 (C)0.5 (o)0.5 (m)0.6 (p)0.5 (a)0.5 (n)0.5 (y)13.1 (,)36 ( )]TJ 0.055 Tc 0 -1.231 Td [(the)12.6 ( acquisition)12.7 ( of)12.6 ( 2)12.7 (2)12.6 (.)12.7 (8)12.6 (%)12.7 ( of)12.6 ( equity)12.6 ( interests)12.7 ( in)12.6 ( Suxichang)12.7 ( South)12.6 ( Expressway)30 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(Company)10 ( )0.5 (from)10 ( )0.5 (Wuxi)10 ( )0.6 (Transportation)10 ( )0.5 (shall)10 ( )0.5 (constitute)10.1 ( )0.5 (a)10 ( )0.5 (connected)10 ( )0.5 (transaction)10 ( )0.5 (of)10 ( )]TJ 0.025 Tc 0.022 Tw 0 -1.231 Td (the Company under Rule 14A.28\(1\) of the Hong Kong Listing Rules. Howev\ er, it )Tj 0.005 Tw 0 -1.231 Td (is expected that the aggregation of the two acquisitions will not consti\ tute a major )Tj 0 Tw 0 -1.231 Td (transaction under Chapter 14 of the Hong Kong Listing Rules.)Tj 0.038 Tc 0.07 Tw 0 -2.462 Td [(R)0.5 (e)0.5 (g)0.5 (a)0.5 (r)0.5 (d)0.5 (in)0.5 (g)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (1)12.9 (2)13 (.)13 (2)13 (%)13 ( )0.5 (e)0.5 (q)0.5 (ui)0.5 (t)0.5 (y)13 ( )0.5 (i)0.5 (n)0.5 (t)0.5 (er)0.5 (e)0.5 (s)0.5 (t)13 ( )0.5 (i)0.5 (n)13 ( )0.5 (S)0.5 (ux)0.5 (i)0.5 (c)0.5 (h)0.5 (a)0.5 (n)0.5 (g)13 ( )0.5 (So)0.5 (u)0.5 (t)0.5 (h)13 ( )0.5 (E)0.5 (x)0.5 (pr)0.5 (e)0.5 (s)0.5 (s)0.5 (w)0.5 (a)0.5 (y)13 ( )0.5 (C)0.5 (o)0.5 (m)0.5 (pa)0.5 (n)0.5 (y)13 ( )]TJ 0.025 Tc 0.058 Tw 0 -1.231 Td [(held )0.5 (by )0.5 (Changzhou )0.5 (Expressway )0.5 (Investment, )0.5 (as )0.5 (at )0.6 (the )0.5 (date )0.5 (of )0.5 (this )0.5 (announcement, )]TJ 0.053 Tc 0.07 Tw 0 -1.231 Td [(the)12.3 ( Company)12.2 ( has)12.2 ( not)12.2 ( entered)12.3 ( into)12.3 ( any)12.2 ( framework)12.3 ( agreement)12.3 (,)12.3 ( letter)12.3 ( of)12.3 ( intent)28 ( )]TJ 0.05 Tc 0 -1.231 Td [(o)0.5 (r)13 ( )0.6 (a)0.5 (n)0.5 (y)13 ( )0.5 (l)0.6 (e)0.5 (g)0.5 (a)0.5 (l)0.5 (l)0.5 (y)13.1 ( )0.5 (b)0.5 (i)0.5 (n)0.5 (d)0.5 (i)0.5 (n)0.6 (g)13 ( )0.5 (a)0.5 (g)0.5 (r)0.6 (e)0.5 (e)0.5 (m)0.5 (e)0.6 (n)0.5 (t)13 ( )0.5 (w)0.5 (i)0.6 (t)0.5 (h)13 ( )0.5 (C)0.5 (h)0.5 (a)0.6 (n)0.5 (g)0.5 (z)0.5 (h)0.5 (o)0.5 (u)13.1 ( )0.5 (E)0.5 (x)0.5 (p)0.5 (r)0.6 (e)0.5 (s)0.5 (s)0.5 (w)0.6 (a)0.5 (y)13 ( )0.5 (I)0.5 (n)0.6 (v)0.5 (e)0.5 (s)0.5 (t)0.5 (m)0.5 (e)0.6 (n)0.5 (t)13 ( )0.5 (i)0.5 (n)25 ( )]TJ 0.025 Tc 0.033 Tw 0 -1.231 Td (relation to the transfer of equity interest. Hence, the Company is activ\ ely seeking )Tj 0.039 Tc 0.07 Tw 0 -1.231 Td [(to)12.6 ( acquire)12.7 ( the)12.6 ( 1)12.6 (2)12.7 (.)12.6 (2)12.6 (%)12.6 ( equity)12.6 ( interest)12.7 ( in)12.6 ( Suxichang)12.6 ( South)12.6 ( Expressway)12.7 ( Company)14 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (held by Changzhou Expressway Investment.)Tj /T1_1 1 Tf 0.039 Tw -2.181 -2.462 Td [(II. )-763.5 (BASIC INFORMATION OF THE PARTIES TO THE EQUITY TRANSFER )]TJ -0.025 Tw 2.181 -1.231 Td (AGREEMENT)Tj 0 Tw 0 -2.462 Td [(1. )-1105.5 (The Company)]TJ /T1_0 1 Tf 0.047 Tw 2.181 -2.462 Td (The Company is mainly engaged in construction, management, maintenance )Tj 0.019 Tw 0 -1.231 Td (and collection of tolls of roads and expressways in Jiangsu Province, as\ well )Tj 0 Tw 0 -1.231 Td (as related ancillary services.)Tj ET endstream endobj 104 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 105 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 106 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 107 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 108 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 143 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 15 \226)Tj 0.035 Tc 0.073 Tw 13 0 0 13 113.3858 776.3179 Tm [(The)10 ( )0.5 (West)10 ( )0.5 (Extension)10 ( )0.5 (of)10 ( )0.5 (Juqu)10 ( )0.5 (Road)10 ( )0.5 (is)10 ( )0.5 (a)10 ( )0.5 (cross)10 (-)10 (Taihu)10 ( )0.5 (expressway)10 ( )0.5 (planned)10 ( )0.5 (to)10 ( )]TJ 0.025 Tc 0.03 Tw 0 -1.231 Td (run in parallel to the Southern Tunnel, crossing Meiliang Lake \()Tj /C0_0 1 Tf -0.025 Tw <0AE00AD10CB3>Tj /T1_0 1 Tf 0.03 Tw (\) and )Tj 0.024 Tc 0 Tw 0 -1.231 Td (connecting to the Yima Tunnel \()Tj /C0_0 1 Tf -0.024 Tw <059D09F50BB70F38>Tj /T1_0 1 Tf 0 Tw [(\), with the route direction basically)-1 ( )]TJ 0.058 Tc 0.07 Tw 0 -1.231 Td [(consistent)12.8 ( with)12.8 ( the)12.7 ( Suxichang)12.8 ( South)12.7 ( Expressway)12.7 (,)12.7 ( which)12.7 ( is)12.7 ( expected)12.7 ( to)33 ( )]TJ 0.025 Tc 0.02 Tw 0 -1.231 Td (divert the local traffic in Wuxi serviced by the Suxichang South Express\ way )Tj 0.044 Tw 0 -1.231 Td (upon its completion. Currently, the west extension of the Juqu Road has \ not )Tj 0.029 Tc 0.079 Tw 0 -1.231 Td [(been)4 ( )0.5 (scheduled)3.9 (,)4.1 ( )0.5 (and)4 ( )0.5 (with)4 ( )0.5 (the)4 ( )0.5 (increasingly)4 ( )0.5 (strict)4 ( )0.5 (national)4 ( )0.5 (ecological)4 ( )0.5 (control)4 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(measures)3 (,)3 ( )0.5 (it)3 ( )0.5 (is)3 ( )0.5 (expected)3 ( )0.5 (to)3 ( )0.5 (be)3 ( )0.5 (challenging)3 ( )0.5 (to)3.1 ( )0.5 (construct)3 ( )0.5 (an)3 ( )0.5 (additional)3 ( )0.5 (tunnel)3 ( )]TJ 0.025 Tc 0.002 Tw 0 -1.231 Td [(near the )0.5 (project location in the near )0.5 (future. Therefore, the construction of )0.5 (the )]TJ 0 Tw 0 -1.231 Td (Juqu Road west extension is not considered in this evaluation.)Tj 0.025 Tw 0 -2.462 Td (The Suxi-Taihu Tunnel is an intercity road constructed by Wuxi and Suzho\ u )Tj 0.044 Tc 0.07 Tw 0 -1.231 Td [(in)12.8 ( the)12.8 ( form)12.8 ( of)12.7 ( local)12.8 ( roads)12.8 ( after)12.8 ( the)12.9 ( second)12.8 ( phase)12.8 ( of)12.8 ( the)12.8 ( Suxichang)12.8 ( South)19 ( )]TJ 0.043 Tc 0 -1.231 Td [(Expressway)12.8 ( planning)12.9 ( was)12.8 ( canceled)12.9 (.)12.9 ( The)12.9 ( Suxi)12.9 (-)12.9 (Taihu)12.8 ( Tunnel)12.9 ( begins)12.9 ( at)12.9 ( the)18 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(intersection)8 ( )0.5 (of)8 ( )0.5 (Suzhou)8 ( )0.5 (Taihu)8 ( )0.6 (Avenue)8 ( )0.5 (\()]TJ /C0_0 1 Tf 0.025 Tc -0.025 Tw 17.071 0 Td <163D03C802C40CB3027D0F38>Tj /T1_0 1 Tf 0.033 Tc 0.075 Tw [(\))8 ( )0.5 (and)8 ( )0.5 (Gongshan)8 ( )0.5 (Road)8 ( )]TJ 0 Tc 0 Tw -17.071 -1.231 Td (\()Tj /C0_0 1 Tf 0.025 Tc -0.025 Tw 0.358 0 Td <09CD02860F29>Tj /T1_0 1 Tf 0.01 Tw (\) and ends at the north side of Nanquan Junction of Lihu Avenue \()Tj /C0_0 1 Tf 0 Tc 0 Tw <168A>Tj 0.025 Tc -0.025 Tw -0.358 -1.231 Td <0CB3027D0F3806CC077011790972>Tj /T1_0 1 Tf 0.026 Tc 0.082 Tw [(\))1 ( )0.5 (in)1 ( )0.5 (Wuxi)1 (.)1 ( )0.5 (Upon)0.9 ( )0.6 (completion)1 (,)1 ( )0.5 (the)1 ( )0.5 (project)1 ( )0.5 (will)1 ( )0.5 (be)1 ( )0.6 (connected)1 ( )]TJ 0.023 Tc 0 Tw 0 -1.231 Td [(head-to-tail with the Suxichang South Expressway, and will become a cruc\ ial)-2 ( )]TJ 0.025 Tc 0.049 Tw 0 -1.231 Td [(highspeed intercity )0.5 (road )0.5 (within the )0.5 (Suxichang region. )0.5 (It is )0.5 (expected )0.5 (that the )]TJ 0.011 Tw 0 -1.231 Td [(completion of the project )0.5 (will bring about a )0.5 (significant )0.5 (increase in )0.5 (the )0.5 (traffic )]TJ 0.042 Tc 0.07 Tw 0 -1.231 Td [(volume)12.9 ( to)12.9 ( the)12.9 ( Suxichang)12.9 ( South)12.8 ( Expressway)12.8 (,)12.9 ( especially)12.9 ( vehicles)12.9 ( from)12.9 ( the)17 ( )]TJ 0.025 Tc 0.073 Tw 0 -1.231 Td (southern part of Suzhou going to Changzhou and Wuxi. The cities of Wuxi \ )Tj 0.014 Tw 0 -1.231 Td (and Suzhou are actively advancing the preliminary work for the construct\ ion )Tj 0.011 Tw 0 -1.231 Td (of the Suxi-Taihu Tunnel. The exact commencement date of the constructio\ n )Tj 0.021 Tc 0 Tw 0 -1.231 Td [(works has not been confirmed yet. However, for this evaluation, it is as\ sumed)-4 ( )]TJ 0.025 Tc 0 -1.231 Td (that the tunnel will be completed and open for traffic in 2036.)Tj 0.045 Tc 0.07 Tw -2.181 -2.462 Td [(State)12.3 (-)12.4 (owned)12.3 ( Asset)12.3 ( Valuer)12.3 ( confirms)12.3 ( that)12.3 ( during)12.3 ( the)12.3 ( period)12.4 ( from)12.4 ( the)12.4 ( Valuation)20 ( )]TJ 0.025 Tc 0.083 Tw 0 -1.231 Td [(Date )0.5 (to )0.5 (the )0.5 (date )0.5 (of )0.5 (this )0.5 (announcement, )0.5 (there have )0.5 (been )0.5 (no significant event )0.5 (that )]TJ 0 Tw 0 -1.231 Td (could have a material impact on the valuation results.)Tj ET endstream endobj 142 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 14 \226)Tj 0.043 Tw 13 0 0 13 85.0394 776.3179 Tm [(7. )-1062.5 (The existing differential toll policy of Suxichang South Expressway expi\ red )]TJ 0.02 Tw 2.181 -1.231 Td (on 31 December 2023, and Wuxi City and Jiangsu Communications Holding )Tj 0.028 Tc 0.08 Tw 0 -1.231 Td [(have)3 ( )0.5 (already)3 ( )0.5 (discussed)3 ( )0.6 (and)3 ( )0.6 (signed)3 ( )0.6 (an)2.9 ( )0.6 (agreement)3 ( )0.5 (on)3 ( )0.5 (the)3 ( )0.5 (continuation)3 ( )0.5 (of)3 ( )0.5 (the)3.1 ( )]TJ 0.025 Tc 0.04 Tw 0 -1.231 Td (policy. According to the agreement, Suxichang South Expressway Company )Tj 0.031 Tw 0 -1.231 Td (will no longer be providing any subsidy for the differentiation, and the\ local )Tj 0.069 Tw 0 -1.231 Td [(government )0.5 (will pay )0.5 (the )0.5 (user )0.5 (subsidy )0.5 (in )0.5 (full, and )0.5 (the )0.5 (other )0.5 (contents )0.5 (will )0.5 (be )]TJ 0.041 Tc 0.07 Tw 0 -1.231 Td [(consistent)12.6 ( with)12.6 ( the)12.7 ( previous)12.6 ( program)12.7 (.)12.6 ( The)12.6 ( differential)12.6 ( policy)12.6 ( is)12.7 ( generally)16 ( )]TJ 0.025 Tc 0.003 Tw 0 -1.231 Td (implemented for a period of less than five years, and dynamic adjustment\ s to )Tj 0 -1.231 Td (the differentiation program will be made periodically in conjunction wit\ h the )Tj 0 Tw 0 -1.231 Td (effects of implementation.)Tj 0.044 Tc 0.07 Tw 0 -2.462 Td [(In)12.3 ( this)12.4 ( forecast)12.3 (,)12.3 ( it)12.3 ( is)12.4 ( assumed)12.3 ( that)12.3 ( the)12.4 ( subsequent)12.3 ( differential)12.4 ( policy)12.3 ( will)19 ( )]TJ 0.025 Tc 0.081 Tw 0 -1.231 Td [(remain )0.5 (unchanged )0.5 (from )0.5 (the )0.5 (program )0.5 (that )0.5 (will )0.5 (be )0.5 (extended )0.6 (in )0.6 (2024, )0.5 (and )0.5 (the )]TJ 0 Tw 0 -1.231 Td (later expanded program will not be considered for the time being.)Tj 0.039 Tc 0.07 Tw -2.181 -2.462 Td [(8)14 (.)14 ( )-1021.5 (According)12.4 ( to)12.3 ( \223)12.4 (Outline)12.3 ( of)12.4 ( Integrated)12.4 ( Stereoscopic)12.4 ( Transportation)12.3 ( Network)14 ( )]TJ 0.055 Tc 2.181 -1.231 Td [(Planning)12.3 ( in)12.3 ( Jiangsu)12.3 ( Province)12.3 ( \()]TJ /C0_0 1 Tf 0.043 Tc -0.043 Tw 14.096 0 Td <03EA163D07B2105D03A5036D171703740BB710630B9D0F8C10640805>Tj /T1_0 1 Tf 0.055 Tc 0.07 Tw [(\))12.3 (\224)12.3 ( issued)30 ( )]TJ 0.07 Tc -14.096 -1.231 Td [(by)12.3 ( Party)12.4 ( Committee)12.4 ( and)12.3 ( Government)12.3 ( of)12.4 ( Jiangsu)12.4 ( Province)12.4 ( in)12.3 ( 2)12.3 (0)12.4 (2)12.4 (2)12.3 (,)12.4 ( in)45 ( )]TJ 0.052 Tc 0 -1.231 Td [(the)12.5 ( future)12.4 (,)12.5 ( Jiangsu)12.4 ( Province)12.5 ( plans)12.4 ( to)12.5 ( form)12.4 ( a)12.5 ( highway)12.5 ( network)12.4 ( layout)12.5 ( of)27 ( )]TJ 0.041 Tc 0 -1.231 Td [(\223)12.3 (fifteen)12.3 ( radiations)12.4 (,)12.3 ( six)12.4 ( north)12.3 (-)12.3 (south)12.3 ( and)12.4 ( ten)12.3 ( east)12.3 (-)12.4 (west)12.4 ( routes)12.4 ( with)12.4 ( multiple)16 ( )]TJ 0.064 Tc 0 -1.231 Td [(connections)12.3 (,)12.3 (\224)12.3 ( with)12.2 ( a)12.2 ( total)12.3 ( mileage)12.3 ( of)12.3 ( approximately)12.3 ( 7)12.3 (,)12.2 (1)12.3 (0)12.3 (0)12.3 ( kilometers)12.3 (.)39 ( )]TJ 0.053 Tc 0 -1.231 Td [(During)12.1 ( the)12.1 ( process)12.1 ( of)12.1 ( conducting)12.1 ( the)12.2 ( forecast)12.1 (,)12.2 ( the)12.2 ( latest)12.1 ( information)12.1 ( of)28 ( )]TJ 0.05 Tc 0 -1.231 Td [(projects)12.1 ( pending)12.1 (-)12.1 (construction)12.1 ( and)12.1 ( projects)12.1 ( under)12.1 ( construction)12.1 ( were)12.1 ( also)25 ( )]TJ 0.023 Tc 0 Tw 0 -1.231 Td [(collected \(such as Xiyi Expressway, Xitai Expressway, Yanjiang Expressw\ ay)-2 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.231 Td [(and)1 ( )0.5 (Shanghai)1 (-)1 (Nanjing)1 ( )0.5 (Expressway)1 (,)1 ( )0.5 (etc)1.1 (.)1 (\))1 (.)1 ( )0.5 (Based)1 ( )0.6 (on)1 ( )0.5 (the)1 ( )0.5 (analysis)1 ( )0.5 (of)1 ( )0.5 (the)1.1 ( )0.5 (road)1 ( )]TJ 0.057 Tc 0.07 Tw 0 -1.231 Td [(network)12.6 ( functionality)12.7 ( and)12.7 ( location)12.6 ( conditions)12.7 (,)12.6 ( it)12.7 ( is)12.7 ( determined)12.6 ( that)12.7 ( the)32 ( )]TJ 0.025 Tc 0.079 Tw 0 -1.231 Td (improvement and expansion projects of the along the Yanjiang Expressway \ )Tj 0.049 Tc 0.07 Tw 0 -1.231 Td [(and)12.2 ( Shanghai)12.1 (-)12.1 (Nanjing)12.1 ( Expressway)12.1 ( will)12.2 ( have)12.1 ( a)12.1 ( significant)12.1 ( impact)12 ( on)12.1 ( the)24 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (traffic flow of the Suxichang South Expressway Company.)Tj 0.047 Tc 0.07 Tw -2.181 -2.462 Td [(9)22 (.)22 ( )-1013.5 (A)0.5 (cc)0.5 (or)0.5 (din)0.5 (g)12.9 ( )0.5 (to)13 ( t)0.5 (he)13 ( W)0.5 (ux)0.5 (i)12.9 ( C)0.5 (it)0.5 (y)12.9 ( )0.5 (Ma)0.5 (st)0.5 (er)13 ( P)0.5 (la)0.5 (n)12.9 ( )0.5 (\()12.9 (2)13 (0)12.9 (1)12.9 (6)13 (-)12.9 (2)13 (0)12.9 (3)13 (5)12.9 (\))12.9 ( )0.5 (an)0.5 (d)12.9 ( )0.5 (th)0.5 (e)12.9 ( )0.5 (Wu)0.5 (xi)13 ( Ci)0.5 (ty)22 ( )]TJ 0.048 Tc 2.181 -1.231 Td [(Territorial)12.6 ( Spatial)12.6 ( Master)12.6 ( Plan)12.5 ( \()12.6 (2)12.6 (0)12.6 (2)12.6 (1)12.6 (-)12.6 (2)12.5 (0)12.6 (3)12.6 (5)12.6 (\))12.6 ( \()12.6 (publication)12.6 ( draft)12.5 (\))12.6 (,)12.6 ( the)12.6 ( local)23 ( )]TJ 0.076 Tc 0 -1.231 Td [(expressways)12.9 ( that)12.9 ( will)12.9 ( have)12.9 ( a)12.9 ( greater)12.9 ( impact)12.9 ( on)12.9 ( the)12.9 ( Suxichang)12.9 ( South)51 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(Expressway)3 ( )0.5 (are)3 ( )0.5 (the)3 ( )0.5 (west)3 ( )0.5 (extension)3 ( )0.5 (of)3 ( )0.5 (the)3 ( )0.5 (Juqu)3 ( )0.5 (Road)3 ( )0.5 (\()]TJ /C0_0 1 Tf 0.025 Tc -0.025 Tw 23.708 0 Td <05480A1C0F29041305B7>Tj /T1_0 1 Tf 0.028 Tc 0.08 Tw [(\))3 ( )0.5 (and)3 ( )0.5 (the)3 ( )]TJ 0.025 Tc 0 Tw -23.708 -1.231 Td (Suxi-Taihu Tunnel \()Tj /C0_0 1 Tf -0.025 Tw <163D137C02C40CB30BB70F38>Tj /T1_0 1 Tf 0 Tw (\) which are currently under planning.)Tj ET endstream endobj 141 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 13 \226)Tj 13 0 0 13 85.0394 776.3179 Tm [(6. )-1105.5 (The toll rates are assumed as follows in this assessment:)]TJ 0.078 Tc 0.07 Tw 2.181 -2.462 Td [(\()53 (1)53 (\))53 ( )-541.5 (F)0.5 (or)13 ( e)0.5 (xpr)0.5 (es)0.5 (sw)0.5 (a)0.5 (ys)12.9 ( )0.5 (th)0.5 (at)13 ( h)0.5 (av)0.5 (e)12.9 ( a)0.5 (l)0.5 (re)0.5 (ad)0.5 (y)12.9 ( b)0.5 (ee)0.5 (n)12.9 ( )0.5 (co)0.5 (mp)0.5 (le)0.5 (ted)13 ( a)0.5 (nd)13 ( p)0.5 (ut)12.9 ( )0.5 (in)0.5 (to)53 ( )]TJ 0.025 Tc 0 Tw 2.18 -1.231 Td (operation, the toll rates approved will remain unchanged.)Tj 0.047 Tc 0.07 Tw -2.18 -2.462 Td [(\()22 (2)22 (\))22 ( )-572.5 (For)12.8 ( the)12.8 ( expressways)12.7 ( that)12.8 ( are)12.7 ( expected)12.7 ( to)12.8 ( be)12.7 ( completed)12.7 ( and)12.7 ( put)12.7 ( into)21.9 ( )]TJ 0.041 Tc 2.18 -1.231 Td [(operation)12.6 ( before)12.7 ( 2)12.7 (0)12.7 (2)12.7 (5)12.7 (:)12.7 ( for)12.7 ( the)12.7 ( reconstruction)12.7 ( and)12.7 ( expansion)12.7 ( projects)16 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.231 Td [(and)6 ( )0.5 (new)6.1 ( )0.5 (bridge)6 ( )0.5 (and)6 ( )0.5 (tunnel)6.1 ( )0.5 (projects)6 (,)6 ( )0.5 (reference)6 ( )0.6 (is)6.1 ( )0.5 (made)6 ( )0.5 (to)6 ( )0.5 (the)6 ( )0.5 (\223)6.1 (Pricing)6 ( )]TJ 0.025 Tc 0.071 Tw 0 -1.231 Td (Mechanism for Expressway Tolls in Jiangsu Province\224 \()Tj /C0_0 1 Tf -0.025 Tw <03EA163D07B209F70BBA02AE>Tj 0 -1.231 Td <0F2903D70D6C059B110612DA0553>Tj /T1_0 1 Tf 0.035 Tc 0.073 Tw [(\))10 ( )0.5 (jointly)10 ( )0.5 (issued)10 ( )0.5 (by)10 ( )0.5 (the)10 ( )0.5 (Department)10 ( )0.5 (of)10 ( )0.5 (Transportation)10 (,)10 ( )]TJ 0.064 Tc 0.07 Tw 0 -1.231 Td [(t)0.5 (h)0.6 (e)13 ( )0.5 (D)0.6 (e)0.5 (v)0.5 (e)0.6 (l)0.5 (o)0.5 (p)0.6 (m)0.5 (e)0.5 (n)0.5 (t)13.1 ( )0.5 (a)0.6 (n)0.5 (d)13 ( )0.5 (R)0.6 (e)0.5 (f)0.6 (o)0.5 (r)0.5 (m)13 ( )0.6 (C)0.5 (o)0.5 (m)0.6 (m)0.5 (i)0.5 (s)0.5 (s)0.6 (i)0.5 (o)0.5 (n)13 ( )0.6 (a)0.5 (n)0.6 (d)13 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.5 (D)0.6 (e)0.5 (p)0.5 (a)0.6 (r)0.5 (t)0.6 (m)0.5 (e)0.5 (n)0.5 (t)13.1 ( )0.5 (o)0.5 (f)39 ( )]TJ 0.025 Tc 0.051 Tw 0 -1.231 Td [(Finance of Jiangsu )0.5 (Province )0.5 (in 2021; and for other newly built )0.5 (general )]TJ 0.056 Tc 0.069 Tw 0 -1.231 Td [(p)0.5 (ro)0.5 (j)0.5 (ec)0.5 (t)0.5 (s)13 (,)12.9 ( t)0.5 (he)13 ( ba)0.5 (s)0.5 (i)0.5 (c)12.9 ( r)0.5 (a)0.5 (te)0.5 (s)13 ( )-0.6 (f)0.5 (o)0.5 (r)12.9 ( p)0.5 (a)0.5 (ss)0.5 (e)0.5 (n)0.5 (ge)0.5 (r)0.5 (s)12.9 ( v)0.5 (e)0.5 (hi)0.5 (c)0.5 (le)0.5 (s)13 ( )-0.6 (a)0.5 (n)0.5 (d)13 ( )-0.6 (t)0.5 (r)0.5 (uc)0.5 (k)0.5 (s)13 ( )-0.6 (w)0.5 (i)0.5 (ll)13 ( be)31 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (RMB0.55 and RMB0.45/km, respectively.)Tj 0.075 Tc 0.07 Tw -2.18 -2.462 Td [(\()50 (3)50 (\))50 ( )-544.5 (For)12.6 ( expressways)12.6 ( that)12.6 ( are)12.7 ( expected)12.6 ( to)12.6 ( be)12.6 ( completed)12.6 ( and)12.6 ( put)12.6 ( into)50 ( )]TJ 0.058 Tc 2.18 -1.231 Td [(o)0.5 (p)0.5 (e)0.6 (r)0.5 (a)0.6 (t)0.5 (i)0.5 (o)0.5 (n)13.1 ( )0.5 (b)0.5 (e)0.6 (f)0.5 (o)0.5 (r)0.6 (e)13 ( )0.5 (2)13.1 (0)13 (3)13 (0)13.1 (:)13 ( )0.5 (A)0.6 (f)0.5 (t)0.5 (e)0.6 (r)13 ( )0.5 (t)0.6 (h)0.5 (e)13 ( )0.6 (c)0.5 (o)0.5 (m)0.6 (p)0.5 (l)0.5 (e)0.5 (t)0.6 (i)0.5 (o)0.5 (n)13 ( )0.6 (o)0.5 (f)13 ( )0.6 (r)0.5 (e)0.6 (c)0.5 (o)0.5 (n)0.5 (s)0.6 (t)0.5 (r)0.5 (u)0.6 (c)0.5 (t)0.5 (i)0.6 (o)0.5 (n)13 ( )0.6 (a)0.5 (n)0.5 (d)33 ( )]TJ 0 -1.231 Td [(expansion)12.3 ( projects)12.4 ( of)12.3 ( Xitai)12.3 ( Expressway)12.4 ( and)12.3 ( Yanjiang)12.4 ( Expressway)33 ( )]TJ 0.046 Tc 0 -1.231 Td [(which)12.3 ( are)12.2 ( related)12.2 ( to)12.3 ( Suxichang)12.2 ( South)12.2 ( Expressway)12.3 (,)12.2 ( the)12.3 ( toll)12.2 ( rates)12.3 ( for)21.1 ( )]TJ 0.023 Tc 0 Tw 0 -1.231 Td [(both passenger vehicles and trucks are expected to increase to RMB0.65)-2 ( )]TJ 0.065 Tc 0.07 Tw 0 -1.231 Td [(and)12.9 ( RMB)12.9 (0)12.9 (.)12.9 (5)12.9 (5)12.9 (/)12.9 (km)12.9 (,)12.9 ( r)0.5 (espectively)12.9 (,)12.9 ( du)0.5 (e)12.9 ( to)13 ( the)12.9 ( incre)0.5 (ased)12.9 ( construc)0.5 (tion)39.9 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.231 Td [(costs)1 (.)1 ( )0.5 (For)1 ( )0.5 (other)1 ( )0.5 (projects)1 ( )0.5 (that)1 ( )0.5 (will)1 ( )0.5 (be)1 ( )0.5 (completed)1 ( )0.5 (and)1 ( )0.5 (put)1 ( )0.5 (into)1 ( )0.5 (operation)1 ( )]TJ 0.025 Tc 0.068 Tw 0 -1.231 Td (before the end of 2030 with less association with the Suxichang South )Tj 0.05 Tc 0.07 Tw 0 -1.231 Td [(Expressway)12.1 (,)12 ( there)12.1 ( are)12.1 ( less)12.1 ( visibility)12 ( on)12.1 ( the)12.1 ( construction)12.1 ( costs)12.1 (,)12.1 ( it)12.1 ( is)25 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (assumed that the basic toll rates will be applied as per point \(2\) abo\ ve.)Tj 0.043 Tc 0.07 Tw -2.18 -2.462 Td [(\()18 (4)18 (\))18 ( )-576.5 (Other)12.3 ( expressway)12.3 ( projects)12.3 (:)12.2 ( for)12.3 ( expressway)12.2 ( projects)12.3 ( to)12.3 ( be)12.3 ( completed)18 ( )]TJ 0.025 Tc 0.066 Tw 2.18 -1.231 Td (and opened to traffic after 2030, after the completion of the expansion \ )Tj 0.091 Tc 0.07 Tw 0 -1.231 Td [(projects)12.6 ( of)12.6 ( Shanghai)12.6 (-)12.6 (Nanjing)12.6 ( Expressway)12.7 ( \()12.7 (which)12.7 ( is)12.7 ( related)12.6 ( to)66 ( )]TJ 0.048 Tc 0 -1.231 Td [(Suxichang)12.4 ( South)12.5 ( Expressway)12.4 (\))12.5 (,)12.5 ( the)12.5 ( construction)12.5 ( cost)12.5 ( will)12.5 ( be)12.4 ( further)23 ( )]TJ 0.025 Tc 0.015 Tw 0 -1.231 Td (increased, and the average level of toll rates is expected to be increas\ ed )Tj 0.084 Tc 0.07 Tw 0 -1.231 Td [(accordingly)12 ( and)12.1 ( it)12.1 ( is)12 ( assumed)12.1 ( that)12.1 ( the)12.1 ( basic)12.1 ( rate)12.1 ( for)12.1 ( passenger)59 ( )]TJ 0.04 Tc 0 -1.231 Td [(vehicles)12.5 ( will)12.4 ( be)12.5 ( raised)12.5 ( to)12.5 ( RMB)12.5 (0)12.5 (.)12.4 (7)12.5 (5)12.5 (/)12.5 (km)12.5 (,)12.5 ( and)12.5 ( the)12.5 ( basic)12.5 ( rate)12.5 ( for)12.5 ( trucks)15 ( )]TJ 0.048 Tc 0 -1.231 Td [(w)0.5 (i)0.5 (l)0.5 (l)13 ( )0.5 (b)0.5 (e)13 ( )0.5 (R)0.5 (M)0.5 (B)13 (0)13 (.)13 (5)13 (5)13 (/)13 (k)0.5 (m)13 (.)12.9 ( )0.5 (F)0.5 (o)0.5 (r)13 ( )0.5 (o)0.5 (t)0.5 (h)0.5 (e)0.5 (r)13 ( )0.5 (p)0.5 (r)0.5 (o)0.5 (j)0.5 (e)0.5 (c)0.5 (t)0.5 (s)13 ( )0.5 (t)0.5 (h)0.5 (a)0.5 (t)13 ( )0.5 (w)0.5 (i)0.5 (l)0.5 (l)13 ( )0.5 (b)0.5 (e)13 ( )0.5 (c)0.5 (o)0.5 (m)0.5 (p)0.5 (l)0.5 (e)0.5 (t)0.5 (e)0.5 (d)13 ( )0.5 (a)0.5 (n)0.5 (d)23 ( )]TJ 0.045 Tc 0 -1.231 Td [(put)12.4 ( into)12.5 ( operation)12.5 ( before)12.5 ( the)12.5 ( end)12.4 ( of)12.5 ( 2)12.5 (0)12.4 (3)12.5 (0)12.4 ( with)12.4 ( less)12.5 ( association)12.5 ( with)20 ( )]TJ 0.07 Tc 0 -1.231 Td [(the)12.5 ( Suxichang)12.5 ( South)12.4 ( Expressway)12.4 (,)12.5 ( there)12.5 ( are)12.4 ( less)12.5 ( visibility)12.5 ( on)12.5 ( the)45 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(construction)10 ( )0.5 (costs)10 ( )0.5 (construction)10 ( )0.5 (costs)10 (,)10 ( )0.5 (it)10 ( )0.5 (is)10 ( )0.5 (assumed)9.9 ( )0.6 (that)10 ( )0.5 (the)10 ( )0.5 (basic)10 ( )0.5 (toll)10 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (rates will be applied as per point \(2\) above.)Tj 0.027 Tw -2.18 -2.462 Td (Due to the increase in toll rates of the expressways in parallel, it is \ expected )Tj 0.048 Tc 0.07 Tw 0 -1.231 Td [(that)12.8 ( the)12.8 ( traffic)12.8 ( sharing)12.8 ( ratio)12.8 ( of)12.8 ( Suxichang)12.8 ( South)12.8 ( Expressway)12.8 ( in)12.9 ( the)12.8 ( road)23 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (network will be increased compared with the current situation.)Tj ET endstream endobj 140 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 12 \226)Tj 0.067 Tc 0.07 Tw 13 0 0 13 113.3858 776.3179 Tm [(In)12 ( addition)12.1 (,)12 ( in)12 ( recent)12.1 ( years)12 (,)12.1 ( traffic)12.1 ( congestion)12.1 ( in)12.1 ( local)12 ( cities)12 ( roads)12.1 ( in)42 ( )]TJ 0.065 Tc 0 -1.231 Td [(southern)12.3 ( Jiangsu)12.3 ( Province)12.3 ( has)12.3 ( been)12.3 ( worsening)12.4 (,)12.3 ( and)12.3 ( expressways)12.3 ( have)40 ( )]TJ 0.047 Tc 0 -1.231 Td [(b)0.5 (e)0.6 (c)0.5 (o)0.6 (m)0.5 (e)13 ( )0.6 (o)0.5 (n)0.6 (e)13 ( )0.6 (o)0.5 (f)13 ( )0.6 (t)0.5 (h)0.6 (e)13 ( )0.5 (c)0.6 (h)0.5 (o)0.6 (i)0.5 (c)0.5 (e)0.6 (s)13 ( )0.6 (f)0.5 (o)0.6 (r)13 ( )0.6 (r)0.5 (e)0.5 (g)0.6 (i)0.5 (o)0.5 (n)0.6 (a)0.5 (l)13.1 ( )0.5 (t)0.5 (r)0.6 (a)0.5 (n)0.6 (s)0.5 (p)0.6 (o)0.5 (r)0.5 (t)0.6 (a)0.5 (t)0.5 (i)0.6 (o)0.5 (n)13 (,)13.1 ( )0.5 (w)0.6 (i)0.5 (t)0.6 (h)13 ( )0.5 (a)13.1 ( )0.5 (s)0.6 (i)0.5 (g)0.5 (n)0.6 (i)0.5 (f)0.5 (i)0.6 (c)0.5 (a)0.6 (n)0.5 (t)22 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(increase)12 ( )0.5 (in)12 ( )0.5 (Class)12 ( )0.5 (I)12 ( )0.5 (passenger)12 ( )0.5 (vehicles)12 ( )0.5 (\()12 (i)12 (.)12 (e)12 (.)12 ( )0.5 (passenger)12 ( )0.5 (vehicles)12 ( )0.5 (of)12 ( )0.5 (less)12 ( )0.5 (than)12 ( )]TJ 0.059 Tc 0.07 Tw 0 -1.231 Td [(9)12.1 ( seats)12.1 (\))12.1 ( for)12 ( short)12 ( trips)12.1 (;)12.1 ( on)12.1 ( the)12.1 ( other)12.1 ( hand)12.1 (,)12.1 ( with)12.1 ( the)12.1 ( construction)12 ( of)12.1 ( the)34.1 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(national)8 ( )0.5 (high)8 (-)8.1 (speed)8 ( )0.5 (railroads)8.1 ( )0.5 (and)8 ( )0.5 (the)8 ( )0.5 (local)8 ( )0.5 (intercity)8 ( )0.5 (railroads)8 (,)8 ( )0.5 (the)8.1 ( )0.5 (intercity)8 ( )]TJ 0.049 Tc 0.07 Tw 0 -1.231 Td [(transportation)12.2 ( function)12.2 ( of)12.2 ( large)12.2 ( passenger)12.2 ( vehicles)12.2 ( \()12.1 (i)12.2 (.)12.2 (e)12.2 (.)12.1 ( those)12.2 ( with)12.2 ( more)24 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(than)12 ( )0.5 (3)12 (0)12 ( )0.5 (seats)12 (\))12 ( )0.5 (has)12 ( )0.5 (gradually)12 ( )0.5 (weakened)12 (.)12 ( )0.5 (Therefore)12 (,)12 ( )0.5 (the)12 ( )0.6 (proportion)12 ( )0.5 (of)12 ( )0.5 (Class)12 ( )]TJ 0.049 Tc 0.07 Tw 0 -1.231 Td [(I)12.7 ( passenger)12.7 ( vehicles)12.7 ( among)12.7 ( all)12.6 ( other)12.7 ( passenger)12.7 ( vehicle)12.7 ( models)12.7 ( will)12.7 ( also)24 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (increase at the same time.)Tj 0.047 Tc 0.07 Tw 0 -2.462 Td [(As)12.8 ( for)12.9 ( trucks)12.8 (,)12.9 ( the)12.9 ( per)12.8 ( weight)12.9 ( unit)12.9 ( transportation)12.9 ( costs)12.9 ( of)12.9 ( larger)12.8 ( trucks)12.9 ( is)22 ( )]TJ 0.025 Tc 0.003 Tw 0 -1.231 Td (lower, and the development of larger trucks \(six-axle\) has gained mome\ ntum )Tj 0.023 Tw 0 -1.231 Td (under the high efficiency mode of transport organization. On the other h\ and, )Tj 0.031 Tc 0.077 Tw 0 -1.231 Td [(s)0.5 (ma)0.5 (lle)0.5 (r)6 ( )0.5 (tr)0.5 (uc)0.5 (ks)6 ( )0.5 (\()6.1 (tw)0.5 (o)6 (-)6 (ax)0.5 (le)6 (\))6.1 ( )0.5 (ex)0.5 (hib)0.5 (it)6 ( )0.5 (g)0.5 (ood)6.1 ( )0.5 (ma)0.5 (ne)0.5 (uve)0.5 (ra)0.5 (bi)0.5 (li)0.5 (ty)6 ( )0.5 (a)0.5 (nd)6 ( )0.5 (a)0.5 (re)6 ( )0.5 (w)0.5 (e)0.5 (ll)6 (-)6 (s)0.5 (uit)0.5 (ed)6.1 ( )]TJ 0.071 Tc 0.07 Tw 0 -1.231 Td [(to)12.3 ( the)12.4 ( current)12.4 ( pace)12.4 ( of)12.4 ( economic)12.4 ( development)12.4 (.)12.4 ( The)12.4 ( growth)12.3 ( of)12.4 ( express)46 ( )]TJ 0.025 Tc 0.056 Tw 0 -1.231 Td (delivery services also plays a significant role in promoting the develop\ ment )Tj 0.028 Tc 0.08 Tw 0 -1.231 Td [(of)3 ( )0.5 (smaller)3 ( )0.5 (trucks)3 (.)3 ( )0.5 (Therefore)3 (,)3 ( )0.5 (for)3 ( )0.6 (the)3 ( )0.5 (proportion)3 ( )0.5 (of)3 ( )0.5 (the)3.1 ( )0.5 (type)3 ( )0.5 (of)3 ( )0.5 (trucks)3 ( )0.5 (in)3 ( )0.5 (the)3.1 ( )]TJ 0.049 Tc 0.07 Tw 0 -1.231 Td [(f)0.5 (u)0.5 (t)0.6 (u)0.5 (r)0.5 (e)13 (,)13 ( )0.5 (i)0.6 (t)13 ( )0.5 (i)0.5 (s)13 ( )0.5 (a)0.6 (n)0.5 (t)0.5 (i)0.5 (c)0.5 (i)0.5 (p)0.6 (a)0.5 (t)0.5 (e)0.5 (d)13 ( )0.6 (t)0.5 (h)0.5 (a)0.5 (t)13 ( )0.5 (t)0.6 (h)0.5 (e)0.5 (r)0.5 (e)13 ( )0.6 (w)0.5 (i)0.5 (l)0.5 (l)13 ( )0.6 (b)0.5 (e)13 ( )0.5 (a)13 ( )0.6 (g)0.5 (r)0.5 (o)0.5 (w)0.5 (t)0.6 (h)13 ( )0.5 (i)0.5 (n)13 ( )0.5 (s)0.6 (m)0.5 (a)0.5 (l)0.5 (l)0.5 (e)0.5 (r)13.1 ( )0.5 (t)0.5 (r)0.5 (u)0.5 (c)0.6 (k)0.5 (s)13 ( )0.5 (a)0.5 (n)0.5 (d)24 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (larger trucks whereas there will be a decline in the mid-sized trucks.)Tj 0.035 Tc 0.073 Tw -2.181 -2.462 Td [(4)10 (.)10 ( )-1022.5 (In)10 ( )0.5 (this)10 ( )0.5 (analysis)10 (,)10 ( )0.5 (traffic)10 ( )0.6 (assignment)10 ( )0.5 (in)10 ( )0.5 (road)10 ( )0.5 (network)10 ( )0.5 (is)10 ( )0.5 (conducted)10 ( )0.5 (using)9.9 ( )0.6 (the)10 ( )]TJ 0.058 Tc 0.07 Tw 2.181 -1.231 Td [(traffic)12.3 ( impedance)12.3 ( function)12.3 (.)12.3 ( The)12.3 ( traffic)12.3 ( impedance)12.3 ( function)12.3 ( reflects)12.3 ( the)33 ( )]TJ 0.047 Tc 0 -1.231 Td [(f)0.5 (a)0.6 (c)0.5 (t)0.6 (o)0.5 (r)0.5 (s)13.1 ( )0.5 (t)0.6 (h)0.5 (a)0.6 (t)13 ( )0.5 (d)0.6 (r)0.5 (i)0.6 (v)0.5 (e)0.5 (r)0.6 (s)13 ( )0.6 (c)0.5 (o)0.5 (n)0.6 (s)0.5 (i)0.6 (d)0.5 (e)0.5 (r)13.1 ( )0.5 (w)0.6 (h)0.5 (e)0.6 (n)13 ( )0.5 (c)0.6 (h)0.5 (o)0.6 (o)0.5 (s)0.5 (i)0.6 (n)0.5 (g)13 ( )0.6 (a)13 ( )0.6 (r)0.5 (o)0.6 (u)0.5 (t)0.5 (e)13.1 (,)13 ( )0.5 (i)0.6 (n)0.5 (c)0.6 (l)0.5 (u)0.6 (d)0.5 (i)0.5 (n)0.5 (g)13.1 ( )0.5 (t)0.6 (h)0.5 (e)13 ( )0.6 (a)0.5 (c)0.6 (t)0.5 (u)0.6 (a)0.5 (l)22 ( )]TJ 0.044 Tc 0 -1.231 Td [(travel)12.8 ( time)12.8 (,)12.7 ( the)12.8 ( length)12.8 ( of)12.8 ( the)12.7 ( route)12.7 (,)12.8 ( and)12.8 ( the)12.7 ( toll)12.8 ( fees)12.7 (.)12.8 ( The)12.8 ( significance)12.8 ( of)19 ( )]TJ 0.047 Tc 0 -1.231 Td [(these)12.3 ( factors)12.2 ( is)12.2 ( captured)12.3 ( by)12.3 ( using)12.2 ( weighted)12.3 ( coefficients)12.2 (.)12.3 ( The)12.3 ( travel)12.3 ( time)22 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.231 Td [(and)7 ( )0.5 (route)7 ( )0.5 (length)7 ( )0.5 (are)7.1 ( )0.5 (converted)7 ( )0.5 (into)7 ( )0.5 (tolls)7 ( )0.5 (through)7 ( )0.5 (the)7 ( )0.5 (value)7 ( )0.5 (of)7 ( )0.5 (time)7 ( )0.6 (and)7 ( )0.5 (the)7 ( )]TJ 0.025 Tc 0.056 Tw 0 -1.231 Td (cost of vehicle operation. The parameters in the relevant analysis model\ are )Tj 0.03 Tc 0.078 Tw 0 -1.231 Td [(calculated)5 ( )0.5 (based)5 ( )0.5 (on)5 ( )0.5 (the)5 ( )0.5 (experience)5 ( )0.5 (of)5 ( )0.5 (the)5 ( )0.5 (Company)5 ( )0.5 (in)5 ( )0.5 (similar)5 ( )0.5 (projects)5 ( )0.5 (and)5 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (the figures widely used in domestic applications.)Tj 0.02 Tw -2.181 -2.462 Td [(5. )-1085.5 (Regarding the toll period, it is assumed in the forecast that all highwa\ ys will )]TJ 0 Tw 2.181 -1.231 Td (maintain their existing toll status during the forecast period.)Tj ET endstream endobj 139 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 11 \226)Tj 0.031 Tc 0.077 Tw 13 0 0 13 113.3858 776.3179 Tm [(5)6 (.)6 ( )-1022.5 (It)6.1 ( )0.5 (is)6 ( )0.5 (assumed)6 ( )0.5 (that)6 ( )0.5 (upon)6 ( )0.5 (the)6 ( )0.5 (expiration)6 ( )0.5 (of)6 ( )0.5 (the)6 ( )0.5 (concession)6 ( )0.5 (period)6 ( )0.5 (of)6 ( )0.6 (the)6 ( )]TJ 0.039 Tc 0.07 Tw 2.181 -1.231 Td [(e)0.5 (xp)0.5 (re)0.5 (ss)0.5 (wa)0.5 (y)12.9 ( )0.5 (ow)0.5 (ne)0.5 (d)12.9 ( )0.5 (by)13 ( t)0.5 (he)13 ( s)0.5 (ub)0.5 (je)0.5 (ct)13 ( u)0.5 (nd)0.5 (er)13 ( v)0.5 (al)0.5 (ua)0.5 (ti)0.5 (on)13 (,)12.9 ( )0.5 (al)0.5 (l)12.9 ( )0.5 (re)0.5 (le)0.5 (va)0.5 (nt)13 ( a)0.5 (s)0.5 (se)0.5 (ts)14 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.231 Td [(s)0.5 (uch)6 ( )0.5 (a)0.5 (s)6 ( )0.5 (th)0.5 (e)6 ( )0.5 (ex)0.5 (pr)0.5 (ess)0.5 (wa)0.5 (y)6 ( )0.5 (a)0.5 (nd)6 ( )0.5 (a)0.5 (nci)0.5 (lla)0.5 (ry)6 ( )0.5 (f)0.5 (ac)0.5 (il)0.5 (iti)0.5 (es)6 ( )0.5 (w)0.5 (il)0.5 (l)6 ( )0.5 (be)6 ( )0.5 (h)0.5 (an)0.5 (ded)6 ( )0.5 (o)0.5 (ve)0.5 (r)6 ( )0.5 (to)6 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (the state on a free-of-charge basis.)Tj 0.04 Tc 0.07 Tw -2.181 -2.462 Td [(6)15 (.)15 ( )-1020.5 (It)12.8 ( is)12.8 ( assumed)12.8 ( that)12.7 ( the)12.7 ( subject)12.7 ( under)12.8 ( valuation)12.7 ( obtains)12.7 ( and)12.8 ( repays)12.7 ( the)15.1 ( )]TJ 0.041 Tc 2.181 -1.231 Td [(loans)12.7 ( in)12.7 ( accordance)12.7 ( with)12.7 ( the)12.6 ( existing)12.6 ( borrowing)12.7 ( plan)12.7 ( and)12.7 ( repayment)16 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (plan.)Tj 0.042 Tc 0.07 Tw -4.361 -2.462 Td [(The)12.9 ( State)12.9 (-)12.9 (owned)12.9 ( Assets)12.9 ( Evaluation)12.8 ( Report)12.9 ( made)12.9 ( reference)12.8 ( to)12.9 ( the)12.9 ( \223)12.9 (Forecast)12.9 ( of)17 ( )]TJ 0.058 Tc 0 -1.231 Td [(Traffic)12.2 ( Volume)12.2 (,)12.2 ( Toll)12.2 ( Revenue)12.2 ( and)12.2 ( Operation)12.2 ( and)12.2 ( Maintenance)12.2 ( Costs)12.2 ( of)12.3 ( the)33 ( )]TJ 0.053 Tc 0 -1.231 Td [(Suxichang)12.4 ( South)12.4 ( Expressway)12.4 ( \()]TJ /C0_0 1 Tf 0.041 Tc -0.041 Tw 14.117 0 Td [<163D137C0A6C>0.5 <06CC0BC509F70BBA>0.5 <02AE0F2903740BB7>0.5 <0D8E00650BB7>0.5 <04110D6C03D7025D02BF>0.5 <0F36>]TJ 0.026 Tc -0.026 Tw -14.117 -1.231 Td <1404126E169003D303490F6B0CBB>Tj /T1_0 1 Tf 0.038 Tc 0.07 Tw [(\))12.2 (\224)12.3 ( issued)12.3 ( by)12.3 ( Jiangsu)12.2 ( Weixin)12.3 ( Engineering)12.2 ( Consulting)12.2 ( Company)13 ( )]TJ 0.047 Tc 0 -1.231 Td [(L)0.5 (im)0.5 (it)0.5 (ed)13 ( )0.5 (\()]TJ /C0_0 1 Tf 0.034 Tc -0.034 Tw 4.214 0 Td <03EA163D11D706A602880CFB13540F1403DE082202AE0321>Tj /T1_0 1 Tf 0.047 Tc 0.07 Tw [(\))13 (,)13 ( t)0.5 (he)13 ( )0.5 (ma)0.5 (te)0.5 (r)0.5 (ia)0.5 (l)12.9 ( )0.5 (a)0.5 (ss)0.5 (um)0.5 (p)0.5 (ti)0.5 (on)0.5 (s)12.9 ( )0.5 (o)0.5 (f)12.9 ( )0.5 (th)0.5 (e)13 ( t)0.5 (ra)0.5 (f)0.5 (fi)0.5 (c)22 ( )]TJ 0.025 Tc 0 Tw -4.214 -1.231 Td (volume forecast are set out below:)Tj 0.042 Tc 0.07 Tw 0 -2.462 Td [(1)17 (.)17 ( )-1018.5 (Considering)12.1 ( factors)12.1 ( such)12.1 ( as)12.1 ( the)12.1 ( historical)12 ( annual)12.1 ( regional)12.1 ( gross)12.1 ( domestic)17 ( )]TJ 0.025 Tc 0.081 Tw 2.181 -1.231 Td (product \(GDP\) growth and the elasticity coefficients for passenger veh\ icles )Tj 0.041 Tc 0.07 Tw 0 -1.231 Td [(\()12.4 (the)12.4 ( coefficient)12.4 ( that)12.3 ( shows)12.4 ( the)12.4 ( correlation)12.4 ( between)12.4 ( traffic)12.4 ( volume)12.4 ( growth)16 ( )]TJ 0.038 Tc 0 -1.231 Td [(and)12.4 ( economic)12.4 ( growth)12.3 (\))12.4 (.)12.4 ( Based)12.4 ( on)12.4 ( the)12.4 ( economic)12.4 ( planning)12.4 ( and)12.4 ( development)13 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.231 Td [(trends)7 ( )0.5 (of)7 ( )0.5 (Jiangsu)7 ( )0.5 (and)7 ( )0.5 (its)7 ( )0.5 (surrounding)6.9 ( )0.6 (areas)7 (,)7 ( )0.5 (the)7 ( )0.5 (GDP)7 ( )0.5 (growth)7 ( )0.5 (has)7 ( )0.5 (generally)7 ( )]TJ 0.04 Tc 0.07 Tw 0 -1.231 Td [(remained)12.7 ( stable)12.7 ( with)12.6 ( a)12.6 ( slight)12.6 ( decline)12.7 (.)12.6 ( Similarly)12.7 (,)12.6 ( as)12.7 ( the)12.6 ( stage)12.6 ( of)12.7 ( economic)15 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.231 Td [(development)4 ( )0.5 (changes)4 (,)4 ( )0.5 (the)4 ( )0.5 (predicted)4.1 ( )0.5 (values)4 ( )0.6 ( )357.9 ( )358 (of)4.1 ( )0.5 (the)4 ( )0.5 (elasticity)4 ( )0.5 (coefficients)4 ( )0.5 (for)4 ( )]TJ 0.025 Tc 0.074 Tw 0 -1.231 Td (passenger vehicles and trucks in relevant areas has deceased in the fore\ cast )Tj 0.024 Tc 0 Tw 0 -1.231 Td [(period. The two reasons above are the factors causing a decline of the o\ verall)-1 ( )]TJ 0.025 Tc 0 -1.231 Td (traffic growth rate of the regional road network.)Tj 0.044 Tc 0.07 Tw -2.181 -2.462 Td [(2)19 (.)19 ( )-1016.5 (T)0.5 (hi)0.5 (s)13 ( f)0.5 (or)0.5 (e)0.5 (ca)0.5 (s)0.5 (t)12.9 ( )0.5 (a)0.5 (ls)0.5 (o)12.9 ( )0.5 (in)0.5 (c)0.5 (lu)0.5 (de)0.5 (s)13 ( r)0.5 (oa)0.5 (d)13 ( c)0.5 (a)0.5 (pa)0.5 (ci)0.5 (t)0.5 (y)12.9 ( )0.5 (an)0.5 (a)0.5 (ly)0.5 (si)0.5 (s)12.9 (.)13 ( )0.5 (Th)0.5 (e)12.9 ( )0.5 (c)0.5 (al)0.5 (c)0.5 (ul)0.5 (at)0.5 (i)0.5 (on)13 ( o)0.5 (f)12.9 ( )0.5 (t)0.5 (he)19 ( )]TJ 0.024 Tc 0 Tw 2.181 -1.231 Td [(c)0.5 (a)0.6 (p)0.5 (a)0.6 (c)0.5 (i)0.5 (t)0.5 (y)0.6 ( )0.5 (i)0.5 (s)0.5 ( )0.6 (m)0.5 (a)0.5 (i)0.6 (n)0.5 (l)0.5 (y)0.5 ( )0.6 (b)0.5 (a)0.5 (s)0.6 (e)0.5 (d)0.5 ( )0.5 (o)0.6 (n)0.5 ( )0.5 (t)0.6 (h)0.5 (e)0.5 ( )0.6 (T)0.5 (e)0.5 (c)0.6 (h)0.5 (n)0.5 (i)0.5 (c)0.6 (a)0.5 (l)0.6 ( )0.5 (S)0.5 (t)0.5 (a)0.6 (n)0.5 (d)0.5 (a)0.6 (r)0.5 (d)0.5 ( )0.5 (f)0.6 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An open market is a fully competitive market )Tj 0.034 Tc 0.074 Tw 0 -1.231 Td [(with)9 ( )0.5 (many)9 ( )0.5 (buyers)9 ( )0.5 (and)9 ( )0.5 (sellers)9 (.)9 ( )0.5 (In)9 ( )0.5 (this)8.9 ( )0.6 (market)9 (,)9 ( )0.5 (buyers)9 ( )0.5 (and)9 ( )0.5 (sellers)9 ( )0.5 (have)9 ( )]TJ 0.025 Tc 0.049 Tw 0 -1.231 Td [(equal )0.5 (status, )0.5 (and )0.5 (each )0.5 (has )0.5 (the )0.5 (opportunity )0.6 (and )0.5 (time )0.5 (to )0.5 (obtain )0.5 (sufficient )]TJ 0.015 Tw 0 -1.231 Td [(market information. 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and)Tj 0.015 Tc -2.181 -2.462 Td [(\()-10 (v)-10 (i)-10 (\))-10 ( )-371.5 (Jiangsu Communications Holding having provided a letter of undertaking )]TJ 0.018 Tw 2.181 -1.231 Td (in the form appended as appendix 3 to the Equity Transfer Agreement on )Tj 0 Tw 0 -1.231 Td (the signing date of the Equity Transfer Agreement.)Tj 0.058 Tc 0.07 Tw -2.181 -2.462 Td [(As)12.5 ( at)12.5 ( the)12.5 ( date)12.5 ( of)12.5 ( this)12.5 ( announcement)12.5 (,)12.5 ( conditions)12.5 ( \()12.5 (v)12.5 (\))12.5 ( and)12.5 ( \()12.5 (vi)12.5 (\))12.5 ( have)12.5 ( been)32.9 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (fulfilled.)Tj /T1_1 1 Tf 0 Tw -2.181 -2.462 Td [(7. )-1105.5 (Payment of the Consideration)]TJ /T1_0 1 Tf 0.022 Tc 2.181 -2.462 Td [(The Consideration shall be paid in cash and will be funded by the Compan\ y\222s)-3 ( )]TJ 0.025 Tc 0 -1.231 Td (own funds or financing funds in line with the use of funds.)Tj 0.033 Tc 0.075 Tw 0 -2.462 Td [(The)8 ( )0.5 (consideration)8 ( )0.5 (for)8 ( )0.5 (the)8.1 ( )0.5 (first)8 ( )0.5 (phrase)8 ( )0.5 (shall)8 ( be)8 ( )0.5 (RMB)8 (1)8 (.)8 (8)8 ( )0.5 (billion)8 ( )0.5 (\()8 (hereinafter)8 ( )]TJ 0.047 Tc 0.07 Tw 0 -1.231 Td [(r)0.5 (e)0.5 (fe)0.5 (r)0.5 (r)0.5 (e)0.5 (d)13 ( t)0.5 (o)13 ( a)0.5 (s)13 ( )0.5 (\223)]TJ /T1_1 1 Tf 6.873 0 Td [(F)0.5 (ir)0.5 (s)0.5 (t)13 ( )0.5 (Ph)0.5 (r)0.5 (a)0.5 (s)0.5 (e)12.9 ( )0.5 (C)0.5 (o)0.5 (n)0.5 (si)0.5 (d)0.5 (e)0.5 (ra)0.5 (t)0.5 (i)0.5 (on)]TJ /T1_0 1 Tf 12.867 0 Td [(\224)13 (\))13 ( )0.5 (an)0.5 (d)13 ( s)0.5 (h)0.5 (a)0.5 (ll)13 ( )0.5 (b)0.5 (e)13 ( p)0.5 (a)0.5 (i)0.5 (d)12.9 ( )0.5 (w)0.5 (i)0.5 (t)0.5 (hi)0.5 (n)13 ( 5)22 ( )]TJ 0.041 Tc -19.74 -1.231 Td [(bu)0.5 (sin)0.5 (es)0.5 (s)12.9 ( )0.5 (day)0.5 (s)12.9 ( )0.5 (aft)0.5 (er)13 ( t)0.5 (he)12.9 ( )0.5 (af)0.5 (or)0.5 (eme)0.5 (nti)0.5 (one)0.5 (d)12.9 ( )0.5 (co)0.5 (ndi)0.5 (tio)0.5 (ns)12.9 ( )0.5 (pr)0.5 (ec)0.5 (ede)0.5 (nt)13 ( a)0.5 (re)13 ( fu)0.5 (lfi)0.5 (lle)0.5 (d)12.9 (.)16 ( )]TJ 0.049 Tc 0 -1.231 Td [(The)12.3 ( remaining)12.4 ( consideration)12.4 ( \()12.4 (hereinafter)12.4 ( referred)12.3 ( to)12.3 ( as)12.4 ( \223)]TJ /T1_1 1 Tf 25.81 0 Td [(Second)12.4 ( Phrase)24 ( )]TJ 0.043 Tc -0.043 Tw -25.81 -1.231 Td (Consideration)Tj /T1_0 1 Tf 0.07 Tw 6.599 0 Td [(\224)12.8 (\))12.8 ( shall)12.7 ( be)12.8 ( paid)12.8 ( within)12.8 ( 9)12.8 (0)12.8 ( days)12.8 ( after)12.8 ( the)12.8 ( Completion)12.8 ( Date)12.7 (.)18 ( )]TJ 0.052 Tc -6.599 -1.231 Td [(Interest)12.2 ( will)12.1 ( be)12.1 ( incurred)12.1 ( for)12.1 ( the)12.2 ( deferred)12.2 ( payment)12.1 ( of)12.1 ( the)12.1 ( Second)12.2 ( Phrase)27 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.231 Td [(Consideration)2 (.)2 ( )0.5 (Interest)2 ( )0.5 (shall)2 ( )0.5 (be)2 ( )0.5 (payable)2 ( )0.5 (at)2 ( )0.5 (the)2 ( )0.5 (prevailing)2 ( )0.5 (1)2 (-)2 (year)2 ( )0.5 (loan)2 ( )0.5 (prime)2 ( )]TJ 0.034 Tc 0.074 Tw 0 -1.231 Td [(rate)9 ( )0.5 (market)9 ( )0.5 (quotation)9 ( )0.5 (published)9 ( )0.5 (by)9 ( )0.5 (the)9 ( )0.5 (National)9 ( )0.5 (Interbank)9.1 ( )0.5 (Funding)9 ( )0.5 (Center)9.1 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(\()3 (authorised)3 ( )0.5 (by)3 ( )0.5 (the)3 ( )0.5 (People)3 (\222)3 (s)3 ( )0.5 (Bank)3 ( )0.5 (of)3 ( )0.6 (China)3.1 (\))3 ( )0.5 (on)3.1 ( )0.5 (the)3 ( )0.5 (2)3 (0)3 (th)3 ( )0.5 (day)3 ( )0.5 (of)3 ( )0.5 (each)3 ( )0.5 (month)3 ( )]TJ 0.041 Tc 0.07 Tw 0 -1.231 Td [(d)0.6 (u)0.5 (r)0.6 (i)0.5 (n)0.6 (g)13 ( )0.6 (t)0.5 (h)0.6 (e)13 ( )0.6 (d)0.5 (e)0.6 (f)0.5 (e)0.6 (r)0.6 (r)0.5 (e)0.6 (d)13 ( )0.6 (p)0.5 (a)0.6 (y)0.5 (m)0.6 (e)0.5 (n)0.6 (t)13 ( )0.6 (p)0.5 (e)0.6 (r)0.6 (i)0.5 (o)0.5 (d)13.1 ( )0.6 (w)0.5 (h)0.6 (i)0.5 (c)0.6 (h)13 ( )0.6 (c)0.6 (o)0.5 (m)0.5 (m)0.6 (e)0.6 (n)0.5 (c)0.6 (e)0.5 (s)13.1 ( )0.5 (f)0.6 (r)0.5 (o)0.6 (m)13 ( )0.6 (t)0.6 (h)0.5 (e)13.1 ( )0.5 (n)0.6 (e)0.5 (x)0.6 (t)13 ( )0.6 (d)0.5 (a)0.6 (t)0.5 (e)16 ( )]TJ 0.024 Tc 0 Tw 0 -1.231 Td [(after the Completion Date and ends on the actual payment date of the Sec\ ond)-1 ( )]TJ 0.025 Tc 0 -1.231 Td (Phrase Consideration.)Tj ET endstream endobj 145 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 0.049 Tc 0.07 Tw 13 0 0 13 113.3858 776.3179 Tm [(In)12.5 ( the)12.5 ( circumstance)12.5 ( that)12.5 ( valuation)12.4 ( results)12.5 ( approved)12.5 ( or)12.5 ( filed)12.5 ( differs)12.5 ( from)24 ( )]TJ 0.055 Tc 0 -1.231 Td [(the)13 ( afo)0.5 (reme)0.5 (ntione)0.5 (d)12.9 ( ap)0.5 (prais)0.5 (ed)12.9 ( v)0.5 (alue)12.9 (,)13 ( the)13 ( purc)0.5 (hase)0.5 (r)12.9 ( an)0.5 (d)12.9 ( the)13 ( vend)0.5 (or)12.9 ( sh)0.5 (all)30 ( )]TJ 0.054 Tc 0 -1.231 Td [(negotiate)12.2 ( the)12.2 ( consideration)12.1 ( of)12.2 ( the)12.2 ( Target)12.2 ( Equity)12.2 ( based)12.1 ( on)12.1 ( the)12.2 ( valuation)29 ( )]TJ 0.025 Tc 0.018 Tw 0 -1.231 Td (results approved or filed. If the purchaser and the vendor are unable to\ reach )Tj 0.028 Tc 0.08 Tw 0 -1.231 Td [(an)3 ( )0.5 (agreement)3 (,)3 ( )0.5 (both)3 ( )0.5 (parties)3 ( )0.5 (may)3 ( )0.5 (terminate)3 ( )0.5 (the)3 ( )0.5 (transaction)3 ( )0.5 (without)3 ( )0.5 (assuming)3 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (any liability to the other party for breach of contract.)Tj 0.056 Tc 0.07 Tw 0 -2.462 Td [(The)12.3 ( Company)12.4 ( appointed)12.3 ( Kroll)12.4 ( \()12.3 (HK)12.4 (\))12.3 ( Limited)12.4 ( \()12.3 (hereinafter)12.3 ( referred)12.4 ( to)12.3 ( as)31 ( )]TJ 0 Tc 0 Tw 0 -1.231 Td (\223)Tj /T1_1 1 Tf 0.073 Tc 0.07 Tw 0.504 0 Td [(V)0.5 (a)0.6 (l)0.5 (u)0.5 (a)0.5 (t)0.6 (i)0.5 (o)0.5 (n)13 ( )0.6 (C)0.5 (o)0.5 (n)0.6 (s)0.5 (u)0.5 (l)0.6 (t)0.5 (a)0.5 (n)0.5 (t)]TJ /T1_0 1 Tf 10.69 0 Td [(\224)13 (\))13.1 ( )0.5 (t)0.5 (o)13.1 ( )0.5 (a)0.5 (s)0.6 (s)0.5 (e)0.5 (s)0.6 (s)13 ( )0.5 (t)0.6 (h)0.5 (e)13 ( )0.6 (v)0.5 (a)0.5 (l)0.5 (u)0.6 (e)13 ( )0.5 (o)0.6 (f)13 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.5 (T)0.6 (a)0.5 (r)0.6 (g)0.5 (e)0.5 (t)13 ( )0.6 (E)0.5 (q)0.5 (u)0.6 (i)0.5 (t)0.5 (y)13 ( )0.6 (i)0.5 (n)48 ( )]TJ 0.065 Tc -11.194 -1.231 Td [(accordance)12.3 ( with)12.2 ( international)12.2 ( standards)12.2 ( and)12.2 ( requirements)12.2 ( \()12.2 (hereinafter)40.1 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.231 Td [(ref)0.5 (erred)4 ( )0.5 (to)4 ( )0.5 (a)0.5 (s)4 ( )0.5 (the)4 ( )0.5 (\223)]TJ /T1_1 1 Tf 8.31 0 Td [(Valuat)0.5 (ion)4 ( )0.5 (Repor)0.5 (t)]TJ /T1_0 1 Tf 8.001 0 Td [(\224)4 (\))4 (.)4 ( )0.5 (T)0.5 (he)4 ( )0.5 (prelimi)0.5 (nary)4 ( )0.5 (asse)0.5 (ssment)4 ( )0.5 (of)4.1 ( )0.5 (the)4 ( )]TJ 0.054 Tc 0.07 Tw -16.312 -1.231 Td [(fair)12.8 ( value)12.8 ( of)12.7 ( the)12.7 ( Target)12.8 ( Company)12.8 ( as)12.8 ( of)12.8 ( the)12.8 ( Valuation)12.8 ( Date)12.8 ( is)12.8 ( RMB)12.8 (8)12.8 (.)12.7 (1)12.8 (3)29 ( )]TJ 0.06 Tc 0 -1.231 Td [(billion)12.9 (.)12.8 ( Hence)12.9 (,)12.9 ( the)12.9 ( fair)12.9 ( value)12.9 ( of)12.9 ( the)12.9 ( Target)12.8 ( Equity)12.8 ( \()12.9 (i)12.8 (.)12.9 (e)12.9 (.)12.9 ( the)12.9 ( 6)12.9 (5)12.9 (%)12.8 ( equity)35 ( )]TJ 0.042 Tc 0 -1.231 Td [(inter)0.5 (ests)12.9 ( in)12.9 ( )0.5 (the)12.9 ( Tar)0.5 (get)12.9 ( Compa)0.5 (ny)12.9 (\))12.9 ( is)12.9 ( RM)0.5 (B)12.9 (5)12.9 (.)12.9 (2)12.9 (8)12.9 (4)12.9 (5)12.9 ( bil)0.5 (lion)12.9 (,)12.9 ( whic)0.5 (h)12.9 ( is)12.9 ( slightl)0.5 (y)17 ( )]TJ 0.025 Tc 0.075 Tw 0 -1.231 Td (higher than the appraised value in the State-owned Asset Valuation Repor\ t. )Tj 0.034 Tc 0.074 Tw 0 -1.231 Td [(The)9 ( )0.5 (Valuation)9 ( )0.5 (Report)9 ( )0.5 (will)9 ( )0.5 (be)9 ( )0.5 (set)9 ( )0.5 (out)9.1 ( in)9 ( )0.5 (the)8.9 ( )0.6 (circular)9 ( )0.5 (to)9 ( )0.5 (be)9.1 ( despatched)9 ( )0.5 (to)9 ( )0.5 (H)9 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (Shareholders.)Tj 0.059 Tc 0.07 Tw 0 -2.462 Td [(Any)12 ( distribution)12 ( by)12 ( Suxichang)12.1 ( South)12.1 ( Expressway)12.1 ( Company)12.1 ( during)12 ( the)34 ( )]TJ 0.045 Tc 0 -1.231 Td [(transaction)12.7 ( transition)12.7 ( period)12.7 ( \()12.7 (from)12.7 ( the)12.8 ( Valuation)12.8 ( Date)12.7 ( to)12.8 ( the)12.8 ( Completion)20 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Date\) will be attributed to the Company.)Tj /T1_1 1 Tf 0.058 Tc 0.07 Tw -2.181 -2.462 Td [(6)33 (.)33 ( )-1002.5 (Conditions)12.3 ( Precedent)12.3 ( for)12.4 ( Completion)12.3 ( of)12.4 ( the)12.3 ( Transfer)12.4 ( of)12.4 ( the)12.4 ( Target)33 ( )]TJ 0.025 Tc -0.025 Tw 2.181 -1.231 Td (Equity)Tj /T1_0 1 Tf 0.03 Tc 0.078 Tw 0 -2.462 Td [(Completion)5 ( )0.5 (of)5 ( )0.5 (the)5 ( )0.5 (transfer)5 ( )0.5 (of)5 ( )0.5 (Target)5 ( )0.5 (Equity)5 ( )0.5 (is)5 ( )0.5 (subject)5 ( )0.5 (to)5 ( )0.5 (the)5 ( )0.5 (fulfilment)5 ( )0.5 (\()5 (or)5 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (waiver, as applicable\) of the following conditions precedent:)Tj 0.061 Tc 0.07 Tw 0 -2.462 Td [(\()36 (i)36 (\))36 ( )-780.5 (The)12.5 ( other)12.5 ( shareholders)12.4 ( of)12.5 ( Suxichang)12.5 ( South)12.4 ( Expressway)12.4 ( Company)36 ( )]TJ 0.025 Tc 0.083 Tw 2.18 -1.231 Td [(having 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(approval/filing procedures in relation to the Acquisition in compliance \ )Tj 0.065 Tw 0 -1.231 Td (with the regulations of the relevant state-owned assets supervision and \ )Tj 0 Tw 0 -1.231 Td (administration departments and other competent/regulatory authorities;)Tj ET endstream endobj 144 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 6 \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 776.409 Tm [(5. )-1105.5 (Transfer Consideration)]TJ /T1_0 1 Tf -0.025 Tw 2.181 -2.462 Td (RMB5,200,650,000)Tj 0.054 Tc 0.07 Tw 0 -2.462 Td [(According)12.2 ( to)12.1 ( the)12.2 ( requirements)12.2 ( of)12.2 ( the)12.2 ( Measures)12.2 ( for)12.2 ( the)12.2 ( Supervision)12.2 ( and)29 ( )]TJ 0.047 Tc 0 -1.231 Td [(Admin)0.5 (istration)13 ( of)12.9 ( the)12.9 ( )0.5 (Transa)0.5 (ction)12.9 ( on)12.9 ( )0.5 (State)12.9 (-)12.9 (ow)0.5 (ned)12.9 ( Ass)0.5 (ets)12.9 ( of)12.9 ( )0.5 (Enterpr)0.5 (ises)12.9 (,)22 ( )]TJ 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AGREEMENT)]TJ /T1_0 1 Tf 0.045 Tw 2.181 -2.462 Td (On 26 January 2024, with a view to further expand its asset scale in the\ southern )Tj 0.065 Tc 0.07 Tw 0 -1.231 Td [(Jiangsu)12.1 ( road)12.2 ( network)12.2 (,)12.1 ( improve)12.2 ( the)12.2 ( layout)12.1 ( of)12.2 ( its)12.2 ( principal)12.1 ( business)12.2 ( and)12.2 ( the)40 ( )]TJ 0.062 Tc 0 -1.231 Td [(sustainability)12.7 ( of)12.7 ( its)12.7 ( continual)12.7 ( development)12.7 (,)12.7 ( the)12.7 ( Company)12.7 ( \()12.8 (as)12.7 ( the)12.7 ( purchaser)37 ( )]TJ 0.074 Tc 0 -1.231 Td [(and)12.2 ( transferee)12.3 (\))12.3 ( entered)12.2 ( into)12.3 ( Equity)12.2 ( Transfer)12.3 ( Agreement)12.3 ( with)12.2 ( and)12.2 ( Jiangsu)49 ( )]TJ 0.025 Tc 0.001 Tw 0 -1.231 Td (Communications Holding \(as the vendor and transferor\) \(hereinafter re\ ferred to as )Tj 0 Tw 0 -1.231 Td (the \223)Tj /T1_1 1 Tf -0.025 Tw (Acquisition)Tj /T1_0 1 Tf 0 Tw (\224\), the main terms of which are as follows:)Tj /T1_1 1 Tf 1.106 Tw 0 -3.692 Td [(1. )0.5 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The )Tj 0.053 Tc 0.07 Tw 0 -1.115 Td [(acquisition)12.2 ( of)12.1 ( 6)12.1 (5)12.1 (%)12.2 ( and)12.2 ( the)12.2 ( proposed)12.2 ( acquisition)12.1 ( of)12.2 ( 2)12.1 (2)12.2 (.)12.1 (8)12.2 (%)12.1 ( equity)12.1 ( interests)28 ( )]TJ 0.067 Tc 0 -1.115 Td [(in)12.4 ( Suxichang)]TJ /T1_0 1 Tf 0 Tc 0 Tw 6.381 0 Td ( )Tj /T1_1 1 Tf 0.067 Tc 0.07 Tw 0.387 0 Td [(South)12.3 ( Expressway)12.4 ( Company)12.3 ( may)12.3 ( or)12.4 ( may)12.3 ( not)12.3 ( materialized)12.3 (.)42 ( )]TJ 0.072 Tc -6.768 -1.115 Td [(S)0.5 (h)0.5 (a)0.5 (re)0.6 (ho)0.5 (l)0.5 (d)0.5 (e)0.5 (r)0.5 (s)13 ( )0.5 (a)0.5 (n)0.5 (d)12.9 ( )0.5 (i)0.5 (n)0.5 (v)0.5 (e)0.5 (s)0.5 (t)0.5 (o)0.5 (r)0.5 (s)13 ( s)0.5 (h)0.5 (o)0.5 (u)0.5 (l)0.5 (d)13 ( )0.5 (e)0.5 (xe)0.5 (r)0.6 (ci)0.5 (s)0.5 (e)13 ( )0.5 (c)0.5 (a)0.5 (u)0.5 (t)0.5 (i)0.5 (o)0.5 (n)12.9 ( )0.5 (w)0.5 (h)0.5 (e)0.5 (n)13 ( )0.5 (d)0.5 (e)0.5 (a)0.5 (li)0.5 (n)0.5 (g)13 ( )0.5 (i)0.5 (n)13 ( )0.5 (t)0.5 (he)47.1 ( )]TJ 0.025 Tc 0 Tw 0 -1.115 Td (securities of the Company.)Tj -0.673 -3.008 Td (Important Notes:)Tj /T1_0 1 Tf 0.056 Tc 0.07 Tw 0 -2.462 Td [(1)31 (.)31 ( )-1004.5 (Name)12.6 ( of)12.7 ( investment)12.7 ( target)12.6 (:)12.7 ( 6)12.6 (5)12.7 (%)12.7 ( equity)12.7 ( interest)12.7 ( of)12.7 ( Jiangsu)12.7 ( Suxichang)12.7 ( South)31 ( )]TJ 0.088 Tc 2.18 -1.231 Td [(Expressway)12.4 ( Co)12.4 (.)12.3 (,)12.4 ( Ltd)12.4 (.)12.3 ( \()12.4 (hereinafter)12.4 ( referred)12.3 ( to)12.3 ( as)12.3 ( the)12.4 ( \223)]TJ /T1_1 1 Tf 26.4 0 Td [(Suxichang)12.4 ( South)63 ( )]TJ 0.025 Tc 0 Tw -26.4 -1.231 Td (Expressway Company)Tj /T1_0 1 Tf (\224 or \223)Tj /T1_1 1 Tf (Target Company)Tj /T1_0 1 Tf -0.025 Tw (\224\).)Tj 0 Tw -2.18 -2.462 Td [(2. )-1105.5 (Investment amount: RMB5,200,650,000 million.)]TJ 0.043 Tc 0.07 Tw 0 -2.462 Td [(3)18 (.)18 ( )-1017.5 (This)12.7 ( transaction)12.7 ( constitutes)12.8 ( a)12.7 ( related)12.8 ( party)12.7 ( transaction)12.8 (.)12.7 ( In)12.7 ( the)12.8 ( past)12.8 ( 1)12.7 (2)12.7 ( months)12.7 (,)18 ( )]TJ 0.025 Tc 0.021 Tw 2.18 -1.231 Td [(Jiangsu Ninghu Investment Development Co., Ltd., )0.5 (a wholly-owned subsidiary )0.5 (of )]TJ 0.024 Tc 0 Tw 0 -1.231 Td [(J)0.5 (i)0.6 (a)0.5 (n)0.5 (g)0.5 (s)0.6 (u)0.5 ( )0.5 (E)0.6 (x)0.5 (p)0.5 (r)0.5 (e)0.6 (s)0.5 (s)0.5 (w)0.6 (a)0.5 (y)0.5 ( )0.5 (C)0.6 (o)0.5 (m)0.5 (p)0.6 (a)0.5 (n)0.5 (y)0.5 ( )0.6 (L)0.5 (i)0.5 (m)0.5 (i)0.6 (t)0.5 (e)0.5 (d)0.6 ( )0.5 (\()0.5 (h)0.5 (e)0.6 (r)0.5 (e)0.5 (i)0.6 (n)0.5 (a)0.5 (f)0.6 (t)0.5 (e)0.5 (r)0.6 ( )0.5 (r)0.5 (e)0.5 (f)0.6 (e)0.5 (r)0.6 (r)0.5 (e)0.5 (d)0.5 ( )0.6 (t)0.5 (o)0.5 ( )0.5 (a)0.6 (s)0.5 ( )0.5 (t)0.6 (h)0.5 (e)0.5 ( )0.5 (\223)]TJ /T1_1 1 Tf -0.024 Tw 29.839 0 Td [(C)0.5 (o)0.6 (m)0.5 (p)0.5 (a)0.5 (n)0.6 (y)]TJ /T1_0 1 Tf 4.331 0 Td [(\224)0.5 (,)-1 ( )]TJ 0.07 Tc 0.07 Tw -34.17 -1.231 Td [(together)12.3 ( with)12.3 ( its)12.4 ( subsidiaries)12.4 ( are)12.4 ( collectively)12.4 ( referred)12.4 ( to)12.3 ( as)12.4 ( the)12.4 ( \223)]TJ /T1_1 1 Tf -0.07 Tw 30.881 0 Td (Group)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 3.172 0 Td [(\224)-32.6 (\) )]TJ 0.023 Tc 0 Tw -34.053 -1.231 Td [(t)0.5 (r)0.5 (a)0.5 (n)0.5 (s)0.5 (f)0.6 (e)0.5 (r)0.5 (r)0.5 (e)0.5 (d)0.5 ( )0.5 (i)0.5 (t)0.5 (s)0.5 ( )0.6 (10)0.6 (0)0.5 (%)0.5 ( )0.5 (e)0.5 (q)0.5 (u)0.5 (i)0.5 (t)0.5 (y)0.5 ( )0.5 (i)0.5 (n)0.5 (t)0.5 (e)0.6 (r)0.5 (e)0.5 (s)0.5 (t)0.5 ( )0.5 (i)0.5 (n)0.5 ( )0.5 (N)0.5 (i)0.6 (n)0.5 (gh)0.6 (u)0.5 ( )0.5 (C)0.5 (o)0.5 (m)0.5 (m)0.5 (e)0.5 (r)0.5 (c)0.5 (i)0.5 (a)0.6 (l)0.5 ( )0.5 (F)0.5 (a)0.5 (c)0.5 (t)0.5 (o)0.5 (r)0.5 (i)0.5 (n)0.5 (g)0.6 ( )0.5 (\()0.5 (G)0.5 (u)0.5 (a)0.5 (n)0.5 (g)0.5 (z)0.5 (h)0.5 (o)0.5 (u)0.5 (\))-2 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(Co)3 (.)3 (,)3 ( )0.5 (Ltd)3 (.)3 (,)3 ( )0.5 (8)3 (0)2.9 (%)3.1 ( )0.5 (of)3 ( )0.5 (which)3 ( )0.5 (to)3 ( )0.5 (Jiangsu)3 ( )0.5 (Communications)3 ( )0.5 (Holding)3 ( )0.5 (Company)2.9 ( )0.6 (Limited)3 ( )]TJ 0.067 Tc 0.07 Tw 0 -1.231 Td [(\()12.4 (hereinafter)12.4 ( referred)12.4 ( to)12.3 ( as)12.4 ( \223)]TJ /T1_1 1 Tf 13.034 0 Td [(Jiangsu)12.4 ( Communications)12.4 ( Holding)]TJ /T1_0 1 Tf 0.055 Tc 0.082 Tw 16.619 0 Td [(\224\) a)-12.1 (n)-12.1 (d 20%)30 ( )]TJ 0.052 Tc 0.07 Tw -29.653 -1.231 Td [(of)12.8 ( which)12.8 ( to)12.7 ( Jiangsu)12.8 ( Yunshan)12.7 ( Capital)12.7 ( Management)12.7 ( Co)12.8 (.)12.7 (,)12.8 ( Ltd)12.8 (.)12.7 (,)12.7 ( at)12.8 ( an)12.7 ( aggregate)27 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (consideration of RMB348.6 million.)Tj 0.077 Tw -2.18 -2.462 Td [(4. )-1028.5 (This )0.5 (related )0.5 (party )0.5 (transaction )0.5 (does )0.5 (not )0.5 (constitute )0.5 (a )0.5 (major )0.5 (asset )0.5 (reorganization )0.5 (as )]TJ 0.006 Tw 2.18 -1.231 Td (stipulated in the Administrative Measures for Major Asset Restructuring \ of Listed )Tj -0.025 Tw 0 -1.231 Td (Companies.)Tj 0.038 Tc 0.07 Tw -2.18 -2.462 Td [(5)13 (.)13 ( )-1022.5 (This)12.9 ( transaction)12.9 ( requires)12.8 ( )0.5 (fu)0.5 (rther)12.9 ( approval)12.9 ( and)12.9 ( other)12.9 ( related)12.9 ( proce)0.5 (dures)12.9 (:)12.9 ( \()12.9 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cm 0 0 m 0 14.5 l S Q q 1 0 0 1 56.9429 386.1004 cm 0 0 m 0 84 l S Q q 1 0 0 1 56.9429 371.6004 cm 0 0 m 0 14.5 l S Q q 1 0 0 1 56.9429 357.6004 cm 0 0 m 0 14 l S Q q 1 0 0 1 56.9429 343.1004 cm 0 0 m 0 14.5 l S Q q 1 0 0 1 56.9429 203.1005 cm 0 0 m 0 140 l S Q q 1 0 0 1 56.9429 188.6005 cm 0 0 m 0 14.5 l S Q q 1 0 0 1 56.9429 146.6005 cm 0 0 m 0 42 l S Q q 1 0 0 1 56.9429 132.1005 cm 0 0 m 0 14.5 l S Q q 1 0 0 1 56.9429 118.1005 cm 0 0 m 0 14 l S Q q 1 0 0 1 56.9429 103.6005 cm 0 0 m 0 14.5 l S Q q 1 0 0 1 56.9429 61.6005 cm 0 0 m 0 42 l S Q q 1 0 0 1 56.9429 53.3465 cm 0 0 m 0 8.254 l S Q q 1 0 0 1 56.6929 53.0965 cm 0 0 m 482.39 0 l S Q BT /GS0 gs /T1_1 1 Tf 13 0 0 13 65.4468 764.9286 Tm (Continuing Connected Transactions Subject to Disclosure)Tj -0.025 Tw 10.4 0 0 13 68.2815 732.9286 Tm (Transaction)Tj 0 Tw 14.718 0 Td (Connected Persons)Tj -0.025 Tw 9.54 0 Td (Period)Tj 17.297 0 Td (Value)Tj /T1_0 1 Tf -41.555 -2.898 Td (Deposits)Tj 0 Tw 14.718 0 Td (Finance Company)Tj 10.17 0 Td (Based on the Company\222s Financial Services )Tj 2.447 -1.231 Td (Agreement with Finance Company)Tj -27.335 -1.449 Td (Road network management )Tj -0.025 Tw 0 -1.231 Td (services)Tj 0 Tw 14.718 1.231 Td (Network Operation )Tj -0.025 Tw 1.008 -1.231 Td (Company)Tj 0 Tw 8.531 1.231 Td (1 January 2023 to )Tj 0 Tc 10.4 0 0 13 402.0796 660.4247 Tm ( )Tj 0.025 Tc 10.4 0 0 13 331.0531 644.4247 Tm (31 December 2025)Tj 8.5 1.231 Td (RMB8,500,000 for 2024)Tj -33.766 -2.68 Td (SD-WAN technology services)Tj -0.025 Tw 14.718 0 Td (Tongxingbao )Tj 1.008 -1.231 Td (Company)Tj 0 Tw 8.531 1.231 Td (13 December 2021 )Tj 1.008 -1.231 Td (to 31 December )Tj -0.025 Tw 0 -1.231 Td (2024)Tj 0 Tw 9.3 2.462 Td (RMB433,096 for 2024)Tj -34.566 -3.91 Td (Cloud dispatch technology )Tj -0.025 Tw 0 -1.231 Td (services)Tj 14.718 1.231 Td (Tongxingbao )Tj 1.008 -1.231 Td (Company)Tj 0 Tw 8.531 1.231 Td (1 May 2023 to )Tj 0 Tc 10.4 0 0 13 387.759 574.7554 Tm ( )Tj 0.025 Tc 10.4 0 0 13 331.0531 558.7554 Tm (30 April 2024)Tj 9.3 1.231 Td (RMB159,110 for 2024)Tj -34.566 -2.68 Td (Road network technology )Tj -0.025 Tw 0 -1.231 Td (services)Tj 14.718 1.231 Td (Tongxingbao )Tj 1.008 -1.231 Td (Company)Tj 0 Tw 8.531 1.231 Td (1 January 2023 to )Tj 0 Tc 10.4 0 0 13 402.0796 539.9207 Tm ( )Tj 0.025 Tc 10.4 0 0 13 331.0531 523.9207 Tm (31 December 2025)Tj 8.5 1.231 Td (RMB5,000,000 for 2024)Tj -33.766 -2.68 Td (Maintenance of road surface)Tj 14.718 0 Td (Xiandai R&B )Tj -0.025 Tw 1.008 -1.231 Td (Company)Tj 0 Tw 8.531 1.231 Td (10 years from )Tj 0 Tc 10.4 0 0 13 384.5658 505.0861 Tm ( )Tj 0.025 Tc 10.4 0 0 13 331.0531 489.0861 Tm (28 December 2021)Tj 9.025 1.231 Td (RMB3,931,763.905 for )Tj -0.025 Tw 7.789 -1.231 Td (2024)Tj 0.033 Tc 0.075 Tw 13 0 0 13 65.4468 457.7514 Tm [(The)8 ( )0.6 (above)8 ( )0.5 (transactions)8 ( )0.5 (also)8 ( )0.5 (constitute)8.1 ( )0.5 (related)8 ( )0.5 (party)8 ( )0.5 (transactions)8.1 ( )0.5 (of)8 ( )0.6 (the)8 ( )0.5 (Company)8 (.)8 ( )]TJ 0.065 Tc 0.07 Tw 0 -1.077 Td [(G)0.5 (i)0.5 (v)0.6 (e)0.5 (n)13 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.5 (t)0.5 (o)0.5 (t)0.6 (a)0.5 (l)13 ( )0.5 (a)0.5 (m)0.6 (o)0.5 (u)0.5 (n)0.5 (t)13 ( )0.6 (o)0.5 (f)13 ( )0.5 (a)0.5 (l)0.6 (l)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.6 (a)0.5 (b)0.5 (o)0.5 (v)0.6 (e)13 ( )0.5 (r)0.5 (e)0.6 (l)0.5 (a)0.5 (t)0.5 (e)0.6 (d)13 ( )0.5 (p)0.5 (a)0.5 (r)0.6 (t)0.5 (i)0.5 (e)0.5 (s)13 ( )0.6 (t)0.5 (r)0.5 (a)0.5 (n)0.6 (s)0.5 (a)0.5 (c)0.5 (t)0.6 (i)0.5 (o)0.5 (n)0.5 (s)13 ( )0.5 (a)0.6 (f)0.5 (t)0.5 (e)0.5 (r)13.1 ( )0.5 (t)0.5 (h)0.5 (e)40 ( )]TJ 0.025 Tc 0.043 Tw 0 -1.077 Td [(Completion \(together )0.5 (with the )0.5 (same type )0.5 (of business )0.5 (provided to )0.5 (the Group\) )0.5 (would )]TJ 0.041 Tc 0.07 Tw 0 -1.077 Td [(not)12.6 ( reach)12.6 ( 0)12.6 (.)12.5 (5)12.6 (%)12.6 ( of)12.6 ( the)12.6 ( absolute)12.6 ( value)12.6 ( of)12.6 ( the)12.7 ( Company)12.6 (\222)12.6 (s)12.6 ( latest)12.6 ( audited)12.6 ( net)12.6 ( assets)12.6 (,)16 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.077 Td [(they)8.1 ( )0.5 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and)12.7 ( to)12.7 ( confirm)12.7 ( that)12.6 ( it)12.7 ( is)12.7 ( normal)12.7 ( business)12.7 ( practice)12.7 ( for)12.7 ( agreement)44 ( )]TJ 0.046 Tc 0 -1.077 Td [(with)12.4 ( more)12.3 ( than)12.3 ( three)12.3 ( years)12.4 ( to)12.3 ( be)12.4 ( of)12.3 ( such)12.3 ( duration)12.3 (.)12.3 ( It)12.3 ( is)12.3 ( expected)12.3 ( that)12.3 ( a)12.3 ( circular)21 ( )]TJ 0.044 Tc 0 -1.077 Td [(containing)12.3 (,)12.4 ( among)12.3 ( other)12.3 ( things)12.3 (,)12.4 ( details)12.3 ( of)12.3 ( the)12.3 ( transaction)12.3 ( and)12.3 ( other)12.3 ( information)19 ( )]TJ 0 -1.077 Td [(required)12.6 ( by)12.5 ( the)12.6 ( Hong)12.6 ( Kong)12.6 ( Listing)12.5 ( Rules)12.6 ( will)12.6 ( be)12.6 ( despatched)12.5 ( to)12.6 ( H)12.6 ( Shareholders)19 ( )]TJ 0.025 Tc 0.002 Tw 0 -1.077 Td (within 15 business days after the publication of this announcement \(i.e\ . on or before )Tj 0 Tw 0 -1.077 Td (21 February 2024\).)Tj 0.066 Tc 0.07 Tw 0 -2.192 Td [(The)12.2 ( transactions)12.2 ( contemplated)12.1 ( under)12.1 ( the)12.2 ( Equity)12.2 ( Transfer)12.2 ( Agreement)12.1 ( will)12.2 ( be)41 ( )]TJ 0.025 Tc 0.053 Tw 0 -1.077 Td (considered, and if thought fit, approved by independent shareholders at \ the general )Tj 0 Tw 0 -1.077 Td (meeting of the Company to be held on or around 18 April 2024.)Tj /T1_1 1 Tf 0 -2.192 Td (POTENTIAL ACQUISITION)Tj /T1_0 1 Tf 0.031 Tc 0.077 Tw 0 -2.192 Td [(I)0.5 (n)6 ( )0.5 (a)0.6 (d)0.5 (d)0.5 (i)0.6 (t)0.5 (i)0.5 (o)0.5 (n)6 (,)6.1 ( t)0.6 (h)0.5 (e)6 ( )0.5 (C)0.5 (o)0.6 (m)0.5 (p)0.5 (a)0.6 (n)0.5 (y)6 ( )0.5 (e)0.6 (n)0.5 (t)0.5 (e)0.5 (r)0.6 (e)0.5 (d)6 ( )0.5 (i)0.5 (n)0.6 (t)0.5 (o)6 ( )0.5 (a)6 ( )0.5 (l)0.6 (e)0.5 (t)0.5 (t)0.5 (e)0.6 (r)6 ( )0.5 (o)0.5 (f)6 ( )0.5 (i)0.6 (n)0.5 (t)0.5 (e)0.6 (n)0.5 (t)6 ( )0.5 (w)0.5 (i)0.6 (t)0.5 (h)6 ( )0.5 (W)0.5 (u)0.6 (x)0.5 (i)6 ( )0.5 (T)0.5 (r)0.5 (a)0.6 (n)0.5 (s)0.6 (p)0.5 (o)0.5 (r)0.5 (t)0.6 (a)0.5 (t)0.5 (i)0.5 (o)0.6 (n)6 ( )]TJ 0.025 Tc 0.018 Tw 0 -1.077 Td (in relation to the proposed acquisition of 22.8% equity interests in Sux\ ichang South )Tj 0 Tw 0 -1.077 Td (Expressway Company held by Wuxi Transportation.)Tj ET endstream endobj 155 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 651.2776 cm 0 0 m 0 128 l S Q q 1 0 0 1 538.8326 635.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8326 587.2776 cm 0 0 m 0 48 l S Q q 1 0 0 1 538.8326 571.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8326 395.2776 cm 0 0 m 0 176 l S Q q 1 0 0 1 538.8326 379.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8326 363.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8326 347.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8326 155.2776 cm 0 0 m 0 192 l S Q q 1 0 0 1 538.8326 147.0237 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 651.2776 cm 0 0 m 0 128 l S Q q 1 0 0 1 56.9429 635.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 56.9429 587.2776 cm 0 0 m 0 48 l S Q q 1 0 0 1 56.9429 571.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 56.9429 395.2776 cm 0 0 m 0 176 l S Q q 1 0 0 1 56.9429 379.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 56.9429 363.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 56.9429 347.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 56.9429 155.2776 cm 0 0 m 0 192 l S Q q 1 0 0 1 56.9429 147.0237 cm 0 0 m 0 8.254 l S Q q 1 0 0 1 56.6929 146.7737 cm 0 0 m 482.39 0 l S Q BT /GS0 gs 0.038 Tc 0.07 Tw 13 0 0 13 65.4468 764.9286 Tm [(Accord)0.5 (ing)12.9 ( to)12.9 ( Article)12.9 ( 6)12.9 (.)12.9 (3)12.9 (.)12.9 (3)12.9 ( of)13 ( t)0.5 (he)13 ( Shanghai)12.9 ( Listing)12.9 ( Rul)0.5 (es)12.9 (:)12.9 ( As)12.9 ( the)12.9 ( counte)0.5 (rparty)12.9 ( of)13 ( )]TJ 0.025 Tc 0.048 Tw 0 -1.231 Td (this transaction is Jiangsu Communications Holding \(the controlling sha\ reholder of )Tj 0.046 Tw 0 -1.231 Td (the Company\), a related party of the Company, the transaction constitut\ es a related )Tj 0.055 Tc 0.07 Tw 0 -1.231 Td [(party)12.3 ( transaction)12.3 (.)12.4 ( Pursuant)12.4 ( to)12.4 ( Articles)12.4 ( 6)12.4 (.)12.4 (3)12.4 (.)12.3 (7)12.4 ( and)12.4 ( 6)12.4 (.)12.4 (3)12.3 (.)12.4 (9)12.4 ( of)12.4 ( the)12.4 ( Shanghai)12.3 ( Listing)30 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Rules, as the total amount of this transaction to the absolute value of \ the Company\222s )Tj 0.026 Tw 0 -1.231 Td (latest audited net assets is higher than 5%, this transaction shall be s\ ubmitted to the )Tj 0.033 Tc 0.075 Tw 0 -1.231 Td [(shareholders)8.1 (\222)8 ( )0.5 (meeting)8 ( )0.5 (for)8 ( )0.5 (approval)8 ( )0.5 (where)8 ( )0.5 (Jiangsu)8 ( )0.5 (Communications)8 ( )0.5 (Holding)8 ( )0.5 (\()8 (as)8 ( )0.5 (a)8 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (related shareholder\) is required to abstain from voting.)Tj 0.028 Tc 0.08 Tw 0 -2.462 Td [(This)3 ( )0.5 (related)3 ( )0.5 (party)3 ( )0.5 (transaction)3 ( )0.5 (does)3 ( )0.5 (not)3 ( )0.5 (constitute)3 ( )0.5 (a)3 ( )0.5 (major)3 ( )0.5 (asset)3 ( )0.5 (reorganization)3 ( )0.5 (and)3 ( )]TJ 0.048 Tc 0.07 Tw 0 -1.231 Td [(does)12.6 ( not)12.6 ( involve)12.6 ( the)12.6 ( transfer)12.6 ( of)12.6 ( liabilities)12.6 ( as)12.6 ( stipulated)12.6 ( in)12.6 ( the)12.6 ( Measures)12.7 ( for)12.6 ( the)23 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Administration of Major Asset Restructuring of Listed Companies.)Tj 0.024 Tc 0 -2.462 Td [(As Jiangsu Communications Holding is the controlling shareholder of the \ Company,)-1 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(it)8 ( )0.5 (is)8.1 ( a)8.1 ( )0.5 (connected)8 ( )0.5 (person)8 ( )0.5 (of)8 ( )0.5 (the)8 ( )0.5 (Company)8 ( )0.5 (pursuant)8.1 ( )0.5 (to)8 ( )0.5 (Rule)8.1 ( )0.5 (1)8 (4)8 (A)8 (.)8 (0)8 (7)8 (\()8 (1)8 (\))8 ( )0.5 (of)8.1 ( )0.5 (the)8 ( )0.5 (Hong)8 ( )]TJ 0.04 Tc 0.07 Tw 0 -1.231 Td [(Kong)12.9 ( Listing)12.9 ( Rules)12.9 (.)12.8 ( The)12.9 ( Company)12.8 (\222)12.9 (s)12.9 ( acquisition)12.9 ( of)12.8 ( 6)12.9 (5)12.9 (%)12.8 ( of)12.9 ( the)12.9 ( equity)12.9 ( interest)12.9 ( in)15 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(Suxichang)3 ( )0.5 (South)3 ( )0.5 (Expressway)3 ( )0.5 (Company)3 ( )0.5 (held)3 ( )0.5 (by)3 ( )0.5 (Jiangsu)2.9 ( )0.6 (Communications)3 ( )0.5 (Holding)3 ( )]TJ 0.022 Tc 0 Tw 0 -1.231 Td [(pursuant to the Equity Transfer Agreement constitutes a connected transa\ ction of the)-3 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(Company)3 (.)3 ( )0.5 (As)3 ( )0.6 (the)3 ( )0.5 (highest)3 ( )0.5 (applicable)3 ( )0.5 (percentage)3 ( )0.5 (ratio)3 ( )0.5 (calculated)3 ( )0.5 (according)3 ( )0.5 (to)3 ( )0.5 (Rule)3.1 ( )]TJ 0.025 Tc 0.046 Tw 0 -1.231 Td (14.07 of the Hong Kong Listing Rules is above 5% but below 25%, the acqu\ isition )Tj 0.054 Tc 0.07 Tw 0 -1.231 Td [(of)12.1 ( equity)12.2 ( interests)12.1 ( in)12.2 ( Suxichang)12.2 ( South)12.1 ( Expressway)12.2 ( Company)12.2 ( also)12.2 ( constitute)12.2 ( a)29 ( )]TJ 0.025 Tc 0.055 Tw 0 -1.231 Td (discloseable transaction of the Company. As such, the Acquisition is sub\ ject to the )Tj 0.026 Tw 0 -1.231 Td (announcement, circular and independent shareholders\222 approval require\ ments under )Tj 0 Tw 0 -1.231 Td (Rules 14.33, 14A.35, 14A.36 and 14A.46 of the Hong Kong Listing Rules.)Tj /T1_1 1 Tf 0 -2.462 Td (CONTINUING CONNECTED TRANSACTIONS UPON COMPLETION)Tj /T1_0 1 Tf 0.042 Tc 0.07 Tw 0 -2.462 Td [(Upo)0.5 (n)12.9 ( c)0.5 (omple)0.5 (tio)0.5 (n)12.9 ( of)13 ( the)13 ( tr)0.5 (ansf)0.5 (er)12.9 ( o)0.5 (f)12.9 ( T)0.5 (arg)0.5 (et)12.9 ( E)0.5 (quit)0.5 (y)12.9 (,)12.9 ( Su)0.5 (xic)0.5 (hang)13 ( Sou)0.5 (th)12.9 ( Ex)0.5 (pre)0.5 (ssw)0.5 (ay)17 ( )]TJ 0.049 Tc 0 -1.231 Td [(Company)12.4 ( will)12.3 ( become)12.3 ( a)12.4 ( subsidiary)12.3 ( of)12.3 ( the)12.3 ( Company)12.3 (,)12.4 ( \()12.3 (1)12.3 (\))12.4 ( the)12.4 ( entrustment)12.3 ( of)12.4 ( the)24.1 ( )]TJ 0.062 Tc 0 -1.231 Td [(ordinary)12.7 ( operation)12.7 ( and)12.7 ( management)12.7 ( matters)12.7 ( \()12.6 (excluding)12.7 ( the)12.7 ( service)12.7 ( areas)12.6 ( and)37 ( )]TJ 0.025 Tc 0.066 Tw 0 -1.231 Td (petrol stations\) of Suxichang South Expressway Company to the Company, \ \(2\) the )Tj 0.038 Tc 0.07 Tw 0 -1.231 Td [(entrustment)12.4 ( of)12.4 ( the)12.4 ( management)12.4 ( of)12.3 ( service)12.4 ( areas)12.4 ( of)12.4 ( Suxichang)12.4 ( South)12.4 ( Expressway)13 ( )]TJ 0.025 Tc 0.058 Tw 0 -1.231 Td (Company to Yangtze Commerce and Energy Company, a wholly-owned subsidiar\ y )Tj 0.061 Tc 0.07 Tw 0 -1.231 Td [(of)12.5 ( the)12.6 ( Company)12.6 (,)12.5 ( and)12.6 ( \()12.6 (3)12.6 (\))12.5 ( the)12.6 ( leasing)12.6 ( of)12.6 ( the)12.6 ( service)12.5 ( area)12.6 ( petrol)12.6 ( stations)12.5 ( to)12.5 ( the)36 ( )]TJ 0.068 Tc 0 -1.231 Td [(Company)12.8 ( will)12.8 ( no)12.8 ( longer)12.8 ( constitute)12.9 ( continuing)12.9 ( connected)12.9 ( transactions)12.8 ( of)12.8 ( the)43 ( )]TJ 0.034 Tc 0.074 Tw 0 -1.231 Td [(Company)9 ( )0.5 (whereas)9 ( )0.5 (the)9 ( )0.5 (transactions)9 ( )0.5 (conducted)9 ( )0.5 (in)9 ( )0.5 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3.996 0 Td (AY)Tj 0 Tc 0 Tw 1.324 0 Td ( COMP)Tj 3.227 0 Td (AN)Tj -0.036 Tc 0.036 Tw (Y )Tj 0 Tc 0 Tw (LIMITED)Tj /C0_0 1 Tf 0.3 Tc -0.3 Tw -12.735 1.057 Td <03EA163D0FB9101C09F70BBA02AE0F290670038503DE082202AE0321>Tj ET q 85.301 548.02 424.674 154.598 re W n BT /T1_2 1 Tf 0.001 Tc 0 Tw 13.1978 0 0 13.1978 85.3008 568.9883 Tm (\(Established in the People\222)Tj 0 Tc 10.727 0 Td (s Republic of China as a joint-stock limited company\))Tj /T1_1 1 Tf -0.001 Tc 0.001 Tw 1.392 -1.371 Td (\(S)Tj 0.835 0 Td (toc)Tj 0.01 Tc -0.01 Tw 1.275 0 Td (k )Tj -0.002 Tc 0 Tw 0.815 0 Td (Code: 00177\) )Tj ET q 1 0 0 1 320.4418 691.6296 cm 0 0 m -52.499 -49.831 l -84.503 -15.581 -33.268 32.987 0 0 c f Q Q 0 0 0 1 K 1 M q 1 0 0 1 260.7838 631.9724 cm 0 0 m 25.127 0 l 61.201 57.973 l 0 0 l h 28.351 0 m 53.478 0 l 62.184 56.008 l 28.351 0 l h S Q q 1 0 0 1 329.1448 686.0995 cm 0 0 m 0.901 -2.774 l 3.819 -2.774 l 1.459 -4.488 l 2.36 -7.263 l 0 -5.548 l -2.36 -7.263 l -1.459 -4.488 l -3.818 -2.774 l -0.901 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TRANSACTION:)Tj 1.635 -1.233 Td (ACQUISITION OF 65% EQUITY INTEREST IN)Tj -0.433 -1.233 Td (SUXICHANG SOUTH EXPRESSWAY COMPANY)Tj -0.025 Tw 10.568 -1.233 Td (AND)Tj 0.008 Tc 0 Tw -14.955 -1.233 Td (CONTINUING CONNECTED TRANSACTIONS UPON COMPLETION)Tj ET 0.5 w 10 M /GS2 gs q 1 0 0 1 56.6929 424.6193 cm 0 0 m 482.39 0 l S Q q 1 0 0 1 538.8326 418.95 cm 0 0 m 0 5.419 l S Q q 1 0 0 1 538.8326 404.45 cm 0 0 m 0 14.5 l S Q q 1 0 0 1 538.8326 389.95 cm 0 0 m 0 14.5 l S Q q 1 0 0 1 538.8326 230.45 cm 0 0 m 0 159.5 l S Q q 1 0 0 1 538.8326 215.95 cm 0 0 m 0 14.5 l S Q q 1 0 0 1 538.8326 186.95 cm 0 0 m 0 29 l S Q q 1 0 0 1 538.8326 172.45 cm 0 0 m 0 14.5 l S Q q 1 0 0 1 538.8326 56.45 cm 0 0 m 0 116 l S Q q 1 0 0 1 538.8326 48.1961 cm 0 0 m 0 8.254 l S Q q 1 0 0 1 56.9429 418.95 cm 0 0 m 0 5.419 l S Q q 1 0 0 1 56.9429 404.45 cm 0 0 m 0 14.5 l S Q q 1 0 0 1 56.9429 389.95 cm 0 0 m 0 14.5 l S Q q 1 0 0 1 56.9429 230.45 cm 0 0 m 0 159.5 l S Q q 1 0 0 1 56.9429 215.95 cm 0 0 m 0 14.5 l S Q q 1 0 0 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