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after)12.1 ( all)27 ( )]TJ 0.048 Tc 0 -1.231 Td [(the)12.1 ( aforesaid)12.1 ( )]TJ [(conditions)12.1 ( precedent)]TJ 15.498 0 Td [( have)12.1 ( been)12 ( fulfilled,)12.1 ( and)12.1 ( the)12.1 ( first)22.9 ( )]TJ 0.039 Tc -15.498 -1.231 Td [(installment)12.6 ( of)12.6 ( the)12.6 ( consideration)12.5 ( shall)12.6 ( be)12.6 ( 4)12.6 (0)12.6 (%)12.5 ( of)12.6 ( the)12.6 ( consideration)12.6 ( of)14 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (the Target Equity, i.e., RMB2,080.26 million.)Tj 0.06 Tc 0.07 Tw 0 -2.462 Td [(The)12.5 ( consideration)12.4 ( of)12.4 ( the)12.4 ( Target)12.4 ( Equity)12.4 ( shall)12.4 ( be)12.4 ( determined)12.4 ( in)12.4 ( the)34.9 ( )]TJ 0.047 Tc 0 -1.231 Td [(manner)12.1 ( as)12.2 ( agreed)12.2 ( in)12.2 ( the)12.2 ( \223Consideration)12.2 ( )]TJ -0.047 Tw (Determination)Tj 0.07 Tw 24.624 0 Td [( Mechanism\224)22 ( )]TJ 0.045 Tc -24.624 -1.231 Td [(clause)12.3 ( of)12.2 ( the)12.3 ( Equity)12.2 ( Transfer)12.3 ( Agreement.)12.2 ( If)12.3 ( there)12.2 ( is)12.2 ( any)12.2 ( adjustment)20 ( )]TJ 0.06 Tc 0 -1.231 Td [(t)0.5 (o)12.9 ( t)0.5 (h)0.5 (e)12.9 ( )0.5 (cu)0.5 (rr)0.5 (en)0.5 (t)12.9 ( )0.5 (co)0.5 (ns)0.5 (id)0.5 (e)0.5 (ra)0.5 (ti)0.5 (on)13 ( o)0.5 (f)12.9 ( )0.5 (th)0.5 (e)12.9 ( )0.5 (Ta)0.5 (rg)0.5 (e)0.5 (t)12.9 ( )0.5 (Eq)0.5 (ui)0.5 (ty)13 ( o)0.5 (f)12.9 ( )0.5 (RM)0.5 (B)12.9 (5)13 (,)12.9 (2)13 (0)12.9 (0)13 (.)12.9 (6)13 (5)34.9 ( )]TJ 0.025 Tc 0.001 Tw 0 -1.231 Td (million, the consideration payable for each installment shall be adjuste\ d )Tj -0.025 Tw 0 -1.231 Td (accordingly.)Tj 0.039 Tc 0.07 Tw -2.18 -2.462 Td [(2)14 (.)14 ( )-1021.5 (The)12.8 ( second)12.7 ( to)12.7 ( sixth)12.7 ( installments)12.7 ( of)12.8 ( the)12.7 ( )]TJ -0.039 Tw (Consideration)Tj 0.026 Tc 0.083 Tw 25.931 0 Td [( a)-12.8 (r)-12.8 (e 20%)-12.8 (, 10%)-12.7 (,)11 ( )]TJ 0.075 Tc -23.751 -1.231 Td [(10%)-12.7 (, 10% a)-12.6 (n)-12.7 (d 10% o)-12.7 (f t)-12.7 (h)-12.7 (e )]TJ 0.088 Tc -0.088 Tw (Consideration)Tj 0.07 Tw 19.861 0 Td [( of)12.8 ( the)12.8 ( Target)12.8 ( Equity,)63 ( )]TJ 0.058 Tc -0.058 Tw -19.861 -1.231 Td (respectively)Tj 0 Tc 0 Tw (.)Tj 5.829 0 Td ( )Tj 0.058 Tc 0.07 Tw 0.378 0 Td [(This)12 ( amounts)12.1 ( to)12.1 ( )]TJ 0.046 Tc 0.082 Tw [(R)-12.4 (M)-12.4 (B1,040.13 m)-12.4 (i)-12.5 (l)-12.4 (l)-12.4 (i)-12.5 (o)-12.4 (n)]TJ 0 Tc 0 Tw 17.733 0 Td (,)Tj 0.046 Tc 0.082 Tw 0.296 0 Td [( R)-12.5 (M)-12.4 (B520.06)]TJ 0 Tc 0 Tw (5)Tj 6.315 0 Td ( )Tj 0.025 Tc 0.078 Tw -30.552 -1.231 Td (million, RMB520.06)Tj 0 Tc 0 Tw (5)Tj 0.025 Tc 0.078 Tw 9.416 0 Td ( million, )Tj (RMB520.065 million )Tj (and RMB520.06)Tj 0 Tc 0 Tw (5)Tj 21.136 0 Td ( )Tj 0.038 Tc 0.07 Tw -30.552 -1.231 Td [(million,)12.6 ( respectively.)12.7 ( The)12.6 ( )]TJ [(installments)12.6 ( shall)12.6 ( be)12.6 ( paid)]TJ 23.005 0 Td [( as)12.6 ( follows:)12.6 ( after)13 ( )]TJ 0.025 Tc 0.053 Tw -23.005 -1.231 Td (the issuance of the special report on annual performance compensation )Tj 0.084 Tc 0.07 Tw 0 -1.231 Td [(during)12.8 ( the)12.8 ( performance)12.8 ( )]TJ -0.084 Tw (undertaking)Tj 0.07 Tw 17.418 0 Td [( period,)12.8 ( if)12.9 ( the)12.9 ( performance)59 ( )]TJ 0.025 Tc -0.025 Tw -17.418 -1.231 Td (undertakings)Tj 0 Tw ( are )Tj -0.025 Tw (met)Tj 0 Tw (, the payment shall be made within 5 business days )Tj 0.028 Tc 0.08 Tw 0 -1.231 Td [(from)2.9 ( )0.6 (the)3 ( )0.5 (date)3 ( )0.5 (of)3 ( )0.5 (the)3 ( )0.5 (issuance)3 ( )0.5 (of)3.1 ( )0.5 (the)3 ( )0.5 (special)3 ( )0.5 (report;)3 ( )0.5 (if)3 ( )0.5 (the)3 ( )0.5 (performance)3.1 ( )]TJ 0.025 Tc 0.028 Tw 0 -1.231 Td (undertakings are not met)Tj (, the Company has the right to pay the balance )Tj 0.068 Tc 0.07 Tw 0 -1.231 Td [(after)12.4 ( deducting)12.4 ( the)12.4 ( amount)12.4 ( of)12.4 ( compensation)12.4 ( required)12.4 ( to)12.4 ( be)12.5 ( made)43 ( )]TJ 0.054 Tc 0 -1.231 Td [(by)12.1 ( Jiangsu)12.2 ( Communications)12.1 ( Holding)12.1 ( to)12.2 ( the)12.2 ( Company)12.2 ( based)12.2 ( on)12.1 ( the)29.1 ( )]TJ 0.024 Tc 0 Tw 0 -1.231 Td [(agreement; and if the amount of compensation is higher than the current)-1 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(installment)12 ( )0.5 (of)12.1 ( the)12 ( )0.5 (consideration,)12 ( )0.5 (Jiangsu)12 ( )0.5 (Communications)12 ( )0.5 (Holding)12 ( )0.5 (is)12 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (required to pay the balance of the amount of performance compensation )Tj 0.049 Tc 0.07 Tw 0 -1.231 Td [(for)12.3 ( the)12.2 ( current)12.3 ( period)12.3 ( after)12.3 ( deducting)12.2 ( the)12.2 ( current)12.3 ( installment)12.3 ( of)12.3 ( the)24 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (Consideration)Tj 0 Tw ( to the Company.)Tj ET endstream endobj 22 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 /T1_1 1 Tf 13 0 0 13 56.6929 773.5878 Tm [(I. )-1216.5 (OVERVIEW OF RELATED PARTY TRANSACTION)]TJ /T1_0 1 Tf 0.045 Tw 2.181 -2.385 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 -1.192 Td [(Jiangsu)12.3 ( road)12.3 ( network,)12.3 ( improve)12.4 ( the)12.3 ( layout)12.3 ( of)12.3 ( its)12.3 ( principal)12.3 ( business)12.4 ( and)12.3 ( the)40 ( )]TJ 0.025 Tc 0.078 Tw 0 -1.192 Td (sustainability of it)Tj 0 Tc 0 Tw (s)Tj 0.025 Tc 0.078 Tw 8.293 0 Td ( development, )Tj (the Company \()Tj -0.025 Tw (as )Tj 14.083 0 Td (the )Tj 0.078 Tw 1.65 0 Td (purchaser and transferee\) )Tj 0.067 Tc 0.07 Tw -24.026 -1.192 Td [(entered)12.9 ( into)12.9 ( the)12.9 ( Equity)12.9 ( Transfer)12.9 ( Agreement)12.9 ( with)12.9 ( Jiangsu)12.9 ( Communications)42 ( )]TJ 0.025 Tc 0.058 Tw 0 -1.192 Td (Holding \()Tj -0.025 Tw (as )Tj 5.36 0 Td (the )Tj 0.058 Tw 1.63 0 Td (vendor and transferor)Tj 0 Tc 0 Tw (\))Tj 0.025 Tc 0.058 Tw 9.607 0 Td ( to acquire 65% of the equity interest )Tj -0.025 Tw (held )Tj 0.031 Tc 0.077 Tw -16.598 -1.192 Td [(by)6 ( )0.6 (Jiangsu)6.1 ( Communications)6 ( )0.5 (Holding)5.9 ( )]TJ 0.025 Tc -0.025 Tw 16.442 0 Td [(i)-5.8 (n )]TJ 0.031 Tc 0.077 Tw 1.191 0 Td [(Suxichang)6 ( )0.5 (South)6 ( )0.5 (Expressway)6 ( )0.6 (Company)]TJ 0 Tc 0 Tw 17.28 0 Td ( )Tj 0.038 Tc 0.07 Tw -34.913 -1.192 Td [(at)12.4 ( a)12.4 ( consideration)12.3 ( of)12.4 ( RMB)12.4 (5)12.4 (,)12.4 (2)12.4 (0)12.3 (0)12.4 (,)12.4 (6)12.4 (5)12.4 (0)12.3 (,)12.4 (0)12.4 (0)12.4 (0)12.4 ( \(such)12.4 ( consideration)12.3 ( is)12.4 ( calculated)12.3 ( on)12.4 ( a)13 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.192 Td [(pro-rata)1 ( )0.5 (basis)1 ( )0.5 (based)1 ( )0.5 (on)1 ( )0.5 (the)1.1 ( )0.5 (appraised)1 ( )0.5 (value)1 ( )]TJ 19.114 0 Td [(set)1 ( )0.5 (out)1 ( )0.5 (in)1 ( )]TJ 4.444 0 Td [(the)1 ( )0.5 (Valuation)1 ( )0.5 (Report\),)1 ( )0.5 (the)1 ( )]TJ 0.025 Tc 0.069 Tw -23.557 -1.192 Td (final consideration is subject to the valuation filed with the relevant \ state-owned )Tj 0.043 Tc 0.07 Tw 0 -1.192 Td [(assets)12.7 ( supervision)12.8 ( and)12.8 ( administration)12.8 ( department.)12.7 ( Upon)12.8 ( the)12.8 ( completion)12.8 ( of)12.7 ( the)18 ( )]TJ 0 Tc 0 Tw 0 -1.192 Td (a)Tj 0.058 Tc 0.07 Tw 0.502 0 Td [(c)0.5 (qu)0.5 (is)0.5 (i)0.5 (ti)0.5 (on)0.5 (,)12.9 ( )0.5 (t)0.5 (he)13 ( C)0.5 (om)0.5 (p)0.5 (an)0.5 (y)12.9 ( )0.5 (w)0.5 (il)0.5 (l)12.9 ( )0.5 (h)0.5 (ol)0.5 (d)12.9 ( )0.5 (6)12.9 (5)13 (%)13 ( e)0.5 (q)0.5 (ui)0.5 (ty)13 ( i)0.5 (nt)0.5 (e)0.5 (re)0.5 (s)0.5 (t)12.9 ( )0.5 (in)13 ( )0.5 (Su)0.5 (xi)0.5 (ch)0.5 (a)0.5 (ng)13 ( S)0.5 (o)0.5 (ut)0.5 (h)33 ( )]TJ 0.025 Tc 0 Tw -0.502 -1.192 Td (Expressway Company. For details, please refer to the )Tj -0.025 Tw (Announcement.)Tj /T1_1 1 Tf 0.032 Tc 0.076 Tw -2.181 -2.385 Td [(I)7 (I)7 (.)7 ( )-719.5 (PROGRESS)7 ( )0.5 (OF)7 ( )]TJ 9.979 0 Td [(DISCLOSEABLE)7 ( )0.5 (AND)7.1 ( )]TJ 11.125 0 Td [(RELATED)7.1 ( )0.5 (PARTY)]TJ -0.032 Tw (/CONNECTED)Tj 0 Tc 0 Tw 15.989 0 Td ( )Tj 0.025 Tc -0.025 Tw -34.913 -1.192 Td (TRANSACTION)Tj /T1_0 1 Tf 0.06 Tc 0.07 Tw 0 -2.385 Td [(On)12.2 ( 3)12.2 (0)12.3 ( January)12.3 ( 2)12.3 (0)12.2 (2)12.3 (4)12.2 (,)12.3 ( the)12.3 ( Company)12.2 ( received)12.2 ( the)12.2 ( )]TJ 0 Tc 0 Tw (R)Tj 0.06 Tc -0.06 Tw 23.138 0 Td [(egulatory)12.3 ( )]TJ 0 Tc 0 Tw 4.687 0 Td (W)Tj 0.06 Tc -0.06 Tw 1.004 0 Td [(ork)12.3 ( )]TJ 0 Tc 0 Tw 1.881 0 Td (L)Tj 0.06 Tc 0.07 Tw 0.671 0 Td [(etter)12.3 ( on)35 ( )]TJ 0 Tc 0 Tw -31.382 -1.192 Td (M)Tj 0.05 Tc -0.05 Tw 0.939 0 Td [(atters)12.8 ( )]TJ 2.821 0 Td (Relating)Tj 0.07 Tw 3.774 0 Td [( to)12.8 ( the)12.9 ( )]TJ 0 Tc 0 Tw (L)Tj 0.05 Tc -0.05 Tw 3.993 0 Td [(arge)12.8 ( )]TJ 0 Tc 0 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