Summary by Moomoo AI
Zhejiang Expressway Co., Ltd. (Zhejiang Huhangyong) signed a series of special road maintenance agreements with its controlling shareholder, Transportation Group's indirectly affiliated companies, Maintenance Company, Zhejiang Shunsong, and Jiaogong Maintenance, after the trading session on June 14, 2024. The agreement includes three sections and covers services such as surface coating and paving, road disease treatment, bridge paving, preventative maintenance, and other projects, with a total contract value of RMB 370,680,844. In addition, wholly-owned subsidiary Longlililong Company also signed a special highway maintenance agreement with Zhejiang Shunsong, with a total service fee of RMB 53,345,551. All transactions were determined at market prices after public bidding, and according to the provisions of Chapter 14A of the Listing Rules, these transactions constitute ongoing connected transactions. However, since the percentage of transaction amount is lower than 5%, they are exempted from the requirement of independent shareholder approval. The agreements are valid until December 31, 2024. The board of directors believes that the terms of these agreements are fair and reasonable and in the overall interests of the company and shareholders.