[Today's focus]

Sichuan Chengdu-Chongqing Expressway (00107.HK) plans to acquire 85% of Jingyi Expressway Company's shares for no more than 2.2 billion yuan

The Sichuan Cheng-Chongqing Expressway (00107.HK) announced that on August 14, 2024, the company entered into an acquisition agreement with Shudao Venture Capital. According to this, the company conditionally agreed to buy and Shudao Venture Capital conditionally agreed to sell the underlying assets, using the company to distribute (i) and issue price shares and (ii) pay cash to Shudao Venture Capital for joint settlement. Both parties have agreed that the final total cost of the proposed acquisition shall not exceed RMB 2.2 billion. The final total cost of the proposed acquisition will be based on the assessed value of the underlying asset as recorded by the competent state-owned assets supervisory and management agency or its authorized unit as reference in the asset evaluation report, determined after fair negotiations between the parties, and will be clarified by entering into a supplementary agreement.” “Underlying asset” refers to 85% of Jingyi Expressway Company's shares held by Shudao Venture Capital.

The share price and cash price as a proportion of the final total cost have yet to be agreed upon by both parties and will be confirmed when the supplementary agreement is concluded. According to the results of negotiations between the parties, the two parties anticipate the number of compensatory shares under any circumstances (a) not more than 439,121,756 A shares (accounting for not less than 14.4% of the total issued share capital of the Company on the date of this announcement); and (b) not less than 105,500,000 A shares (accounting for not less than 3.4% of the total issued share capital of the Company on the date of this announcement). Furthermore, the parties intend to pay most of the total price in trade-share shares.

Jingyi Expressway Company is a limited liability company established in China on November 18, 2002. As of the date of this announcement, Jingyi Expressway Company is a subsidiary of Shudao Venture Capital holding 85% of the shares. The main business of Jingyi Expressway Company is the investment, construction, operation and management of the Jingyi Expressway. The Jingyi Expressway Company currently owns the concession rights for the Jingyi Expressway.

The Jingyi Expressway is located in Hubei Province, China. It is an important part of the Shanghai-Chengdu Expressway in the “National Highway Network Plan” approved by the State Council and issued by the Ministry of Transport. The total length of the Jingyi Expressway is 94.998 kilometers. It runs from Zhengjiachong Village in Jingmen City in the east to the Hubei Wuhan-Jingmen Expressway and the Xiangyang-Jingmen Expressway, west to Gaojiadian Town in Yichang City, and connected to the Wuhan-Yichang Expressway and the Yichang Yangtze River Bridge. The Jingyi Expressway passes through Dongbao District, Duodao District, Dangyang City, Yiling District and Yiting District in Hubei Province, spans Jingmen City and Yichang City, connecting the Yichang-Badong Expressway, Baokang-Yichang Expressway, and the Yichang-Zhangjiajie Expressway. It is an important hub road leading to Xiangyang City, Zhangjiajie City, Badong County, Chengdu and other regions. Furthermore, the Jingyi Expressway will operate from December 25, 2007 to March 13, 2038.

The company has applied to the Stock Exchange to resume trading of H shares on the Stock Exchange starting at 9:00 a.m. on September 25, 2024.

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[Acquisition and sale]

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Sichuan Chengdu-Chongqing Expressway (00107.HK) plans to acquire 85% of Jingyi Expressway Company's shares for no more than 2.2 billion yuan

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[Repurchase Cancellation]

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