Shenzhen Investment Holdings subsidiary secures major road project for $1.45bn

GSZ Company, a subsidiary of Shenzhen Investment Holdings Bay Area Development Company Limited, entered into the SZ Construction Works Agreement (TJ2 Section) with Poly Changda on December 18, 2025. This agreement, valued at RMB1,447,779,999, involves Poly Changda undertaking civil engineering works for the SZ TJ2 Section of the Approved SZ Road Section R&E Project, spanning approximately 4.94 km in Shenzhen. The construction period is set for 66 months.

The transaction constitutes both a major transaction and a connected transaction for the company under the Listing Rules, as the highest applicable percentage ratio exceeds 25% but is less than 100%. Poly Changda was selected after an open tender process conducted through the Guangzhou Public Resources Trading Center.

The board of directors, including independent non-executive directors, approved the agreement, confirming its normal commercial terms, fairness, reasonableness, and alignment with the group's ordinary business and shareholder interests. As a result, the transaction is subject to reporting and announcement requirements but is exempt from independent financial advice and independent shareholders' approval requirements.