Jiangsu Expressway details connected transactions for 2025

Jiangsu Ninghu Expressway Co., Ltd. (Jiangsu Expressway) announced its 11th board of directors' 15th meeting on September 30, 2025, approved several daily connected transactions for the 2025 fiscal year. These transactions involve various services, including road maintenance, bridge inspection, property renovation, and energy-related projects, with related parties such as Jiangsu Modern Road and Bridge Co., Ltd., Jiangsu Modern Engineering Testing Co., Ltd., Jiangsu Traffic Culture Media Co., Ltd., and Jiangsu Traffic Control Commercial Operation Management Co., Ltd. The total estimated value for these transactions in 2025 is RMB10,568.74 thousand for services received and RMB70 thousand for rental income.

The board, including independent non-executive directors, confirmed that these 12 transactions are part of the company's ordinary course of business, conducted on normal commercial terms and at fair prices, without adversely affecting the company's independence or the interests of non-related shareholders. Jiangsu Expressway's controlling shareholder, Jiangsu Communications Holding Co., Ltd., is the ultimate beneficial owner of several of the connected transaction parties. China Merchants Expressway Network Technology Holdings Co., Ltd., a significant shareholder of Jiangsu Expressway, is the controlling shareholder of China Merchants Chongqing Communications Research and Design Institute Co., Ltd., which is also a party to one of the transactions.

The cumulative value of these transactions meets the disclosure requirements of the Shanghai Stock Exchange Listing Rules, but falls below the 5% threshold of the company's latest audited net asset value, thus not requiring shareholder approval. The agreements, effective for various durations extending into 2026, establish frameworks for continued operational services deemed essential for Jiangsu Expressway and its subsidiaries.