Shudao Investment maintains control of Sichuan Expressway

China International Capital Corporation Limited (CICC) has issued a supervisory opinion regarding Shudao Investment Group's (Shudao Group) exemption from a tender offer for Sichuan Expressway Company Limited (Sichuan Expressway). This opinion covers the period from July 1, 2025, to September 30, 2025.

Shudao Group holds 1,035,915,462 A-shares and 60,854,200 H-shares of Sichuan Expressway, totaling 1,096,769,662 shares, representing a 35.86% ownership stake. This acquisition, which resulted from a new merger establishing Shudao Group, received an exemption from the tender offer requirement on May 27, 2021, from the Hong Kong Securities and Futures Commission.

During the supervisory period, all asset transfers and registration procedures for the strategic restructuring were completed, and relevant information disclosure obligations were met by the acquirer and the listed company. Shudao Group has fulfilled its commitments to reduce related-party transactions, maintain Sichuan Expressway’s independence, and avoid horizontal competition.

Shudao Group currently has no plans to alter Sichuan Expressway's main business, dispose of significant assets or liabilities, adjust the board of directors or senior management, modify the company's articles of association, or make significant changes to employee hiring plans. Sichuan Expressway's dividend policy, as outlined in its 2023-2025 shareholder return plan, also remains unchanged.