Jiangxi SASAC becomes Ganyue Expressway's ultimate controller

The Jiangxi Provincial State-owned Assets Supervision and Administration Commission (SASAC) has become the actual controller of Jiangxi Ganyue Expressway Co., Ltd. following a non-reciprocal transfer of 90% equity in Jiangxi Provincial Communications Investment Group Co., Ltd. from the Jiangxi Provincial Department of Transportation to Jiangxi SASAC. This transaction, effective December 22, 2025, results in Jiangxi SASAC indirectly controlling 52.84% of Jiangxi Ganyue Expressway's shares, satisfying conditions for an exemption from a tender offer.

Prior to the acquisition, Jiangxi SASAC indirectly controlled 4.99% of Jiangxi Ganyue Expressway's shares through Jiangxi Provincial Port and Shipping Construction Investment Group Co., Ltd. Post-transfer, while Jiangxi Communications Investment Group remains the direct controlling shareholder, the ultimate oversight now rests with Jiangxi SASAC. This strategic shift will not alter the company's independent operations, assets, personnel, or financial status.

Jiangxi SASAC confirmed no plans for further share acquisitions or disposals within the next twelve months and affirmed that the transaction did not involve any asset or business restructuring for Jiangxi Ganyue Expressway. All 1,117,412,861 shares involved in the transfer are circulating shares, free from pledges or judicial freezes.