Zhejiang Expressway Wins Strong Shareholder Backing for New Director, Auditor and RMB5 Billion Guarantee Plan

Zhejiang Expressway Co ( (HK:0576) ) has provided an announcement.

Zhejiang Expressway Co., Ltd. reported that shareholders representing 77.96% of its issued share capital attended an extraordinary general meeting in Hangzhou, where all resolutions on the agenda were duly passed by poll with high approval rates. Investors approved the appointment of Pan-China Certified Public Accountants as the company’s domestic auditor and elected Mr. Zhao Xilong as a non-executive director, while also authorizing the board to finalize his service contract and related documentation. Shareholders further endorsed a substantial joint and several guarantee, shared 85%:15% with Ningbo Zhoushan Port Group, to back an insurance debt investment plan of up to RMB5 billion with a tenor of up to 25 years for subsidiary Zhejiang Yongzhou Parallel Line Phase II Expressway Co., Ltd., which is expected to underpin long-term financing for expressway development. A special resolution to amend the company’s articles of association was also unanimously approved, signaling strong shareholder support for the company’s current governance and financing strategy.

The most recent analyst rating on (HK:0576) stock is a Buy with a HK$7.50 price target. To see the full list of analyst forecasts on Zhejiang Expressway Co stock, see the HK:0576 Stock Forecast page.

More about Zhejiang Expressway Co

Zhejiang Expressway Co., Ltd. is a PRC-incorporated joint stock company listed in Hong Kong that operates in the transportation infrastructure sector, primarily engaged in the investment, development, operation and management of expressways and related businesses in Zhejiang Province, serving growing passenger and freight traffic demand in one of China’s most economically active regions.

Average Trading Volume: 4,283,421

Current Market Cap: HK$44.32B

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