Jiangsu Expressway Company Limited will ask shareholders to approve multiple financing authorisations at its 2025 AGM on 15 June 2026.
Key proposals:
• Debt financing – The Board seeks approval to register and issue up to RMB4.00 billion in medium-term notes, RMB4.00 billion in ultra-short-term notes and RMB8.00 billion in corporate bonds, lifting the total planned quota to RMB16.00 billion. Instruments may be launched in single or multiple tranches during the registration period. Proceeds are earmarked for working-capital replenishment, debt repayment, project construction and other lawful corporate purposes.
• Unified registration – The company plans to apply to the National Association of Financial Market Institutional Investors for a two-year unified registration that will cover all future interbank debt instruments, allowing more flexible issuance scheduling.
• General share mandate – Directors request a 20% issuance mandate for both A and H shares (up to 763.15 million new A shares and 244.40 million new H shares based on current capital) and any related convertible or option securities, valid until the 2026 AGM.
• Governance items – Shareholders will vote on re-appointing KPMG Huazhen LLP as 2026 auditor for RMB3.46 million; electing two new non-executive directors (Ms Zhou Lili and Mr Liu Gang); adopting new remuneration measures for directors and senior management; and raising annual allowances for independent directors to RMB123,000 (lead independent director: RMB143,000).
• Dividend – A final cash dividend of RMB0.49 per share (tax inclusive) for FY-2025 is proposed, equating to a distribution of RMB2.47 billion and a payout ratio of 53.73%. The H-share record date is 24 June 2026 with payment expected on 13 July 2026.
• Book closure – H-share transfer registration suspends 26 May–15 June 2026 (AGM entitlement) and 19 June–24 June 2026 (dividend entitlement).
As of 31 December 2025 the Group’s asset-liability ratio stood at 42.96%, and the Board states the planned financings will not exert material pressure on the balance sheet while helping optimise debt structure and reduce funding costs.