Anhui Expressway Company Limited (Stock Code: 995) has announced a plan to acquire 338,419,957 A shares of Shandong Hi-Speed Co., Ltd., accounting for 7% of Shandong Hi-Speed’s total issued share capital. The proposed consideration stands at RMB3,018,706,016.44 in total, representing RMB8.92 per share.

According to the announcement dated 21 October 2025, Shandong Hi-Speed Group Co., Ltd. will act as the vendor. The target, Shandong Hi-Speed Co., Ltd., recorded a net profit after tax of RMB4,051,499,759.60 for the year ended 31 December 2024. Post-completion, Anhui Expressway is expected to classify Shandong Hi-Speed as an associate. The transaction will be funded through the purchaser’s self-owned and/or self-raised funds.

As one or more of the applicable percentage ratios under the Hong Kong Listing Rules exceed 25% but remain below 100%, the acquisition is categorized as a major transaction and will require reporting, announcement, circular issuance, and shareholder approval. No shareholder is required to abstain from voting on the relevant resolutions at the upcoming extraordinary general meeting. The effectiveness of the share transfer agreement and completion of the acquisition are subject to certain conditions precedent, and the circular is expected to be dispatched on or before 31 December 2025.