ZHEJIANGEXPRESS (00576) surged nearly 4%. As of press time, the stock gained 3.85% to HK$7.02, with a turnover of HK$28.6202 million.

On the news front, ZHEJIANGEXPRESS announced a proposal to achieve "A+H" dual listing through a share swap absorption merger with Zhejiang Oceanking Development Co.,Ltd. by issuing A-shares. The company's A-share issuance price is set at RMB 13.5, while Zhejiang Oceanking Development Co.,Ltd.'s swap price is RMB 14.58. The exchange ratio is based on 1.08 A-shares of the company for every 1 share of Zhejiang Oceanking Development Co.,Ltd. held.

Based on the RMB exchange rate midpoint of HK$1 to RMB 0.91183, the issuance price represents a premium of 119.01% compared to the closing price on September 2nd.

The transaction involves the issuance of 216 million A-shares. Together with the conversion of existing domestic shares to A-shares, a total of 4.492 billion A-shares will apply for listing and trading on the Shanghai Stock Exchange.

The announcement stated that ZHEJIANGEXPRESS's achievement of "A+H" dual listing through this share swap absorption merger will help broaden funding sources, provide financial support for highway construction, and further capture development opportunities in the Yangtze River Delta region.