Shenzhen Investment Holdings Bay Area Development Company Limited (Bay Area Dev) announced that its deemed subsidiary, Guangzhou-Shenzhen-Zhuhai Superhighway Company Limited (GSZ Company), has signed two construction-supervision contracts totaling RMB106.31 million for the reconstruction and expansion of the Shenzhen section of the Beijing-Hong Kong-Macao Expressway.

On 21 September 2026, following open tenders conducted via Guangzhou Public Resources Trading Center, GSZ Company entered into:

• Construction Supervision Agreement (JL1 Bid Section) with Guangdong Xiangfei Highway Engineering Supervision Co., Ltd. for RMB38.19 million; and • Construction Supervision Agreement (JL2 Bid Section) with Guangdong Hualu Transportation Technology Co., Ltd. for RMB68.12 million.

Combined, the agreements cover approximately 15.57 km (JL1) and up to 47.07 km of civil and pavement works (JL2). Each contract spans 91 months—comprising one month of preparation, 66 months of construction oversight, and a 24-month defect liability period. Supervisors will manage safety, environmental protection, traffic organization, materials testing and project handover processes. Performance-linked premiums of 1.5% of contract value are payable for meeting quality benchmarks, while 10% performance guarantees and 3% defect-liability deposits are required.

Funding for the RMB106.31 million outlay will come from GSZ Company’s internal resources and/or external bank financing.

Regulatory context: Both Guangdong Xiangfei (40% owned by Guangdong Provincial Communication Group Company Limited, GPCG) and Guangdong Hualu (wholly owned by GPCG) are deemed associates of Guangdong Highway Construction, a substantial shareholder of GSZ Company. Consequently, the transactions constitute connected transactions under Chapter 14A of the Hong Kong Listing Rules. The aggregated percentage ratios exceed 1% but remain below 5%, triggering reporting and announcement obligations while exempting the deals from shareholder approval.

Management expects the supervision arrangements to support timely delivery and quality assurance of the expressway upgrade, a core component of Bay Area Dev’s strategy to enhance infrastructure capacity within the Greater Bay Area.