ANHUIEXPRESSWAY (Anhui Expressway Company Limited) and seven operating subsidiaries—Ningxuanhang, Anqing Bridge, Xuanguang, Guangci, Guangxuan, Fuzhou and Sixu—have each executed “2026 ETC Cost-sharing Agreements” with Anhui Traffic Intelligence Technology Co., Ltd. (ATITC), an indirectly wholly owned unit of major shareholder Anhui Transportation Holding Group (ATHG).
Under the one-year agreements (1 January-31 December 2026), the group will reimburse ATITC for electronic toll collection (ETC) card issuance at a fixed RMB100 per card. Costs are allocated quarterly in proportion to each expressway operator’s toll revenue after provincial-level settlement. Payments must be made within 30 working days of ATITC’s quarterly notice, funded by internal resources.
Annual caps for the cost-sharing arrangements total RMB4.70 million (approximately USD0.65 million), distributed as follows: the listed parent RMB2.50 million; Ningxuanhang RMB0.35 million; Anqing Bridge RMB0.55 million; Xuanguang RMB0.30 million; Guangci RMB0.08 million; Guangxuan RMB0.35 million; Fuzhou RMB0.37 million; and Sixu RMB0.20 million. Caps reflect forecast ETC card issuance volumes and each road’s projected share of 2026 provincial toll revenue.
When aggregated with previously announced New Network Services Agreements (RMB17.68 million), New ETC Services Agreements (RMB17.68 million) and Road Network Operation Service Agreements (RMB3.00 million), ANHUIEXPRESSWAY’s total connected-transaction cap with ATITC and related parties for 2026 reaches RMB43.06 million.
Given ATHG’s 33.63% stake in ANHUIEXPRESSWAY, ATITC qualifies as a connected person under Hong Kong Listing Rules. After excluding four interested directors from voting, the Board—including independent non-executive directors—concluded that the terms and caps are fair, conducted on normal commercial terms, and in the interests of shareholders. The transactions fall below the 5% percentage ratio threshold; consequently, they require announcement and annual review but are exempt from independent shareholders’ approval.
The cost-sharing mechanism aligns with a 12 June 2023 directive from the Anhui Province Expressway Network Toll Management Committee mandating that provincial operators jointly bear ETC card issuance expenses.