Zhejiang Expressway Co. Ltd. issued a supplemental announcement clarifying how it set annual caps for multiple continuing connected-transaction framework agreements. The company said FY2025 transaction amounts were reviewed to understand the business but were not used as the direct basis for forecasting, and it instead used a two-step approach: a FY2026 baseline estimate compiled by business units for identified projects, plus an average risk buffer of about 35% to cover execution uncertainty, contingencies and price volatility. The company also provided additional details on its framework agreement involving Zheshang Development, describing the pricing policy and internal controls for OTC derivatives risk management services conducted through Zheshang Futures and its subsidiary Zhejiang Zheqi, emphasizing quotations and terms are no more favorable than those offered to independent third parties.

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