Waiver From Compliance with Rule 3.24 of Listin...

Waiver From Compliance With Rule 3.24 of Listing Rules The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Zhejiang Expressway Co., Ltd. (a joint stock limited company incorporated in the People's Republic of China with limited liability) (Stock Code: 0576) The Company has applied for, and the Stock Exchange has granted, a conditional waiver from the strict compliance with Rule 3.24 of the Listing Rules in relation to the appointment of a qualified accountant to the Company. The announcement is made at the request of the Stock Exchange of Hong Kong Limited (the 'Stock Exchange'). Pursuant to Rule 3.24 of the Rules Governing the Listing of Securities on the Stock Exchange (the 'Listing Rules'), Zhejiang Expressway Co., Ltd. (the 'Company') must employ a qualified accountant (the 'Qualified Accountant') on a full-time basis who, among other things, must be a qualified accountant and a fellow or associate member of Hong Kong Society of Accountants (now known as Hong Kong Institute of Certified Public Accountants ('HKICPA')) or a similar body of accountants recognized by HKICPA for the purpose of granting exemptions from the examination requirement for membership of HKICPA. Mr. Wu Jun Yi ('Mr. Wu'), being a member of the senior management team of the Company, is able to meet all the requirements as set out in Rule 3.24 of the Listing Rules, save for being a fellow or associate member of HKICPA or a similar body of accountants recognized by HKICPA. The Company has engaged SBA Stone Forest Corporate Advisory (Shanghai) Co., Ltd. ('SBA') to provide, among others, assistance to Mr. Wu for the period of two years so as to discharge his duties as the Qualified Accountant. SBA has nominated Mr. Wong Wai Kwun ('Mr. Wong') and Mr. Fung Kai Wai ('Mr. Fung'), both members of the Association of Chartered Certified Accountants and the HKICPA, to assist Mr. Wu. In respect of the above, the Company has applied for, and the Stock Exchange has granted, a conditional waiver from strict compliance with Rule 3.24 of the Listing Rules for a period of two years commencing from 18 January 2006, the date of the waiver letter issued by the Stock Exchange. The waiver will cease either after two years from the date of the waiver letter issued by the Stock Exchange, the date the engagement contract ends between the Company and SBA, or once either Mr. Wong or Mr. Fung is no longer able to assist Mr. Wu, whichever is earlier. In either of the situation mentioned, the Company will immediately inform the Stock Exchange and take remedial steps to comply with Rule 3.24 of the Listing Rules. By Order of the Board Zhang Jingzhong Company Secretary Hangzhou, 20 January 2006 As at the date of this announcement, the executive directors of the Company are: Messrs. Geng Xiaoping, Fang Yunti, Zhang Jingzhong and Xuan Daoguang; the non-executive directors are: Messrs. Zhang Luyun and Zhang Yang; and the independent non-executive directors are: Messrs. Tung Chee Chen, Zhang Junsheng and Zhang Liping. SOURCE Zhejiang Expressway Co., Ltd.
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