Result of EGM

Zhejiang Expressway Co
22 March 2001

                                                                              
Zhejiang Expressway Co., Ltd.                                                 

(a joint stock limited company incorporated in the People's                   
Republic of China with limited liability)                                    
                                
                  RESULTS OF THE EXTRAORDINARY
                         GENERAL MEETING

The Directors of Zhejiang Expressway Co., Ltd. announce that all
resolutions proposed were passed at the EGM held today.


Terms  defined in the circular of Zhejiang Expressway Co.,  Ltd.
dated 26th February 2001 in relation to, among other things, the
proposed  A  Share  Issue,  the  Acquisition  and  the  proposed
amendments to the Articles of Association, shall have  the  same
meanings  when  used herein except where the  context  otherwise
requires.


Results of the EGM


The  Directors are pleased to announce that each of the  special
resolutions to approve the following matters were duly passed at
the EGM held today:


1.  the Transfer Agreement and the Acquisition;
    

2.  the A Share Issue;
    

3.  the Feasibility Study Report and the use of proceeds set out
    therein;
    

4.  the  report by the board of Directors on the status  of  the
    use of proceeds received from the H Share Issue;
    

5.  the  mutual sharing of undistributed profits of the  Company
    between the existing and new shareholders of the Company;
    

6.  authorising  the  Directors to exercise all  powers  of  the
    Company to allot and issue and deal with the A Shares and to
    handle all matters relevant to the A Share Issue; and
    

7.  the amendments to the Articles of Association.
    

The  associates of Huajian abstained from voting in  respect  of
the  resolution  to  approve  the Transfer  Agreement  when  the
relevant resolution was proposed at the EGM. Zhejiang Provincial
Investment Co had also, for good corporate governance, abstained
from voting at the EGM on the resolution to approve the Transfer
Agreement in respect of the 11% interest in the Company held  by
it  and to be transferred to Huajian pursuant to the State-owned
Share Transfer Agreement.


The Acquisition


The  Transfer Agreement was approved by shareholders at the EGM.
However as of the date of the EGM, the respective approvals from
the  Ministry  of  Finance and the Ministry of Communication  in
relation to the Transfer Agreement had not been obtained by  the
Company,  and  therefore,  subject to the  respective  approvals
being  obtained,  the Company will proceed with the  Acquisition
and  will fund the Acquisition by internal resources and/or bank
loans.


Change of Shareholding


Huajian  will  become a substantial shareholder of  the  Company
within  the  meaning  of the Listing Rules  upon  completion  of
certain   registration  formalities  with   the   relevant   PRC
authorities.


A Share Issue


Further  announcement will be made in respect  of  the  A  Share
Issue  in due course in compliance with the requirements of  the
Listing Rules.

                                                                
                                           By Order of the Board
                                                 Zhang Jingzhong
                                               Company Secretary
                   Hangzhou, Zhejiang, the PRC, 22nd March, 2001