Result of EGM

Zhejiang Expressway Co
15 November 2002

ZHEJIANG EXPRESSWAY CO., LTD.

15 November 2002

Resolution for the RMB 1 Billion Domestic Corporate Bond Issue was Approved at
the Extraordinary General Meeting

(Hong Kong, November 15, 2002) - Zhejiang Expressway Co., Ltd. ('Zhejiang
Expressway' or the 'Company') (HKEx code: 576; LSE code: ZHEH; ADR: ZHEXY)
announced that an extraordinary general meeting ('EGM') was held today at which
the resolution for issuing RMB 1 billion domestic corporate bonds to
institutional and public investors within the PRC (the 'Bond Issue') was
approved.

At the EGM, the following special resolution was passed:

1        That the Company be and is hereby authorized, within 12 months from the passing of this resolution, to issue
         RMB 1 billion of domestic corporate bonds to institutional and public investors within the PRC and to apply
         for the listing and trading of the bonds on the Shanghai Stock Exchange of the PRC;

2        That the approval in paragraph 1 of this resolution is subject to the granting of final approval from the
         State Development Planning Commission; and

3        That the board of directors be and is authorized to handle all the matters relevant to the Bond Issue was
         approved, including without limitation:

         (i)     exercise all the powers of the Company to determine the timing, terms and conditions of the Bond
                 Issue;

         (ii)    preparation of the prospectus of the Bond Issue;

         (iii)   execution of the major contracts regarding the use of the proceeds arising from the Bond Issue; and

         (iv)    all other matters relating to the Bond Issue.

Established in 1997, Zhejiang Expressway is regarded by the Zhejiang Provincial
Government as its main enterprise for investing in, constructing and operating
expressways and Class 1 roads in Zhejiang Province. The Company has concession
rights to operate the Shanghai-Hangzhou-Ningbo Expressway and the Shangsan
Expressway for a period of 30 years.


For further information, please contact:

Mr. Gabriel Yu / Mr. Tony Zheng

Zhejiang Expressway Co., Ltd.

Tel: [phone]

Fax: [phone]

Ms. Christy Lai / Ms. Edith Lui

Rikes Communications Limited

Tel: [phone]

Fax: [phone]



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