ZHEJIANGEXPRESS plans to invest CNY 3.668 billion to establish a project company for the construction of the G92 Hangzhou Bay Area Ring Expressway from Qijia Mountain in Ningbo to Jintang in Zhoushan

According to the announcement from Zhejiang Hu-Hang-Yong (00576), on March 28, 2025, the company signed a preliminary agreement with Ningbo-Zhoushan Port regarding the investment and implementation of the G92 Hangzhou Bay Ring Expressway from Ningbo Qijia Mountain to Zhoushan Jintang section, in collaboration with Zhoushan City Bridge Construction Management Center, Ningbo High-Grade Highway Construction Management Center, Zhoushan Transportation Investment, and Ningbo Transportation Development. According to the preliminary agreement, the estimated investment amount for this project is approximately RMB 15.985 billion, of which 45% is project capital, amounting to approximately RMB 7.193 billion. The company and Ningbo-Zhoushan Port will jointly contribute 60% of the project capital, which is approximately RMB 4.316 billion, funded by their own resources. The company will contribute 51% of the project capital, which is approximately RMB 3.668 billion, also funded by its own resources. The company, Ningbo-Zhoushan Port, Zhoushan Transportation Investment, and Ningbo Transportation Development will establish a new company as the project company to provide services for this project. The project company will obtain the franchise rights and be responsible for the investment, financing, construction, operation, and management of this project. On the same day, regarding the arrangement of the project company, the company, Ningbo-Zhoushan Port, Zhoushan Transportation Investment, and Ningbo Transportation Development signed a shareholders' joint venture agreement. This project will construct the G92 Hangzhou Bay Ring Expressway from Ningbo Qijia Mountain to Zhoushan Jintang section, with a total length of approximately 18.052 kilometers, starting from the Ningbo Qijia Mountain hub and ending at the Yongzhou Expressway double line from Jintang to Dasha section, where the Ningbo section is 5.498 kilometers long and the Zhoushan section is 12.554 kilometers long. The expressway is designed as a six-lane dual-direction road, featuring one 11.604-kilometer underwater tunnel at Jintang, five bridges, two interchanges at Dapukou and Jintang hubs, one parking area (shared with Dapukou interchange), and other safety facilities, service facilities, and traffic management facilities. The announcement states that this project is an important component of the G92 Hangzhou Bay Ring Expressway, connecting Ningbo City and Zhoushan City. This project will enhance the traffic capacity and service level of the cross-sea passage between Ningbo City and Zhoushan City, alleviate the traffic pressure and operational management pressure of the cross-sea bridge, and promote regional economic and social development. The company mainly engages in the operation and management of high-grade highways. The project is located in a geographically advantageous area, in a rapidly developing and economically prosperous region, with high traffic volume. This project can provide reliable assurance for the further growth of traffic volume in the cross-sea passage between Ningbo City and Zhoushan City, bringing higher toll revenue to the company. At the same time, as the longest underwater tunnel road in Zhejiang Province, this project is beneficial for the company to create a benchmark project in the industry, enhancing the company's strategic position in the high-grade highway network as well as its reputation and influence