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Chengdu Expressway Co., Ltd.
成 都 高 速 公 路 股 份 有 限 公 司
(a joint stock company incorporated in the People's Republic of China with limited liability)
(Stock Code: 01785)
VOLUNTARY ANNOUNCEMENT
ON CESSATION OF ENTITLEMENT TO GOVERNMENT BATCH PAYMENT
POLICY FOR CHENGDU-REGISTERED VEHICLES
WITHOUT INSTALLATION OF ETC DEVICE PASSING THROUGH
CHENGWENQIONG EXPRESSWAY FROM DECEMBER 2019
This announcement is made by Chengdu Expressway Co., Ltd. (the "Company", together with its subsidiaries, the "Group") on a voluntary basis.
The Company recently received the Official Reply on Optimising and Adjusting the Government's Batch
Payment Policy for Chengdu Ring Expressway and Chengwenqiong Expressway (Chuan Jiao Han [2019] No. 633) 《( 關於優化調整成都繞城和成溫邛高速公路政府統繳政策的批覆》( 川交函[2019]633
號)) issued by Sichuan Provincial Transportation Department, pursuant to which, commencing from 1 December 2019, toll payment of legally-loadedChengdu-registered vehicles with ETC device passing though Chengdu Ring Expressway and inner ring connection lines as well as Chengwenqiong Expressway shall be uniformly financed by the Chengdu municipal government and district (city) and county government alongside Chengwenqiong Expressway. Instead, Chengdu-registered vehicles without ETC device shall no longer be entitled to the Chengdu government's batch payment policy and the toll payment shall be borne by the owners of vehicles.
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At present, toll fees of Chengdu-registered vehicles passing through Chengwenqiong Expressway are paid by local governments alongside in accordance with the toll payment corresponding to the traffic volume of Chengdu-registered vehicles with a discount of 30%. Meanwhile, according to the current policy, vehicles installed with ETC device shall be entitled to 5% discount in toll payment. Upon implementation of the policy stated in the above paragraph, Chengdu-registered vehicles without installation of ETC device shall be restored to the standard toll collection model, i.e., toll payment (without any discount) is fully borne by owners of vehicles. However, with the increase in the number of vehicles with ETC device, more vehicle owners will be entitled to the above favourable policy. Based on the preliminary analysis and calculations of the Group and after taking into account the above factors, it is expected that the implementation of such policy will comprehensively have slight impact on the Group's operation and results.
On behalf of the board of directors
Chengdu Expressway Co., Ltd.
Xiao Jun
Chairman
Chengdu, the PRC, 29 October 2019
As at the date of this announcement, the board of directors comprises Mr. Tang Fawei, Mr. Zhang Dongmin, Ms. Wang Xiao and Mr. Luo Dan as executive directors, Mr. Xiao Jun and Mr. Yang Bin as non-executive directors, and Mr. Shu Wa Tung, Laurence, Mr. Ye Yong and Mr. Li Yuanfu as independent non-executive directors.
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