Zhejiang Expressway rises on deal to absorb Shanghai-listed Oceanking

Zhejiang Expressway Co

03/09/2025 04:17

** Shares of Zhejiang Expressway 0576.HK rise 4.6% to HK$7.07, post their biggest intraday pct gain since March 24

** Stock hits the highest level since August 28, and on course to snap eight consecutive sessions of losses

** The Chinese toll road operator said on Tuesday it will absorb Zhejiang Oceanking Development 603213.SS by way of a share swap deal

** Under the share swap arrangement, shareholders of Zhejiang Oceanking will receive 1.08 Zhejiang Expressway shares for each Oceanking share held

** Zhejiang Expressway will be listed on both the A-share and H-share markets after the deal and that will help the company broadening funding sources for expressway construction while seizing further development opportunities

** State-owned Zhejiang Communications Investment Group is the controlling shareholder of both the firms

** Shanghai-listed Zhejiang Oceanking 603213.SS fall 9.5% to 13.84 yuan, their biggest intraday pct drop since April 7

** YTD, Zhejiang Expressway stock up 24.6%, Zhejiang Oceanking up 64.1%

 (Reporting by Donny Kwok)

 ((donny.kwok@thomsonreuters.com))