ZHEH.L Regulatory News (ZHEH)

26 Jan 2006 07:00

Zhejiang Expressway Co26 January 2006 The Stock Exchange of Hong Kong Limited takes no responsibility for the contentsof this announcement, makes no representation as to its accuracy or completenessand expressly disclaims any liability whatsoever for any loss howsoever arisingfrom or in reliance upon the whole or any part of the contents of thisannouncement. Chinese character ZHEJIANG EXPRESSWAY CO., LTD. (a joint stock limited company incorporated in the People's Republic of China with limited liability) (Stock Code: 0576) WAIVER FROM COMPLIANCE WITH RULE 3.24 OF LISTING RULES The Company has applied for, and the Stock Exchange has granted, a conditionalwaiver from the strict compliance with Rule 3.24 of the Listing Rules inrelation to the appointment of a qualified accountant to the Company. The announcement is made at the request of the Stock Exchange of Hong KongLimited (the "Stock Exchange"). Pursuant to Rule 3.24 of the Rules Governing the Listing of Securities on theStock Exchange (the "Listing Rules"), Zhejiang Expressway Co., Ltd. (the"Company") must employ a qualified accountant (the "Qualified Accountant") on afull-time basis who, among other things, must be a qualified accountant and afellow or associate member of Hong Kong Society of Accountants (now known asHong Kong Institute of Certified Public Accountants ("HKICPA")) or a similarbody of accountants recognized by HKICPA for the purpose of granting exemptionsfrom the examination requirement for membership of HKICPA. Mr. Wu Jun Yi ("Mr. Wu"), being a member of the senior management team of theCompany, is able to meet all the requirements as set out in Rule 3.24 of theListing Rules, save for being a fellow or associate member of HKICPA or asimilar body of accountants recognized by HKICPA. The Company has engaged SBAStone Forest Corporate Advisory (Shanghai) Co., Ltd. ("SBA") to provide, amongothers, assistance to Mr. Wu for the period of two years so as to discharge hisduties as the Qualified Accountant. SBA has nominated Mr. Wong Wai Kwun ("Mr.Wong") and Mr. Fung Kai Wai ("Mr. Fung"), both members of the Association ofChartered Certified Accountants and the HKICPA, to assist Mr. Wu. In respect of the above, the Company has applied for, and the Stock Exchange hasgranted, a conditional waiver from strict compliance with Rule 3.24 of theListing Rules for a period of two years commencing from 18 January 2006, thedate of the waiver letter issued by the Stock Exchange. The waiver will ceaseeither after two years from the date of the waiver letter issued by the StockExchange, the date the engagement contract ends between the Company and SBA, oronce either Mr. Wong or Mr. Fung is no longer able to assist Mr. Wu, whicheveris earlier. In either of the situation mentioned, the Company will immediately inform theStock Exchange and take remedial steps to comply with Rule 3.24 of the ListingRules. By Order of the Board Zhang Jingzhong Company Secretary Hangzhou, 20 January 2006 As at the date of this announcement, the executive directors of the Company are:Messrs. Geng Xiaoping, Fang Yunti, Zhang Jingzhong and Xuan Daoguang; thenon-executive directors are: Messrs. Zhang Luyun and Zhang Yang; and theindependent non-executive directors are: Messrs. Tung Chee Chen, Zhang Junshengand Zhang Liping. This information is provided by RNS The company news service from the London Stock Exchange