09:38     ZHEJIANGEXPRESS<00576> - Announcement                               

    The Stock Exchange of Hong Kong Limited takes no responsibility for       
    the contents of this announcement, makes no representation as to its      
    accuracy or completeness and expressly disclaims any liability            
    whatsoever for any loss howsoever arising from or in reliance upon        
    the whole or any part of the contents of this announcement.               
                                                                              
                                                                              
    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 conditional waiver from the strict compliance with Rule 3.24 of the     
    Listing Rules in relation to the appointment of a qualified               
    accountant to the Company.                                                
                                                                              
    The announcement is made at the request of the Stock Exchange of          
    Hong Kong Limited (the `Stock Exchange').                                 
                                                                              
    Pursuant to Rule 3.24 of the Rules Governing the Listing of               
    Securities on the Stock Exchange (the `Listing Rules'), Zhejiang          
    Expressway Co., Ltd. (the `Company') must employ a qualified              
    accountant (the `Qualified Accountant') on a full-time basis who,         
    among other things, must be a qualified accountant and a fellow or        
    associate member of Hong Kong Society of Accountants (now known as        
    Hong Kong Institute of Certified Public Accountants (`HKICPA')) or a      
    similar body of accountants recognized by HKICPA for the purpose of       
    granting exemptions from the examination requirement for membership       
    of HKICPA.                                                                
                                                                              
    Mr. Wu Jun Yi (`Mr. Wu'), being a member of the senior management         
    team of the Company, is able to meet all the requirements as set out      
    in Rule 3.24 of the Listing Rules, save for being a fellow or             
    associate member of HKICPA or a similar body of accountants               
    recognized by HKICPA. The Company has engaged Cazenove Asia Limited       
    (`Cazenove') to provide, among others, assistance to Mr. Wu for the       
    period of 1 year so as to discharge his duties as the Qualified           
    Accountant. Cazenove has nominated Mr. Jamie Cheung (`Mr. Cheung'), a     
    Certified Practising Accountant of CPA Australia (formerly known as       
    Australian Society of Certified Practising Accountants), and Mr.          
    Yiu-Ting Tsoi (`Mr. Tsoi'), an associate member of the Association of     
    Chartered Certified Accountants, to assist Mr. Wu.                        
                                                                              
    In respect of the above, the Company has applied for, and the Stock       
    Exchange has granted, a conditional waiver from strict compliance         
    with Rule 3.24 of the Listing Rules for a period of 1 year ceasing        
    either on 23 January 2006, being 1 year from the date of the waiver       
    granted by the Stock Exchange, the date the engagement contract ends      
    between the Company and Cazenove, or once Mr. Cheung or Mr. Tsoi is       
    no longer able to assist Mr. Wu, whichever is the earlier.                
                                                                              
    In either of the situation mentioned, the Company will immediately        
    inform the Stock Exchange and take remedial steps to comply with Rule     
    3.24 of the Listing Rules.                                                
                                                                              
                                                                              
    By Order of the Board                                                     
    Zhang Jingzhong                                                           
    Company Secretary                                                         
                                                                              
    Hangzhou, 2 February 2005                                                 
                                                                              
    As at the date of this announcement, the executive directors of the       
    Company are: Messrs. Geng Xiaoping, Fang Yunti, Zhang Jingzhong and       
    Xuan Daoguang; the non-executive directors are: Messrs. Zhang Luyun       
    and Zhang Yang; and the independent non-executive directors are:          
    Messrs. Tung Chee Chen, Zhang Junsheng and Zhang Liping.