09:24     SHENZHENEXPRESS<00548> - 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 part of the contents of this announcement.                   
                                                                              
    SHENZHEN EXPRESSWAY COMPANY LIMITED                                       
    (a joint stock limited company incorporated in the People's Republic      
    of China with limited liability)                                          
    (Stock Code: 0548)                                                        
                                                                              
    DEFERRAL OF CIRCULAR DESPATCH                                             
    in relation to                                                            
    Major and Connected Transaction                                           
    Proposed acquisition of Qinglian Highways                                 
                                                                              
    Despatch of the circular to the Shareholders in respect of the            
    Major and Connected Transaction will be deferred as additional time       
    is required for the preparation of the accountants' report on             
    Qinglian Company to be contained in the Circular. It is currently         
    expected that the Circular will be despatched to the Shareholders on      
    or before 30 March 2005.                                                  
                                                                              
    Reference is made to the Company's announcement dated 15 February         
    2005 in respect of the proposed acquisition of 56.28% equity interest     
    in Qinglian Company (`Major and Connected Transaction')                   
    (`Announcement'). Unless otherwise defined herein, terms used herein      
    shall have the same meanings as defined in the Announcement.              
                                                                              
    Pursuant to Rules 14.38 and 14A.49 of the Listing Rules, the Company      
    is required to, among other things, despatch a circular in respect of     
    the Major and Connected Transaction (`Circular') to the Shareholders      
    and the Stock Exchange within 21 days after the publication of the        
    Announcement, being on or before 8 March 2005.                            
                                                                              
    As a result of the Chinese New Year holidays, additional time is          
    required for the preparation of the accountants' report on Qinglian       
    Company to be included in the Circular to be despatched to the            
    Shareholders, the Company has applied for a waiver from strict            
    compliance with the requirements under Rules 14.38 and 14A.49 of the      
    Listing Rules for the despatch of the Circular to 30 March 2005. It       
    is currently expected that the Circular will be despatched to the         
    Shareholders on or before 30 March 2005.                                  
                                                                              
    As at the date of this announcement, the Directors of the Company         
    are: Mr. Chen Chao (Chairman of the Board); Mr. Wu Ya De (Director        
    and General Manager); Mr. Zhang Rong Xing (Director); Mr. Zhong Shan      
    Qun (Director); Ms. Tao Hong (Director); Mr. Lin Xiang Ke (Director);     
    Ms. Zhang Yang (Director); Mr. Chiu Chi Cheong, Clifton                   
    (Director), Mr. Ho Pak Cho, Denis Morgie (Independent                     
    non-executive Director); Mr. Li Zhi Zheng (Independent non-executive      
    Director); Mr. Zhang Zhi Xue (Independent non-executive Director) and     
    Mr. Poon Kai Leung, James (Independent non-executive Director).           
                                                                              
    By Order of the Board                                                     
    Shenzhen Expressway Company Limited                                       
    Wu Qian                                                                   
    Joint Company Secretary                                                   
                                                                              
    Shenzhen, the PRC, 1 March 2005