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: 548)                                                         
                                                                              
    DEFERRAL DESPATCH OF CIRCULAR                                             
    in relation to                                                            
    Major and Connected Transaction                                           
    Proposed acquisition of Wuhuang Expressway                                
                                                                              
                                                                              
    Despatch of the circular to the SZ Expressway Shareholders in             
    respect of the Major and Connected Transaction will be deferred as        
    additional time is required to reply certain comments from the Stock      
    Exchange which will be contained in the Circular. It is currently         
    expected that the Circular will be despatched to the SZ Expressway        
    Shareholders on or before 18 April 2005.                                  
                                                                              
                                                                              
    Reference is made to the joint announcement with SZ International         
    dated 22 March 2005 in respect of the proposed acquisition of 100% of     
    the equity interest in Wuhuang Expressway (`Major and Connected           
    Transaction') (`Joint Announcement'). Unless otherwise defined            
    herein, terms used herein shall have the same meanings as defined in      
    the Joint 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 SZ Expressway     
    Shareholders within 21 days after the publication of the Joint            
    Announcement, being on or before 12 April 2005.                           
                                                                              
    As additional time is required to reply certain comments from the         
    Stock Exchange which will be contained in the Circular to be              
    despatched to the SZ Expressway 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 18 April 2005. It is currently expected that the Circular     
    will be despatched to the Shareholders on or before 18 April 2005.        
                                                                              
    As at the date of this announcement, the Directors of the Company         
    are: Mr. Yang Hai (Chairman of the Board); Mr. Wu Ya De (Director and     
    General Manager); Mr. Zhang Rong Xing (Director); Mr. Lin Xiang Ke        
    (Director); Ms. Zhang Yang (Director); Mr. Chiu Chi Cheong, Clifton       
    (Director); Mr. Li Jing Qi (Director); Mr. Wang Ji Zhong (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                                                     
    Wu Qian                                                                   
    Joint Company Secretary                                                   
                                                                              
    Shenzhen, the PRC, 11 April 2005