09:25     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)                                                        
                                                                              
    ANNOUNCEMENT                                                              
                                                                              
    Pursuant to section 186 of the PRC Company Law and article 25 of          
    the Articles, the directors of the Company wish to announce that a        
    special resolution in relation to the authorization to the Board to       
    repurchase H Shares and the reduction of registered capital of the        
    Company (if exercise) was passed on 8 April 2005. Creditors of the        
    Company, who have not already received notification from the Company      
    of the proposed repurchase of H Shares and reduction of registered        
    capital as a result thereof, have the right within a period of 90         
    days commencing from the date of this announcement to claim full          
    repayment or provision of corresponding guarantee for the debt due to     
    them from the Company.                                                    
                                                                              
    Further to the poll results announcements of resolutions of general       
    meetings of Shenzhen Expressway Company Limited (the `Company') on 8      
    April 2005, this announcement is made pursuant to section 186 of the      
    Company Law of the People's Republic of China (the `PRC Company Law')     
    and article 25 of the Articles of Association of the Company (the         
    `Articles'). Pursuant to such section and article, creditors of the       
    Company, who have not already received notification from the Company      
    of the proposed repurchase of H Shares and reduction of registered        
    capital as a result thereof, have the right within a period of 90         
    days commencing from the date of this announcement to claim full          
    repayment or provision of a corresponding guarantee for the debt due      
    to them from the Company.                                                 
                                                                              
    As announced on 8 April 2005, a special resolution on the                 
    authorization to the board of directors of the Company (the `Board')      
    to repurchase H Shares of RMB1.00 each in the share capital of the        
    Company was passed at each of the annual general meeting, class           
    meeting for holders of domestic shares and class meeting for holders      
    of H shares, of the Company held on 8 April 2005. Subject to and in       
    accordance with (i) all applicable laws, rules and regulations of the     
    People's Republic of China (the `PRC''); (ii) the Rules Governing the     
    Listing of Securities on The Stock Exchange of Hong Kong Limited and      
    (iii) the obtaining of approval from all relevant governmental            
    authorities in the PRC, the Board may pursuant to the said                
    authorization and during the prescribed period exercise all the           
    powers of the Company to purchase up to 74,750,000 H Shares,              
    representing 10% and 3.43%, respectively, of the aggregate amount of      
    H Shares in issue and the entire issued share capital of the Company,     
    as at 8 April 2005.                                                       
                                                                              
    Should the Board exercise the powers of the Company to repurchase H       
    Shares, upon completion of the repurchase of such H Shares, the           
    registered capital of the Company will be reduced by the amount of        
    shares actually repurchased.                                              
                                                                              
    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                                                     
    Shenzhen Expressway Company Limited                                       
    Wu Qian                                                                   
    Joint Company Secretary                                                   
                                                                              
    Shenzhen, the PRC, 15 April 2005