09:30     JIANGSU EXPRESS<00177> - Announcement (3)                           

    owned as to 30% by Guangjing Xincheng. Guangjing Xincheng (a 85%          
    subsidiary of the Company with the other 15% owned by  Huajian            
    Transportation Economic Development Centre (a substantial shareholder     
    of the Company)) is a connected person of the Company under the Rules     
    Governing the Listing of Securities on The Stock Exchange of Hong         
    Kong Limited (the `Hong Kong Listing Rules'). The entering into of        
    the Guangjing Xicheng Maintenance Contract is a connected transaction     
    under the Hong Kong Listing Rules. As the maximum annual maintenance      
    fees under the Guangjing Xicheng Maintenance Contract is                  
    RMB25,000,000 (approximately HK$23,584,906) is less than 2.5% of the      
    relevant percentage ratios under rule 14.07 of Hong Kong Listing          
    Rules, the Guangjing Xicheng Maintenance Contract constitutes a           
    continuing connected transaction under rule 14A.34 of the Hong Kong       
    Listing Rules, which requires compliance with the reporting and           
    announcement requirements under rules 14A.45 to 14A.47 of the Hong        
    Kong Listing Rules but is exempted from independent shareholders'         
    approval.                                                                 
                                                                              
    The Guangjing Xicheng Maintenance Contract is a transaction between       
    subsidiaries of a listed company and is not subject to disclosure         
    requirement pursuant to rule 7.3.6 of the Shanghai Listing Rules.         
                                                                              
                                                                              
                                                                              
                                   By the order of the Board of Directors     
                                   Yao Yongjia                                
                                   Secretary to the Board of Directors        
                                                                              
                                                                              
                                                                              
    Nanjing, the PRC, 22 April 2005                                           
                                                                              
    For the purpose of this announcement, conversions of Renminbi into        
    Hong Kong dollars are based on the approximate exchange rate of           
    RMB106 = HK$100                                                           
                                                                              
    The directors of the Company as at the date of this Announcement are      
    Shen Chang Quan, Sun Hong Ning, Zhang Wen Sheng, Xie Jia Quang, Chen      
    Xiang Hui, Fan Yu Shu, Cui Xiao Long, Chang Yung Tsung*, Fang Keng*,      
    Hong Yin Xing* and Yang Xiong Sheng*.                                     
                                                                              
    * independent non-executive directors