09:46     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 any 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)                                                         
                                                                              
    WAIVER FROM COMPLIANCE WITH RULE 3.24 OF THE LISTING RULES                
                                                                              
                                                                              
    The Company has applied for, and the Stock Exchange has granted           
    to the Company, a conditional waiver from strict compliance with Rule     
    3.24 of the Listing Rules for a period of 3 years from 15 April 2005.     
                                                                              
    Pursuant to Rule 3.24 of the Rules Governing the Listing of               
    Securities on The Stock Exchange of Hong Kong Limited (the `Listing       
    Rules'), Shenzhen Expressway Company Limited (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 the Hong Kong              
    Institute of Certified Public Accountants (`HKICPA') (previously          
    known as the Hong Kong Society of Accountants) or a similar body of       
    accountants recognized by HKICPA for the purpose of granting              
    exemption from the examination requirement for membership of HKICPA.      
                                                                              
    Ms. Gong Tao Tao (`Ms. Gong'), the Company's Financial Controller         
    and a member of the senior management 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 for the purpose of granting      
    exemption from the examination requirement for membership of HKICPA.      
    The Company has appointed Ms. Gong as the Qualified Accountant of the     
    Company. The Company has also engaged Ms. Yuki Wong (`Ms. Wong'), who     
    is a member of HKICPA and a fellow of the Association of Chartered        
    Certified Accountants, to provide assistance to Ms. Gong for a period     
    of three years so as to discharge her duties as the Qualified             
    Accountant.                                                               
                                                                              
    In respect of the above, the Company has applied for, and The Stock       
    Exchange of Hong Kong Limited (the `Stock Exchange') has granted to       
    the Company, a conditional waiver from strict compliance with Rule        
    3.24 of the Listing Rules for a period of 3 years from 15 April 2005.     
    The waiver will cease (i) on 14 April 2008 (ii) the date the              
    engagement contract ends between the Company and Ms. Wong or (iii)        
    once Ms. Wong is no longer able to assist Ms. Gong, whichever is the      
    earliest. 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.                               
                                                                              
    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, 26 April 2005