Final Results

Zhejiang Expressway Co
04 March 2003


ZHEJIANG EXPRESSWAY CO., LTD.

( A joint stock limited company incorporated in the People's Republic of China)

2002 Annual Results Announcement

  • Turnover up 25.9% to Rmb2,168 million
  • Net profit up 17.1% to Rmb890 million
  • Earnings per share up 17.1% to Rmb20.5 cents
  • Return on equity increased by 12.1% to reach 9.2%
  • Final dividend of Rmb9.0 cents per share recommended

The directors (the 'Directors') of Zhejiang Expressway Co., Ltd. (the 'Company')
are pleased to announce the audited results of the Company and its subsidiaries
(collectively the 'Group') for the year ended December 31, 2002 (the 'Period')
prepared in conformity with accounting principles generally accepted in Hong
Kong with the basis of preparation as stated in Note 1 below, together with the
2001 comparative figures as follows:

RESULTS AND DIVIDENDS

The Group achieved solid growth during the Period. Total turnover amounted to
Rmb2,168 million, representing a 25.9% increase compared to the corresponding
period in 2001 (the 'Previous Period'). Net profit was Rmb890 million, a 17.1%
increase over the Previous Period. Earnings per share was Rmb20.5 cents (2001:
Rmb17.5 cents). The Directors are pleased with the results achieved.

In view of the final results, the Directors recommend the payment of a final
dividend of Rmb9.0 cents per share (approximately HK$8.4 cents). Together with
an interim dividend of Rmb4.0 cents per share (approximately HK$3.8 cents) paid
on October 31, 2002, the total dividend payable for the Period amounted to
Rmb13.0 cents (approximately HK$12.1 cents) per share.

The audited consolidated income statement for the Period, the assets and
liabilities of the Group and relevant financial notes, are set out as below:

CONSOLIDATED INCOME STATEMENT

(All amounts expressed in thousands of Renminbi, except per share data)

                               Notes                                    Year ended December 31
                                                                              2002                            2001

Turnover                       2                                         2,168,078                       1,722,517
Operating costs                3                                         (561,918)                       (392,535)
Gross profit                                                             1,606,160                       1,329,982
Other revenue                  2                                            66,457                         216,690
Administrative expenses        3                                          (95,209)                        (88,487)
Other operating expenses       3                                          (33,109)                        (18,236)
Profit from operating                                                    1,544,299                       1,439,949
activities
Finance costs                                                            (163,224)                       (215,346)
Share of profits of associates                                              11,719                          12,396
Share of loss of a                                                           1,677                         (1,459)
jointly-controlled entity
Profit before tax                                                        1,394,471                       1,235,540
Tax                            4                                         (400,952)                       (363,970)
Profit before minority                                                     993,519                         871,570
interests
Minority interests                                                       (103,067)                       (110,957)
Net profit from ordinary                                                   890,452                         760,613
activities attributable to
shareholders
Earnings per share             5                                        20.5 cents                      17.5 cents
Assets and liabilities
Total assets                                                            14,505,834                      14,477,538
Total liabilities                                                        3,826,254                       3,685,828
Minority interests                                                         977,789                       1,502,629
Net assets                                                               9,701,791                       9,289,081


Notes:

1. BASIS OF PREPARATION

The financial statements for the year ended December 31, 2002 have been prepared
in accordance with Hong Kong Statements of Standard Accounting Practice
('HKSSAP'), accounting principles generally accepted in Hong Kong and the
disclosure requirements of the Companies Ordinance (Chapter 32 of the Laws of
Hong Kong). They have been prepared under the historical cost convention,
modified with respect to the measurement of investments in securities.

2. TURNOVER AND REVENUE

Turnover mainly represents toll income from the operation of expressways, the
value of advertising services rendered, and the value of road maintenance
services rendered, net of relevant revenue taxes.

An analysis of turnover and revenue is as follows:
                                                             2002                                             2001
                                                          Rmb'000                                          Rmb'000

Toll income - third parties                             2,184,197                                        1,756,265
Advertising income - third parties                         27,742                                           22,462
Road maintenance income - third parties                     1,704                                            4,649
Others - third parties                                     73,043                                           34,465
                                                        2,286,686                                        1,817,841
Less: Revenue taxes                                     (118,608)                                         (95,324)
Turnover                                                2,168,078                                        1,722,517

Income on investments                                      18,448                                          105,522
Interest income                                            17,063                                           41,503
Rental income                                              14,457                                            6,726
Trailer income                                             10,192                                            8,278
Exchange gains, net                                         1,121                                           53,172
Others                                                      5,176                                            1,489
Other revenue                                              66,457                                          216,690
                                                        2,234,535                                        1,939,207


The Company and its subsidiaries are subject to Business Tax ('BT'), levied at
5% on toll income and 3% to 5% on other services income. In addition, the
subsidiaries are subject to the following types of revenue taxes and fees:

  • City Development Tax, levied at 1% to 7% of BT;
  • Education Supplementary Tax, levied at 3.5% to 4% of BT; and
  • Culture and Education Fees, levied at 3% on advertising income.



3. DEPRECIATION AND AMORTISATION
                                                                2002                                                2001
                                                             Rmb'000                                             Rmb'000

Depreciation                                                 223,748                                             205,582
Amortisation of expressway operation                           8,700                                               8,700
right

Amortisation of goodwill                                      15,612                                               1,043
                                                             248,060                                             215,325


4. TAX

No Hong Kong profits tax has been provided as the Group had no taxable profits
in Hong Kong during the year.

The Group was subject to Corporate Income Tax ('CIT') levied at a rate of 33% of
taxable income based on income for financial reporting purposes prepared in
accordance with the laws and regulations in the PRC.
                                                            2002
                                                         Rmb'000                                       2001
                                                                                                    Rmb'000
Group:
      Tax charged                                        367,997                                    327,718
      Tax refunded/refundable                           (79,133)                                   (68,791)
                                                         288,864                                    258,927
Deferred                                                 109,387                                     88,432
Share of tax attributable to associates                    5,004                                     17,528
Share of deferred tax attributable to an                 (3,294)                                    (1,951)
associate
Share of deferred tax attributable to a                      991                                      1,034
jointly-controlled entity
Tax charge for the year                                  400,952                                    363,970

During the Period, according to an approval from the Zhejiang Provincial Local
Tax Bureau, Zhejiang Shangsan Expressway Co., Ltd. ('Shangsan Co') was entitled
to a 50% CIT exemption for the year ended 31 December 2001 amounting to
Rmb16,749,000 under the category of 'Enterprise Providing Employment
Opportunities to Redundant City and County workers' as defined in the relevant
national tax rules. In addition, according to a notice issued by the Jiaxing
Finance Bureau (the 'JFB'), Zhejiang Jiaxing Expressway Co., Ltd. ('Jiaxing Co')
received from the JFB an amount of Rmb71,290,000, representing a refund in
relation to the CIT of Jiaxing Co for the period from the fourth quarter of 2000
to December 2001.

Pursuant to a directive issued by the Zhejiang Provincial People's Government in
1997, the Company was entitled to a refund from the Zhejiang Finance Bureau of
an amount equal to 18% of its taxable income in respect of the CIT paid to the
Zhejiang Tax Bureau. According to a directive from the Ministry of Finance on 13
October 2000, the Company was entitled to the tax refund until 31 December 2001.
As Huajian Transportation Economic Development Center ('Huajian'), a state-owned
enterprise under the China Merchants Group, became a substantial shareholder of
the Company, the CIT that the Company paid has been divided into the national
portion and the Zhejiang portion. The national portion of the total CIT paid,
being Huajian's portion of the total domestic shares (i.e. 16.39%) according to
relevant regulations issued by the Ministry of Finance, is no longer entitled to
the 18% refund granted by the Zhejiang Provincial People's Government.

Nevertheless, according to a notice issued by the State Council on 31 December
2001, with effect from 1 January 2002, CIT payments are divided into two
portions on a 50/50 basis - the national portion and the local portion. Since
the CIT in relation to the fourth quarter of 2001 was paid in 2002, the Company
was only entitled to the 9% refund from the Zhejiang Finance Bureau in respect
of the CIT for the fourth quarter of 2001. The CIT refund of Rmb8,906,000
recognised in year 2001 became not recoverable and has been recorded as tax
charge for 2002.

There was no material unprovided deferred tax in respect of the Period (2001:
Nil).

5. EARNINGS PER SHARE

The calculation of basic earnings per share is based on the net profit from
ordinary activities attributable to shareholders for the year of Rmb890,452,000
(2001: Rmb760,613,000) and the 4,343,114,500 shares (2001: 4,343,114,500 shares)
in issue during the year.

Diluted earnings per share for the years ended December 31, 2002 and 2001 have
not been calculated as no diluting event existed during these years.

6. TRANSFER TO RESERVES

In accordance with the Company Law of the PRC and the articles of association of
the Company, its subsidiaries, its associates and its jointly-controlled entity
(collectively the 'Entities'), the Entities are required to allocate 10% of
their profit after tax, as determined in accordance with the PRC accounting
standards and regulations applicable to the Entities, to the statutory surplus
reserve (the 'SSR') until such reserve reaches 50% of the registered capital of
the Entities. As a result, Rmb93,498,000 was transferred to the SSR for the year
ended December 31, 2002. Subject to certain restrictions set out in the Company
Law of the PRC and the respective articles of association of the Entities, part
of the SSR may be converted to increase the Entities' share capital.

In accordance with the Company Law of the PRC, the Entities are required to
transfer 5% to 10% of their profit after tax, as determined in accordance with
the PRC accounting standards and regulations applicable to the Entities, to the
statutory public welfare fund (the 'PWF'), which is a non-distributable reserve
other than in the event of the liquidation of the Entities. For the year ended
December 31, 2002, Rmb46,749,000 was transferred to the PWF. The PWF must be
used for capital expenditure on staff welfare facilities and these facilities
remain as properties of the Entities.



BUSINESS REVIEW

During the Period, the Group's business operations continued to focus on the two
major expressways: the 248km Shanghai-Hangzhou-Ningbo Expressway and the 142km
Shangsan Expressway, with toll income contributing to approximately 95.5% of the
Group's total income, details of which are as follows:

                                                            2002                    2001
                                                         Rmb'000                 Rmb'000           % change

Toll income                                            2,184,197               1,756,265              +24.4
       Shanghai-Hangzhou-Ningbo                        1,745,931               1,438,191              +21.4
       Expressway
         Shangsan Expressway                             438,266                 318,074              +37.8
Other income
       Advertising                                        27,742                  22,462              +23.5
       Road Maintenance                                    1,704                   4,649              -63.3
       Service Areas                                      73,043                  34,465             +111.9
                                                       2,286,686               1,817,841             +25. 8
Revenue taxes                                          (118,608)                (95,324)              +24.4
Turnover                                               2,168,078               1,722,517              +25.9

Toll Road Operations

Both traffic volume and toll income of the Shanghai-Hangzhou-Ningbo Expressway
continued to grow during the Period. Daily average full-trip traffic volume was
25,048, representing an increase of 21.6% over the Previous Period, while toll
income for the Period was approximately Rmb1,746 million, representing an
increase of 21.4% over the Previous Period and 79.9% of the Group's total toll
income (2001:81.9%).

Fully completed and opened to traffic in 2000, the Shangsan Expressway continued
to operate at a high rate of growth in traffic volume, benefiting from both a
lower basis of comparison and an increasingly enhanced expressway network within
the province. During the Period, daily average full-trip traffic volume was
11,634, representing an increase of 39.8% over the Previous Period, while toll
income for the Period was approximately Rmb438 million, representing an increase
of 37.8% over the Previous Period and 20.1% of the Group's total toll income
(2001:18.1%).

Shida Road, a 9.45km interlink owned and operated by Hangzhou Shida Highway Co.,
Ltd. ('Shida Co.'), a 50% owned and jointly-controlled entity of the Company,
enjoyed a surge in traffic volume and toll income. The surge was mainly the
result of Shida Road being the only link between the northern section of the
newly completed Hangzhou City Ring Road and the Shanghai-Hangzhou-Ningbo
Expressway. With traffic volume growth at 72% and toll income growth at 46.8%,
Shida Co. recorded its first-ever net profit for the Period of approximately
Rmb1.4 million (2001: - Rmb5.0 million).

Following the successful launch of the pre-paid IC card system in October 1999
and a subsequent upgrade in October 2000, the system was expanded to cover the
Shangsan Expressway in 2002. The system, designed to reduce cash transactions
for toll collection, contributed total sales of Rmb81.7 million for the Period,
representing an increase of 253% over the Previous Period.

Started in the second half of 2002, the major road surface-overlaying project on
the Shanghai-Hangzhou-Ningbo Expressway covered a length of approximately 93km.
Including sizeable repairs and bridge-head differential-settlement treatments
along the affected sections, the combined cost was approximately Rmb156.0
million, in addition to the cost of Rmb33.1 million attributable to routine
maintenance works.

According to plans approved by the board of directors of the Company on March 4,
2003, another section of Shanghai-Hangzhou-Ningbo Expressway, totalling
approximately 84km, will undergo road surface-overlay in 2003 at a cost of
approximately Rmb141.4 million.

Other Businesses

Service Area Operations

After the opening of two more service areas at full capacity along the Shangsan
Expressway at the beginning of 2002, there are currently five service areas in
operation under the Group. Revenue from service areas was further enhanced with
a newly implemented contract-out policy, through an open bidding process, for
some of the businesses available at these service areas. The policy has
significantly increased returns generated by the facilities concerned,
contributing a total revenue of approximately Rmb73.0 million for the five
service areas, an increase of approximately 112% over the Previous Period when
only three service areas were in operation.

Advertising Business

The Company further expanded its roadside billboard advertising business from
the Shanghai-Hangzhou-Ningbo Expressway to the Shangsan Expressway. The business
is operated by Zhejiang Expressway Advertising Co., Ltd., a 70% owned subsidiary
of the Company. Although turnover grew substantially by 23.6% to reach Rmb27.7
million for the subsidiary, net profit grew only slightly by 7.0% to Rmb7.8
million, mainly due to increased costs at the initial phase of business
expansion to the Shangsan Expressway, as well as increased market competition
from areas surrounding the expressways.

Petroleum Co

Growing demand, as well as increasing competition in the petroleum retail
market, presented both opportunities and challenges for Zhejiang Expressway
Petroleum Development Co., Ltd. (the 'Petroleum Co'), a 50% owned associate of
the Company. Continued growth in retail sales contributed a net profit for the
Period of approximately Rmb16.3 million for Petroleum Co (2001: - Rmb10.4
million).

JoinHands Technology

Having expanded into the new field of design and consulting services for
logistics centers, JoinHands Technology Co., Ltd. ('JoinHands Technology'), a
27.58% owned associate of the Company, made further investments in project
research and development during the Period. JoinHands Technology recorded a net
profit for the Period of Rmb6.8 million, a slight decrease by 1.4% as compared
to the Previous Period due to heavier investment in research and development.

Project Investments

In addition to the acquisition of a 12.7% equity interest in Zhejiang Jiaxing
Expressway Co., Ltd. and a 2.0% equity interest in Zhejiang Shangsan Expressway
Co., Ltd. ('Shangsan Co', a 71.6% owned subsidiary) in January 2002, for a total
consideration of Rmb444,592,000 in cash, the Company further entered into sale
and purchase agreements in August 2002 to purchase from Zhejiang Communications
Investment Group Co., Ltd. and Tiantai County Transport Development Company a
6.625% equity interest and a 2.0% equity interest, respectively, in Shangsan Co
for a consideration of Rmb187.62 million and Rmb57.6 million in cash,
respectively. Details of the acquisitions were disclosed in the Company's 2001
Annual Report, and announcement dated August 20, 2002.

In response to the rapid expansion of the regional economy and the fast growth
of expressway traffic, and in view of the decline of the average travel speed
and level of service along the Shanghai-Hangzhou-Ningbo Expressway in recent
years, initiatives have been undertaken to widen the expressway from its current
four lanes to eight lanes (the 'Widening Project'). Involving a total distance
of 223 km and at an estimated cost of approximately Rmb4,780 million, the
overall Widening Project is expected to be completed by the end of 2007.

The initial phase of the Widening Project, from Hongken to Guzhu, pertains to
approximately 44km in length. Construction of the project commenced in October
2000 and is progressing ahead of schedule with completion expected by the end of
2003. At a construction cost of approximately Rmb646.68 million as of the latest
budget, the section is expected to be widened to eight lanes instead of six as
originally planned, with emergency parking areas provided at intervals of 500
meters. A committee of specialists and experts has approved the change in plans,
with final approval by relevant authorities expected to be obtained later this
year.

The next phase of the Widening Project, from Dajing to Fengjing, pertaining to
approximately 95 km and budgeted at approximately Rmb2,508.19 million, is being
designed for widening to a standard eight-lane expressway. Construction works
are expected to commence in the fourth quarter of 2003, with completion targeted
by the end of 2006.

The last phase of the Widening Project, from Guzhu to Dazhujia, pertaining to
approximately 84km and budgeted at approximately Rmb1,625.41 million.
Construction works are expected to commence in mid-2004 and to be completed by
the end of 2007. Construction works will take place off the shoulders of the
expressway, such that traffic flow on the traveled lanes will not be stopped.
Measures have been taken so as not to significantly slow down normal traffic
flow.

Human Resources

As at December 31, 2002, the Group had a total of 1,998 employees, among whom
342 were administrative staff, 161 were engineering technicians, and 1,495 were
toll collection and maintenance staff.

Recognizing that human resources are the first and foremost resources in any
endeavor it undertakes, the Company made substantial efforts in training and
recruiting staff with an aim to realize its long-term strategic goals. The
Company initiated a scheme during the Period in which job performance evaluation
is more closely linked with incentives. The scheme proved to be a great success,
especially in the routine maintenance area where unit cost was reduced by 25%
while quality of repairs was enhanced.

FINANCIAL ANALYSIS

Driven by a better-than-expected business performance in the Period, net profit
attributable to shareholders realized by the Group was approximately Rmb890
million, representing an increase of 17.1% over the Previous Period, while
return on equity for the Period was approximately 9.2%, compared with 8.2% in
the Previous Period.

Liquidity and Financial Resources

The Group continued to generate strong and steady cash inflows from its ordinary
operating activities. Net cash inflow from operating activities in the Period
was approximately Rmb1,536 million, representing an increase of Rmb458 million
over the Previous Period.

As at December 31, 2002, the Group held Rmb1,807.2 million in cash and cash
equivalents, time deposits and short-term investments, with cash and cash
equivalents accounting for 36.9%, time deposits for 15.6% and short-term
investments for 47.5% of the total.

Among the Rmb858,114,000 held in short-term investments, approximately 85% are
held in government bonds, with the remaining 15% held in corporate bonds and
close-ended security investment funds, etc.

The average interest rates for bank deposits in Renminbi, US Dollars, Euro and
HK Dollars during the Period were approximately 1.1%, 3.7%, 0.7% and 1.6%,
respectively, while average yield of short-term investments during the Period
was approximately 2.0%.

The Directors do not expect to experience any problem with liquidity in the
foreseeable future.

Borrowings and Capital Structure

As at December 31, 2002, the Group had total interest bearing borrowings
equivalent to approximately Rmb3,038.2 million, including World Bank borrowing
and corporate bonds, among which Rmb2,147.6 million was subject to fixed
interest rates, and Rmb890.6 million was subject to floating interest rates.

With the average interest rate in the Period at approximately 4.8%, total
interest expense for the Period was approximately Rmb163.2 million, resulting in
a profit before taxation and interest to interest expense ratio of 8.9 (2001:
4.8).

In addition, non-interest bearing liabilities and shareholders' equity of the
Group amounted to approximately Rmb1,765.8 million and Rmb9,701.8 million,
respectively. The ratio of total liabilities over shareholders' equity at the
end of 2002 was 49.5% (2001: 55.9%).

Net proceeds, in the amount of Rmb991 million, from the issue of Rmb1 billion
corporate bonds by the Company in the period from January 24 to February 17,
2003, have been received by the Company on February 19, 2003. Details of the
issue were disclosed in the Company's announcement dated January 22, 2003.


Commitments and Utilization of Capital Expenditure

Capital expenditures incurred during the Period was approximately Rmb831.6
million, approximately Rmb689.8 million of which was used on acquisition of
additional interests in subsidiaries. Most of the remaining capital expenditure
was used on the Widening Project and other expressway-related projects.

Capital expenditure commitments for the Group as at December 31, 2002 amounted
to approximately Rmb5,454 million, among which Rmb4,483 million will be used on
the Widening Project, with the remaining balance to be used on other
expressway-related projects.

In addition to the capital commitment disclosed above, the Directors have
approved budget of repairing costs amounting to Rmb141.0 million.

The Company will finance its capital expenditure needs with its own financial
resources, as well as through additional bank borrowings and/or issue of
corporate bonds.

Contingent Liabilities

Other than a guarantee of Rmb30 million provided in favor of Shida Co, in
respect of a commercial bank loan of the same amount extended to Shida Co from
September 2001 and maturity in September 2009, the Group does not have any
contingent liabilities as at December 31, 2002.

Guarantees and Pledges of Assets

Other than the guarantee mentioned above, the Group does not have any other
guarantees and pledges of assets.

Foreign Exchange Exposure

The Group had an outstanding World Bank loan denominated in US Dollars in the
amount of Rmb890.6 million as at December 31, 2002. In addition, the Company
paid its dividends for H Shares in HK Dollars.

Although all incomes of the Group are settled in Renminbi and the Directors do
not anticipate any substantial fluctuations in the exchange rates between
Renminbi and foreign currencies that will cause material foreign exchange
exposure to the Group, there is no assurance that the foreign exchange exposure
will not affect the operating results of the Group.

Employees' Basic Medical Insurance Scheme

Medical expenses for employees of the Group were accounted for as part of the
benefits provided by the Group in 2002 and the years before, in accordance with
relevant accounting rules and internal policies. Following the promulgation of
employees' basic medical schemes by local governments in Zhejiang Province
starting from the second half of 2002, the Group is expected to enroll in these
compulsory schemes in 2003. Judging from the arrangements of the schemes, the
Directors do not anticipate to see any significant impact from its participation
in the scheme on Group's financial standing, specifically its consolidated
income statement and consolidated balance sheet.

OUTLOOK FOR 2003

Zhejiang Province's GDP grew at an accelerated rate in the Period on a
quarter-to-quarter basis. As both micro and macro environmental factors appear
to be favorable for both the PRC and the Zhejiang Province, prospects for
continued economic growth for the province are good.

With the completion and opening to traffic of an additional 537km of expressways
in Zhejiang Province by the end of 2002, the overall expressway network in the
province is substantially expanded, thereby creating a networking effect that
will certainly benefit most of the existing expressways of the Group in 2003,
including the Shangsan Expressway.

The Company will further expand its service area operations to meet increased
demand from the extended expressway network, by expanding the areas of the
current service areas and employing additional service staff, and by initiating
the process of building more service areas along the expressways under the
Group's operation.

By the end of 2003, the initial phase of the Widening Project for the
Shanghai-Hangzhou-Ningbo Expressway is expected to be completed and open to
traffic. As a result, a 44km section of eight-lanes with emergency parking areas
will be put into service, allowing for continued growth in traffic volume and
providing substantially improved road conditions on the section. This will
greatly increase the carrying capacity of the expressway beyond 2004.

Over the longer term, the Company will benefit from the fact that more
expressways in Zhejiang Province are slated for full completion and opening to
traffic by the end of 2003, including two major expressways linking the two
neighboring provinces of Jiangxi and Fujian. The Company intends to grasp any
opportunities in project investments and acquisitions, with a view to achieving
the Group's vision of becoming a leading company in investing in and operating
infrastructure businesses, with an emphasis on expressways, in the PRC by 2010.

CHANGE IN DIRECTORS

At the extraordinary general meeting of the shareholders of the Company held on
February 11, 2003, Mr. Geng Xiaoping, Mr. Fang Yunti, Mr. Zhang Jingzhong and
Mr. Xuan Daoguang were re-elected as executive directors; Ms. Zhang Yang was
re-elected as a non-executive director; Mr. Tung Chee Chen and Mr. Zhang
Junsheng were re-elected as independent non-executive directors.

In addition, Ms. Zhang Luyun was newly elected as a non-executive director, and
Mr. Zhang Liping was newly elected as an independent non-executive director. The
term of service for the directors will be three years, with effect from March 1,
2003.

The Board wishes to welcome all new Directors, and would like to express its
gratitude towards Dr. Hu Hung Lick, Henry and Ms. Zhang Chunming, whose terms of
service as directors expired on February 28, 2003, for their generous
contribution to the Company.

By Order of the Board

Geng Xiaoping

Chairman

Hong Kong, March 4, 2003

A detailed results announcement containing all the information required by
paragraphs 45(1) to 45(3) of Appendix 16 to the Listing Rules will be
subsequently published on The Stock Exchange of Hong Kong Limited's website at
http://www.hkex.com.hk in due course.


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