Annual result Announcement

Zhejiang Expressway Co
29 March 2005



To: The Listing Division of The Stock Exchange of Hong Kong Limited

    The E-Business and Information Services of The Stock Exchange of Hong Kong
    Limited

IMPORTANT NOTES:

1) IT IS IMPORTANT THAT YOU READ THE NOTES ATTACHED TO THIS FORM. IF YOU ARE IN ANY
   DOUBT ABOUT THIS FORM, YOU SHOULD CONSULT THE EXCHANGE OR OTHER PROFESSIONAL
   ADVISER IMMEDIATELY.

2) PLEASE ENSURE ACCURACY WHEN COMPLETING THIS FORM AS INFORMATION CONTAINED IN
   THIS FORM WILL BE RELEASED ON THE TELETEXT SYSTEM UPON RECEIPT.

3) ALL SUBSEQUENT CHANGES TO THE INFORMATION PROVIDED IN THIS FORM, IN PARTICULAR
   THE BOOK CLOSING DATES, MUST BE NOTIFIED TO THE LISTING DIVISION BY TELEPHONE
   AND FOLLOWED BY A WRITTEN CONFIRMATION IMMEDIATELY.

From :       Zhejiang Expressway Co., Ltd.                                         No. of pages:     ______1______
             (Name of Company/Representative Company)

             Mr. Fang, Yunti                    86-571-8798 5588                           March 29th, 2005
             (Responsible Official)             (Contact Telephone Number)                 Date

Name of listed company          :  Zhejiang Expressway Co., Ltd.

Year end date                   :  31 /12 / 04         Change of any figures reported in the Results
                                                       Announcement Form submitted previously for
Currency                        :  Renminbi            the Last Corresponding Period?      Yes (X) No
To be published in the newspapers (if                  Auditors' Report Qualified Modified (X) Neither
applicable)

(X) Summarised results announcement
  Full results announcement                           (Audited/Unaudited*)                 (Audited/Unaudited*)

                                                      Current Period                       Last Corresponding Period
                                                      from Jan. 1st to                     from Jan. 1st to

                                                      Dec. 31st, 2004                      Dec. 31st, 2003
     
                                                      (Rmb'ooo )                           (Rmb'ooo )

Turnover (Note I)                               :                       3,131,993                              2,471,805

Profit/(Loss) from Operations (Note III)        :                       1,973,955                              1,698,767

Finance cost                                    :                       (103,457)                              (132,801)

Share of Profit / (Loss) of Associates          :                          15,016                                 17,394

Share of Profit / (Loss) of

Jointly Controlled Entities                     :                          25,467                                  9,829

Profit / (Loss) after Taxation & MI             :                       1,225,699                              1,008,792
% Change over Last Period                       :

EPS / (LPS) - Basic (in dollar)                 :                     28.22 cents                            23.23 cents

- Diluted (in dollar)                           :                             N/A                                    N/A

Extraordinary ('ETD') Gain / (Loss)             :                               -                                      -

Profit / (Loss) after ETD Items                 :                       1,225,699                              1,008,792

Interim / Final* Dividend per Share             :                      15.0 cents                             11.0 cents

(specify if with other options)                 :                               -                                      -

B / C Dates for Interim / Final* Dividend       :   April 23rd, 2005              to     May 22nd, 2005 bdi.

Payable Date                                    :   N/A

B / C Dates for (Annual) General Meeting        :   April 23rd, 2005              to     May 22nd, 2005 bdi.

Other Distribution for Current Period :      N/A
     __________________________________________________

B / C Date for Other Distribution : N/A to N/A bdi.

* Please delete as appropriate.

A description or an explanatory note (Note IV)                               For and on behalf of

No further description or explanation is provided for the
above.
                                                           Signature    :    _______________________
                                                           Name         :    Fang, Yunti
                                                           Title        :    Director/General Manager


                           G U I D E L I N E N O T E

THE FOLLOWING NOTES ARE INTENDED TO ASSIST YOU IN COMPLETING THE ATTACHED
RESULTS ANNOUNCEMENT FORM.


        I)     Banking companies (meaning banks, restricted licence banks and
        deposit taking companies as defined in the Banking Ordinance) should
        report interest income. Only turnover or interest income as appropriate
        will be reported on the Teletext system. Where appropriate, an analysis
        of turnover from continuing operations and discontinued operations
        should be provided (please also see Note IV (4) below)


        II)     Where the auditors' report is qualified or modified, please
        provide details of the qualification or modification in the results
        announcements.


        III)     Profit / (loss) from operations should be stated before finance
        cost and share of profits and losses of associates and jointly
        controlled entities and before taxation and minority interests. Where
        appropriate, an analysis of profit/(loss) from continuing operations and
        discontinued operations should be provided. (please also see Notes IV(5)
        and (6) below).


        IV)     A description or an explanatory note is required to be provided
        for each of the following items, if applicable :


                (1)     The listing date and the basis of presentation of
                results for companies issuing their first interim/final results
                after listed on the Exchange.


                (2)     The basis of presentation of results for companies
                having reorganized under a scheme of arrangement within the two
                periods presented.


                (3)     Change of financial year end date occurred within the
                two periods presented (please indicate the old and new year end
                dates).



     1. An analysis of turnover from continuing operations and discontinued
        operations.


     2. An analysis of profit/(loss) from continuing operations and discontinued
        operations.


     3. Details of any items before taxation of the current and/or prior period
        which are of such size, nature or incidence that their disclosure is
        relevant to explain the financial performance for the period should be
        disclosed separately in note form, divided into those arising from
        continuing operations and those from discontinued operations.


                (7)     The basis of calculation for basic EPS and diluted EPS
                of the current period (or an appropriate negative statement for
                diluted EPS).


                (8)     Elaboration of the extraordinary items (net of taxation)
                of the current period.


                (9)     Explanation for any change or adjustment of the last
                corresponding results.


(10)     Terms of the bonus warrants, if any.


                (11)     The new subscription price of existing warrants (if
                adjusted) due to bonus issue of shares, if any.


                (12)     The Hong Kong time for the book closing dates record
                dates for issuers of secondary listing in Hong Kong.


                (13)     The amount of preference dividend distributed within
                the two periods presented, if applicable.

        You may also include other remarks which you find appropriate.




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