JIANGSU EXPRESSWAY COMPANY LIMITED
00177
(1)
(2)
3
(4) 2021
2022 6 17 3 6 2021
N-1 N-9 1 41
H H
183 17M
2022 6 16 3
2022 5 17
..................................................................... ii
................................................................ 1
A. ............................................................ 2
B. ................................................. 3
C. ......................................................... 12
D. ......................................................... 39
E. H .............................................. 40
F. ..................................................... 40
........................................................ 42
.......................................................... 44
...................................................... I-1
......................... II-1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . III-1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IV-1
............................ V-1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . VI-1
2021 .................................................... N-1
–i–
100%
2022 6 17 2021
00177
600377
OTC Markets Group Inc. JEXYY
5
245,700
30
– ii –
:
H
1.00
H H
6
(
)
– iii –
Kroll Kroll (HK) Limited D&P China (HK) Limited ,
,
2022 5 12
60
20
5
)
) 14.62(2)
– iv –
571
(2022) 0652
2011 7 4
2011 6 28
100%
10 3
80
–v–
Kroll
2021 12 31
%
– vi –
JIANGSU EXPRESSWAY COMPANY LIMITED
00177
6
*
* 18
* 17
*
*
*
1
2
3
4 2021
–1–
A.
2022 3 28
(i) 5
(ii) 80
(iii) 60
20 )
(iv) (i) (ii) (iii)
2022 4 30
(i) 30
(ii)
2021 10 9 (i) (ii)
2022 4 30 (i) (ii)
2022 5 12 (i) (ii)
2022 4 30
(i)
–2–
(ii)
(i)
(ii) (iii) (iv)
B.
(I)
2022 3 28
5
(1) 5
(2)
(3)
(4)
(5)
(6)
–3–
(7)
(8)
(9)
1
2
3
4
–4–
(II)
2022 3 28
80
(1) 80
(2)
(3)
4 270
(5)
(6)
(7)
(8)
–5–
(9)
1
2
3
4
(III)
2022 3 28
60 20
(1) 60
20
(2)
–6–
(3)
4 20
(5)
(6)
(7)
(8)
(9)
1
2
3
4
–7–
IV
2022 4 30
30
(1) 30 30
(2) 100
(3) (i)
(ii)
(4) 5 5
(5)
–8–
(6)
(7)
(8)
(9)
(10)
(11)
(12)
–9–
(13)
(1)
(2)
(3)
(4)
(14)
(15)
– 10 –
2021 12 31
47.74%
– 11 –
C.
(I)
2022 4 29
1.
2.
100%
3.
245,700
(i) (ii)
1.11
2022 1 14 1.11
– 12 –
4.
(i) (ii)
(ii)
(iii)
(iii)
2022 12 31
5.
2022 7 31
5
30% 73,710
– 13 –
70% 2022 12
31
20
6.
5
*
2025 2.76
* 2.76
7.
56,071.61
56,071.61
– 14 –
8.
72%
40
1
9.
5%
31.08%
– 15 –
7
10.
(30)
– 16 –
(II)
1.
2.
291
*
1,680,000
69,568,498.9 #
2021 :
27,931,711.2 #
2021 :
5,741,714.0 #
2021 :
1,676,563.1 #
2021 :
*
– 17 –
# 2021 2022 4 25
2021 4,122
3,260 723
139
96.25% 29.64%
27.3%
88% 4381 7
364 97
33 2.8
2 600377.SH 0177.HK
(600901.SH) 2021 6,957
2,793 11.86% 10.53% 2021
574 168 30.16%
61.54%
– 18 –
54.44%
5 16.50 5.5
3.
2016 11 29
399 2 18
200,000 172,400
– 19 –
647,594,336 #
2021
225,195.491 #
2021
44,105.312 #
2021
11,835.368 #
2021
#
(III)
1.
4 66
62
50.6 1
300 62 54 22.35
3.89 2017 18.46 2018
– 20 –
100% 20 2017 1 21
100% 5.5
5.5 2017 8 12
1 1
2017 1 25
100%
100% 0.6
0.6 2016 7 29
0.3 0.3
2017 2 14
100%
90% 4.68 3.424
2017 11 18
1.261
2019 12 1
80% 26 2018 6 29
72% 300
2020 12 19
2021 10 31
– 21 –
70% 10.79 4.8
2020 7
5.99
2020 10
70% 10 10
0.8 2017 1 21
10
2018 6 15
0.8
2017 11 20
49% 7.2 2017 11 23
30% 100
2014 12
2015 12
20% 400
2020 11 16
2021 12 25
– 22 –
2.
2020 2021
12 31 2022 3 31
2022
2020 2021
433,779.90 647,594.34 655,005.07
* 204,623.12 225,195.49 241,717.37
2022
2020 2021
10,614.01 44,105.31 15,170.56
3,419.74 12,114.10 5,431.06
3,226.52 11,835.37 5,372.97
2,894.42 8,270.47 4,441.60
* 2020 2021 14,000
4,000 20%
2021 72%
4,737
2022 1 14 11,100
2022
49
– 23 –
3.
67 2021 12 31
526.6 300
113.1 3.5 110 2021
62,317.78 14,386.21
47,931.57 2021 60,160.23
106.86% 14,316.85
108.05% 45,843.38 106.49%
2019 136.0 1.34
2020 146.0 1.39
2021 526.6 6.01
– 24 –
(1) H5#
48
556,566
25%
75%
300
300
– 25 –
12
4.4
52 300
75 4
220kV
94,081
34
2019 7
2021 47,931.57
3,138.75
45,843.35
7,243.69
3,154.68
160.17 303.74
3,622.02
3.09 6.56m/s
93.4%
92.48% *
5.59%
2020 12 19
2021 10 31
0.3910
0.4590
2048 2 19
*
– 26 –
(2) H6#
50
712,316
25%
75%
400
400
– 27 –
13.7
8.2
66
400 100 4
220kV
126,926
3,173
38.1 105.8
400
100
2022 1-3 22,614.03
565.35
21,801.03
– 28 –
2020 7 26
2021 9 25
2021 11 29
2021 12 25
0.3910
0.4590
(3)
18,154
30%
70%
17,526
– 29 –
26
26
285Wp
24
12 500 32 630
22 2018 3
15
25
2,918.77
1,069.15
2018 6 29
0.3910
0.4590
2,114 13.44
40.65 101.35
7.5 3.8
– 30 –
(IV)
Kroll
235,500
Kroll
Kroll
H5# 2021 10
Kroll
(GTM)
#
Kroll
14.61 14.60A
14.62
– 31 –
100%
Kroll
22, 000 20
52, 000
2
3
14.62(2)
– 32 –
(i) Kroll
(ii)
(iii)
董事會致聯交所的有關確認函件載於本通函
的附錄三內。
(V)
2016 12 27
2020 9 22 75
2030 2060 2021 5 11
2021 2021
11%
2025 20%
– 33 –
2021 9
2021 12
1,180
– 34 –
10%
– 35 –
(VI)
(III) (2)
2022 3 31
409,305
413,288
(VII)
6.3.3
6.3.7
5%
– 36 –
14A.07
245,700 (i) 1
40
236,300 (ii)
3 56,071.6
14.07 5% 25%
14.33
14A.35 14A.36
(VIII)
– 37 –
5
(IX)
(i) 42 43
(ii)
44 75
(iii)
– 38 –
D.
2021 10 8 2022 5 12
,
13
2023
2021
63.52 2021 10
– 39 –
E. H
2022 5 18 2022 6 17
H 2022 4 29 H
2022 5 17 4:30
H
183 17 1712–1716 2022 5 31
F.
2022 6 17 3 6
N–1 N–9
, 54.44% ,
H (i) 2022 6
9 (ii)
2022 6 16 3
H H
– 40 –
(www.jsexpressway.com) (www.hkexnews.hk)
(www.sse.com.cn)
2022 5 17
– 41 –
JIANGSU EXPRESSWAY COMPANY LIMITED
00177
2022 5 17
– 42 –
,
, ( )
2022 5 17
– 43 –
|
181
27
2022
5 17
2022 4 30
100% 245,700
– 44 –
14A.07
14.07 5%
25%
14.33 14A.35 14A.36
(i)
(ii) (iii)
(iv)
13.84
– 45 –
(i) 2022 4 30 (ii)
(iii) 2022 3 31 2022
(iv) 2021 12 31 2021 (v)
Kroll (HK) Limited Kroll
Kroll (vi)
(vii)
2021 12 31
京分 (viii) 2022 3 31
(ix) CEEC 2022 3
(x) (xi)
(xii)
13.80
– 46 –
(i)
– 47 –
2022 2022 3 31
2021 2021 12 31
2020 2021 2022
12 31 12 31 12 31
8,032,467 13,792,587 2,578,308
2,518,755 4,132,649 785,442
2,464,214 4,178,794 795,301
2020 2021 2022
12 31 12 31 12 31
386,713 496,127 488,336
33,049,270 35,359,893 36,783,184
2021 2022
2021 12 31 2021
1,379,260 2020 12 31 2020 71.7%
2021 413,260
417,880 2020 64.1% 69.6%
2022 3 31
488,30 311,900 36,783,20 2020 12 31 2021
12 31 2022 3 31
45.9% 47.7% 46.4% 2021 2022
– 48 –
(ii)
54.44%
2021 4,122 3,260 723
139
96.3% 29.6% 27.3%
88% 4,381 7
364 97
33 2.8 2
600377.SH 0177.HK (600901.SH) 2021
6,957 2,793 11.86%
10.53% 2021 574 168
30.16% 61.54%
(iii)
(a)
2016 11 29
2,000,000,000
1,724,000,000
66.0
62
– 49 –
50.6
300 62 54
22.35 3.89 2017 18.46 2018
2021 12 31 526.6
300
113.1 110 3.5
2021 62317.78
14386.21 47931.57
60160.23 106.86%
10 3
20 2017 1 100%
6.5 2017 1 100%
1 1 100%
0.9 2016 7 100%
2 2 100%
4.7 2017 11 90%
– 50 –
26 2018 6 80%
300 2020 12 72%
10.8 2020 7 70%
20.8 2017 1 70%
7.2 2017 11 49%
100 2014 12 30%
400 2020 11 20%
1
2
(b)
2020 12 31 2021 12 31 2022 3 31
2020 2021 2022
12 31 12 31 12 31
4,337,799.0 6,475,943.4 6,550,050.7
2,046,231.2 2,251,954.9 2,417,173.7
– 51 –
2020 2021 2022
12 31 12 31 3 31
106,140.1 441,053.1 151,705.6
34,197.4 121,141.0 54,310.6
32,265.2 118,353.7 53,729.7
28,944.2 82,704.7 44,416.0
2020 2021 1,400 4,000
20%
2021 72%
4,737 2022 1 14 11,100
2022
490,000
2021 44,110
2020 315.5% 2021
11,840 2020 266.8% 2022 3 31
5,370 2021 45.4%
(c)
(1) H5#
48
– 52 –
556,570
300
12
4.4 52
300 75
4 220
94,080
34 2019 7
2021 47,931.57
3,138.75 45,843.35
7,243.69
3,154.68 160.17
303.74
3,622.02 3.09
6.56
93.4% 92.48%
5.59%
2020/12/19
2021/10/31
0.3910
0.4590
2048 2 19
– 53 –
(2) H6#
48
712,316
400
13.7
8.2 66
40 100
4
220
126,926
3,173
38.1 105.8
– 54 –
400
100
2022 3 22,614.03
565.35 21,801.03
2021/11/29
2021/12/25
0.3910
0.4590
– 55 –
(3)
18,154
26
285Wp
24 12 500
32 630 22
2018 3 15
25
2,918.77
1,069.15
2018/6/29
0.3910
0.4590
– 56 –
1.
2.
3.
4.
5.
1. GDP 2017 2021
GDP
2017 2018 2019 2020 2021
GDP
6.9% 6.7% 6.0% 2.2% 8.1%
7.2% 6.7% 6.1% 3.7% 8.6%
60.2% 61.5% 62.7% 63.9% 64.7%
68.8% 69.6% 70.6% 73.4% 73.9%
– 57 –
2017 2021 GDP 2.2%
8.1% 2017 2021 GDP
3.7% 8.6%
GDP
2.
(2021-2025 2035
2021 3
......
20% ......
– 58 –
3. 2012 2021
2012 15.28 1.96
2013 12.96 1.07
2014 14.87 12.43
2015 21.01 8.25
2016 31.39 13.8
2017 20.24 31.71
2018 17.2 53.41
2019 21.27 45.25
2020 25.72 26.52
2021 72.11 48.2
15.5%
2012 15.28 2021 72.11
54.8% 2012 1.07 2021 48.2
4.
2021 12
1,180
– 59 –
5. 2021 12 31 2021
(i) (ii)
(iii)
1.
2.
245,700 (i)
(ii) 11,100
2022 1 14
11,100
– 60 –
3.
(i) (ii)
(ii)
(iii)
(iii)
2022 12 31
4.
2022 7 31
5 30%
73,710
70% 2022 12 31
20
– 61 –
5.
5
27,600
2.76
6.
56,070
56,070
7.
72%
40
1
– 62 –
8.
5%
31.08% .
7
– 63 –
245,700
2021 12 31
234,600 2022 1 14
111,000,000
11,100
(i) (ii)
20
Kroll Kroll
Kroll Kroll
Kroll (i)
Kroll (ii) Kroll (iii) Kroll
(iv) Kroll
Kroll
Kroll Kroll
Kroll
15 Kroll Kroll
– 64 –
Kroll
Kroll
234,600
Kroll Kroll Kroll
2021 12 31 235,500
0.4%
Kroll
Kroll
(i)
(ii) Kroll
H5#
2021 10
Kroll
– 65 –
(i)
(ii)
(iii) CEEC (iv)
(v) Kroll (vi)
(vii)
Kroll
(i)
(ii)
(iii)
(iv)
(v)
– 66 –
(vi)
(vii) 22,000 20
(viii) 52,000
(ix) 2
3
Kroll
Kroll (i)
145% (ii) 2038
= + +
=
=
=
=
=
=
– 67 –
Kroll
Kroll CEEC
CEEC
CEEC CEEC CEEC CEEC(i)
(ii) (iii)
CEEC
Kroll 2022 2045
CEEC
20 25
H5#
2048 2 2045
Kroll
Kroll
Kroll
Kroll
Kroll
– 68 –
2022 3 24 2022
2022 2022
2021 928 2022 4,529
2021
2022 3 14 2021 2022
... ...
2022 2022 3 24
(i) (ii) (iii)
Kroll CEEC
Kroll
Kroll
II
– 69 –
(i)
(ii)
(iii) 2017 2021
(iv)
Ke = Rf + (ERP) +
Ke =
Rf =
=
ERP =
=
(i)
(ii) Kroll
(iii)
(iv)
– 70 –
(v)
Kroll
7.5%
Kroll 5%
Kroll
Finnerty
Kroll
5%
Kroll
(a)
(b) 2020 2022 2
(c) 50%
– 71 –
1 05/06/2021 302,070 320,724 0.94
2 25/12/2020 548,981 628,297 1.03
3 04/01/2020 558,600 760,487 1.05
4 01/01/2021 1,382,508 665,445 2.08
5 30/06/2020 228,420 199,125 1.17
6 30/03/2021 147,750 124,019 1.21
7 08/12/2020 63,380 64,934 0.98
8 15/12/2020 306,199 198,155 3.03
1.44x
1.11x
1.31x
Kroll
0.94 3.03
1.44 1.11 1.31
1.44 1.11
– 72 –
31.08%
(i)
(ii) (iii)
(i) H5# 2021
(ii) 2020 2021 12 31 3,230
11,840 (iii) 2022 3 31
5,370
– 73 –
100%
2021 12 31 413,260
2021 12 31
11,840
425,100 2.9%
2021 12 31 3,535,990
2021 12 31
225,200 245,700
3,515,490 0.6%
– 74 –
(i) (ii)
(iii)
2022 5 17
1
6 17
– 75 –
153128
2022 5 17
6
153128
100%
)
2022 3 28
100%
2021 12 31 100%
– I-1 –
100%
– I-2 –
H5#
2022 3 2022 2045
2016 11 29
1 54
2 100%
3 100% 2
4 100% 2
5 100% 1
6 100%
7 90% 2
8 80% 1
9 72% 1
10 70% 1
11 70% 3
– I-3 –
2019 12 31 2020 12 31 2021 12 31
2019 2020 2021
106,916 106,140 441,053
(48,108) (48,539) (216,400)
58,808 57,602 224,653
( EBIT ) 43,748 43,484 198,094
37,861 32,265 118,354
299,377 549,718 656,112
1,600,184 3,788,081 5,819,831
65,741 598,759 1,065,368
356,507 1,692,809 3,158,620
232,026 381,826 458,362
1,245,287 1,664,405 1,793,593
2019 2020 2021
106.9 106.1 441.1
80% 2021 300%
2019
2020 48.1 48.5 2021 216.4
2019 2020 EBIT 43.7 43.5
2021 2021 198.1 2019
2020 2021 40.9% 41.0% 44.9%
2021 12 31
6,476 1,794 4,945
– I-4 –
(GDP)
EIU 2021 6 11
EIU 2021 GDP 8.5% 2020 2.3%
2022-25
GDP
2021
2022
2021
2021
COVID-19
EIU 2021 6.46 1
6.61 1 2022-25 6.7-6.4 1
2023
IRENA 2021 5
– I-5 –
(NEA)
46.6% 36.93 (Mt/yr)
2.98 8% IEA 2020
2019
2018
15.3% (16.8%)
2019
2018 63% 1878.5 74% 5186 TWh
2013 2018
885% 141% 2019 759
2019
22 0.04
(kWh) 0.048
2018
– I-6 –
2019 5%
(14%) (7.6%) (7.1%)
2020 9 2060 (HVDC)
NEA
2019 2020 2021 12 31
– I-7 –
– I-8 –
22 000 20
52 000
2
3
H5#
2021 10
(GTM)
– I-9 –
(APV) (NPV)
(1) 145% (2)
2038 0
= + +
=
=
=
=
=
=
– I-10 –
2022-2045
2022 2045 (1)
(2)
(3)
(4)
WACC
APV
(CAPM) CAPM
CAPM
:
1.
2.
a)
– I-11 –
b)
2021
12 31
1 182 HK 6,005.97
2 1798 HK 21,285.57
– I-12 –
2021
12 31
3 987 HK 839.56
4 1250 HK 5,022.90
– I-13 –
2021
12 31
5 916 HK 119,225.09
6 527 HK 306.53
Ke = Rf+ (ERP)+
– I-14 –
Ke =
Rf = = 3.33%
2051
= = 0.29
ERP = = 7.29% (Rm)
(Rf)
= = 2.22% CAPM
(i)
1.22% Kroll
(ii) 1%
2021
7.5%
– I-15 –
2021 12 31
12 31
2022 2023 2024 2025 2026 2030 2035 2040 2045
(Note 1) 731,144 815,274 814,483 813,691 812,900 809,733 787,530 373,542 325,533
(324,812) (326,134) (326,787) (327,463) (328,374) (359,317) (363,741) (393,892) (336,026)
(EBIT) 406,331 489,140 487,696 486,228 484,526 450,416 423,789 (20,349) (10,493)
(133,544) (146,414) (136,281) (117,411) (108,635) (80,241) (43,273) (1,170) –
– – (43,927) (46,102) (46,986) (92,544) (95,129) – –
272,787 342,726 307,488 322,715 328,904 277,632 285,387 (21,519) (10,493)
1 13%
2022 2023 2024 2025 2026 2030 2035 2040 2045
2
0.850 0.850 0.850 0.850 0.850 0.850 0.850 0.391 0.391
2: [2020]426
0.850
0.391
2022 2037 0.850 2038 2045 0.391
24 2021
623.18GWh 80%
2037 2038
2045
– I-16 –
(W) (Wh) W Wh
3,136
[2020]426
0.391
0.459
[2020]426 0.391
2021
2022-23 2024 2026 12.5% 2027
25%
– I-17 –
20
2 3
30 30 2022
165% 2033 116% 2038 40% 2045
3%
2022 2045
APV
4% 19 25%
3.00%
APV 7.5% 39.648
– I-18 –
=1 4,150.5
=2 3,964.8
=3 3,779.2
30% 49% 20%
10% (i) GCM
EV EBIT
2021
(ii) 2021
– I-19 –
(i) (ii) 2021 EBIT
EV/2021 EBIT
2021 2021
12 31 EBIT
1 2021 EBIT
2
1 (182 HK) 11.96x
12,904.97 1,079.00
2 18.99x
2
(1798 HK) 89,556.57 4,716.50
2
3 (987 HK) N/A N/A
1,252.56
4 (1250 HK) N/A N/A
2
31,374.90
2
5 (916 HK) 17.89x
223,006.09 12,464.20
6 (527 HK) N/A N/A
2
1,983.53
3
7 (3868 HK) 21.45x
34,866.60 1,625.85
3
8 (451 HK) 9.57x
10,164.82 1,062.69
17.89x
16.28x
17.89x
15.97x
17.89x
Kroll
– I-20 –
1 2022 2 3
2021 EBIT 2021
EBIT EV/EBIT 2021 EV/2021
2
3
2021
EBIT 5% (DLOM)
2021 EBIT 53.535 4.441
EV/2021 EBIT 17.89x 17.89x
957.829 79.465
5% DLOM (47.891) (3.973)
(35.824) 9.236
(214.281) (10.000)
100% 659.833 74.728
30% 49%
197.950 36.617
197,950
36,617
368,000
602,567
– I-21 –
DLOM
DLOM
Finnerty
DLOM
5% DLOM
5% DLOM
1.005
2.541 6.026
0.347 0.024
24.008
– I-22 –
=1 =2 =3
4,150,455 3,964,836 3,779,220
5% (207,523) (198,242) (188,961)
989,470 989,470 989,470
(2,400,843) (2,400,843) (2,400,843)
2,531,000 2,355,000 2,179,000
1,793,593 1,793,593 1,793,593
(P/B) 1.41 1.31 1.21
Kroll
(GTM)
a)
b) 2020 2022 2
– I-23 –
c) 50%
1 05/06/2021 302,070 320,724 0.94
2 25/12/2020 548,981 628,297 1.03
3 04/01/2020 558,600 760,487 1.05
4 01/01/2021 1,382,508 665,445 2.08
5 30/06/2020 228,420 199,125 1.17
6 30/03/2021 147,750 124,019 1.21
7 08/12/2020 63,380 64,934 0.98
8 15/12/2020 306,199 198,155 3.03
1.44x
1.11x
– I-24 –
GTM P/B 1.11x 1.44x APV
P/B 1.21 1.41 P/B P/B
= 7.00% = 7.25% = 7.50% = 7.75% = 8.00%
2,510,000 2,432,000 2,355,000 2,280,000 2,207,000
1.40 1.36 1.31 1.27 1.23
100%
2,355,000,000
– I-25 –
Kroll (HK) Limited
Kroll Kroll
Kroll
Kroll
– I-26 –
100%
Kroll (HK) Limited
100% 2021 12 31 2022 5 17
14.61
1
– II -1 –
14.62(2)
3000
– II -2 –
14.62(2)
2022 5 17
– II -3 –
JIANGSU EXPRESSWAY COMPANY LIMITED
00177
8 12
177
100%
14.62(3)
2022 5 17
Kroll (HK)Limited Kroll 100% 2021 12 31
14.61
– III -1 –
Kroll
14.62(3)
2022 5 17
– III -2 –
13.51(2)
1973
1995 8 1999 3
1999 3 2016 11
2016 11 2021
10 2021 10 2021 11
2021 11
1976
– IV -1 –
1962 6
China Political Economy
20
100
20
(i)
(ii)
571 XV (iii)
13.51(2)(h) 13.51(2)(w)
– IV -2 –
100
10 12 1,000
5
6 2 3
4.00
4.01
4.02
4.03
4.06
– V -1 –
5.00
5.01
5.02
5.03
6.00
6.01
6.02
6.03
100 4.00
500 5.00 200
500 4.00 500
4.00 – – – –
4.01 500 100 100
4.02 0 100 50
4.03 0 100 200
4.06 0 100 50
– V -2 –
.
.
1,222,000,000H 1,222,000,000
3,815,747,500A 3,815,747,500
5,037,747,500
1,222,000,000H 1,222,000,000
3,815,747,500A 3,815,747,500
5,037,747,500
– VI -1 –
.
XV (a) XV 7
8
(b)
352 (c) 10
. XV 2 3
336
XV 2 3
A
A A
2,742,578,825 (L) 71.88 % (54.44%) (L)
589,059,077 (L) 15.44% (11.69%) (L)
– VI -2 –
H
H H
(2)
146,754,597(L) 12.01%(2.91%)(L)
(3)
BlackRock, Inc. 132,683,158 (L) 10.86%(2.63%)(L)
5,872,000(S) 0.48%(0.12%) (S)
JPMorgan Chase & Co. 85,117,105(L) 6.97%(1.69%) (L)
2,829,265(S) 0.23%(0.06%) (S)
(4)
52,105,699(P) 4.26%(1.03%) (P)
Citygroup Inc. 73,336,093(L) 6.00%(1.46%)(L)
(5)
142,000(S) 0.01%(0.00%)(S)
72,839,925(P) 5.96%(1.45%)(P)
Newton Investment 61,150,309(L) 5.00%(1.21%) (P)
Management Limited
(L) (S) (P)
(1)
(2)
(3) BlackRock, Inc. 132,683,158 H
5,872,000 H ( 354,000 H ( ) )
BlackRock, Inc.
(a) BlackRock Holdco 6, LLC BlackRock,Inc. 90% BlackRock
Holdco 6, LLC
(i) BlackRock Institutional Trust Company, Nationa1 Association
19,015,876 H 5,518,000 H
(ii) BlackRock Fund Advisors 47,110,000 H
– VI -3 –
(b) BR Jersey International Holdings L.P. BlackRock,Inc. 86% BR
Jersey International Holdings L.P.
(i) BlackRock Japan Co., Ltd. 2,847,066 H
(ii) BlackRock Investment Management (Australia) Limited 454,000
H
(iii) BlackRock Asset Management North Asia Limited 1,035,491 H
(iv) BlackRock (Singapore) Limited 150,000 H
(c) BlackRock Canada Holdings LP BR Jersey International Holdings L.P.
99.9% 3(b) BlackRock Canada Holdings LP
BlackRock Asset Management Canada Limited
1,936,000 H
(d) BlackRock Group Limited BR Jersey International Holdings L.P .
3(b) 90% BlackRock Group Limited
(i) BlackRock (Netherlands) B.V. 2,908,041 H
(ii) BlackRock International Limited 32,000 H
(iii) BlackRock Asset Management Ireland Limited 11,905,865 H
(iv) BLACKROCK (Luxembourg) S.A. 17,508,000 H
34,000 H
(v) BlackRock Investment Management (UK) Limited 6,927,163 H
(vi) BlackRock Fund Managers Limited 3,854,818 H
(vii) BlackRock Asset Management (Schweiz)AG 6,000 H
– VI -4 –
(4) JPMorgan Chase & Co. 85,117,105 H 2,006,197
H 2,829,265 H 1,200,000
H 530,000 H
JPMorgan Chase & Co.
4,236,306 2,829,265 –
28,741,000 – –
34,100 – –
– – 52,105,699
(5) Citigroup Inc. 73,336,093 H 162,000 H
142,000 H 136,000 H
Citigroup Inc.
496,168 142,000 –
– – 72,839,925
.
.
– VI -5 –
.
.
.
6
Kroll (HK) Limited
588
2021 12 31
– VI -6 –
.
2022 ,
.
(a) 6
18 17
(b) H
183 17 1712-1716
(c)
.
http://ww.hkexnews.hk http://www.jsexpressway.com :
(a)
(b)
(c) , 42-43
(d) , 44-75
(e) ,
– VI -7 –
(f) ( ) ,
(g)
– VI -8 –
2021
JIANGSU EXPRESSWAY COMPANY LIMITED
00177
2021
2022 6 17
2022 6 17 3 2021
6
2021
A
2022 6 17 3
6
– N -1 –
2021
2022 6 17 2022 6 17
9:15 9:25 9:30 11:30
1:00 3:00
9:15 3:00
#
1
#
– N -2 –
2021
1. 2021 12 31
2. 2021 12 31
3. 2021 12 31
4. 2021
5. 2022
6. 2021 0.46
7. 2022
300
230 70
8. 2022 5 5
– N -3 –
2021
9. 2022 60 60
20
10. 2022 80 80
11.
100% 2,457
40
561
12.
– N -4 –
2021
13 2022 30 30
13.1 ;
13.2 ;
13.3 ;
13.4 ;
13.5 ;
13.6 ;
13.7 ;
13.8 ;
13.9 ;
13.10 ;
13.11 ;
13.12
13.13
13.14
13.15
14. 2
14.1
2021 2023
14.2
2021 2023
– N -5 –
2021
15. 1
2021 2023
9
(1)
2022 3 28
2022 4 30 H
2022 5 17
2022 4 30
100% H 2022 5 17
2021 10 9 2022 4 30
2022 5 12 H
2022 5 17
(www.jsexpressway.com) (www.hkexnews.hk)
(www.sse.com.cn)
(2) 6 7 11 13-15
(3) 11
(4) 13
(5)
– N -6 –
2021
vote.sseinfo.com
2022 5 31
A
2022 5 31 4:30 H
600377 2022 5 31
– N -7 –
2021
(1) 2022 5 31
2022 5 31 4:30 H
2022 6
9
(2) 2022 4 29 2022 5 18 2022 6 17
H H
2022 5 17 4:30
H
183 17 1712–1716
(3)
(4)
24
2022 6 16 3 H H
183 17M
– N -8 –
2021
(1)
(2) 6
210049
(86) 25-8436 2700 301815 (86) 25-8446 4303( )
(86) 25-8420 7788
(3)
(4) A
(5) 2022 5 17 H
2022 5 17
– N -9 –