Zhejiang Expressway Co., Ltd. announced the nomination of Lu Yingjie and Zhang Zhuting as independent non-executive directors (INEDs), following the planned resignations of current INEDs Pei Ker-Wei and Lee Wai Tsang, Rosa, whose tenure exceeds the six-year limit set by Shanghai Stock Exchange regulations.
Upon shareholder approval at an upcoming extraordinary shareholders’ meeting (ESM), Lu and Zhang will serve from the ESM date to the end of the company’s 10th board session on 30 June 2027. Lu, classified as a non-PRC INED, will receive annual remuneration of HKD0.25 million, while Zhang, a PRC INED, will receive RMB0.10 million.
Candidate profiles: • Lu Yingjie (born 1961) holds an MBA from Oklahoma City University and is both a Hong Kong and U.S. Certified Public Accountant. His prior roles include Chief Financial Officer (CFO) of Hangzhou Motorola Mobile Communications (1997–2003), Vice President and CFO of New H3C Technologies (2003–2016), CFO of H3C Group (2016–2021), and CFO of Geek Fox Information Technology (2021–2023). He is currently an INED and audit committee chair at NetEase Cloud Music Inc.
• Zhang Zhuting (born 1963) is a law graduate from China University of Political Science and Law. He has served on expert committees for the Ministry of Transport and Beijing Municipal Government and holds academic posts at Beijing Jiaotong and Tongji universities. Zhang has received multiple national awards for contributions to transportation science and technology and currently heads the Legal Work Committees of both the China Highway & Transportation Society and the China Transportation Association.
Regulatory compliance: • Both nominees have affirmed independence under Rule 3.13 of the Hong Kong Listing Rules, with no financial or familial ties to the company or its core connected persons. • The board confirms that their appointments align with the company’s diversity policy and will maintain compliance with Listing Rules 3.10(1) and 3.10A, which require a minimum of three INEDs and at least one-third independent representation.
Next steps: • Ordinary resolutions to confirm the appointments will be tabled at the forthcoming ESM. • A circular detailing the nominations and ESM arrangements will be dispatched to shareholders in due course.
Current board composition (until ESM approval): Chairman Yuan Yingjie; Executive Directors Wang Qiming and Li Wei; Employee Director Liu Yiying; Non-executive Directors Zhao Xilong and Fan Ye; Independent Non-executive Directors Pei Ker-Wei, Lee Wai Tsang, Rosa, and Yu Mingyuan.