Hainan Expressway: The proposed acquisition of a 51% stake in Jiaokong Petrochemical is actively being promoted.

2026-02-28 04:13:15

Abstract generation in progress

Radar Finance | Written by Feng Xiuyu | Edited by Li Yihui

On February 26, Hainan Expressway (Stock Code: 000886) announced that the company plans to purchase a 51.0019% stake in Hainan Provincial Jiaokou Petrochemical Co., Ltd., held by Hainan Jiaotou Commercial Group Co., Ltd., through cash payment. After the transaction is completed, Jiaokou Petrochemical will become a controlling subsidiary of the company and will be included in the company’s consolidated financial statements. This acquisition is expected to constitute a major asset restructuring as defined by the “Administrative Measures for Major Asset Restructuring of Listed Companies,” and because the counterparty is a controlled subsidiary of the company’s controlling shareholder, Hainan Provincial Transportation Investment Group Co., Ltd., this transaction also constitutes an associated transaction.

This transaction does not involve the issuance of new shares by the listed company, nor does it constitute a reorganization or listing, and will not result in a change of the company’s controlling shareholder or actual controller. Currently, relevant work is actively underway, and the company still needs to complete the decision-making and approval procedures of the shareholders’ meeting.

According to Tianyancha, Hainan Expressway was established on August 17, 1993, with a registered capital of 988.8283 million RMB. The legal representative is Chen Taifeng, and the registered address is No. 16 Blue Sky Road, Haikou City, in the Highway Building. Its main businesses include transportation, services, cultural tourism, and real estate.

Currently, the company’s chairman is Chen Taifeng, the secretary of the board is Zhang Shengwang, with 1,527 employees. The actual controller is the Hainan Provincial State-owned Assets Supervision and Administration Commission.

The company has stakes in 34 affiliated companies, including Hainan Yunyi Low Altitude Economy Development Co., Ltd., Hainan Expressway Advertising Co., Ltd., Hainan Expressway Ruihai Real Estate Co., Ltd., Hainan Expressway Real Estate Development Co., Ltd., and Hainan Xiari Business Travel Services Co., Ltd.

In terms of performance, the company’s operating income for 2022, 2023, and 2024 was 169 million yuan, 124 million yuan, and 233 million yuan, respectively, with year-on-year growth of 33.38%, -26.60%, and 87.46%. Net profit attributable to shareholders was 250 million yuan, 90.51 million yuan, and 61.50 million yuan, with year-on-year growth of 386.96%, -63.82%, and -32.05%. During the same period, the company’s asset-liability ratio was 10.20%, 11.60%, and 20.75%.

Regarding risks, Tianyancha data shows the company has 16 internal Tianyan risks, 724 surrounding Tianyan risks, 336 historical Tianyan risks, and 348 early warning Tianyan risks.

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