China Railway Construction : PROPOSED SPIN-OFF AND SEPARATE LISTING OF A PUBLICLY TRADED INFRASTRUCTURE SECURITIES INVESTMENT FUND ON SHANGHAI STOCK EXCHANGE

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

PROPOSED SPIN-OFF AND SEPARATE LISTING OF A PUBLICLY TRADED INFRASTRUCTURE SECURITIES INVESTMENT FUND ON SHANGHAI STOCK EXCHANGE

China Railway Construction Corporation Limited (the "Company") was informed on 23 April 2021 that on 21 April 2021, Gfund Management Co., Ltd. and Sinolink Securities Co., Ltd. submitted, among others, the application materials on the registration and listing of Guojin Railway Construction Chongqing Yusui Expressway Closed-end Infrastructure Securities Investment Fund and the transfer of the asset-backed securities of Sinolink Securities - Yusui Expressway Asset-Backed Special Scheme by way of public tender (the "Infrastructure REITs") to the China Securities Regulatory Commission (the "CSRC") and the Shanghai Stock Exchange (the "SSE"), respectively, and received the corresponding acceptance letters from the CSRC and the SSE on 23 April 2021.

The underlying asset of the Infrastructure REITs is the BOT project of Chongqing-Suining Expressway (Chongqing Section), which is held by Chongqing Tiefa Suiyu Highway Co., Ltd.*（重 慶 鐵 發 遂 渝 高 速 公 路 有 限 公 司）(the "Suiyu Company"). As at the date of this announcement, the Company indirectly held 80% equity interests in Suiyu Company.

Pursuant to Practice Note 15 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules"), the public offering of the Infrastructure REITs may constitute a spin-off of the Company. The Company will submit an application to The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") in relation to the proposed spin-off of the Infrastructure REITs in due course.

- 1 -

The Company will make further announcement(s) in connection with the proposed spin-off and separate listing of the Infrastructure REITs on the SSE as and when appropriate or required in accordance with the requirements of the Listing Rules.

Shareholders of the Company and potential investors should note that, the Infrastructure REITs is subject to, among other things, the review and/or approval of the CSRC, the Hong Kong Stock Exchange and the SSE. Accordingly, shareholders of the Company and potential investors should be aware that, there is no assurance that the public offering of the Infrastructure REITs will take place or as to when it may take place. Shareholders of the Company and potential investors are advised to exercise caution when dealing in the securities of the Company.

By order of the Board of Directors

China Railway Construction Corporation Limited

WANG Jianping

Chairman

Beijing, the PRC

26 April 2021

As at the date of this announcement, the Board comprises Mr. WANG Jianping (Chairman and Executive Director), Mr. ZHUANG Shangbiao (President and Executive Director), Mr. CHEN Dayang (Executive Director), Mr. LIU Ruchen (Executive Director), Mr. WANG Huacheng (Independent Non-executive Director), Mr. Patrick SUN (Independent Non-executive Director), Mr. CHENG Wen (Independent Non- executive Director) and Ms. Amanda Xiao Qiang LU (Independent Non-executive Director).

- 2 -