Gains in the share prices of Hong Kong-listed expressway operators ranged from about 25-31% YTD, compared to the HSI's incline of about 16% during the period, HSBC Global Research issued a research report saying. It is believed that the outperformance of the market was driven by the improvement in 2024 dividend yield, the increase in demand for defensive allocations by investors and the re-rating of H-share valuations.Related NewsHSBC Global Research Ratings, TPs on Expressway Constructors (Table)The ex-dividend date of expressway stocks is approaching, while the share price uptrend in early July still continued, HSBC Global Research added. However, with the slowdown of toll road revenue growth in 2Q25, which may drag down stock prices, it is expected that a number of expressway stocks will still wait for the next round of catalysts, including the progress of the toll road ordinance revision, the potential asset injection, traffic flow growth, etc..HSBC Global Research was bullish on ANHUIEXPRESSWAY (00995.HK) -0.120 (-0.828%) Short selling $14.24M; Ratio 23.321% and ZHEJIANGEXPRESS (00576.HK) +0.050 (+0.694%) Short selling $4.23M; Ratio 12.082% , both of which rated at Buy, with target prices raised to $15.7/ $7.7 each. The broker also lifted its target price for JIANGSU EXPRESS (00177.HK) -0.320 (-2.792%) Short selling $11.12M; Ratio 11.564% to $11.6, with rating kept at Hold, on the back of lower capital expenditure and improved cost control.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-06-23 16:25.)Related NewsUBS Adds JIANGSU EXPRESS TP to HKD11.6; Rating Kept Neutral