The Zhejiang provincial government is to list Hangyong Highway as an H-share company by April, raising up to 2.5 billion yuan (about HK$2.33 billion).
The highway, stretching from Hangzhou to Ningbo, is among the fourth batch of overseas listing candidates.
Zhejiang Province Communications Bureau director Guo Xuehuan said the listing of the highway, sponsored by BZW Asia, would raise between two billion and 2.5 billion yuan.
The proceeds will be used for investment in two other highways and a bridge in the province.
The three new projects are part of the province's plan to establish a comprehensive road network by 2010 at an overall cost of 50 billion yuan.
The first project is the Zhejiang section of Huhang Highway from Shanghai to Hangzhou, which is linked to Hangyong Highway.
