Announcement on The Approval of The Commencement of Operation of CGB Wealth Management Co., Ltd.

The Board of Directors and all directors of China Guangfa Bank Co., Ltd. ensure that the contents of this Announcement are free from any misrepresentation, misleading statement and material omission, and that they will assume joint and several liability for the truthfulness, accuracy and integrity of the contents.

On November 25, 2021, China Guangfa Bank Co., Ltd. (hereinafter referred to as the "Bank") receives the Reply of China Banking and Insurance Regulatory Commission on the Approval of The Commencement of Operation of CGB Wealth Management Co., Ltd (Yin Bao Jian Fu [2021] No. 923)£¬approved the commencement of operation of CGB Wealth Management Co., Ltd, a wholly owned subsidiary of the Bank. CGB Wealth Management is registered in Shanghai with a registered capital of RMB 5 billion. CGB Wealth Management will specialize in the issuance of publicly-offered wealth management products for the unspecified public and privately-offered wealth management products for the specified public and such revelant wealth management business as wealth management advisory and consultation.

In the next step, the Bank will implement the relevant procedures in strict compliance with regulatory requirements and carry forward the prompt commencement of business and operation of CGB Wealth Management.

It is hereby announced.

Board of Directors, China Guangfa Bank Co., Ltd.

December 3, 2021