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.

CHINA ZHESHANG BANK CO., LTD.

浙 商 銀 行 股 份 有 限 公 司

(A joint-stock company incorporated in the People's Republic of China with limited liability)

(Stock Code: 2016)

(Stock Code of Preference Shares: 4610)

APPROVAL BY THE CSRC ON THE A SHARE OFFERING

This announcement is made by China Zheshang Bank Co., Ltd. (the "Bank") pursuant to Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).

Reference is made to the announcement of the Bank dated March 10, 2017, the circular dated April 13, 2017, the announcement dated November 9, 2017, the announcement dated November 10, 2017, the announcement dated March 26, 2018, the announcement dated April 3, 2018, the announcement dated April 25, 2018, the circular dated May 11, 2018, the announcement dated March 18, 2019, the circular dated April 11, 2019, and the announcement dated August 29, 2019 in relation to the A Share Offering and other related matters. Unless otherwise defined, capitalized terms used in this announcement shall have the same meanings as defined in the above-mentioned announcements and circulars.

The Bank is pleased to announce that the CSRC notified the Bank officially in writing on October 11, 2019 and announced on the same day that the A Share Offering has been approved. The number of shares to be issued in respect of the A Share Offering with a valid period of 12 months from the date of approval will be no more than 2,550,000,000 A Shares.

Further announcement(s) will be made by the Bank regarding the material progress of the A Share Offering as and when appropriate in accordance with applicable laws and regulations.

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This announcement is for information purposes only and does not constitute any invitation or offer to acquire, purchase or subscribe for the securities of the Bank.

By order of the Board

China Zheshang Bank Co., Ltd.

Shen Renkang

Chairman

Hangzhou, the PRC

October 11, 2019

As at the date of this announcement, the executive directors of the Bank are Mr. Shen Renkang, Mr. Xu Renyan and Ms. Zhang Luyun; the non-executive directors are Mr. Huang Zhiming, Mr. Wei Dongliang, Ms. Gao Qinhong, Mr. Hu Tiangao, Mr. Zhu Weiming, Ms. Lou Ting and Mr. Xia Yongchao; the independent non-executive directors are Mr. Tong Benli, Mr. Yuan Fang, Mr. Dai Deming, Mr. Liu Pak Wai, Mr. Zheng Jindu, Mr. Zhou Zhifang and Mr. Wang Guocai.

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China Zheshang Bank Co. Ltd. published this content on 11 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 October 2019 10:35:09 UTC