On 4 June 2021, The People's Bank of China announced that it has accepted on 28 May 2021 an application from CITIC Corporation to establish China CITIC Financial Holdings Co. Ltd. ("CITIC Financial Holdings") as a financial holding company defined in Trial Measures on Regulation of Financial Holding Companies issued by the PBOC. Following the due establishment of CITIC Financial Holdings, the Company will transfer the equity interest held by it in its subsidiaries and affiliates engaging in financial services, including China CITIC Bank Corporation Limited, CITIC Securities Company Limited, CITIC Trust Co. Ltd., CITIC Prudential Life Insurance Co. Ltd. and CITIC Consumer Finance Co. Ltd., as well as other related assets to CITIC Financial Holdings in accordance with regulatory requirements. The Reorganization will become a platform for the Company to further strengthen centralized and unified management of its financial services businesses, promote synergy effect and enhance comprehensive financial services, which would in turn contribute to the long-term and focused development of the Company, especially the financial services sector.