GF Securities : ANNOUNCEMENT ON THE APPROVAL FROM THE CHINA SECURITIES REGULATORY COMMISSION FOR THE CHANGE OF EQUITY INTEREST IN GF FUND MANAGEMENT CO., LTD.

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GF SECURITIES CO., LTD.

廣發証券股份有限公司

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

(Stock Code: 1776)

ANNOUNCEMENT ON THE APPROVAL FROM THE CHINA

SECURITIES REGULATORY COMMISSION FOR THE CHANGE OF

EQUITY INTEREST IN GF FUND MANAGEMENT CO., LTD.

On January 28, 2019, GF Securities Co., Ltd. (the "Company") held the 17th meeting of the 9th session of the board of directors, at which the Company resolved to acquire the 9.458% equity interest held by Kangmei Pharmaceutical Co., Ltd. ("Kangmei Pharmaceutical") in GF Fund Management Co., Ltd. ("GF Fund"). For details, please refer to the relevant announcement of the Company disclosed on The China Securities Journal, Securities Times, Shanghai Securities News, Securities Daily and the website of CNINFO (www.cninfo.com.cn) on January 30, 2019 and the relevant announcement of the Company dated January 29, 2019 disclosed on the HKEXnews website of the Hong Kong Exchanges and Clearing Limited (www.hkexnews.hk).

Recently, the China Securities Regulatory Commission has issued the "Reply on Approving the Change of Equity Interest in GF Fund Management Co., Ltd." (Zheng Jian Xu Ke No. [2019]1948), which approved the transfer of the 9.458% equity interest in GF Fund from Kangmei Pharmaceutical to the Company.

The Company will complete relevant procedures for, among other things, the change in industrial and commercial registration in accordance with laws and regulations in a timely manner.

By order of the Board of Directors

GF Securities Co., Ltd.

Sun Shuming

Chairman

Guangzhou, the PRC

October 31, 2019

As at the date of this announcement, the board of directors of the Company comprises Mr. Sun Shuming, Mr. Lin Zhihai, Mr. Qin Li and Ms. Sun Xiaoyan as executive directors; Mr. Shang Shuzhi, Mr. Li Xiulin and Ms. Liu Xuetao as non-executive directors; and Mr. Yang Xiong, Mr. Tang Xin, Mr. Chan Kalok and Mr. Fan Lifu as independent non-executive directors.