China Huarong Asset Management Co., Ltd. received a letter of resignation from Mr. XU Nuo. Mr. Xu resigned as the non-executive director of the Company and the member of each of the Strategy and Development Committee, Risk Management Committee and Audit Committee of the Board due to change of work. Pursuant to the relevant regulations, the resignation of Mr. Xu becomes effective on 1 March 2022.

Mr. Xu has confirmed that he has no disagreement with the Board of the Company and there are no other matters related to his resignation that should be brought to the attention of the shareholders or creditors of the Company or The Stock Exchange of Hong Kong Limited. The Company and the Board of the Company would like to take this opportunity to express their gratitude and appreciation to Mr. Xu for his valuable contribution to the development of the Company during his term of office.