China Zheshang Bank : RESIGNATION OF DIRECTOR

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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)

RESIGNATION OF DIRECTOR

The board of directors (the "Board") of China Zheshang Bank Co., Ltd. (the "Bank") hereby announces that, the Board has received the resignation report tendered by Mr. Xia Yongchao on February 6, 2020. Mr. Xia Yongchao resigned from his position as a non-executive director due to other work commitments, with effect upon the delivery of the resignation report to the Board.

Mr. Xia Yongchao has confirmed with the Bank that he has no disagreement with the Board and there is no matter in relation to his resignation that needs to brought to the attention of the shareholders of the Bank and The Stock Exchange of Hong Kong Limited.

During his tenure of office with the Bank, Mr. Xia Yongchao performed his responsibilities carefully and diligently, and played a positive role in the Bank's standardized operation and steady development. The Bank and the Board would like to express sincere appreciation to Mr. Xia Yongchao for his contributions to the Bank during his tenure of office.

By order of the Board

China Zheshang Bank Co., Ltd.

Shen Renkang

Chairman

Hangzhou, the PRC

February 6, 2020

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 and Ms. Lou Ting; 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.