CSC Financial : 2021 FIRST QUARTERLY RESULTS

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.

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

(Stock Code: 6066)

2021 FIRST QUARTERLY RESULTS

This announcement is made pursuant to the disclosure obligations under Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).

Summary of the unaudited results of the Group for the first quarter ended 31 March 2021:

• For the first quarter of 2021, the Group recorded an operating revenue of RMB4,803,597,573.57. The net profit attributable to the equity holders of the Company amounted to RMB1,721,846,888.19.
• This results report was prepared in accordance with the relevant disclosure requirements applicable to quarterly reports of listed companies issued by the CSRC.
• The financial information contained in this results report was prepared in accordance with the PRC GAAP.
• Unless otherwise indicated, Renminbi is the recording currency in this report.

The contents of this results report are consistent with the relevant announcement published by the Company on the Shanghai Stock Exchange. This announcement is published simultaneously in Hong Kong and Mainland China.

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1. IMPORTANT NOTICE
2. 1. The board of directors and the supervisory committee, together with the directors, supervisors and senior management of CSC Financial Co., Ltd. (the "Company") warrant the truthfulness, accuracy and completeness of this quarterly report and that there is no false representation, misleading statement contained herein or material omission from this quarterly report, and for which they will assume joint and several legal liabilities.
   2. This quarterly report was considered and approved at the 31st meeting of the second session of the board of directors of the Company. All directors of the Company attended the board meeting, and none of the directors raised any objection to this report.
   3. WANG Changqing, chairman of the Company, and LI Geping, general manager and chief financial officer, and ZHAO Ming, head of the Company's accounting department (accounting officer), warrant that the financial statements set out in this quarterly report are true, accurate and complete.
   4. This quarterly report is unaudited.
   5. "The Reporting Period" refers to January to March 2021.

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1. BASIC INFORMATION OF THE COMPANY 2.1 Key financial data

			In RMB Yuan
			Increase/decrease
			as at the end of the
			Reporting Period
	As at the end of the	As at the end	as compared to
	Reporting Period	of last year	the end of last year
			(%)
Total assets	390,337,706,611.57	371,228,143,308.73	5.15
Equity attributable to equity holders of
the Company	69,276,760,524.46	67,735,183,091.73	2.28
	From the beginning	From the beginning	Change as
	of the year to the	of last year to the	compared to
	end of the	end of the reporting	the same period
	Reporting Period	period of last year	of last year
			(%)
Net cash flows from operating activities	24,974,605,843.18	-17,838,346,895.87	N/A
	From the beginning	From the beginning	Change as
	of the year to the	of last year to the	compared to
	end of the	end of the reporting	the same period
	Reporting Period	period of last year	of last year
			(%)
Operating revenue	4,803,597,573.57	4,381,718,138.78	9.63
Net profit attributable to equity holders
of the Company	1,721,846,888.19	1,950,802,866.30	-11.74
Net profit attributable to equity
holders of the Company excluding
extraordinary gains and losses	1,721,701,348.14	1,953,251,785.26	-11.85
			Decreased by 1.21
Return on weighted average equity (%)	2.77	3.98	percentage points
Basic earnings per share (RMB/share)	0.21	0.25	-16.00
Diluted earnings per share (RMB/share)	0.21	0.25	-16.00

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Items and amounts of extraordinary gains and losses

✔ Applicable	Not applicable
			In RMB Yuan
		Amount for
Items		the period	Note
Profits and losses from disposal of
non-current assets		202,743.61	-
Government subsidies through profit or
loss except for government subsidies
closely related to the Company's ordinary
business, which are in line with national
policies, calculated according to certain
standards or continuously granted in fixed
amount		1,130,040.87	-
Non-operating income and expenses other
than the above items		-988,632.93	-
Effect on non-controlling interests, after tax	-2,700.00	-
Effect on income tax		-195,911.50	-
Total		145,540.05	-

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2.2 Total number of shareholders and shareholdings of the top 10 shareholders and top 10 holders of tradable shares (or shareholders whose shares are not subject to trading moratorium) as at the end of the Reporting Period

	Unit: Share
Total number of shareholders	198,822
	Including 198,757 A shareholders and
	65 H shareholders

Shareholdings of the top 10 shareholders

	Number of		Number of
	shares held		shares held
	at the end of		subject to	Pledged or frozen
	the Reporting		trading		Number of	Type of
Name of shareholder	Period	Percentage	moratorium	Status	shares	shareholder
		(%)
Beijing Financial Holdings Group	2,684,309,017	34.61	2,684,309,017	Nil	-	State-owned
						legal person
Central Huijin Investment Limited	2,386,052,459	30.76	2,386,052,459	Nil	-	State
Other holding shares of HKSCC	909,099,618	11.72	-	Unknown	-	Foreign legal
Nominees Limited (Note)						person
CITIC Securities Co., Ltd.	382,849,268	4.94	-	Nil	-	Domestic non
						state-owned
						legal person
Glasslake Holdings Limited	351,647,000	4.53	-	Nil	-	Foreign legal
						person
Xizang Tengyun Investment	119,208,453	1.54	8,520,306	Nil	-	Domestic non
Management Limited						state-owned
						legal person
Fujian Gui'an Xintiandi Tourism	38,861,100	0.50	-	Nil	-	Domestic non
Culture Investment Co., Ltd.						state-owned
						legal person
HKSCC Limited	26,934,951	0.35	-	Nil	-	Foreign legal
						person
Shanghai Shangyan Investment	23,840,484	0.31	-	Nil	-	Domestic non
Center (Limited Partnership)						state-owned
						legal person
China Construction Bank
Corporation - Guotai CSI All
Share Securities Company
Trading Index Securities Investment	21,896,415	0.28	-	Nil	-	Others
Open-ended Fund (中國建設銀

行股份有限公司－國泰中證 全指證券公司交易型開放 式指數證券投資基金)

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Shareholdings of the top 10 shareholders whose shares are not subject to trading moratorium

	Number of
	tradable shares
	not subject
	to trading	Class and number of shares
Name of shareholder	moratoriums	Class	Number
Other holding shares of HKSCC Nominees	909,099,618	Overseas listed	909,099,618
Limited (Note)		foreign shares
CITIC Securities Co., Ltd.	382,849,268	RMB	382,849,268
		denominated
		ordinary shares
Glasslake Holdings Limited	351,647,000	Overseas listed	351,647,000
		foreign shares
Xizang Tengyun Investment Management	110,688,147	RMB	110,688,147
Limited		denominated
		ordinary shares
Fujian Gui'an Xintiandi Tourism Culture	38,861,100	RMB	38,861,100
Investment Co., Ltd.		denominated
		ordinary shares
HKSCC Limited	26,934,951	RMB	26,934,951
		denominated
		ordinary shares
Shanghai Shangyan Investment Center	23,840,484	RMB	23,840,484
(Limited Partnership)		denominated
		ordinary shares
China Construction Bank Corporation	21,896,415	RMB	21,896,415
- Guotai CSI All Share Securities		denominated
Company Trading Index Securities		ordinary shares
Investment Open-ended Fund ( 中國建
設銀行股份有限公司－國泰中證
全指證券公司交易型開放式指數
證券投資基金)
China Construction Bank Corporation	11,115,269	RMB	11,115,269
- Huabao CSI All Share Securities		denominated
Company Trading Index Securities		ordinary shares
Investment Open-ended Fund ( 中國建
設銀行股份有限公司－華寶中證
全指證券公司交易型開放式指數
證券投資基金)
Industrial and Commercial Bank of China	5,756,960	RMB	5,756,960
- Shanghai Stock Exchange 50 open-		denominated
ended index securities investment fund		ordinary shares
( 中國工商銀行－上證50 交易型開
放式指數證券投資基金)

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Explanation on related relationship or concerted action among the above shareholders

Explanation on holders of preferred shares with recovered voting rights and their shareholdings

As of the end of the Reporting Period, the related relationship and/or acting-in-concert relationship among shareholders of the Company are as follows:

1. For details of the related relationship between CITIC Securities Co., Ltd. and Glasslake Holdings Limited, please refer to Prospectus of the Initial Public Offering of Shares (A Shares) disclosed by the Company to the public.
2. Xizang Tengyun Investment Management Limited is related to Fujian Gui'an Xintiandi Tourism Culture Investment Co., Ltd.

Saved as the above condition, the Company is not aware of the related relationship among other shareholders or whether they are parties acting in concert as stipulated in the Measures for the Administration of the Takeover of Listed Companies.

N/A

Note 1: HKSCC Nominees Limited is the nominee holder of the H Shares held by non- registered shareholders, and the shares indicated in the above table are other H Shares held by HKSCC Nominees Limited other than Glasslake Holdings.

Note 2: The shares held by HKSCC Limited are A Shares held by non-registered shareholders of SSE.

2.3 Total number of holders of preferred shares and shareholdings of the top 10 holders of preferred shares and top 10 holders of preferred shares not subject to trading moratorium as at the end of the Reporting Period

Applicable

✔ Not applicable

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III. SIGNIFICANT EVENTS

3.1 Significant changes in major financial statement items and financial indicators of the Company and the reasons thereof

✔ Applicable

Not applicable

3.1.1Significant changes in the items of statement of financial position of the Company and the reasons thereof

				In RMB Yuan
	Amount at	Amount at the
	the end of the	end of last year
	Reporting Period	(December 31,	Increase/
Items	(March 31, 2021)	2020)	Decrease	Main reason
			(%)
Settlement deposits	22,551,892,299.40	15,984,229,164.76	41.09	Mainly due to the increase
				in the balance of self-
				owned settlement deposits
				at the end of the period.
Other investments	76,620,646.53	3,280,092,729.08	-97.66	Mainly due to the decrease
in equity				in the balance of equity
instruments				investments at fair
				value through other
				comprehensive income at
				the end of the period.
Short-term	962,647,357.25	625,174,007.09	53.98	Mainly due to the increase
borrowings				in the balance of short-
				term borrowings of the
				subsidiary.
Short-term	27,431,137,576.21	42,296,043,901.74	-35.14	Mainly due to the decrease
financing				in the balance of
instruments				structured notes at the
payable				end of the period.
Financial liabilities	3,290,102,545.97	1,595,728,792.62	106.18	Mainly due to the increase
held for trading				in the balance of trading
				financial liabilities as a
				result of debt instruments

and structured notes at the end of the period.

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	Amount at	Amount at the
	the end of the	end of last year
	Reporting Period	(December 31,	Increase/
Items	(March 31, 2021)	2020)	Decrease	Main reason
			(%)
Accounts payable	13,194,505,847.20	75,870,538.84	17,290.82	Mainly due to the increase
to underwriting				in the funds payable to
clients				bond issuers at the end of
				the period.
Taxes payable	879,790,043.15	1,393,426,292.72	-36.86	Mainly due to the payment
				of the enterprise income
				tax during the period.
Accounts payable	10,079,106,229.64	7,516,756,414.57	34.09	Mainly due to the increase
				in the balance of

deposits payable on OTC derivative transactions at the end of the period.

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3.1.2Significant changes in the items of income statement and statement of cash flows of the Company and the reasons thereof

				In RMB Yuan
	From the	From the
	beginning of the	beginning of last
	year to the end	year to the end
	of the Reporting	of the reporting
	Period	period of last year
	(January	(January to March	Increase/
Items	to March 2021)	2020)	Decrease	Main reason
			(%)
Gains and losses	-819,311,535.56	247,829,645.72	-430.59	Mainly due to the decrease of
arising from				floating profit of financial
changes in fair				assets held for trading for
value				the period.
Foreign exchange	-3,392,934.39	5,446,640.29	-162.29	Mainly due to change in
gains and losses				the exchange rate for the
				period.
Other operating	763,307,830.51	54,697,051.86	1,295.52	Mainly due to the increase
income				in revenue from bulk
				commodity trading income
				of the futures subsidiary.
Other income	30,404,265.53	3,754,145.85	709.89	Mainly due to the increase
				in individual income tax
				refund for the period.
Credit impairment	-109,517,835.98	107,803,691.75	-201.59	Mainly due to the reversal
losses				of impairment losses on
				financial assets held under
				resale agreements.
Impairment losses on	6,835,755.71	-	N/A	Mainly due to the current
other assets				provisions made by the
				futures subsidiary for
				impairment in value of
				inventories for the period.
Other operating costs	757,253,245.94	50,295,558.65	1,405.61	Mainly due to the increase in
				the cost of bulk commodity
				trading of the futures
				subsidiary.
Non-operating income	441,724.98	3,601,826.21	-87.74	Mainly due to the receipt of
				rewards in the previous
				period.

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	From the	From the
	beginning of the	beginning of last
	year to the end	year to the end
	of the Reporting	of the reporting
	Period	period of last year
	(January	(January to March	Increase/
Items	to March 2021)	2020)	Decrease	Main reason
			(%)
Non-operating	1,227,614.30	10,974,849.05	-88.81	Mainly due to the decrease in
expenses				donor expenditure for the
				period.
Income tax expenses	362,514,543.32	535,827,048.22	-32.34	Mainly due to the decrease
				in profit before tax for the
				period.
Other comprehensive	-77,324,249.98	140,082,018.00	-155.20	Mainly due to the decrease
income, net of tax				in change of fair value of
				other debt investments for
				the period.
Net cash flows from	24,974,605,843.18	-17,838,346,895.87	N/A	Mainly due to the increase
operating activities				in net cash inflows from
				operating activities
				resulting from the increase
				in accounts payable to
				underwriting clients and
				decrease in financial assets
				held for trading.
Net cash flows from	-8,684,529,142.50	3,898,018,495.62	-322.79	Mainly due to the increase
financing activities				in net cash outflows
				from financing activities
				resulting from the
				repayment of short-term
				financing instruments
				payable for the period.

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3.2 Analysis and explanations of the progress of significant events and their impacts and solutions

✔ Applicable

Not applicable

3.2.1Material litigation and arbitration

In the first quarter of 2021, there were no material litigation and arbitration cases of the Company with an amount involving over RMB10 million and accounting for over 10% of the absolute value of the latest audited net assets of the Company, which were required to be disclosed in accordance with the requirements of the Rules Governing the Listing of Stocks on the Shanghai Stock Exchange.

For details of the litigation and arbitration involved as disclosed by the Company, as the issuer of bonds, in the bond zone on the website of the Shanghai Stock Exchange in relation to litigation and arbitration during the Reporting Period are set out as below:

Summary and type of events

Index for inquiries

Update on the case that China Securities Funds Management Limited ( 中信建 投基金管理有限公司), a holding subsidiary of the Company, on behalf of "CSC - China Minsheng Bank - Jinan

RCB Asset Management Plan No. 1" ( 中 信建投- 民生銀行- 濟南農商1 號資

產管理計劃) under its management, as the applicant, applied for arbitration in relation to the event of default in bonds by

Wuxi Wuzhou International Decoration Co., Ltd. ( 無錫五洲國際裝飾城

有限公司) and Wuzhou International

Holdings Limited ( 五洲國際控股有限 公司).

Update on the case that the Company as the plaintiff, applied for arbitration in relation to the default of stock-pledged repurchase business by HE Qiaonv, the financier

Announcement on the Update of Involvement in Litigation and Arbitration of CSC Financial Co., Ltd. issued on the bond section on the website of SSE on February 5, 2021

Announcement on the Update of Involvement in Litigation and Arbitration of CSC Financial Co., Ltd. issued on the bond section on the website of SSE on February 5, 2021

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Summary and type of events

Index for inquiries

Update on the case that China Securities (International) Brokerage Company Limited ( 中信建投（國際）証券有限公

司), an indirect wholly-owned subsidiary of the Company, applied for litigation in relation to the event of default in stock- pledged repurchase business by Ho Born Investment Holdings Limited ( 浩邦投資 控股有限公司), the financier, and Shi Hongliu, the guarantor

Announcement on the Update of Involvement in Litigation and Arbitration of CSC Financial Co., Ltd. issued on the bond section on the website of SSE on February 5, 2021

Update on the case that the Company, as one of the defendants, was involved in a lawsuit filed against Wu Sheng Asset Management (Guangzhou) Co., Ltd. ( 吳 聲資產管理（廣州）有限公司) by Jiaxing Yuansheng Trading Co., Ltd. ( 嘉 興市遠盛商貿有限責任公司) in respect of dispute of trading in securities investment funds.

Announcement on the Update of Involvement in Litigation and Arbitration of CSC Financial Co., Ltd. issued on the bond section on the website of SSE on February 5, 2021

Update on the case that the Company, as the applicant, applied for arbitration in relation to the event of default in stock- pledged repurchase business by Wang Yue, the financier

Update on the case that the Company, as the applicant, applied for arbitration in relation to the event of default in margin financing and securities lending business by LV Xiaoqi, the financier

Update on the case that the Company, as the applicant, applied for arbitration in relation to the event of default in stock- pledged repurchase business by SHAO Xiuying, the financier

Update on the case that an asset management plan managed by the company as the plaintiff applied for arbitration in relation to the event of default by Jilin Province Modern Agricultural Industry Investment Fund (LLP) ( 吉林省交通投資集團有限公

司) as a bond issuer for breach of contract

Announcement on the Update of Involvement in Litigation and Arbitration of CSC Financial Co., Ltd. issued on the bond section on the website of SSE on March 5, 2021

Announcement on the Update of Involvement in Litigation and Arbitration of CSC Financial Co., Ltd. issued on the bond section on the website of SSE on March 5, 2021

Announcement on the Update of Involvement in Litigation and Arbitration of CSC Financial Co., Ltd. issued on the bond section on the website of SSE on March 5, 2021

Announcement on the Update of Involvement in Litigation and Arbitration of CSC Financial Co., Ltd. issued on the bond section on the website of SSE on March 5, 2021

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3.2.2Issuance of corporate bonds

During the Reporting Period, the Company has completed the issuance of four tranches of short-term financing bonds, and two tranches of subordinated bonds, with a total size of RMB24 billion. On January 11, 2021, the issuance of the first tranche of short-term financing bonds for 2021 ("21 CSC CP001") was completed, with an issuance size of RMB4 billion and a term of 88 days at a coupon rate of 2.40%. On January 20, 2021, the issuance of the 2021 public subordinated bonds (first tranche) was completed, with the total issuance size of RMB3 billion, including RMB2 billion of variety 1 "21 Xintou C1" with a term of 546 days at a coupon rate of 3.50%, and RMB1 billion of variety 2 "21 Xintou C2" with a term of 3 years at coupon rate of 3.87%. On January 27, 2021, the issuance of the second tranche of short-term financing bonds for 2021 ("21 CSC CP002")was completed, with an issuance size of RMB4 billion and a term of 91 days at a coupon rate of 2.42%. On February 24, 2021, the issuance of the third tranche of short-term financing bonds for 2021 ("21 CSC CP003") was completed, with an issuance size of RMB4.5 billion and a term of 91 days at a coupon rate of 2.89%. On March 15, 2021, the issuance of the fourth tranche of the 2021 short-term financing bonds (Bond Connect) ("21 CSC CP004BC") was completed, with an issuance size of RMB4.5 billion and a term of 88 days at a coupon rate of 2.62%. On March 19, 2021, the issuance of the 2021 public subordinated bonds (first tranche) was completed, with the total issuance size of RMB4 billion, including RMB3 billion of variety 1 "21 Xintou C3" with a term of 455 days at a coupon rate of 3.40%, and RMB1 billion of variety 2 "21 Xintou C4" with a term of 3 years at coupon rate of 3.88%.

3.3 Overdue undertakings of the Company during the Reporting Period

Applicable

✔ Not applicable

3.4 Warning and explanation on reasons for accumulated net loss expected to be recorded from the beginning of the year to the end of the next reporting period or material change as compared to those of the same period last year

Applicable	✔	Not applicable
Name of the Company	CSC Financial Co., Ltd.
Legal Representative	WANG Changqing
Date		April 22, 2021

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IV. APPENDIX

4.1 Financial Statements

Consolidated Statement of Financial Position

March 31, 2021

Prepared by: CSC Financial Co., Ltd.
		In RMB Yuan (unaudited)
Items		March 31, 2021 December 31, 2020
ASSETS:
Cash and bank balances	95,359,386,494.84	82,864,243,906.23
Including: cash held on behalf of
customers	65,252,321,429.83	59,603,510,421.12
Settlement deposits	22,551,892,299.40	15,984,229,164.76
Including: deposits held on behalf of
customers	9,828,702,872.83	10,664,878,109.18
Margin accounts	48,380,800,756.62	46,515,175,008.25
Derivative financial assets	1,793,073,262.93	1,632,209,430.96
Financial assets held under resale
agreements	16,320,891,737.95	16,117,203,308.58
Accounts receivable	10,060,543,773.96	8,018,152,843.09
Refundable deposits	8,933,853,143.15	8,740,990,961.54
FINANCIAL INVESTMENT:
Financial assets held for trading	136,398,145,383.74	138,655,647,689.36
Other debt investments	45,744,629,758.16	44,816,763,708.40
Other investments in equity
instruments	76,620,646.53	3,280,092,729.08
Long-term equity investment	202,517,906.67	229,286,071.46
Investment properties	54,278,716.44	56,133,001.64
Property, plant and equipment	552,536,918.21	572,286,526.07
Intangible assets	354,327,100.38	360,478,138.06
Right-of-use assets	939,033,311.85	996,674,277.93
Deferred tax assets	1,810,286,666.01	1,725,519,331.39
Other assets	804,888,734.73	663,057,211.93
Total assets	390,337,706,611.57	371,228,143,308.73

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Items		March 31, 2021 December 31, 2020
LIABILITIES:
Short-term borrowings	962,647,357.25	625,174,007.09
Short-term financing instruments
payable	27,431,137,576.21	42,296,043,901.74
Placements from banks and other
financial institutions	8,531,888,888.88	9,035,700,000.00
Financial liabilities held for trading	3,290,102,545.97	1,595,728,792.62
Derivative financial liabilities	1,998,497,241.37	2,424,620,363.40
Financial assets sold under repurchase
agreements	89,176,518,495.12	84,512,238,515.09
Accounts payable to brokerage clients	79,340,684,420.03	74,710,487,715.67
Accounts payable to underwriting clients	13,194,505,847.20	75,870,538.84
Salaries, bonuses and allowances
payable	4,555,694,361.06	3,947,967,126.64
Taxes payable	879,790,043.15	1,393,426,292.72
Accounts payable	10,079,106,229.64	7,516,756,414.57
Provision	65,686,180.00	66,403,180.00
Bonds payable	72,571,659,668.02	65,320,498,607.58
Lease liabilities	884,116,566.15	979,264,206.12
Deferred tax liabilities	785,949,065.49	1,065,415,573.05
Other liabilities	7,013,254,002.85	7,591,101,124.28
Total liabilities	320,761,238,488.39	303,156,696,359.41

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Items			March 31, 2021 December 31, 2020
Owners' equity
(or shareholders' equity):
Paid-in capital (or share capital)	7,756,694,797.00	7,756,694,797.00
Other equity instruments		9,961,509,433.97	9,961,509,433.97
Including: perpetual bonds	9,961,509,433.97	9,961,509,433.97
Capital reserve		12,490,666,895.07	12,490,666,895.07
Other comprehensive income	299,334,925.27	376,659,175.25
Surplus reserves		4,524,646,791.93	4,524,646,791.93
General risk reserve		10,560,151,579.03	10,548,880,978.38
Retained earnings		23,683,756,102.19	22,076,125,020.13
Equity attributable to the owners
(or shareholders) of the Company	69,276,760,524.46	67,735,183,091.73
Non-controlling interests		299,707,598.72	336,263,857.59
Total equity of the owners (or
shareholders)		69,576,468,123.18	68,071,446,949.32
Liabilities and total equity of the owners
(or shareholders)		390,337,706,611.57	371,228,143,308.73
Person-in-charge of			Person-in-charge of
the Company：	Chief Financial Officer: accounting department:
WANG Changqing	LI Geping	ZHAO Ming

- 17 -

Statement of Financial Position of the Parent Company

March 31, 2021

Prepared by: CSC Financial Co., Ltd.
		In RMB Yuan (unaudited)
Items		March 31, 2021 December 31, 2020
ASSETS:
Cash and bank balances	84,549,476,426.73		74,693,768,868.11
Including: cash held on behalf of
customers	55,972,323,818.72		52,587,161,174.49
Settlement deposits	20,947,060,460.81	14,641,043,398.54
Including: deposits held on behalf of
customers	8,442,273,655.31	9,758,563,031.88
Margin accounts	47,780,364,601.59	46,293,953,221.53
Derivative financial assets	1,800,206,319.46	1,639,151,041.84
Financial assets held under resale
agreements	16,215,729,500.31	15,816,125,439.35
Accounts receivable	9,504,026,394.25	7,955,142,352.44
Refundable deposits	4,908,400,593.55	4,558,229,038.01
FINANCIAL INVESTMENT:
Financial assets held for trading	121,589,232,853.96	121,096,483,158.29
Other debt investments	43,457,510,938.57	42,784,820,426.10
Other investments in equity
instruments		-	3,225,144,367.99
Long-term equity investment	6,776,112,740.59	6,575,689,471.06
Investment properties	54,278,716.44	56,133,001.64
Property, plant and equipment	540,561,022.01	559,705,128.55
Intangible assets	325,422,284.66	332,193,348.97
Right-of-use assets	726,601,700.60	772,404,642.41
Deferred tax assets	1,655,430,223.61	1,608,422,375.24
Other assets		802,589,991.60	487,816,224.82
Total assets	361,633,004,768.74		343,096,225,504.89

- 18 -

Items			March 31, 2021 December 31, 2020
LIABILITIES:
Short-term financing instruments
payable		27,431,137,576.21	42,296,043,901.74
Placements from banks and other
financial institutions		8,531,888,888.88	9,035,700,000.00
Financial liabilities held for trading	3,290,102,545.97	1,595,728,792.62
Derivative financial liabilities	2,009,071,959.00	2,451,095,804.66
Financial assets sold under repurchase
agreements		87,412,830,290.56	82,131,345,495.70
Accounts payable to brokerage clients	64,663,241,753.92	62,619,896,163.99
Accounts payable to underwriting clients	13,194,505,847.20	75,870,538.84
Salaries, bonuses and allowances
payable		4,296,619,006.02	3,683,356,490.08
Taxes payable		813,818,460.18	1,292,816,894.53
Accounts payable		9,599,536,233.76	7,326,132,931.77
Provision		65,686,180.00	66,403,180.00
Bonds payable		69,291,622,272.04	62,050,120,241.60
Lease liabilities		671,898,349.16	749,993,630.25
Deferred tax liabilities		743,500,325.16	952,400,419.64
Other liabilities		2,692,035,178.19	1,458,761,956.07
Total liabilities		294,707,494,866.25	277,785,666,441.49
Owners' equity (or shareholders'
equity):
Paid-in capital (or share capital)	7,756,694,797.00	7,756,694,797.00
Other equity instruments		9,961,509,433.97	9,961,509,433.97
Including: perpetual bonds	9,961,509,433.97	9,961,509,433.97
Capital reserve		12,428,414,615.64	12,428,414,615.64
Other comprehensive income	191,151,757.85	293,362,920.45
Surplus reserves		4,284,301,621.36	4,284,301,621.36
General risk reserve		10,326,615,206.37	10,324,358,364.74
Retained earnings		21,976,822,470.30	20,261,917,310.24
Total equity of the owners
(or shareholders)		66,925,509,902.49	65,310,559,063.40
Liabilities and total equity of the owners
(or shareholders)		361,633,004,768.74	343,096,225,504.89
Person-in-charge of			Person-in-charge of
the Company	Chief Financial Officer: accounting department:
WANG Changqing	LI Geping	ZHAO Ming

- 19 -

Consolidated Income Statement

From January to March 2021

Prepared by: CSC Financial Co., Ltd.
		In RMB Yuan (unaudited)
		First quarter	First quarter
Item		of 2021	of 2020
I.	Total operating revenue	4,803,597,573.57	4,381,718,138.78
	Net fee and commission income	2,511,461,379.21	2,103,496,040.96
	Including: Net fee income from brokerage
	business	1,378,326,524.07	1,077,276,731.22
	Net fee income from investment
	banking business	812,075,962.11	738,262,097.99
	Net fee income from asset
	management business	221,366,489.88	156,333,294.57
	Net interest income	297,025,283.24	332,692,763.75
	Including: Interest income	2,034,130,126.62	1,606,215,464.67
	Interest expenses	1,737,104,843.38	1,273,522,700.92
	Investment income (loss denoted by "-")	2,024,103,285.03	1,633,801,850.35
	Including: Investment income from
	associates and joint ventures	423,269.53	(203,717.91)
	Gains and losses arising from changes in the
	fair value (loss denoted by "-")	(819,311,535.56)	247,829,645.72
	Foreign exchange gains and losses (loss
	denoted by "-")	(3,392,934.39)	5,446,640.29
	Other operating income	763,307,830.51	54,697,051.86
	Other income	30,404,265.53	3,754,145.85
II.	Total operating expenses	2,755,006,511.61	1,880,397,030.95
	Tax and surcharges	33,895,119.16	27,341,678.77
	Operating and administrative expenses	2,066,540,226.78	1,694,956,101.78
	Credit impairment losses	(109,517,835.98)	107,803,691.75
	Impairment losses on other assets	6,835,755.71	-
	Other operating costs	757,253,245.94	50,295,558.65

- 20 -

		First quarter	First quarter
Item		of 2021	of 2020
III.	Operating profit (loss denoted by "-")	2,048,591,061.96	2,501,321,107.83
	Add: Non-operating income	441,724.98	3,601,826.21
	Less: Non-operating expenses	1,227,614.30	10,974,849.05
IV.	Profit before income tax (gross loss denoted
	by "-")	2,047,805,172.64	2,493,948,084.99
	Less: Income tax expenses	362,514,543.32	535,827,048.22
V.	Net profit (net loss denoted by "-")	1,685,290,629.32	1,958,121,036.77

1. Classified by business continuity
   1. Net profit from continuing operations

	(net loss denoted by "-")	1,685,290,629.32	1,958,121,036.77
2.	Net profit from discontinued
	operations (net loss denoted by "-")	-	-
(2) Classified by ownership
1.	Net profit attributable to equity
	holders of the Company (net loss
	denoted by "-")	1,721,846,888.19	1,950,802,866.30
2.	Non-controlling interests (net loss
	denoted by "-")	(36,556,258.87)	7,318,170.47
VI. Other comprehensive income, net of tax	(77,324,249.98)	140,082,018.00
Other comprehensive income attributable to
owners of the parent, net of tax	(77,324,249.98)	140,082,018.00
(1) Other comprehensive income not to be
	reclassified to profit or loss	(91,346,802.80)	(110,331,239.58)
	Changes in fair value of other
	investments in equity instruments	(91,346,802.80)	(110,331,239.58)
(2) Other comprehensive income to be
	reclassified to profit or loss	14,022,552.82	250,413,257.58
1.	Other comprehensive income that
	can be transferred to profit or loss
	under equity method	-	-
2.	Changes in fair value of other debt
	investments	33,038,146.56	203,537,952.65
3.	Credit impairment provisions for
	other debt investments	(26,178,343.66)	17,727,337.02
4.	Foreign currency translation
	differences	7,162,749.92	29,147,967.91
Other comprehensive income attributable to
non-controlling interests, net of tax	-	-

- 21 -

		First quarter	First quarter
Item		of 2021	of 2020
VII. Total comprehensive income	1,607,966,379.34	2,098,203,054.77
Comprehensive income attributable to the
owners of the Company	1,644,522,638.21	2,090,884,884.30
Comprehensive income attributable to non-
controlling interests	(36,556,258.87)	7,318,170.47
VIII. Earnings per share
(1)	Basic earnings per share (RMB/share )	0.21	0.25
(2)	Diluted earnings per share (RMB/share )	0.21	0.25

Person-in-charge of		Person-in-charge of
the Company	Chief Financial Officer:	accounting department:
WANG Changqing	LI Geping	ZHAO Ming

- 22 -

Income Statement of the Parent Company

From January to March 2021

Prepared by: CSC Financial Co., Ltd.
		In RMB Yuan (unaudited)
		First quarter	First quarter
Item		of 2021	of 2020
I.	Total operating revenue	4,062,620,275.59	4,049,237,576.82
	Net fee and commission income	2,261,195,373.30	1,933,141,619.01
	Including: Net fee income from brokerage
	business	1,226,089,462.90	1,009,509,049.47
	Net fee income from investment
	banking business	776,984,992.90	730,567,578.95
	Net fee income from asset
	management business	224,929,220.67	162,380,320.62
	Net interest income	246,104,504.06	305,677,373.89
	Including: Interest income	1,933,652,597.39	1,542,484,182.14
	Interest expenses	1,687,548,093.33	1,236,806,808.25
	Investment income (loss denoted by "-")	1,926,287,355.47	1,524,889,609.09
	Including: Investment income from
	associates and joint ventures	423,269.53	(203,717.91)
	Gains and losses arising from changes in the
	fair value (loss denoted by "-")	(403,239,489.80)	274,577,531.46
	Foreign exchange gains and losses (loss
	denoted by "-")	(5,188,112.79)	4,968,200.86
	Other operating income	7,634,959.20	5,242,173.42
	Other income	29,825,686.15	741,069.09
II.	Total operating expenses	1,800,108,592.94	1,639,825,624.30
	Tax and surcharges	30,938,529.06	25,835,300.12
	Operating and administrative expenses	1,873,448,249.50	1,508,489,715.48
	Credit impairment losses	(104,861,958.58)	104,901,862.50
	Other operating costs	583,772.96	598,746.20

- 23 -

	First quarter	First quarter
Item	of 2021	of 2020
III. Operating profit (loss denoted by "-")	2,262,511,682.65	2,409,411,952.52
Add: Non-operating income	432,304.92	3,597,625.01
Less: Non-operating expenses	92,394.18	9,153,491.00
IV. Profit before income tax (gross loss denoted
by "-")	2,262,851,593.39	2,403,856,086.53
Less: Income tax expenses	442,744,386.22	512,971,383.72
V. Net profit (net loss denoted by "-")	1,820,107,207.17	1,890,884,702.81
(1) Net profit from continuing operations
(net loss denoted by "-")	1,820,107,207.17	1,890,884,702.81
(2) Net profit from discontinued operations
(net loss denoted by "-")	-	-
VI. Other comprehensive income, net of tax	(102,211,162.60)	121,275,122.60
(1) Other comprehensive income not to be
reclassified to profit or loss	(112,608,275.99)	(105,633,534.68)
Changes in fair value of other
investments in equity instruments	(112,608,275.99)	(105,633,534.68)
(2) Other comprehensive income to be
reclassified to profit or loss	10,397,113.39	226,908,657.28
1. Other comprehensive income that can
be transferred to profit or loss under
equity method	-	-
2. Changes in fair value of other debt
investments	33,926,279.91	211,660,449.22
3. Credit impairment provisions for other
debt investments	(23,529,166.52)	15,248,208.06
VII. Total comprehensive income	1,717,896,044.57	2,012,159,825.41

Person-in-charge of		Person-in-charge of
the Company	Chief Financial Officer:	accounting department:
WANG Changqing	LI Geping	ZHAO Ming

- 24 -

Consolidated Cash Flow Statement

From January to March 2021

Prepared by: CSC Financial Co., Ltd.
	In RMB Yuan (unaudited)
	First quarter	First quarter
Items	of 2021	of 2020
I. Cash flows from operating activities:
Net decrease in financial assets held for trading	3,831,015,746.54	-
Net increase in placements from banks and other
financial institutions	-	2,670,000,000.00
Net increase in funds from repurchase business	4,547,586,686.68		-
Net cash received from accounts payable to
brokerage clients	4,089,102,714.76		7,666,906,736.97
Cash received from interests, fees and commissions	5,396,888,184.44		4,306,537,764.77
Cash received from other operating activities	19,421,425,193.41		1,101,403,918.73
Sub-total of cash inflows from operating activities	37,286,018,525.83		15,744,848,420.47
Net increase in financial assets held for trading	-	10,038,460,503.48
Net decrease in placements from other financial
institutions	500,000,000.00		-
Net increase in margin accounts	1,896,275,074.03		1,527,097,291.15
Net decrease in funds from repurchase business	-	2,062,758,288.25
Cash payment of interests, fees and commissions	1,124,360,251.02		849,334,587.15
Cash paid to and on behalf of employees	1,022,601,668.44		782,297,734.06
Cash payments of taxes and rates	1,305,325,498.65		794,117,015.89
Cash paid for other operating activities	6,462,850,190.51		17,529,129,896.36
Sub-total of cash outflows from operating activities	12,311,412,682.65		33,583,195,316.34
Net cash flows from operating activities	24,974,605,843.18		(17,838,346,895.87)

- 25 -

	First quarter	First quarter
Items	of 2021	of 2020
II. Cash flows from investing activities:
Cash received from investments	2,857,546,287.66	3,198,189,248.36
Cash received from other investing activities	900,145.05		130,315.46
Sub-total of cash inflows from investing activities	2,858,446,432.71		3,198,319,563.82
Cash paid for purchase of property, plant and
equipment, intangible assets and other long term
assets	44,297,422.56	17,995,876.76
Sub-total of cash outflows from investing activities	44,297,422.56		17,995,876.76
Net cash flows from investing activities	2,814,149,010.15		3,180,323,687.06
III. Cash flows from financing activities:
Cash received from capital injection	-	5,000,000,000.00
Including: Cash received from issuing perpetual
bonds	-	5,000,000,000.00
Cash received from borrowing activities	12,509,359,208.05		2,724,801,038.39
Cash received from issuing bonds	28,007,217,000.00		25,220,175,000.00
Sub-total of cash inflows from financing activities	40,516,576,208.05		32,944,976,038.39
Payments of debts	47,910,058,857.89		22,992,222,012.05
Cash paid to redeem the perpetual bonds	-	5,000,000,000.00
Cash outflows due to payment of dividends,
profit or interests	1,081,601,692.47		921,571,878.80
Including: Distribution to other equity instrument
holders	195,000,000.00		294,000,000.00
Cash paid for other financing activities	209,444,800.19		133,163,651.92
Sub-total of cash outflows from financing activities	49,201,105,350.55		29,046,957,542.77
Net cash flows from financing activities	(8,684,529,142.50)	3,898,018,495.62

- 26 -

	First quarter	First quarter
Items	of 2021	of 2020
IV. Effect of exchange rate changes on cash and
cash equivalents	(1,075,114.38)	67,418,333.28
V. Net increase in cash and cash equivalents	19,103,150,596.45		(10,692,586,379.91)
Add: cash and cash equivalent balance
at the beginning of the period	98,000,125,245.33		99,618,730,994.50
VI. Cash and cash equivalents at the end of the period	117,103,275,841.78		88,926,144,614.59

Person-in-charge of		Person-in-charge of
the Company:	Chief Financial Officer:	accounting department:
WANG Changqing	LI Geping	ZHAO Ming

- 27 -

Statement of Cash Flows of the Parent Company

From January to March 2021

Prepared by: CSC Financial Co., Ltd.
	In RMB Yuan (unaudited)
	First quarter	First quarter
Items	of 2021	of 2020
I. Cash flows from operating activities:
Net decrease in financial assets held for trading	1,465,612,522.16	-
Net increase in placements from banks and other
financial institutions	-	2,670,000,000.00
Net increase in funds from repurchase business	4,967,120,200.00		-
Net cash received from accounts payable to
brokerage clients	2,043,345,589.93		6,260,929,879.59
Cash received from interests, fees and commissions	4,877,690,066.10		4,045,404,785.49
Cash received from other operating activities	16,900,706,554.70		536,944,441.24
Sub-total of cash inflows from operating activities	30,254,474,932.89		13,513,279,106.32
Net increase in financial assets held for trading	-	8,503,677,516.52
Net decrease in placements from banks and other
financial institutions	500,000,000.00		-
Net increase in margin accounts	1,516,601,370.03		1,521,467,707.94
Net decrease in funds from repurchase business	-	2,603,515,509.56
Cash payment of interests, fees and commissions	1,087,761,400.10		823,163,987.65
Cash paid to and on behalf of employees	895,042,084.34		670,155,150.38
Cash payments of taxes and rates	1,236,118,620.23		753,125,488.42
Cash paid for other operating activities	2,657,616,123.74		16,861,999,477.39
Sub-total of cash outflows from operating activities	7,893,139,598.44		31,737,104,837.86
Net cash flows from operating activities	22,361,335,334.45		(18,223,825,731.54)

- 28 -

	First quarter	First quarter
Items	of 2021	of 2020
II. Cash flows from investing activities:
Cash received from investments	3,023,647,040.59	3,325,504,698.31
Cash received from other investing activities	409,928.24		130,315.46
Sub-total of cash inflows from investing activities	3,024,056,968.83		3,325,635,013.77
Cash paid for investments	200,000,000.00		550,000,000.00
Cash paid for purchase of property, plant and
equipment, intangible assets and other
long term assets	34,891,129.24		15,825,222.49
Sub-total of cash outflows from investing activities	234,891,129.24		565,825,222.49
Net cash flows from investing activities	2,789,165,839.59		2,759,809,791.28
III. Cash flows from financing activities:
Cash received from capital injection	-	5,000,000,000.00
Including: Cash received from issuing
perpetual bonds	-	5,000,000,000.00
Cash received from issuing bonds	28,007,217,000.00		25,220,175,000.00
Sub-total of cash inflows from financing activities	28,007,217,000.00		30,220,175,000.00
Payments of debts	35,738,173,000.00		20,665,127,000.00
Cash paid to redeem the perpetual bonds	-	5,000,000,000.00
Cash outflows due to payment of dividends,
profit or interests	1,000,403,850.31		848,671,431.63
Including: Distribution to other equity instrument
holders	195,000,000.00		294,000,000.00
Cash paid for other financing activities	186,877,368.92		112,183,845.73
Sub-total of cash outflows from financing activities	36,925,454,219.23		26,625,982,277.36
Net cash flows from financing activities	(8,918,237,219.23)	3,594,192,722.64

- 29 -

	First quarter	First quarter
Items	of 2021	of 2020
IV. Effect of exchange rate changes on cash
and cash equivalents	(5,188,112.79)	4,968,200.86
V. Net increase in cash and cash equivalents	16,227,075,842.02		(11,864,855,016.76)
Add: cash and cash equivalent balance at the
beginning of the period	88,688,239,439.55		92,738,172,133.87
VI. Cash and cash equivalents at the end of the period	104,915,315,281.57		80,873,317,117.11

Person-in-charge of		Person-in-charge of
the Company:	Chief Financial Officer:	accounting department:
WANG Changqing	LI Geping	ZHAO Ming

4.2 Adjustments of the opening balance of the relevant information in financial statements at the beginning of the year in which new lease standards were firstly implemented since 2021.

Applicable

✔ Not applicable

4.3 Notes on the previous comparative data subject to the retroactive adjustments during the first implementation of new lease standards since 2021.

Applicable

✔ Not applicable

4.4 Audit reports

Applicable

✔ Not applicable

By order of the Board

CSC Financial Co., Ltd.

Wang Changqing

Chairman

Beijing, the PRC

April 22, 2021

As at the date of this announcement, the executive Directors of the Company are Mr. Wang Changqing and Mr. Li Geping; the non-executive Directors of the Company are Mr. Yu Zhongfu, Mr. WANG Xiaolin, Ms. Zhang Qin, Ms. Zhu Jia and Mr. Wang Hao; and the independent non-executive Directors of the Company are Mr. Feng Genfu, Ms. Zhu Shengqin, Mr. Dai Deming, Mr. Bai Jianjun and Mr. Liu Qiao.

- 30 -