GF Securities Co., Ltd. received a resignation letter from Mr. Lin Zhihai, an executive director and the general manager of the Company, on April 20, 2020. Mr. Lin Zhihai tendered his resignation as an executive director, a member of the Strategy Committee, Nomination Committee and Risk Management Committee of the board of directors of the Company and the general manager of the Company for health reason, and has ceased to hold any position in the Company. The resignation letter became effective upon receipt by the Company. Mr. Lin Zhihai has confirmed that he has no disagreement with the Board and the management of the Company, and there are no other matters relating to his resignation that need to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited. In view that Mr. Lin Zhihai has resigned as an executive director and the general manager of the Company, in accordance with work arrangements, the Company proposed to appoint Mr. Sun Shuming, an executive director and the chairman of the Board, to serve as the general manager of the Company. The independent non-executive directors of the Company have issued independent opinions consenting to such appointment. Such appointment was also approved by the second meeting in 2020 of the Nomination Committee of the Ninth Session of the Board. The Board also resolved to appoint Mr. Sun Shuming as the general manager of the Company at a meeting of the Board held on April 21, 2020. In view of Mr. Lin Zhihai's resignation, he has ceased to act as one of the authorized representatives of the Company (the ‘Authorized Representative’) pursuant to Rule 3.05 of the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange (the ‘Listing Rules’), with effect from April 21, 2020. Pursuant to Rule 3.05 of the Listing Rules, the Company has appointed Mr. Sun Shuming as the Authorized Representative with effect from April 21, 2020.