GF Securities Co., Ltd. has recently received a resignation letter from Mr. Sun Shuming, the chairman and an executive director of the Company. Mr. Sun Shuming tendered his resignation as the chairman and an executive director of the Company, a member of the Strategy Committee, Nomination Committee and Risk Management Committee of the board of directors of the Company for age reason. Following his resignation, Mr. Sun Shuming will continue to be the chairman of GF Fund Management Co., Ltd., a controlled subsidiary of the Company. The resignation letter became effective upon receipt by the Company. In view that Mr. Sun Shuming has resigned as the chairman and an executive director of the Company, in accordance with work arrangements, the Company proposed to appoint Mr. Lin Chuanhui, an executive director and the general manager of Company, to serve as the hairman of the Board. The Board elected Mr. Lin Chuanhui as the chairman of the Board at a meeting held on July 22, 2021. In view of Mr. Sun Shuming'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 Listing Rules. Pursuant to Rule 3.05 of the Listing Rules, the Company has appointed Mr. Lin Chuanhui as the Authorized Representative with effect from July 22, 2021.