Guotai Junan Securities Co., Ltd. announced that the proposed appointment of Mr. WANG Guogang (Mr. WANG) and Mr. YIM, Chi Hung Henry (Mr. YIM) as independent non-executive Directors of the Company, subject to the approval by the Shareholders at the AGM. The appointment of Mr. WANG and Mr. YIM as independent non-executive Directors were approved by ordinary resolutions of the Shareholders at the AGM. Accordingly, the term of office of Mr. WANG and Mr. YIM as independent non-executive Directors commences from 29 May 2023 until the date of expiration of the sixth session of the Board.

Mr. WANG Guogang, aged 67, obtained the doctorate degree in economic from Renmin University of China. He has concurrently served as a first-class professor at the School of Finance of Renmin University of China since September 2017, and a member of the Chinese Academy of Social Sciences. He is a recipient of special government allowance.

He was the director of the Institute of Finance of the Chinese Academy of Social Sciences, and the vice president of China Huaxia Securities Co., Ltd. He also serves as an expert of the Planning and Assessment Group of the National Social Science Fund of China, an executive director of the China Society for Finance and Banking, an executive director of the China Urban Finance Society, and an executive director of the China Institute of Rural Finance. Mr. YIM, Chi Hung Henry, aged 62, Hong Kong resident, graduated from the University of Hong Kong with a bachelor's degree in social science. Mr. YIM has over 30 years of experience in financial auditing and was a partner of audit business of Ernst & Young and Ernst & Young Hua Ming LLP (collectively, "Ernst & Young") for many years until his retirement from Ernst & Young on 31 December 2021.

Mr. YIM is a member of the Hong Kong Institute of Certified Public Accountants in China and a member of the Association of Chartered Certified Accountants in the United Kingdom. The Company will enter into a service contract with each of Mr. WANG and Mr. YIM. Each of Mr. WANG and Mr. YIM would receive an annual director's fee of RMB 250,000 (before tax) from the Company as an independent non-executive Director of the company.

Reference is made to the announcements of the Company dated 19 May 2022 and 17 April 2023, respectively, in relation to the resignation of Mr. XIA Dawei and Mr. CHAI Hongfeng, respectively, as independent non-executive Directors of the Company and members of the Board committees. Following the appointment of Mr. WANG and Mr. YIM as independent non-executive Directors at the AGM, (i) Mr. XIA Dawei resigned as an independent non-executive Director, the chairman of the Remuneration Appraisal and Nomination Committee of the Board and a member of the Audit Committee of the Board as he has been serving as an independent non-executive Director consecutively for six years, (ii) Mr. CHAI Hongfeng resigned as an independent non-executive Director and a member of the Strategy and ESG Committee of the Board due to his work arrangements. Mr. XIA Dawei and Mr. CHAI Hongfeng have confirmed that they have no disagreements with the Board and there is no matter that needs to be brought to the attention of the Shareholders of the Company.